Farmers and business owners have launched a High Court challenge against the government’s inheritance tax reforms, arguing that ministers acted unlawfully by failing to properly consult on changes that could reshape the future of family-run enterprises.

The two-day judicial review, which began on 17 March at the Royal Courts of Justice, will examine whether Chancellor Rachel Reeves breached established consultation principles when altering Agricultural Property Relief (APR) and Business Property Relief (BPR).

The case has been brought by Cambridgeshire farmer Tom Martin, alongside his father George Martin and campaign group Farmers and Businesses for Fair Tax Relief. The claim is supported by law firm Collyer Bristow on behalf of advisory firm Alvarez & Marsal.

At the heart of the legal argument is the government’s Tax Consultation Framework, introduced in 2011, which commits ministers to conducting at least one formal public consultation on major tax reforms. The claimants argue that the inheritance tax changes, which affect how farms and businesses are passed down through generations, clearly meet that threshold but were introduced without meaningful engagement.

Speaking ahead of the hearing, Tom Martin said he had been forced to leave his farm work to pursue legal action, describing the case as a fight for fairness. Outside the court, campaigners gathered under banners reading “Keep Farms and Firms in the Family”, highlighting growing unrest across rural and business communities.

Under the proposed changes, due to take effect from April 2026, inheritance tax relief will be structured as follows:
• 100% relief on the first £2.5 million of qualifying agricultural and business assets
• 50% relief on assets above that threshold
• Up to £5 million relief for married couples or civil partners, plus standard allowances
• Any tax liabilities payable over 10 years, interest-free

While the government has positioned the reforms as a balanced approach to taxation, critics argue they could fundamentally alter succession planning for family-owned farms and enterprises.

Legal representatives for the claimants say the absence of consultation has created significant uncertainty.

Alexander Marcham, managing director at Alvarez & Marsal Tax, said many affected businesses have been built over generations and now face difficult decisions without clarity. He warned that the reforms could disrupt long-term planning around succession, investment and ownership structures.

The claimants argue that the failure to consult denied them a voice in policy development, particularly given the scale of the financial and operational implications.

The government is contesting the case, maintaining that judicial intervention would risk crossing into parliamentary territory. However, the claimants counter that the decision not to consult occurred before legislation reached Parliament, making it open to legal challenge.

A ruling is not expected immediately. Judgment is likely to be reserved and delivered in writing within the next few months.

Beyond the immediate tax implications, the case could set an important precedent for how major fiscal policy is developed in the UK. If the court finds in favour of the claimants, it may reinforce the requirement for formal consultation on significant tax reforms, potentially reshaping how future budgets and policy changes are introduced.

For now, however, farming families and business owners remain in a state of uncertainty, awaiting a decision that could have lasting consequences for generational wealth, rural economies and the broader business landscape.

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‘Markets are evolving, and so are we. 2025 has been a year of significant activity for the group’

Property services firm LSL has highlighted strong market share after seeing its full year revenue and profits rise. The Newcastle-based group – whose brands include estate agents Your Move, Reeds Rains, and e.surv Chartered Surveyors – has published results for 2025, showing a 6% rise in revenue to £182.9m and a 3% rise in operating profit to £22.6m.

The group, which includes mortgage intermediaries, estate agency franchisees, and valuation services for lenders, said it maintained strong market share in all three of its divisions of financial services, surveying and valuation, and estate agency franchising in a year in which it said it has “building momentum”.

In a breakdown of performance LSL, which has 62 estate agency franchisees operating 293 branches, said its surveying and valuation division increased by 10% compared to 2024, as a result of a 9% increase in jobs performed and 1% increase in income per job. Its financial services division remained broadly flat with revenue of £48.8m compared to the 2024 figure of £48.4m.

Meanwhile, its estate agency franchising division fell by 2% to £26.5m, despite seeing an increase of 10% in residential sales growth.

In its Stock Market note to shareholders, directors said: “The Estate Agency Franchise business revenue was £26.5m, with the decrease entirely due to the LSL Land and New Homes business, due to the Ministry of Defence’s decision to bring a significant contract back in house.

“Supporting the growth of franchisees is of paramount importance, including the provision of loans to facilitate letting book acquisitions. In 2025, loans were granted enabling the acquisition of ten lettings books, adding 1,400 properties to the lettings portfolio. The Estate Agency Franchise business continued to deliver a robust residential sales performance, with sales related royalties increasing 12% year-on-year in a market which increased by 10%.”

Looking ahead, LSL said it is confident it will boost profits further in 2026, despite the uncertain market outlook.

