I have a pre budget trust that contained BPR qualifying shares at the last 10YA date. From the initial HMRC consultation material I understood that if cash were distributed before the next 10YA that follows 6 April 2026 the rate to apply to the cash distribution would be the BPR relieved rate at the last 10YA point i.e. nil. Appreciate that for exits after the 10YA following 6 April 2026 the rate would be based on unrelieved values. Sch 12 of the FA2026 para 17(6) prevents changes applying until the 10YA after 6 April 2026 but does this just prevent the £2,5m cap applying until then rather than the S69 rate?