From April 2026, the government plans to change how Inheritance Tax (IHT) is assessed for farmers, with particular focus on Agricultural Property Relief (APR) and Business Property Relief (BPR). Although these proposals are not yet law and still require several legislative steps, it is essential for farmers to begin preparing now.
At Baileys and Partners, we are encouraging clients to plan for the worst-case scenario while hoping the Government will ultimately take a more pragmatic approach. Regardless of the outcome, effective succession planning remains vital – and a robust, independent valuation is a key element of that process.
When administering an estate, especially one involving property, accurate valuations play a central role in calculating IHT liabilities and ensuring fair distribution among beneficiaries. While estate agents may offer market appraisals, these will not suffice if there is required to be reliance by third parties on valuations, and especially where those valuations relate to property that involve development potential, listed buildings, extensive landholdings, or renewable energy assets. In such scenarios, a formal RICS Red Book valuation, prepared by a qualified RICS Registered Valuer, is indispensable.
A Red Book valuation goes beyond a surface-level appraisal. It provides a detailed and objective analysis of the property, taking into account market conditions and asset-specific characteristics. These reports meet the highest professional standards and offer peace of mind to clients, executors, and professional advisors alike. Their impartial nature is especially valuable when resolving disagreements among beneficiaries or addressing scrutiny from HMRC, who may challenge informal or undervalued assessments.
At Baileys and Partners, we believe in a collaborative approach. We listen carefully to your requirements and ensure alignment with your solicitor and accountant throughout the process. Our valuation work is not a closed exercise – we maintain dialogue with all relevant parties before issuing our final, defensible report.
Our team of experienced RICS Registered Valuers charges on an hourly basis, and we are happy to provide a clear, upfront cost estimate. Valuations are delivered efficiently and cost-effectively without compromising on quality or rigour.
We are proud to offer specialist expertise across a wide range of valuation areas, including property and land, diversification enterprises, renewable energy installations, and both live and deadstock. This breadth of knowledge ensures we understand the practical complexities of modern rural estates and deliver valuations that are relevant, realistic, and reliable.
To speak with a member of our valuation team, visit www.baileysandpartners.co.uk, email ed@baileysandpartners.co.uk or tom@baileysandpartners.co.uk, or call us on 01341 241700.
In our next blog, we’ll take a closer look at the contents of a Red Book valuation report and how it can underpin long-term succession planning.
To read more about how Baileys and Partners can support landowners, please read here