It said group underlying operating profit – excluding exceptional items, contingent consideration assets and liabilities, amortisation of intangible assets, share-based payments and other sources of earnings from joint venture – were £32.6m, up 17%, which included over £1m of National Insurance Contribution tax increases.

The company’s £7m share buy-back programme has been completed and a newly-enlarged £12m share buy-back programme was launched in January.

Adam Castleton, group chief executive of LSL, said: “2025 has been a year of strong delivery and building momentum for LSL. We improved profitability across each division, achieved record margins and generated strong cash, while continuing to invest for future growth.

“Markets are evolving, and so are we. 2025 has been a year of significant activity for the group. We are focused on disciplined execution and converting the scale and capability of the group into sustained profit growth and continued high returns on capital. Trading in 2026 has been in line with our expectations.”

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HDFC Bank’s American Depositary Receipts (ADRs) on New York Stock Exchange (NYSE) fell another 4%, indicating extending of losses after the stock’s sharp correction on Thursday that saw it shed about 5% and briefly erase nearly Rs 1 lakh crore in investor wealth. The continued weakness in ADRs reflects lingering investor concerns following the abrupt resignation of former chairman Atanu Chakraborty, even as the bank’s management and board have sought to downplay the development.

On Thursday, the stock witnessed heavy selling pressure, with market cap erosion at one point touching around Rs 1 lakh crore. The selloff was triggered after Chakraborty stepped down, citing that certain “happenings and practices” within the bank over the past two years were not aligned with his personal values and ethics. However, the absence of specific details has added to uncertainty.

HDFC Bank chief executive and managing director Sashidhar Jagdishan said the board had urged Chakraborty to reconsider his resignation and elaborate on the concerns. “Every board member” attempted to persuade him to withdraw or clarify his remarks, but he declined, Jagdishan said.

Board members also indicated they were “baffled” by the move, noting that no specific issues were formally raised during discussions. Despite the sharp market reaction, analysts are increasingly viewing the correction as an opportunity rather than a signal of deeper concerns.

Deven Choksey said the fall has pushed the stock into a “deep value” zone, though he acknowledged that valuations may now reflect a discount due to recent developments.

Ishan Tanna of Ashika Capital said the situation appears tactical rather than structural. “The recent resignation of the Chairman looks more like a buy-on-dips opportunity rather than a structural concern,” he said, adding that the bank’s long-standing track record of strong processes provides comfort.
Tanna also highlighted that management commentary points to differences in value systems rather than any regulatory or compliance issues. “It seems to be more about differences in value systems, and not related to any regulatory or compliance problems,” he said.This view is broadly echoed by market participants. According to sources cited by ET Now, the resignation was not linked to any concerns raised by the Reserve Bank of India but stemmed from prolonged differences over certain practices.

Paresh Bhagat, CIO at Veer Growth Fund, said the development does not materially alter the bank’s fundamentals. “The absence of any stated business or financial concerns reinforces that this is not an operational signal,” he said, adding that leadership continuity at the CEO level remains intact.

While near-term sentiment remains cautious, the Street appears to be focusing on valuations and long-term fundamentals, even as clarity on the developments surrounding the resignation remains limited.

OCALA, Fla. — Shares of AIM ImmunoTech Inc. (NYSE American: AIM) rocketed higher Wednesday, closing at $1.02, up 31 cents or 43.66%, on extraordinarily heavy trading volume exceeding 183 million shares as investors reacted to a key patent milestone and ongoing clinical advancements in its lead drug Ampligen for pancreatic cancer.

The penny stock opened at $1.45, traded in a wide range from $0.9665 to $1.62 and finished with a market capitalization around $4.3 million. Pre-market trading Thursday showed further pressure, dipping to about $0.90, down roughly 12%, reflecting typical volatility after such explosive moves in low-float biotech names.

The surge was sparked by AIM’s March 18 announcement of final approval for a novel cancer therapy patent in Japan. The patent covers the use of Ampligen (rintatolimod), the company’s TLR-3 agonist immunomodulator, in combination with checkpoint inhibitors for enhanced anti-tumor effects. This intellectual property strengthens AIM’s global position in immuno-oncology, particularly for difficult-to-treat cancers like pancreatic ductal adenocarcinoma (PDAC), where Ampligen is showing promise in mid-stage trials.

Analysts viewed the patent news as a positive catalyst for potential partnerships or expanded development programs. The company has positioned Ampligen as a potential adjunct to standard therapies, aiming to boost immune response and survival in late-stage patients.

