When does a smart tax move start to strain the way a business is run? In the Financial Times, Senior Associate, James Woods‑Davison looks at the practical realities behind using the expanded £2.5m BPR allowance. While reorganising shareholdings might ease future inheritance tax exposure, it can also reshape internal dynamics – from decision‑making to minority shareholder expectations – if governance and control aren’t firmly anchored.

The first wave of reforms is now live. While the immediate impact may feel limited to some employers, responsibility and exposure have shifted in several critical areas. The direction of travel is clear – and further changes are coming throughout 2026 and 2027. Senior Associate, Joanne Leach has set out the key updates taking effect from 6 April 2026 and shared her insights on what employers should be doing now to stay ahead of emerging risk.

We are delighted to announce the promotion of two new Partners, Clare Pooley and Michael Duffy (Private Wealth) and five new Senior Associates, Alex Gamble and Jessica Woollard (Private Wealth), Emilie Bladon and Rosie Larwood (Litigation), and Nick Salmon (Property). Congratulations to all of our colleagues on this fantastic achievement. Their expertise, dedication and commitment to delivering exceptional client service continue to strengthen our firm and the work we do.

With carried interest soon to fall fully under the trading income regime, private equity leaders face a very different strategic planning environment. In FT Adviser, Partners, Emily Brand, Rahul Thakrar and Dom Rothbarth outline how the revised rules interact with continuation vehicles, matrimonial planning, tax structuring and forward looking carry planning.