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Written Question
Farmers: Inheritance Tax
Friday 6th December 2024

Asked by: Earl of Effingham (Conservative - Excepted Hereditary)

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.


Written Question
Farmers: Inheritance Tax
Friday 6th December 2024

Asked by: Earl of Effingham (Conservative - Excepted Hereditary)

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.


Written Question
Fertilisers: Carbon Emissions
Thursday 5th December 2024

Asked by: Earl of Effingham (Conservative - Excepted Hereditary)

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the expected impact of carbon pricing for fertilisers on the cost of business for farmers.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The UK Emissions Trading Scheme (ETS) is the UK’s principal carbon pricing mechanism and covers the manufacturing of fertiliser. However, in recent years, UK-based fertiliser manufacturers have received more free allowances than they needed to surrender to cover their emissions.

The government will introduce the UK Carbon Border Adjustment Mechanism (CBAM) on 1 January 2027, as first announced in December 2023, meaning imported fertiliser will also be covered by a carbon price. The UK CBAM rate charged on imports will reflect the carbon price paid by domestic industries after support mechanisms (such as free allowances) have been taken into account. As a result, we expect initial liabilities arising from the UK CBAM to be relatively low whilst encouraging the supply and use of fertiliser with lower levels of embodied carbon than would otherwise have been the case.


Written Question
Pension Funds
Wednesday 7th August 2024

Asked by: Earl of Effingham (Conservative - Excepted Hereditary)

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the proportion of UK pension funds invested in UK companies, and what steps they are taking to increase such investment.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government has noted the trend observed in external analysis and commentary of relative decreased investment from pension funds in UK companies.

That is why the Chancellor has announced a landmark pensions review as a part of the Government’s mission to boost economic growth and investment in the UK. Under plans unveiled by the new Chancellor, billions of pounds of investment could be unlocked in the UK economy from defined contribution schemes alone. Defined contribution schemes will be managing around £800 billion in assets by the end of the decade and the Review will explore ways to increase their investment into UK productive assets. The Review will also look at how to unlock the investment potential of the £360 billion within the Local Government Pension Scheme, which manages the savings of those working to deliver our vital local services, as well as how to tackle the £2 billion that is being spent on fees.