Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to her Department's policy paper entitled Summary of reforms to agricultural property relief and business property relief, published on 30 October 2024, whether he has made an assessment of the number of farmers that will exit the sector as a result of this change.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms, and further explanatory information at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief. Around 500 estates across the UK are expected to be affected each year from 2026-27.
In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to her Department's policy paper entitled Summary of reforms to agricultural property relief and business property relief, published on 30 October 2024, what assessment he has made of the impact of this change on tenant farmers.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms, and further explanatory information at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief. Around 500 estates across the UK are expected to be affected each year from 2026-27.
In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he has taken to ensure the Financial Ombudsman Service deals promptly and fairly with complaints in respect of small financial advice businesses.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The Government is clear that the Financial Ombudsman Service (FOS) should deal with all cases promptly and fairly. The rules on how the FOS should handle complaints state that ‘The ombudsman will attempt to resolve complaints at the earliest possible stage ’DISP 3.5 Resolution of complaints by the Ombudsman - FCA Handbook’. Inevitably some cases will be more complex than others and therefore take more time to resolves, however the FOS should deal with all cases in a timely manner.
The FOS is an independent non-governmental body. The Treasury is therefore not involved in the day-to-day operations of the FOS and the remit of the FOS is set out by the Financial Conduct Authority. Nevertheless, the Government believes that it is vitally important that the FOS should be accountable for its performance and the quality of its work. The FOS answers to a board of directors, appointed by the Financial Conduct Authority, and must make a report each year on the discharge of its functions which is required to be laid before Parliament. This ensures Parliament is able to scrutinise the efficiency, effectiveness and economy with which the FOS carries out its functions, including data concerning the time it takes for the FOS to deal with cases.
The FOS have been clear that bringing down waiting times is one of their main priorities for 2022/23 as outlined in their annual plan and budget. This includes ensuring cases are allocated more quickly and improving turnaround times by caseworkers. I am pleased to hear that the FOS are also investing in technological changes which they expect to bring down waiting times including further development of a digital portal and implementing additional intelligent automation capability.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the Government has plans to issue a sovereign green gilt as part of the transition to a net zero economy.
Answered by John Glen - Shadow Paymaster General
The government remains open to the introduction of new financing instruments but would need to be satisfied that they would meet value-for-money criteria, enjoy strong and sustained demand in the long-term and be consistent with the wider fiscal objectives of government. The government continues to monitor the case for issuing a sovereign green bond and will keep this under review.