Asked by: Lord Bishop of Norwich (Bishops - Bishops)
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.
Asked by: Lord Bishop of Norwich (Bishops - Bishops)
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.
Asked by: Lord Bishop of Norwich (Bishops - Bishops)
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.
Asked by: Lord Bishop of Norwich (Bishops - Bishops)
Question to the HM Treasury:
To ask His Majesty's Government, following the Autumn Statement 2023, what assessment they have made of the suitability of the economic climate to enable them to return Official Development Assistance to 0.7 per cent of gross national income.
Answered by Baroness Vere of Norbiton
The government remains committed to returning to a target of spending 0.7% of GNI on ODA when, on a sustainable basis, the government is not borrowing for day-to-day spending and underlying debt is falling.