Found: excuse you can use to dodge a Treasury Committee hearing: he is in the House now dealing with the Finance Bill

Found: Taken alongside the VAT measure that will be legislated for in the separate Finance Bill, the policy

Found: Taken alongside the VAT measure that will be legislated for in the separate Finance Bill, the policy

Found: It will not be in the Finance Bill until 2026. That gives people more time to start planning.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of proposed changes to Agricultural Property Relief on the profitability of farming businesses.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

It is expected that up to around 2,000 estates will be affected by the changes to APR and BPR in 2026-27, with around half of those being claims that involve AIM shares. Almost three-quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of proposed changes to (a) agricultural property relief and (b) business property relief on farm business productivity.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

It is expected that up to around 2,000 estates will be affected by the changes to APR and BPR in 2026-27, with around half of those being claims that involve AIM shares. Almost three-quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what account she took of (a) numbers of claimants of Business Property Relief and (b) reasons for Business Property Relief claims in the introduction of a £1m threshold to (a) Agricultural and (b) Business Property Relief.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

It is expected that up to around 2,000 estates will be affected by the changes to APR and BPR in 2026-27, with around half of those being claims that involve AIM shares. Almost three-quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 18 November 2024 to Question 13623 on Agriculture: Inheritance Tax, whether she has made a comparative assessment of the potential impact of (a) agricultural property relief and (b) business property relief on tenant farmers in Scotland compared to the rest of the UK.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

It is expected that up to around 2,000 estates will be affected by the changes to APR and BPR in 2026-27, with around half of those being claims that involve AIM shares. Almost three-quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to her Department's policy paper entitled Capital Gains Tax: Rates of tax — carried interest, published on 30 October 2024, what the evidential basis is for the cost of implementing a one year increase to Capital Gains Tax.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The published operational costs represent a high-level cost estimate for the changes required to HMRC IT systems to deliver this policy change which follow a recognised standard methodology. HMRC do not provide detailed costs related to policy changes.

Separately, the revenue impacts of the changes to the rates of Capital Gains Tax (CGT) on carried interest from 6 April 2025 are included in the costings published in the main Autumn Budget 2024 document.

The CGT changes are the first step of a reform package that will put the tax treatment of carried interest on a fairer and sustainable footing, while preserving the competitiveness of the UK as a fund management fund. From 6 April 2026, the carried interest tax regime will move fully across to the Income Tax framework; this will be legislated in a future Finance Bill, which the House will have the opportunity to consider.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to her Department's policy paper entitled Summary of reforms to agricultural property relief and business property relief, published on 30 October 2024, if she will make an assessment of the potential merits of widening the consultation to consider (a) allowing relief on agricultural and business assets to roll over to a proprietor’s surviving spouse, (b) decoupling agricultural property relief and business property relief and (c) determining a measure of agricultural trading income suitable for use as a threshold to allow agricultural property relief to be claimed.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

It is expected that up to around 2,000 estates will be affected by the changes to APR and BPR in 2026-27, with around half of those being claims that involve AIM shares. Almost three-quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) are expected to be unaffected by these reforms.

The government will publish a technical consultation in early 2025. This will focus on the detailed application of the allowance to lifetime transfers into trusts and charges on trust property. This will inform the legislation to be included in a future Finance

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential impact of proposed changes to inheritance tax on (a) small family farm closures and (b) internal food production security.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

It is expected that up to around 2,000 estates will be affected by the changes to APR and BPR in 2026-27, with around half of those being claims that involve AIM shares. Almost three-quarters of estates claiming agricultural property relief (including those claiming agricultural property relief and business property relief together) are expected to be unaffected by these reforms.

The UK has robust domestic food production, and these reforms will only affect a small number of estates. The small number of landowners affected will not necessarily need to sell the land and, if they choose to, then it does not necessarily mean the land would stop being used for food production. At Autumn Budget 2024, the Government announced the largest ever investment in sustainable food production in England.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of proposed reforms to agricultural property relief on farmers whose (a) spouse and (b) civil partner has died.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

It is expected that up to around 2,000 estates will be affected by the changes to APR and BPR in 2026-27, with around half of those being claims that involve AIM shares. Almost three-quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of introducing separate inheritance tax thresholds for (a) agricultural land and (b) business equipment for farmers.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

It is expected that up to around 2,000 estates will be affected in 2026-27 by the changes to APR and BPR, with around half of those being claims that involve AIM shares. Almost three-quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of changes to agricultural property relief in the Autumn Budget 2024 on the sustainability of domestic food production.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

It is expected that up to around 2,000 estates will be affected in 2026-27 by the changes to APR and BPR, with around half of those being claims that involve AIM shares. Almost three-quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) are expected to be unaffected by these reforms.

