For family businesses, succession planning just became more complicated, and more necessary.

The biggest change to inheritance tax is the restriction of Agricultural Property Relief (APR) and Business Property Relief (BPR), with only the first £1m exempt from April 2026 and a 50pc relief imposed on values above that figure.

Despite the chancellor claiming that the changes would "continue to protect small family farms", the reality for both agricultural and non-farming businesses is that all but the smallest will be affected.

In a county where there is a large proportion of family firms, this could have a major impact.

Those affected may need to review their succession plans and consider alternative measures, such as exempt lifetime gifts of shares in the business to the next generation.

Ensuring that such family concerns are not broken up means acting early and taking advice, and not waiting until after the owner of a business dies.