Baby Boomers: Don’t wait for the next Budget – Protect Your Legacy from Inheritance TaxWritten on November 11, 2025 by Michael Powell
As a Baby Boomer, you’ve spent decades building wealth—through property, pensions, and investments. Now, as you consider passing that legacy to your children and grandchildren, it’s time to face a critical question: how much of your estate will actually reach them?
Key points
- Potential post-Budget inheritance tax (IHT) changes might affect how much of your estate is passed on to family.
- Early planning could help to protect your wealth and make the most of available reliefs.
- Kirk Rice advisers can model options such as gifting, trusts and pension strategies to support informed decisions.
- Taking action ahead of future reforms aims to provide flexibility and confidence when managing your legacy.
Changes to inheritance tax (IHT) are coming
With sweeping changes to inheritance tax (IHT) on the horizon, the answer may be less than you think. The UK government is preparing reforms that could reshape how wealth is taxed and transferred. From April 2026, reliefs on business and agricultural property will be capped, and by 2027, pension assets fall within the IHT net again. What if the traditional seven-year gifting rule is abolished? Would that make lifetime planning more urgent than ever?
With IHT, planning ahead is the key to success
The message is clear: proactive planning is essential. Whether you’re considering gifting property, setting up a trust, or reviewing your pension strategy, Kirk Rice can help you make informed decisions that protect your family’s future.
At Kirk Rice LLP, our financial advisers are already helping clients navigate this shifting landscape. In a recent consultation, our team guided a couple through the complexities of transferring property to their adult children – exploring direct gifting versus trust structures, capital gains tax implications, and the impact on first-time buyer status. We modelled pension drawdown strategies, balanced spousal income for tax efficiency, and outlined trust administration costs and legal support.
Don’t wait for the next Budget announcement to act…
The earlier you engage, the more options you’ll have to minimise tax and maximise your legacy. Our advisers offer tailored modelling, secure data collection, and ongoing support to ensure your estate plan evolves with your circumstances.
Let’s make sure your wealth goes where you want it to—your loved ones. The taxman should only receive what is legally required – not a penny more. Contact Kirk Rice today to start your personalised inheritance tax review – email info@kirkrice.co.uk
Please note: This article is correct as at the publication date. The answers are given for general guidance only and specific advice should be taken before acting on any of the suggestions made. The information is based on current tax legislation which may change in future. Information is based on our current understanding of taxation legislation and regulations. Any levels and bases of relief from taxation are subject to change. The Financial Conduct Authority does not regulate tax planning.
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