Major changes to inheritance tax relief for farms and family businesses will come into force from April 2026, after the government changed its plans to reform to Agricultural Property Relief (APR) and Business Property Relief (BPR), following sustained lobbying by the NFU and others. Under the new rules, the full 100% inheritance tax relief will apply only to the first £2.5 million of combined agricultural and business assets in an estate, rather than £1m as previously planned. Assets above this level will qualify for 50% relief, resulting in an effective inheritance tax rate of up to 20%, rather than the…