Agricultural Property Relief and Business Property Relief Debate
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Claire Young
Main Page: Claire Young (Liberal Democrat - Thornbury and Yate)Department Debates - View all Claire Young's debates with the HM Treasury
Agricultural Property Relief and Business Property Relief
Claire Young Excerpts(3 days, 22 hours ago)
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Dan Tomlinson
The amendment, which has already been laid before the House, sets out the changes that the Government are making. In the letter that all hon. Members will have received, we set out our estimate that the number of estates we think will be affected will halve, and that about 85% of farming estates claiming APR—sometimes with BPR—will not pay any additional inheritance tax at all as a result of these changes.
Claire Young (Thornbury and Yate) (LD)
Looking at farm sizes and land values locally, I fear that family farms will still be paying the family farm tax. What evidence is there that £2.5 million realistically reflects the value of a typical family farm in a constituency with higher land values, such as Thornbury and Yate?
Dan Tomlinson
May I thank all hon. Members on both sides of the House for their engagement on this important issue today? We have set the threshold at £2.5 million for a single person and £5 million for a couple as a result of the changes announced at the Budget 2025. We think that threshold is right and fair. It means that the number of farming estates that will be affected will fall by half, and the vast majority will pay no additional inheritance tax at all.