Asked by: Martin Wrigley (Liberal Democrat - Newton Abbot)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of new US tariffs on the UK economy.
Answered by James Murray - Exchequer Secretary (HM Treasury)
HMT continuously monitors external developments and potential impacts on the UK economy, but it will not comment on hypotheticals.
The US is one of the UK’s closest partners with a trading relationship worth £304 billion and representing 18% of total UK trade. We look forward to working with the new US administration in office, including on their policy priorities and to improve UK-US trading relations to support businesses on both sides of the Atlantic.
Asked by: Martin Wrigley (Liberal Democrat - Newton Abbot)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of proposed changes to (a) agricultural property relief and (b) business property relief on farm business productivity.
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.
It is expected that up to around 2,000 estates will be affected by the changes to APR and BPR in 2026-27, with around half of those being claims that involve AIM shares. Almost three-quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) are expected to be unaffected by these reforms.
In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.