James Wallace, Partner and Head of Wills, Trusts & Tax at Aaron & Partners, said: 

"The inheritance tax rules only changed in the spring, and many farming families and family business owners are still working through what they mean in practice.

"In the months since, we've seen people go back over wills, ownership structures and how, or when, they might pass a business on. That takes time, and in some cases means rethinking decisions that had already been made. Another change now risks sending them back to square one.

"With farms and family businesses, a lot of the value is often tied up in the business itself. An inheritance tax bill can therefore create a real cash-flow problem if families haven't had time to plan for it.

"My hope for the Budget is very simple: give people some stability and let the current framework settle. Families need to be able to plan with more confidence."