“If you take a closer look at today’s Spring Statement, the Chancellor has made some subtle changes to inheritance tax that might have otherwise gone under the radar. 

It reveals that the government is organising a consultation to explore the taxation of ecosystem service markets, and the potential expansion of agricultural property relief from inheritance tax to cover certain types of environmental land management. The government will also restrict the geographical scope of agricultural property relief and woodlands relief from inheritance tax to property in the UK from 6 April 2024.

Expect more detail to follow but this could provide some comfort to those who fear that the increasing focus on environmental projects - as opposed to traditional farming - might restrict the availability of inheritance tax allowances.”