The UK has robust domestic production, and these reforms will only affect a small number of estates. The small number of landowners affected will not necessarily need to sell the land and, if they choose to, then it does not necessarily mean the land would stop being used for food production. At Autumn Budget 2024, the Government announced the largest ever investment in sustainable food production in England.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what guidance she plans to issue to small business farmers who wish to keep an inherited family farm.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

It is expected that up to around 2,000 estates will be affected in 2026-27 by the changes to APR and BPR, with around half of those being claims that involve AIM shares. Almost three-quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) are expected to be unaffected by these reforms.

The UK has robust domestic production, and these reforms will only affect a small number of estates. The small number of landowners affected will not necessarily need to sell the land and, if they choose to, then it does not necessarily mean the land would stop being used for food production. At Autumn Budget 2024, the Government announced the largest ever investment in sustainable food production in England.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask His Majesty's Government whether they plan to make exemptions from the seven-year potentially exempt transaction rule in order to allow farmers and family business owners to gift their businesses without risk of payment of inheritance tax.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

It is expected that up to up to 520 estates claiming agricultural property relief will be affected by these reforms. Almost three-quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) each year are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the investment that will be lost within family-owned businesses now subject to inheritance tax as a result of changes to the reliefs announced in the Budget.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

It is expected that up to up to 520 estates claiming agricultural property relief will be affected by these reforms. Almost three-quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) each year are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask His Majesty's Government what consideration they have given to tapering or staggering the reduction of agricultural property relief for inheritance tax to give farmers time to put their tax affairs in order.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

It is expected that up to up to 520 estates claiming agricultural property relief will be affected by these reforms. Almost three-quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) each year are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask His Majesty's Government whether they plan to review their analysis, including assumptions, which informed their decision to reduce agricultural property relief for inheritance tax.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

It is expected that up to up to 520 estates claiming agricultural property relief will be affected by these reforms. Almost three-quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) each year are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact that the change to agricultural property relief will have on (1) investment in new technology for existing farming businesses, (2) food supply to the market should existing farmers leave the sector, and (3) encouraging new entrants and young farmers to start farming.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

Additionally, the Chancellor wrote to the Treasury Select Committee on 15 November 2024, setting out further detail regarding the distribution of claims at death for agricultural property relief. This letter has been published at https://committees.parliament.uk/publications/45691/documents/226235/default/.

It is expected that up to up to 520 estates claiming agricultural property relief will be affected by these reforms. Almost three quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) are expected to be unaffected.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Through the Farming Innovation Programme the Government has committed over £127 million towards research and development funding to farmers, growers and foresters who want to develop and use new, innovative methods and technologies. The Government is also supporting farmers in adopting new productivity improving technologies directly on their farms through the Farming Investment Fund. Since 2021, Defra has paid over £99 million in grant funding to farmers to buy and install modern equipment.

Question to the HM Treasury:

To ask His Majesty's Government whether they intend to publish the evidence used to inform their decision to change agricultural property relief, and their reasoning.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

Additionally, the Chancellor wrote to the Treasury Select Committee on 15 November 2024, setting out further detail regarding the distribution of claims at death for agricultural property relief. This letter has been published at https://committees.parliament.uk/publications/45691/documents/226235/default/.

It is expected that up to up to 520 estates claiming agricultural property relief will be affected by these reforms. Almost three quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) are expected to be unaffected.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Through the Farming Innovation Programme the Government has committed over £127 million towards research and development funding to farmers, growers and foresters who want to develop and use new, innovative methods and technologies. The Government is also supporting farmers in adopting new productivity improving technologies directly on their farms through the Farming Investment Fund. Since 2021, Defra has paid over £99 million in grant funding to farmers to buy and install modern equipment.

Question to the HM Treasury:

To ask His Majesty's Government what consultation they undertook with the farming sector prior to the proposal to change agricultural property relief.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

Additionally, the Chancellor wrote to the Treasury Select Committee on 15 November 2024, setting out further detail regarding the distribution of claims at death for agricultural property relief. This letter has been published at https://committees.parliament.uk/publications/45691/documents/226235/default/.