The patent win follows closely on other pipeline momentum. In early March, AIM signed an agreement with Thermo Fisher Scientific’s PPD clinical research business to design a proposed Phase 3 trial of Ampligen in late-stage pancreatic cancer. This step builds on encouraging data from earlier studies, including a follow-up Phase 2 trial (DURIPANC) combining Ampligen with AstraZeneca’s Imfinzi (durvalumab) in metastatic PDAC patients stable after FOLFIRINOX chemotherapy.

A February year-end interim update from the DURIPANC study reported positive progression-free and overall survival trends, with enrollment ongoing at Erasmus MC Cancer Institute in the Netherlands. The trial, funded partly through AstraZeneca collaboration, follows a prior early access program where Ampligen monotherapy extended median survival to 19.7 months versus 8.6 months with standard care, alongside quality-of-life improvements.

Pancreatic cancer remains one of oncology’s toughest challenges, with five-year survival rates below 13% and limited options beyond frontline chemo. AIM’s approach leverages Ampligen’s ability to activate innate immunity and potentially sensitize tumors to checkpoint blockade, offering a novel angle in a field dominated by few effective therapies.

Financially, AIM remains a development-stage biotech with minimal revenue—about $110,000 in recent periods—and ongoing losses. The company extended and closed a rights offering in early March to raise capital, providing runway amid clinical costs. Cash position details were not updated in the latest releases, but such financings are common for small-cap biotechs advancing trials.

The stock’s dramatic jump came amid broader biotech sector interest in immuno-oncology and rare disease plays. AIM trades at a steep discount to analyst targets; one firm maintains a Strong Buy with a $21.98 12-month price objective, implying massive upside if trials succeed, though such forecasts carry high risk given execution challenges and dilution potential.

Historically, AIM (formerly Hemispherx Biopharma) has faced volatility, with shares swinging from highs above $35 in 2025 to lows near $0.61 earlier this year. The 52-week range reflects speculative swings tied to clinical news, regulatory updates and financing events.

Broader context includes Ampligen’s long development history. Initially pursued for chronic fatigue syndrome and other indications, the drug gained traction in oncology and viral diseases, including exploratory work in Long COVID. While not yet approved anywhere, positive pancreatic data could position it for breakthrough therapy designation or accelerated paths.

Investors should note risks: clinical trials often fail, pancreatic cancer studies face high hurdles, and AIM’s tiny market cap makes it susceptible to manipulation and sharp reversals. The March 18 volume spike—among the highest in recent memory—suggests momentum trading alongside fundamental interest.

As of Thursday pre-market, AIM futures indicated consolidation after the rally. Upcoming catalysts include further DURIPANC enrollment updates, Phase 3 planning progress and potential data readouts later in 2026.

For shareholders, the patent and trial advancements reinforce AIM’s focus on a high-unmet-need area. Success in pancreatic cancer could transform the company’s trajectory, but biotech investing demands caution given binary outcomes.

AIM ImmunoTech continues navigating a challenging landscape for small developers, balancing promise with financial realities. Wednesday’s move highlights how quickly sentiment can shift on incremental wins in this speculative space.

FORT LAUDERDALE, Fla. (AP) — Lionel Messi etched his name deeper into soccer history Wednesday night, scoring his 900th career goal in the seventh minute of Inter Miami’s Concacaf Champions Cup Round of 16 second-leg match against Nashville SC. The milestone strike made the 38-year-old Argentine only the second men’s player ever to reach the remarkable total, joining Cristiano Ronaldo in the exclusive club.

Messi’s left-footed finish, a trademark low drive through a crowd of defenders into the far corner, gave Inter Miami an early lead at Chase Stadium. Receiving a pass in the box, he controlled the ball with his first touch, spun past a marker and unleashed the shot past Nashville goalkeeper Joe Willis. The goal came just seven minutes into the tie, which ended 1-1 after Nashville’s Cristian Espinoza equalized in the second half. With the first leg finishing 0-0, Nashville advanced on away goals.

The achievement drew immediate global acclaim. Ronaldo reached 900 goals in September 2024 at age 39, but Messi accomplished the feat in fewer matches—nearly 100 less according to some trackers—highlighting his extraordinary efficiency. Messi entered the match with 899 senior goals across his career at Barcelona (672), Paris Saint-Germain, Argentina’s national team (115) and Inter Miami.

“This is unbelievable,” Inter Miami coach Tata Martino said post-match. “Leo does things that seem impossible, but he makes them look routine. To score 900 goals at this level, with the consistency he has shown for over two decades, is something we’ll talk about for generations.”

