Asked by: Joe Robertson (Conservative - Isle of Wight East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has had discussions with the Office for Budget Responsibility on the inheritance tax changes to agricultural land and property made at the Autumn Budget 2024.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The independent Office for Budget Responsibility (OBR) published information on the reforms to agricultural property relief and business property relief in the Economic and Fiscal Outlook on 30 October 2024. This is available at https://obr.uk/economic-and-fiscal-outlooks/.
The OBR recently published more detail on the costings at https://obr.uk/download/october-2024-economic-and-fiscal-outlook-costing-of-changes-to-agricultural-and-business-property-relief/?tmstv=1739194105.
Asked by: Joe Robertson (Conservative - Isle of Wight East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many (a) internal policy reviews, (b) independent reviews, (c) external reviews, (d) taskforces, (e) public consultations, (f) investigations and (g) other reviews their Department launched between 5 July 2024 and 5 January 2025; what the titles were of those reviews; and how many of those reviews have been (i) completed and (ii) published.
Answered by James Murray - Exchequer Secretary (HM Treasury)
This Government has outlined its ambitions through the Plan for Change, which sets out a set of milestones, across the missions, for this Parliament.
The Government continually reviews its work to ensure that it is delivering the best outcomes for the people of the United Kingdom, and that its policies continue to represent the best value for the taxpayer. Public reviews will be available on Gov.uk as they are published.
Asked by: Joe Robertson (Conservative - Isle of Wight East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will launch a public consultation on the proposed changes to business property relief.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Government published information about the reforms to business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.
The Government will publish a technical consultation in early 2025. This will focus on the detailed application of the allowance to lifetime transfers into trusts and charges on trust property. This will inform the legislation to be included in a future Finance Bill.