It is expected that up to up to 520 estates claiming agricultural property relief will be affected by these reforms. Almost three quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) are expected to be unaffected.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Through the Farming Innovation Programme the Government has committed over £127 million towards research and development funding to farmers, growers and foresters who want to develop and use new, innovative methods and technologies. The Government is also supporting farmers in adopting new productivity improving technologies directly on their farms through the Farming Investment Fund. Since 2021, Defra has paid over £99 million in grant funding to farmers to buy and install modern equipment.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of losing agricultural property relief and business property relief for inheritance tax on the long-term ownership of land by private farmers and landowners, as opposed to UK and overseas-controlled corporate and institutional ownership.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

It is expected that up to up to 520 estates claiming agricultural property relief will be affected by these reforms. Almost three quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) are expected to be unaffected.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of changes to agricultural and business property relief for inheritance tax on investment by farmers and growers in new technologies and automated machinery.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

The Government expects that these reforms will result in up to 520 estates claiming APR in 2026-27 being affected. This means almost three-quarters of estates claiming agricultural property relief (including those claiming agricultural property relief and business property relief together) each year are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Through the Farming Innovation Programme the Government has committed over £127 million towards research and development funding to farmers, growers and foresters who want to develop and use new, innovative methods and technologies. The Government is also supporting farmers in adopting new productivity improving technologies directly on their farms through the Farming Investment Fund. Since 2021, Defra has paid over £99 million in grant funding to farmers to buy and install modern equipment.

Question to the HM Treasury:

To ask His Majesty's Government whether they have conducted an impact assessment of the impact of inheritance tax changes on the predicted number of tenant farmers in the UK for the period 2024–2030; and if so, when they intend to publish it.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

The reforms are expected to result in up to 520 estates claiming agricultural property relief in 2026-27 paying more inheritance tax. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

The Government is committed to supporting farmers and agricultural workers in accessing the support that they need to protect their mental health as they undertake the vital work of producing food and looking after the environment. For example, through its Farming and Countryside Programme, the Department for Environment, Food and Rural Affairs (Defra) already works with a range of farming charities, including the Royal Agricultural Benevolent Institution and the Yellow Wellies charity, which have highlighted mental health challenges for farming communities. Defra provides £500,000 of funding to help farming welfare charities support farmers.

Question to the HM Treasury:

To ask His Majesty's Government whether they have made an assessment of the expected impact of their changes to inheritance tax rules on farmers’ mental health.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

The reforms are expected to result in up to 520 estates claiming agricultural property relief in 2026-27 paying more inheritance tax. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

The Government is committed to supporting farmers and agricultural workers in accessing the support that they need to protect their mental health as they undertake the vital work of producing food and looking after the environment. For example, through its Farming and Countryside Programme, the Department for Environment, Food and Rural Affairs (Defra) already works with a range of farming charities, including the Royal Agricultural Benevolent Institution and the Yellow Wellies charity, which have highlighted mental health challenges for farming communities. Defra provides £500,000 of funding to help farming welfare charities support farmers.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of changes made to agricultural property relief and business property relief at the Autumn Budget 2024 on discretionary trusts.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

It is expected that up to around 2,000 estates will be affected in 2026-27 by the changes to APR and BPR, with around half of those being claims that involve AIM shares. Almost three-quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of changes in liability for inheritance tax on levels of tax avoidance.

Answered by James Murray - Exchequer Secretary (HM Treasury)

At Autumn Budget 2024, the Government took a number of difficult but necessary decisions on tax, welfare, and spending to restore economic stability, fix the public finances, and support public services. These were tough decisions given the situation we inherited from the previous administration, but the Government has done so in a way that makes the tax system fairer and more sustainable.

These decisions included reforming the inheritance tax rules on pensions, agricultural property relief, and business property relief.

The Government published a technical consultation on the changes to inheritance tax rules for pension funds and death benefits at https://www.gov.uk/government/consultations/inheritance-tax-on-pensions-liability-reporting-and-payment.

The Government also published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will launch a public consultation on the proposed changes to business property relief.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

The Government will publish a technical consultation in early 2025. This will focus on the detailed application of the allowance to lifetime transfers into trusts and charges on trust property. This will inform the legislation to be included in a future Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she has conducted an impact assessment on the potential impact of changes to agricultural property relief on tenant farmers.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

It is expected that up to around 520 estates will claim APR (including those that also claim for BPR) and will be impacted by these changes in 2026-27. Almost three-quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) each year are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask His Majesty's Government how many family farms in Northern Ireland will be affected by the changes to inheritance tax announced in the Autumn Budget.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

Information on how many estates in Northern Ireland will be affected by the changes is not centrally held.