Messi’s path to 900 began with his professional debut goal for Barcelona on May 1, 2005. He amassed the bulk during his Barcelona era, where he won four Champions Leagues and 10 La Liga titles, before adding more at PSG and with Argentina, including the 2022 World Cup triumph. Since joining Inter Miami in 2023, he has continued producing at an elite level despite age and injury setbacks, helping the club win the 2025 MLS Cup.

The 900th goal came in a high-stakes continental match, underscoring Messi’s ability to deliver on big stages. Inter Miami, the reigning MLS champions, entered the Concacaf Champions Cup as favorites but exited early despite Messi’s heroics. The result was a disappointment for the Herons, who had hoped to build momentum in the regional competition.

Statistically, Messi’s 2026 campaign shows no signs of slowing. He has scored four goals in five appearances this calendar year, including the milestone strike. For the 2025-2026 season across all competitions, trackers list him with 23 goals and 18 assists in 25 matches for Inter Miami, maintaining an impressive 92 minutes per goal rate.

Fellow legends and celebrities reacted swiftly on social media. Basketball Hall of Famer Magic Johnson called it an “incredible milestone,” while fans worldwide flooded platforms with tributes. Pele, the Brazilian icon often credited with over 1,000 goals (though official tallies vary), was frequently mentioned as the only other player to have approached or surpassed the mark in some counts.

Messi’s efficiency stands out in comparisons with Ronaldo. The Portuguese star, now at Al Nassr, required more games to hit 900, reflecting different playing styles and roles. Messi has consistently ranked among the top goal scorers per 90 minutes throughout his career, even as he transitioned to a deeper playmaking role in recent years.

The landmark arrives amid ongoing discussions about Messi’s legacy. At 38, he remains Inter Miami’s talisman and a key figure for Argentina ahead of future international commitments. Questions linger about whether he can reach 1,000 career goals, a feat that would place him in rare air. With his current form and Inter Miami’s ambitions in MLS and beyond, many believe it’s within reach.

Despite the personal triumph, the match result stung. Nashville’s advancement eliminates Inter Miami from the Concacaf Champions Cup, shifting focus back to domestic play. The Herons, bolstered by stars like Luis Suárez and Sergio Busquets, aim to defend their MLS title in a competitive Eastern Conference.

Messi’s composure under pressure was evident in the goal’s execution. Analysts praised the clinical finish, noting how he created space in a crowded box and picked the precise corner. Broadcast replays showed the stadium erupting, with teammates mobbing him in celebration.

As Messi continues defying age, the 900-goal mark serves as another chapter in one of sport’s greatest stories. From a skinny teenager breaking through at Barcelona to a World Cup-winning captain thriving in MLS, his journey captivates fans globally.

Inter Miami’s season resumes with league action, where Messi’s presence ensures every match carries extra anticipation. Whether chasing more trophies or personal benchmarks, the eight-time Ballon d’Or winner shows no sign of fading.

For now, the soccer world celebrates 900—a number that underscores Messi’s unparalleled brilliance and enduring impact on the beautiful game.

This article was written by

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Allica Bank has been named the UK’s most recommended business bank in the 2026 UK Banking & Finance Awards, underlining its rapid ascent as one of Britain’s most prominent fintech challengers.

The recognition, awarded by RFI Global, is based entirely on feedback from more than 4,000 UK businesses, offering a direct measure of customer satisfaction in a sector increasingly shaped by competition from digital-first lenders.

The accolade marks a significant milestone for Allica Bank, which has positioned itself as a specialist lender to established small and medium-sized enterprises (SMEs), typically those employing between five and 250 people.

Chief executive Richard Davies said the award reflected the bank’s core strategy of focusing on underserved mid-sized businesses. “Our ambition has always been to be the most recommended business bank in the UK, so this recognition from our customers is incredibly meaningful,” he said. “It shows we’re building something that genuinely works for established businesses.”

The recognition comes at a time of strong momentum for Allica, which was recently valued at close to $1.2 billion following a $155 million Series D funding round, securing its status as one of the UK’s latest fintech unicorns.

Since securing its banking licence in 2019, the lender has expanded rapidly by combining proprietary technology with relationship-led banking, a hybrid model aimed at differentiating it from both traditional high street banks and purely digital competitors.

Davies said the bank is continuing to invest heavily in its core product suite, including current accounts, savings and lending. “We’re building a business bank that is more helpful, more integrated and more powerful than ever before,” he added.

Allica’s growth strategy has focused on addressing structural gaps in SME finance, particularly around access to flexible lending products.

