The October 2024 Budget made several significant IHT changes. From April 2026, the combined value of assets qualifying for 100% Agricultural Property Relief and Business Property Relief is capped at one million pounds per estate. Value above this will attract relief at only 50%, giving an effective IHT rate of 20% on the excess. From April 2027, unspent defined contribution pension funds will be brought within the scope of IHT for the first time. These changes are particularly significant for farming families and business owners.