The Government has published information about the reforms to agricultural property relief and business property relief at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief(opens in a new tab).

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of changes to (a) agricultural property relief and (b) business property relief announced in the Autumn Budget 2024 on (i) abattoirs, (ii) butchers, (iii) agricultural retailers, (iv) agricultural machinery retailers and (v) other agriculture-related businesses.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

It is expected that up to around 2,000 estates will be affected by the changes to APR and BPR in 2026-27, with around half of those being claims that involve AIM shares. Almost three-quarters of estates claiming agricultural property relief (including those claiming agricultural property relief and business property relief together) each year are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of changes to Agricultural Property Relief and Business Property Relief on (a) arable, (b) livestock and (c) hill farms.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

It is expected that up to around 2,000 estates will be affected by the changes to APR and BPR in 2026-27, with around half of those being claims that involve AIM shares. Almost three-quarters of estates claiming agricultural property relief (including those claiming agricultural property relief and business property relief together) each year are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of changes to (a) Agricultural Property Relief and (b) Business Property Relief on trends in the sale of agricultural land assets.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

It is expected that up to around 2,000 estates will be affected by the changes to APR and BPR in 2026-27, with around half of those being claims that involve AIM shares. Almost three-quarters of estates claiming agricultural property relief (including those claiming agricultural property relief and business property relief together) each year are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of changes to agricultural property relief in the Autumn Budget 2024 on (a) patterns of agricultural land ownership, (b) rural employment, (c) agricultural supply chains and (d) food production.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

It is expected that up to around 2,000 estates will be affected by the changes to APR and BPR each year, with around half of those being claims that involve AIM shares. Almost three-quarters of estates claiming agricultural property relief (including those claiming agricultural property relief and business property relief together) each year are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether an impact assessment has been undertaken of the proposed changes to Agricultural Property Relief on (a) the agricultural rental market and (b) the sale of agricultural land.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

It is expected that up to around 2,000 estates will be affected by the changes to APR and BPR each year, with around half of those being claims that involve AIM shares. Almost three-quarters of estates claiming agricultural property relief (including those claiming agricultural property relief and business property relief together) each year are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask His Majesty's Government whether they conducted an impact analysis before capping Agricultural Property Relief on inheritance tax at £1 million for Northern Ireland farmers; and if so, whether they will publish the results.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at GOV.UK.

It is expected that up to around 2,000 estates will be affected by the changes to Agricultural Property Relief (APR) and Business Property Relief (BPR). Up to around 520 of these are expected to relate to claims for APR (including those that also claim for BPR), and this number falls to around 430 when claims that include AIM shares are excluded. Almost three-quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) each year are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of the Autumn Budget 2024 on the (a) profitability and (b) sustainability of farming businesses.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms, and further explanatory information at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of proposed business property relief changes on small family businesses.

Answered by James Murray - Exchequer Secretary (HM Treasury)

At Autumn Budget 2024, the Government took a number of difficult but necessary decisions on tax, welfare, and spending to restore economic stability, fix the public finances, and support public services.

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department plans to publish risk assessments of proposed changes to (a) Agricultural Property Relief and (b) Business Property Relief.

Answered by James Murray - Exchequer Secretary (HM Treasury)

At Autumn Budget 2024, the Government took a number of difficult but necessary decisions on tax, welfare, and spending to restore economic stability, fix the public finances, and support public services.

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms/summary-of-reforms-to-agricultural-property-relief-and-business-property-relief. Further explanatory information is also set out at www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of the Budget's changes to agricultural property relief from inheritance tax on the ability of young people to own an economically viable farm in the future.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at GOV.UK.

It is expected that up to around 2,000 estates will be affected by the changes to APR and BPR. Up to around 520 of these are expected to relate to claims for APR (including those that also claim for BPR), and this number falls to around 430 when claims that include AIM shares are excluded. Almost three-quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) each year are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Alongside these tax reliefs, the Government has also confirmed that the existing scope of agricultural property relief will b extended from 6 April 2025 to land managed under certain environmental agreements.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of the Budget's changes to agricultural property relief from inheritance tax on nature conservation on small farms.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at GOV.UK.

It is expected that up to around 2,000 estates will be affected by the changes to APR and BPR. Up to around 520 of these are expected to relate to claims for APR (including those that also claim for BPR), and this number falls to around 430 when claims that include AIM shares are excluded. Almost three-quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) each year are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Alongside these tax reliefs, the Government has also confirmed that the existing scope of agricultural property relief will b extended from 6 April 2025 to land managed under certain environmental agreements.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of the Budget's changes to agricultural property relief from inheritance tax on the ability of future generations of a family to farm the same land.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at GOV.UK.

