Asked by: Richard Tice (Reform UK - Boston and Skegness)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of the Autumn Budget 2024 on the (a) profitability and (b) sustainability of farming businesses.
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.
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: Richard Tice (Reform UK - Boston and Skegness)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she plans to support (a) pubs and (b) hospitality businesses to (i) maintain financial viability and (ii) protect jobs.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The pub and hospitality industry make an enormous contribution to our economy and society, and this is recognised in the tax system.
The alcohol duty system supports pubs and hospitality businesses through Draught Relief, which ensures eligible products served on draught pay less duty. Draught Relief helps to level the playing field between pubs and supermarkets, allowing pubs and brewers to price their on-trade products more competitively.
The Government is closely monitoring the impact of the recent reforms and rates that took effect on 1 August 2023. As with all taxes, the Government keeps the alcohol duty system under review during its Budget process.
Asked by: Richard Tice (Reform UK - Boston and Skegness)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make it her policy to maintain current levels of (a) Agricultural Relief for Inheritance Tax and (b) Business Relief for Inheritance Tax in the upcoming Budget.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Government does not speculate on tax changes outside of fiscal events.
Asked by: Richard Tice (Reform UK - Boston and Skegness)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what progress she has made on efficiency savings across Government Departments; and what steps she is taking to ensure value for money in public expenditure.
Answered by Darren Jones - Chief Secretary to the Treasury
As part of her July statement the Chancellor set out some immediate steps to make efficiencies across government including reducing departmental administration budgets, stopping non-essential spending on communications and consultancy, and disposing of surplus Government property.
The Government will provide an update on the delivery of these commitments at the Budget alongside further steps it is taking to ensure value for money in public expenditure.