November is a month of reflection and anticipation. With Remembrance Sunday approaching, we pause to honour those who have given their lives in service and to consider the legacies we leave behind. It is also a month that may bring significant change, as Chancellor Rachel Reeves prepares to deliver the Autumn Budget on 26 November.
With public finances under strain and a promise not to raise the main headline taxes, attention has turned to wealth, inheritance, and property taxation. Any potential reforms could have lasting implications for families planning for the future.
This month, we explore the growing speculation about tax reform, highlight recent inheritance disputes, and examine how social and financial trends are reshaping later-life planning.
As the Budget approaches, we aim to help readers stay informed, anticipate potential reforms, and ensure their arrangements remain resilient in a shifting economic landscape.
We will also publish an update on the key outcomes of the budget once it has been announced on 26 November.
Reflecting on Remembrance Sunday
As November brings the nation together for Remembrance Sunday, we pause to honour those who gave their lives in service and to reflect on the values of duty, legacy, and remembrance that continue to shape families today.
For many, this time of year is also a moment to reflect on their lasting impact and how they wish to be remembered. Acts of remembrance often extend beyond ceremony, inspiring individuals to consider how their estates, charitable gifts, and personal legacies can make a difference for future generations.
This month, we are encouraging donations to the Royal British Legion Poppy Appeal, which provides lifelong support to members of the Armed Forces community and their families. You can donate or find out more on the British Legion website.
Budget Pressures Grow as Reeves Weighs Wealth and Inheritance Tax Changes
Chancellor Rachel Reeves faces a challenging Budget, with a funding shortfall of up to £30 billion and limited scope to raise the main taxes. While income tax, VAT, and National Insurance are off-limits, other forms of wealth taxation are under close examination.
The Institute for Fiscal Studies (IFS) has identified inheritance tax, capital gains tax, and property levies as areas where reform could raise significant sums. It notes that modest increases to inheritance tax rates or the abolition of the residence nil-rate band could bring billions of pounds in additional revenue. Other ideas include introducing a lifetime cap on gifts or taxing lifetime transfers cumulatively.
The IFS has also recommended reforming council tax, which is still based on 1991 property valuations, and reviewing stamp duty and fuel duties. It warns, however, that piecemeal adjustments could undermine public confidence unless part of a wider plan for long-term reform.
The upcoming Budget is expected to test the Chancellor’s ability to balance fiscal discipline with economic fairness. For individuals and families, it may signal the beginning of a more targeted approach to wealth taxation.
LLPs Could Face New Levy Under Budget Reforms
Reports suggest that the Chancellor is considering changes to the taxation of limited liability partnerships (LLPs) to align them more closely with other business structures. One proposal under review is a new levy applied at a rate slightly lower than employer National Insurance.
LLPs are widely used in professional sectors such as law, accountancy, and property. While any new charge might help raise revenue, critics warn it could also place further pressure on firms already facing regulatory costs and recruitment challenges. Supporters argue that aligning the tax treatment of LLPs with that of other companies could create greater consistency across the business landscape.
The move is seen as part of a broader attempt to modernise the tax system and broaden the tax base without breaching headline tax promises. At the same time, there are signs that other reforms may accompany it, including adjustments to Agricultural and Business Property Relief and new limits on lifetime gifting.
Businesses structured as LLPs should keep a close eye on the Budget announcement, as any new measures could affect both profitability and succession planning within partnerships.
2025 Wills Report Uncovers New Trends in Gifts and Legacies
LEAP Estates has published its 2025 Annual Report, providing a detailed picture of will-writing activity and estate planning trends across England and Wales. Based on anonymised data from more than 200,000 wills and 400,000 related documents, the report offers valuable insight into modern testamentary behaviour and the evolving habits of testators.
The study, produced in partnership with WillSuite, examines everything from charitable giving and family exclusions to the rise in branded items left as personal gifts. Among the most frequently mentioned luxury names were Rolex, Pandora, TAG Heuer and Omega, typically gifted as jewellery or watches. At the same time, vehicles were most often referred to simply as “the family car.”
Data from more than 46,000 cash legacies revealed an average gift value of £15,138 in 2024. The ten most common categories of specific gifts included jewellery, wedding and engagement rings, watches, and cars, followed by records, bonds, coins, instruments and medals.
The findings highlight not only professional efficiencies but also broader social patterns, with increasing numbers of people including charitable donations, detailed funeral wishes, and personal memorabilia in their wills. Together, these trends offer a unique snapshot of how individuals in England and Wales are shaping their legacies in 2025.
Singer’s Family Caught in £400,000 Estate Dispute After High Court Ruling
The case involved Dorothy Jahme, 97, a long-time Axminster resident and former wartime evacuee, whose estate was to be shared between her daughters, Carole Jahme, 61, and Patricia Tonge, 72. Disagreements over its administration led to claims of “irrational hostility” and long delays in distributing assets.
Carole, a writer and performer who was once married to Faithfull’s journalist son, Nick Dunbar, was accused of delaying her mother’s burial for four months and disputing the cause of death, while questions were also raised about transactions made when she held power of attorney. Her son, Oscar Dunbar, 32, frontman of the indie band Khartoum, had also been appointed as executor but took no active role.