It is expected that up to around 2,000 estates will be affected by the changes to APR and BPR. Up to around 520 of these are expected to relate to claims for APR (including those that also claim for BPR), and this number falls to around 430 when claims that include AIM shares are excluded. Almost three-quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) each year are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Alongside these tax reliefs, the Government has also confirmed that the existing scope of agricultural property relief will b extended from 6 April 2025 to land managed under certain environmental agreements.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of the changes announced in the Autumn Budget on (1) farmers, and (2) food security.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at GOV.UK.

Around 500 estates across the UK are expected to be affected each year from 2026-27.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

The UK has high food security and announcements at Autumn Budget 2024 continued to support and improve food security. The Government has provided £5 billion across this year and next to support the ongoing transition towards a more productive and environmentally sustainable agricultural sector in England. This will strengthen the domestic sector, and improve food security.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will place in the House of Commons Library a copy of the equality impact assessments for each of the tax measures in the Autumn Budget 2024.

Answered by Darren Jones - Chief Secretary to the Treasury

The Treasury carefully considers the impact of its decisions on those sharing protected characteristics in line with both legal obligations and with our strong commitment to promoting fairness.

In the interests of transparency HM Treasury and HMRC already publish summaries of equality impacts for tax measures being legislated for in the Finance Bill in tax information and impact notes (TIINs).

These can be found under the Autumn Budget 2024 subheading here: Tax information and impact notes - GOV.UK.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make it her policy to publish an impact assessment which has been assessed by the Regulatory Policy Committee on the potential impact of the changes to agricultural and business property relief announced in the Autumn Budget 2024.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms, and further explanatory information at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief.

It has not been successive governments’ policy since 2010 for tax policy changes to be assessed by the Regulatory Policy Committee. In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the Autumn Budget 2024, published on 30 October 2024, HC 295, what assessment her Department has made of the potential impact of changes to agricultural property relief and business property relief on family-owned farms in (a) Northern Ireland and (b) the rest of the UK; and what steps she is taking with the Secretary of State for Environment, Food and Rural Affairs to help ensure the (i) sustainability and (ii) generational continuity of agricultural businesses in (A) regions where farming is a part of the local economy and heritage and (B) other areas.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government has published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms, and further explanatory information at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Agricultural land and associated buildings are exempt from business rates.

At Autumn Budget 2024, the Government provided £5 billion across this year and next to support the ongoing transition towards a more productive and environmentally sustainable agricultural sector in England. This will strengthen the domestic sector, and improve food security.

The devolved governments’ settlements for 2025-26 are the largest in real terms of any settlements since devolution.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to her Department's policy paper entitled Summary of reforms to agricultural property relief and business property relief, published on 30 October 2024, what assessment he has made of the impact of this change on tenant farmers.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms, and further explanatory information at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief. Around 500 estates across the UK are expected to be affected each year from 2026-27.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to her Department's policy paper entitled Summary of reforms to agricultural property relief and business property relief, published on 30 October 2024, whether he has made an assessment of the number of farmers that will exit the sector as a result of this change.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms, and further explanatory information at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief. Around 500 estates across the UK are expected to be affected each year from 2026-27.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of changes to Agricultural Property Relief on tenants' access to (a) land and (b) secure tenancy agreements.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms, and further explanatory information at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief. Around 500 estates across the UK are expected to be affected each year from 2026-27.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of changes to agricultural property relief on the sustainability of domestic food production.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms, and further explanatory information at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief. Around 500 estates across the UK are expected to be affected each year from 2026-27.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have they made of the impact on tenant farms of the changes to agricultural property relief in the Autumn Budget, and of the land that will be available for tenants to farm after April 2026.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government has published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms, and further explanatory information at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask His Majesty's Government, following the Autumn Budget statement, what assessment they have made of the concerns raised by the Tenant Farmers Association on 30 October regarding the impact of changes to inheritance tax on tenant farm families; and whether they plan to meet the Tenant Farmers Association to discuss this further.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief on gov.uk. Around 500 estates across the UK are expected to be affected each year from 2026-27.

