Agricultural and Business Property Reliefs: OBR Costing

Baroness McIntosh of Pickering Excerpts

Monday 27th January 2025 Lords Chamber

[Lord Livermore (Lab)]

The Government set out their modelling at the Budget and, more recently, the Chancellor provided very extensive additional details to the Treasury Select Committee on exactly that point, including in her follow-up letter. That modelling was backed up by the OBR, as shown in the publication last week.

[Baroness McIntosh of Pickering (Con)]

My Lords, can the Minister say how much the Government expect to raise from the abolition of APR and its consequential impact on inheritance tax relief? The Office for Budget Responsibility, in its Supplementary Forecast Information Release of 22 January, stated very clearly, in paragraph 1.11 on page four:

“The central estimate for the costing is an increase in revenue of £0.5 billion by 2029-30”.


Is that really all that the Government expect to raise from this very cruel measure?

[Lord Livermore (Lab)]

Yes, it is—and it will go a very long way to help our public services after years of neglect. I completely disagree with the noble Baroness’s characterisation of this policy.