“The new IHT Landscape, Business Relief, and the VCT rules with Beringea (ProvenVCT)”.

With changes to Business Relief, pensions and VCTs reshaping the tax-planning landscape, advisers are having to rethink how different parts of a client’s wealth fit together.

This session will explore the practical implications of the new rules, including the introduction of the £2.5m Business Relief allowance, the planned inclusion of most unused pension assets within estates for IHT from April 2027, and the reduction in VCT income tax relief from 30% to 20%.

Using practical client scenarios, we’ll consider how VCTs, Business Relief and trusts could form part of a more joined-up approach to tax-efficient investing and estate planning — and what the changing environment means for adviser conversations and investment selection.

Callum Gallacher is National Sales Director at Beringea, where he works with financial advisers across the UK on tax-efficient investment and estate planning. He has particular experience supporting with income tax and inheritance tax planning, primarily through Venture Capital Trusts (VCTs) and Business Relief (BR).

Prior to joining Beringea, he worked at Octopus Investments, helping advisers navigate a range of tax-efficient investment solutions including BR, VCT and EIS. Before moving into financial services, he began his career as a scientist, bringing an analytical and evidence-led approach to his work with advisers and clients.

Learning points:

1. How should advisers think about the timing of BR investment when there is a two-year qualifying period?

2. How should advisers think about AIM shares now that they receive less favourable BR treatment?

3. Could the new rules make intergenerational planning more relevant at an earlier stage?