After hearing evidence, Master Katherine McQuail ruled that both should be removed as executors and replaced by a professional lawyer. Although no wrongdoing was found, the judge said the pair were unable to carry out their duties impartially, highlighting how family conflict can complicate estate administration.
Two-thirds of Cohabiting Couples Unaware of Intestacy Rules
New research has revealed that two in three cohabiting couples do not understand what would happen to their estate if they died without a Will. Many mistakenly believe their partner would inherit automatically, even though the law provides no such entitlement.
The study found that just 37% of adults have a valid Will, a decline from previous years. The misunderstanding is widespread among younger adults, with only one in five aged 18 to 24 having made a Will.
The persistence of myths such as the idea of a “common law marriage” continues to cause confusion and distress when one partner dies. Without a Will, surviving partners may have no legal claim to property or savings.
Legal professionals are urging couples to take simple steps to protect their loved ones by preparing a valid Will and reviewing it regularly. Doing so ensures that assets pass in accordance with their wishes rather than the rigid rules of intestacy.
Brothers Lose £2.65 Million Inheritance Battle Over Family Farm
Two brothers, John and Steven Maile, have lost their High Court challenge for a share of their grandmother Mary Stevens’s £2.65 million Devon farm, after the court ruled that the property had been lawfully left to her daughters, Ruth and Sheila.
The brothers claimed they had been promised the farm in return for years of unpaid work, arguing that they had relied on that promise to their detriment. However, the court found no clear evidence of any binding agreement or assurance. Allegations of undue influence and lack of testamentary capacity were also rejected.
Mr Justice Green described John Maile as “scheming” and “intimidating” in his dealings with family members, while noting that Steven Maile was more reserved and accepting of their grandmother’s decision. The judge found that Mary Stevens had made her 2016 codicil of her own free will, removing the brothers as beneficiaries but allowing them to retain livestock from the family partnership.
The ruling reinforces the courts’ consistent approach to testamentary freedom: a person’s wishes, if clearly recorded and made with capacity, will stand unless there is compelling evidence of coercion or fraud. For families with multi-generational farming or business assets, this case highlights the importance of documenting intentions early, ensuring that contributions and expectations are reflected in a properly drafted Will or partnership agreement.
Inheritance Tax Receipts Continue to Rise as More Estates Drawn In
Inheritance Tax receipts reached £4.4 billion between April and September this year, £100 million higher than the same period in 2024. The increase reflects the growing impact of frozen thresholds and rising property values.
The nil-rate band has been held at £325,000 since 2009, while the residence nil-rate band remains at £175,000. As a result, more middle-income estates are being caught by fiscal drag. The Office for Budget Responsibility forecasts that by 2030, nearly one in ten estates could become liable for IHT.
There is a growing expectation that the Budget will include measures to review reliefs, tighten gifting rules, or extend the taper period for lifetime transfers. Speculation has also focused on the possible inclusion of pension assets within the IHT net.
Families may wish to review their estates before any announcements are made. Early planning can help identify opportunities to use exemptions and lifetime allowances more effectively.
Campaigners Urge Government to Fix IHT Flaw on Compensation Payments
The problem, known as a “secondary transfer,” means that compensation paid into an estate after death can become liable to IHT. The issue has affected victims of government redress schemes, including the infected blood scandal, where payments were intended as redress rather than financial gain.
Campaigners are calling for a simple legislative amendment to exempt such payments from IHT, regardless of when they are received. They argue that the current rules unfairly penalise bereaved families for delays that are beyond their control.
Addressing this issue would not only correct an anomaly in the tax system but also restore confidence in the fairness of government compensation schemes.
Later Life Lending May Help Retirees Bridge Pension Shortfalls
New research suggests that using property wealth could help retirees supplement pension income and achieve a more comfortable standard of living. Across much of the UK, average pension income is now only half of what is considered necessary for a moderate retirement.
The report highlights that many older homeowners are “asset rich but income poor.” Releasing equity from property could provide financial flexibility for those who wish to stay in their homes but need additional income.
However, the use of later-life lending remains limited. Barriers include a lack of public understanding, fragmented financial advice, and outdated perceptions of borrowing in retirement. The study recommends improving access to regulated guidance, integrating property values into pension dashboards, and expanding the supply of suitable retirement housing.
Used responsibly, equity release or downsizing can form part of a balanced retirement plan. Professional advice is essential to ensure that homeowners understand both the benefits and implications before proceeding.
Planning Ahead Before the Budget
With the Autumn Budget only weeks away, attention is firmly on inheritance and wealth taxation. Whether the Chancellor chooses reform or restraint, the debate underscores the importance of keeping estate plans up to date and ensuring they reflect both personal wishes and changing economic realities.
As November also brings Remembrance Sunday, it is a fitting time to reflect on legacy and the values we wish to pass on. Taking time to plan is not only about financial security but also about leaving a lasting impact that honours those who came before us and supports those who follow.
At Clarke & Wright, we are here to help clients navigate change with clarity and confidence. Whether reviewing a Will, exploring lifetime gifts, or considering how new policies might affect your estate, careful preparation today can provide reassurance for tomorrow.
To discuss your plans before the Budget, contact the Clarke & Wright team for tailored advice and guidance.