Agricultural and Business Property Reliefs: OBR Costing

Lord Carrington Excerpts

Monday 27th January 2025 Lords Chamber

[Lord Livermore (Lab)]

I am very grateful, as always, to the noble Baroness for her spirit of compromise. As I said in answer to the previous question, given the nil-rate bands, a couple can pass on up to £3 million between them to a direct descendant inheritance tax-free.

[Lord Carrington (CB)]

My Lords, growth, a government priority, requires investment. What assessment have the Government made of the effect of reducing the reliefs on investment in farming?

[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.