Budget: Implications for Farming Communities
Debate between Lord Watts and Baroness Hayman of Ullock(3 weeks ago)
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Baroness Hayman of Ullock (Lab)
There are two things here. People are looking just at the first £1 million and not at the opportunity for individuals to pass further tax reliefs on, of up to £2 million for one individual and £3 million for a couple. Also, there has been confusion around the data given out by Defra and the Treasury. The Treasury data shows that around 500 estates a year across the UK would be impacted to some extent and about 25% of the total number of estates currently making use of APR. What the Defra data shows is the asset value of farms in England so, by looking at that data, people have assumed that more farms would be impacted. But you cannot draw a straight line between asset value and what it means for inheritance tax, because the number of claims—how many people would be impacted by the change—is affected by many things, such as who owns the business, the nature of the ownership, how many owners there are, how they plan their affairs, and so on; this is where you have some of the confusion.
Lord Watts (Lab)
My Lords, can I congratulate the Minister and the Government on ending this unfair treatment of farmers? This is not about farmers; it is about landowners. As we know, millionaire landowners have been buying up land to avoid taxes, and it is about time the Government caught up with them.
Baroness Hayman of Ullock (Lab)
My Lords, I appreciate the concerns that farmers have. I think they should look accurately at the figures. My noble friend makes an important point that some large landowners have been using the APR relief as a tax loophole.
Waste: Incineration
Debate between Lord Watts and Baroness Hayman of Ullock(1 month ago)
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Baroness Hayman of Ullock (Lab)
Unfortunately, I am not nerdy, so I am unable to answer the noble Lord’s question, but I am sure that we can get back to him in writing.
Lord Watts (Lab)
My Lords, some people do not like nuclear power and will not support it, and some do not seem to like any sort of generated energy proposals. But, after 13 years of neglect, it is right that the Government take a view that they will look to reduce pollution in the environment but also keep the lights on.
Baroness Hayman of Ullock (Lab)
My noble friend is absolutely right. It is critical that we drive forward our energy policy as a matter of urgency. The last thing we want is not only to have power cuts and insufficient energy but to become too reliant on other countries for our energy all the time. We need to manage our own energy in this country, build the kinds of energy plants we want, work on CCC and nuclear and invest in the future for our long-term energy security.