In accordance with standard practice, a Tax Information and Impact Note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of changes to (a) agricultural property relief and (b) business property relief on the finances of farms of 215 acres in size.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms, and further explanatory information at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief. Around 500 estates across the UK are expected to be affected each year from 2026-27.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate she has made of how many farms in Wales will be affected by the changes to agricultural property relief in each of the next five years.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms, and further explanatory information at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief. Around 500 estates across the UK are expected to be affected each year from 2026-27.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department conducted an impact assessment on the proposed change on inheritance tax for agricultural properties.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms, and further explanatory information at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief. Around 500 estates across the UK are expected to be affected each year from 2026-27.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the Scotland Office:

To ask the Secretary of State for Scotland, what assessment he has made of the potential impact of (a) increases to the Energy Profits Levy and (b) the abolition of the investment allowance on north east Scotland.

Answered by Ian Murray - Secretary of State for Scotland

The UK Government recognises that oil and gas will continue to have a role in the UK’s energy mix for decades to come and is committed to managing the energy transition in a way that supports jobs in existing and future industries. But we require the sector to contribute to the ambition to make the UK a clean energy superpower.

At Autumn Budget 2024, the government confirmed that from 1 November 2024, the Energy Profits Levy (EPL) rate would increase by 3 percentage points to 38%, the EPL investment allowance would be abolished and the EPL decarbonisation allowance rate would be adjusted to 66%. The government also confirmed an extension to the period the levy applies from 31 March 2029 until 31 March 2030. To support jobs in future and existing industries, the government decided to make no additional changes to the availability of capital allowances in the EPL.

The government has carefully considered the impact of the removal of the EPL’s investment allowance. HM Treasury publishes impacts in summary form for tax measures in tax information and impact notes (TIINs) alongside the Finance Bill. The summary of impacts from these changes to the EPL can be found here: https://www.gov.uk/government/publications/energy-profits-levy-reforms-2024

Question to the Scotland Office:

To ask the Secretary of State for Scotland, what assessment he has made of the potential impact of proposed increases to the Energy Profits Levy on future employment levels in Scotland.

Answered by Ian Murray - Secretary of State for Scotland

The UK Government recognises that oil and gas will continue to have a role in the UK’s energy mix for decades to come and is committed to managing the energy transition in a way that supports jobs in existing and future industries. But we require the sector to contribute to the ambition to make the UK a clean energy superpower.

At Autumn Budget 2024, the government confirmed that from 1 November 2024, the Energy Profits Levy (EPL) rate would increase by 3 percentage points to 38%, the EPL investment allowance would be abolished and the EPL decarbonisation allowance rate would be adjusted to 66%. The government also confirmed an extension to the period the levy applies from 31 March 2029 until 31 March 2030. To support jobs and provide certainty, the government decided to make no additional changes to the availability of capital allowances in the EPL.

The government has carefully considered the impact of the removal of the EPL’s investment allowance. HM Treasury publishes impacts in summary form for tax measures in tax information and impact notes (TIINs) alongside the Finance Bill. The summary of impacts from these changes to the EPL can be found here: https://www.gov.uk/government/publications/energy-profits-levy-reforms-2024

Question to the Scotland Office:

To ask the Secretary of State for Scotland, what assessment he has made of the potential impact of (a) increases to the Energy Profits Levy and (b) the abolition of the investment allowance on future trends of private investment in north east Scotland.

Answered by Ian Murray - Secretary of State for Scotland

At Autumn Budget 2024, the government confirmed that from 1 November 2024, the Energy Profits Levy (EPL) rate would increase by 3 percentage points to 38%, the EPL investment allowance would be abolished and the EPL decarbonisation allowance rate would be adjusted to 66%. The government also confirmed an extension to the period the levy applies from 31 March 2029 until 31 March 2030. To support investment and jobs in current and future industries, the government decided to make no additional changes to the availability of capital allowances in the EPL.

The government has carefully considered the impact of the removal of the EPL’s investment allowance. HM Treasury publishes impacts in summary form for tax measures in tax information and impact notes (TIINs) alongside the Finance Bill. The summary of impacts from these changes to the EPL can be found here: https://www.gov.uk/government/publications/energy-profits-levy-reforms-2024

The UK Government recognises that oil and gas will continue to have a role in the UK’s energy mix for decades to come. Nonetheless, public and private investment must be driven towards cleaner energy, including in the north east of Scotland. Money raised from changes to the Energy Profits Levy will be used to support the transition to clean energy, enhance energy security and provide sustainable jobs for the future. 

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of proposed increases to the Energy Profits Levy on supply chain resilience.

