The rumour mill fired up after the new Labour Government was elected in July 2024. Potential changes to Inheritance Tax and Capital Gains Tax dominated headlines until the Chancellor’s first Budget on 30 October 2024.

Some clients took action prior to the Budget. We advised, in some cases on short turnaround times, on the creation of new trusts, transfers of assets between generations and spouses, the sale and purchase of assets and much more.

We worked closely and tirelessly with friends in the legal, banking, agency and surveying sectors. There are certain individuals I spoke with daily, particularly in the week leading up to the Budget.

Demand for advice has continued since the Budget. Many clients are now making plans in advance of the Spring Statement on 26 March, and the new Agricultural Property Relief and Business Property Relief rules coming into force on 6 April 2026.

We are always clear with clients – our best advice is provided where we have legislative clarity. Thankfully, lots of the legislation we advise around, in particular that affecting most IHT and CGT conversations, has been around for decades and is well trodden (albeit rarely straightforward).

We cannot advise with certainty without legislation. Budget announcements set an expectation of what will come, but until we see the rules in writing it is impossible to give clients certainty.

Doing so is risky. Clients may regret significant decisions if legislation goes against them. This isn’t always the case, as anyone who has studied the APR/BPR consultation released at the end of February, will know. In this, we are told that the new £1m allowance for APR/BPR will refresh every seven years, like the Nil Rate Band currently does. This was news to us, and good news at that.

Many members will be well positioned to advise their clients through these uncertain times.

For others, a move from providing compliance services to advice will be a step into the unknown, or something they are less well equipped to do.

Good advice helps our clients manage risk, but we must also manage our own risk. Here are a few tips to for members to bear in mind as their offering evolves:

• Members must be careful not to advise on areas they do not have expertise and experience in. If in doubt, do not turn to Google, turn to an expert.
• Members should ensure they have appropriate letters of engagement in place to cover the advice they are providing. Many firms include ‘General Advice’ under their standard compliance letters, and I fear this is inadequate for the complexity of advice in question here.
• Members must have robust processes in place for the provision of advice. Files should contain evidence of the work carried out in arriving at advice, particularly where the outcome is unknown or uncertain. Firms should implement review processes – this is particularly important where less experienced members are being used to draft advice.
• Members should ensure their Professional Indemnity covers them for this type of advice, and that the limit of liability provided to clients is clearly communicated
• Members should clearly communicate Professional Indemnity notification procedures with their teams. Unfortunately not all advice goes to plan, and members must ensure they don’t leave themselves exposed to claims which are not covered by their insurance.

Ultimately, clients will appreciate proactive advisors who are willing to think outside the box and be bold in giving advice. Members should embrace this challenge and change, but ensure they manage their risk whilst doing so.