The bank recently launched a business overdraft offering aimed at improving cashflow management for SMEs, at a time when access to overdraft facilities has declined sharply. Industry data shows overdrafts now account for just 5% of SME lending, down from 31% in 1998, highlighting a significant contraction in traditional bank support.

This retrenchment by larger lenders has created an opportunity for challenger banks to capture market share, particularly among established SMEs that require more tailored financial solutions.

Research from Oxford Economics suggests Allica’s lending activity is already having a measurable impact on the wider UK economy.

In 2024, the bank’s financing supported more than 84,000 jobs and contributed £5.8 billion to UK GDP. For every £1 million in loans issued, the analysis indicates the bank generated £2.4 million in economic output, alongside 35 jobs and £600,000 in tax revenues.

Davies emphasised the importance of this segment, noting that established SMEs account for roughly a third of UK employment and economic output. “They need a banking partner that understands their needs and supports their growth,” he said.

Allica’s rise reflects a broader shift in SME banking, where challenger institutions have steadily eroded the dominance of traditional lenders by offering more flexible products, faster decision-making and technology-driven services.

With customer recommendation now a key differentiator in a crowded market, the award signals growing trust among business customers—an area where legacy banks have often struggled in recent years.

As competition intensifies and SMEs continue to navigate a complex economic environment, lenders that combine digital capability with sector-specific expertise are likely to play an increasingly central role in supporting UK business growth.

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The Monetary Policy Committee has held interest rates at 3.75 per cent on Thursday

Interest rates have been maintained as policymakers at the Bank of England cautioned the Iran conflict could send prices soaring as early as April. Members of the Monetary Policy Committee (MPC) kept interest rates unchanged at 3.75 per cent, with guidance towards cutting rates in forthcoming meetings now being abandoned entirely.

Several policymakers, including governor Andrew Bailey, said they “stand ready to act” in a warning that could intensify concerns about interest rates being raised later this year.

Governor Andrew Bailey noted that policymakers’ attention had shifted towards worries around elevated oil and gas prices filtering through into increased household bills and business costs over the coming months.

“War in the Middle East has pushed up global energy prices,” Bailey said, as reported by City AM.

“You can already see that at the petrol pump and, if it lasts, it will feed into higher household energy bills later in the year.

“The best way to tackle this is at the source by re-opening energy supply lines. We have held interest rates at 3.75 per cent as we assess how events unfold.”

Bailey added that the MPC’s principal task was to bring inflation back to two per cent. The Bank of England chief’s warning represents a stark contrast to the February meeting when he described revised forecasts on price growth as “good news”.

Inflation forecasts undo Reeves’ measures Inflation projections from April have now been revised upwards, reversing Rachel Reeves’ Budget measures that sought to reduce costs on energy bills and accelerate the decline in price growth.

Forecasters indicated that, due to an estimated 60 per cent increase in fuel prices, inflation was now anticipated to hold at three per cent in the second quarter of the year. Price growth was then predicted to climb further to 3.5 per cent, though forecasts were subject to revision depending on any alteration in trade flows through the Strait of Hormuz.

The Brent Crude oil price climbed by eight per cent on Thursday to above $114 whilst gas prices jumped on reports that a key site in Qatar sustained “extensive damage” from Iranian strikes.

Oil prices have surged by over 50 per cent since the war’s onset whilst a European benchmark for gas prices has doubled.

Treasury and Office for Budget Responsibility (OBR) officials employ a rule of thumb to assess the effects market changes can have on the UK economy. It indicates that a 20 per cent rise in energy prices contributes to an additional one percentage point increase in inflation whilst reducing GDP growth by 0.5 percentage points.

Economists have cautioned that the impact of market prices depends on the duration of the conflict.

Rate-setters at the Bank suggested that households and businesses remained highly “sensitive” to inflationary shocks, which could translate into more pessimistic expectations. They established a six-week deadline for collecting evidence on the war’s impact, with a protracted conflict leading to a “self-perpetuating behaviour in wage and price dynamics”.

External member Swati Dhingra, who has generally supported swifter interest rate reductions over the past year, proposed that an extended war could “warrant” a rise in interest rates. Alan Taylor, also perceived as a dovish MPC member, said there was a “high bar to hiking” rates.

Chief economist Huw Pill said: “The potential for second-round effects following recent events in the Middle East remains substantial, justifying caution in monetary policy setting.

“Whilst financial conditions have tightened in recent weeks, whether this proves sufficient to contain potential upside risks to price stability stemming from energy prices is an open question.”