Asked by: Lord Caine (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what discussions took place between Ministers and representatives of the devolved administrations about the potential impact of changes to agricultural property relief on family-owned farms in the devolved nations prior to the announcements made 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 on gov.uk.
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. 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.
The Government takes into account all representations made ahead of the Budget, and meets with stakeholders on a regular basis.
Asked by: Lord Caine (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the impact of changes to agricultural property relief announced in the Budget on family-owned and run farms in Northern Ireland.
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.
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. 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.
The Government takes into account all representations made ahead of the Budget, and meets with stakeholders on a regular basis.
Asked by: Lord Caine (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the proportion of farms in Northern Ireland that will be adversely affected by the changes to agricultural property relief 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 on 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.
Asked by: Lord Caine (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what plans, if any, they have to devolve responsibility for corporation tax to the Northern Ireland Executive; what assessment they have made of the expected change in the level of revenue generated from corporation tax from any such transfer of responsibility; and, in particular, whether Her Majesty’s Government would be able to offset any shortfall in revenue resulting from such a transfer of responsibility.
Answered by Lord Agnew of Oulton
The Stormont House Agreement between the UK Government and the Northern Ireland Executive agreed, in principle, for the power to set the rate of corporation tax in Northern Ireland on certain trading profits to be devolved to the Northern Ireland Assembly.
It was agreed that the Executive would need to demonstrate that its finances were on a sustainable footing before devolution of this power could be undertaken, and that the Executive’s block grant would need to be adjusted to reflect the corporation tax revenues foregone if the devolved power were exercised.