Answered by James Murray - Exchequer Secretary (HM Treasury)

At Autumn Budget 2024 the government confirmed that from 1 November 2024, the Energy Profits Levy (EPL) rate would increase by 3 percentage points to 38%, the EPL investment allowance would be abolished and the EPL decarbonisation allowance rate would be adjusted to 66%. The government also confirmed an extension to the period the levy applies from 31 March 2029 until 31 March 2030.

The government has carefully considered the impact of the increase to the EPL. Treasury publishes impacts in summary form for tax measures in tax information and impact notes (TIINs) alongside the Finance Bill. The summary of impacts from these changes to the EPL can be found here: https://www.gov.uk/government/publications/energy-profits-levy-reforms-2024

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate her Department has made of the number of farmers affected by the withdrawal of Agricultural Property Relief in (a) East Devon and (b) Exmouth and Exeter East constituency.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms, and further explanatory information at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief. Around 500 estates across the UK are expected to be affected each year from 2026-27.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate her Department has made of the number of farms that will be affected by changes to agricultural property relief and business property relief.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms, and further explanatory information at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief. Around 500 estates across the UK are expected to be affected each year from 2026-27.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the Autumn Budget 2024, published on 30 October 2024, HC 295, what assessment has she made of the potential impact of changes to (a) inheritance tax, (b) agricultural property relief and (c) business property relief on the number of agricultural tenancies in Wales.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government has published information about the reforms to agricultural property relief and business property relief at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

The Government takes into account all representations made ahead of the Budget, and meets with stakeholders on a regular basis.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to paragraph 2.51 of the Autumn Budget 2024, published on 30 October, whether her Department has made an assessment of the potential impact of changes to Agricultural Property Relief on family farms.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government has published information about the reforms to agricultural property relief and business property relief at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

The Government takes into account all representations made ahead of the Budget, and meets with stakeholders on a regular basis.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she has had discussions with the Environment, Food and Rural Affairs Select Committee on the potential impact of changes to Agricultural Property Relief.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government has published information about the reforms to agricultural property relief and business property relief at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

The Government takes into account all representations made ahead of the Budget, and meets with stakeholders on a regular basis.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many meetings Ministers in her Department have had with farming stakeholders on changes to Agricultural Property Relief in the last four months.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government has published information about the reforms to agricultural property relief and business property relief at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

The Government takes into account all representations made ahead of the Budget, and meets with stakeholders on a regular basis.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the Autumn Budget 2024, published on 30 October 2024, HC 295, what estimate she has made of the number of owners of working farms in Wales by (a) marital and (b) residency status who will be liable to pay inheritance tax following changes to (i) inheritance tax, (ii) agricultural property relief and (iii) business property relief.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government has published information about the reforms to agricultural property relief and business property relief at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

The Government takes into account all representations made ahead of the Budget, and meets with stakeholders on a regular basis.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the Autumn Budget 2024, published on 30 October 2024, HC 295, what assessment she has made of the potential impact of changes to (a) agricultural property relief and (b) business rate relief on long-term food security.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government has published information about the reforms to agricultural property relief at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief#:~:text=From%206%20April%202026%2C%20the,rather%20than%20the%20standard%2040%25. Almost three-quarters of estates claiming agricultural property relief in 2026-27 are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Agricultural land and associated buildings are exempt from business rates.

The Government made announcements at Autumn Budget 2024 to support and improve food security. The Government has provided £5 billion across this year and next to support the ongoing transition towards a more productive and environmentally sustainable agricultural sector in England. This will strengthen the domestic sector and improve food security.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to paragraph 2.51 of Autumn Budget 2024, HC 295, what assessment she has made of the potential impact of changes to Agricultural Property Relief on food security.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government has published information about the reforms to agricultural property relief at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief#:~:text=From%206%20April%202026%2C%20the,rather%20than%20the%20standard%2040%25. Almost three-quarters of estates claiming agricultural property relief in 2026-27 are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

The UK has high food security and Autumn Budget 2024 continued to support and improve food security. The Government has provided £5 billion across this year and next to support the ongoing transition towards a more productive and environmentally sustainable agricultural sector in England. This will strengthen the domestic sector, and improve food security.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to paragraph 5.54 of Autumn Budget 2024, HC 295, published on 30 October 2024, whether her Department has carried out an impact assessment on the proposed changes to agricultural property relief.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government has published information about the reforms to agricultural property relief at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief#:~:text=From%206%20April%202026%2C%20the,rather%20than%20the%20standard%2040%25. Almost three-quarters of estates claiming agricultural property relief in 2026-27 are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential impact of the removal of the investment allowance on the amount of (a) oil and (b) gas extracted from the North Sea in the next five years.

Answered by James Murray - Exchequer Secretary (HM Treasury)

At Autumn Budget 2024 the government confirmed that from 1 November 2024, the Energy Profits Levy (EPL) rate would increase by 3 percentage points to 38%, the EPL investment allowance would be abolished and the EPL decarbonisation allowance rate would be adjusted to 66%. The government also confirmed an extension to the period the levy applies from 31 March 2029 until 31 March 2030. To support jobs in future and existing industries, the government decided to make no additional changes to the availability of capital allowances in the EPL.

The government has carefully considered the impact of the removal of the EPL’s investment allowance. HM Treasury publishes impacts in summary form for tax measures in tax information and impact notes (TIINs) alongside the Finance Bill. The summary of impacts from these changes to the EPL can be found here: https://www.gov.uk/government/publications/energy-profits-levy-reforms-2024

Found: and Impact Note covering this instrument was published on 10 December 2014 alongside the draft Finance Bill

Found: been for governments to make any such changes through primary legislation, as part of the annual Finance Bill

Found: not reduce the amount they vape.”196 Legislation to this effect would be included in a future Finance Bill

Found: Legislation to this effect is included in the Finance Bill 2024 -25 which was published on 6 November

Found: Autumn Budget 2024 and Finance Bill 2024-25

Found: The Library briefing The Budget and the annual Finance Bill examines the way that Parliament scrutinises

Found: Legislation on this will be included in the upcoming Finance Bill, to be published following the Autumn

Found: The procedure can be used multiple times for the passing of a Finance Bill or Social Security Financing

Found: been for governments to make any such changes through primary legislation, as part of the annual Finance Bill

Found: fees or other consideration being payable for that education follows the test adopted in the Finance Bill

Found: fees or other consideration being payable for that education follows the test adopted in the Finance Bill

Found: architecture and operation of the tax system.Parliament Parliament debates Budget and scrutinises the Finance Bill

Found: points raised in this Technical Note, or wish to provide detailed technical comments on the draft Finance Bill

Found: Finance Bill 2024-25: Public Bill Committee

Found: Finance Bill 2024-25: Public Bill Committee

Found: Finance Bill 2024-25: Public Bill Committee

Found: are payable, and (iv) which is not an independent training or learning provider. 1 Draft Finance Bill

Found: ) and (5) have effect in relation to disposals made on or after 6 April 2026. 1 Draft Finance Bill

Found: agreement. ” (4) In subsection 1138A(1) (research and development undertaken abroad)— 1 Draft Finance Bill

Found: ) and (5) have effect in relation to disposals made on or after 6 April 2026. 1 Draft Finance Bill

Found: the extent that it is offset against revenue or income that is included in both— 1 Draft Finance Bill

Found: Employee-ownership trusts Schedule 1 makes provision about employee ownership trusts. 1 Draft Finance Bill

Found: company includes, in a case in which a reorganisation of share 25 October 2024 1 Draft Finance Bill

Found: Mr Jones did refer us to the Explan atory Notes to this part of the Finance Bill 2003 which stated

Found: determined as if the repeal did not have effect in relation to the later transfer. 1 Draft Finance Bill

Found: agreement. ” (4) In subsection 1138A(1) (research and development undertaken abroad)— 1 Draft Finance Bill

Found: so far as not exceeding the available amount of the chargeable payments mentioned 1 Draft Finance Bill

Found: They will have effect from the date of Royal Assent to Finance Bill 2024-25.

Found: treatment of Statutory Neonatal Care Pay HTML Details The government will legislate in Finance Bill

Found: The government will introduce legislation in Finance Bill 2024-25 to end the scheme from 1 May 2025.

Found: ceased to apply in relation to the limited liability partnership before that date. 1 Draft Finance Bill

Found: Draft Finance Bill Measures [DRAFT] CONTENTS PART 1 REPLACEMENT OF SPECIAL RULES RELATING TO DOMICILE

Found: EST) ○ European and other international tax issues ○ Customs and VAT at the border ○ The Finance Bill

Found: Legislative Processes Tax and legal professionals have called for a Scottish equivalent to the UK Finance Bill

Found: CABINET SECRETARY FOR EDUCATION AND SKILLS SCOTTISH LANGUAGES BILL – MBMM 8 ITEM 5 Finance Bill