Asked by: Sarah Gibson (Liberal Democrat - Chippenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential impact of the proposed changes to agricultural property relief and business property relief on trends in levels of agricultural employment.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, and fixing the public finances in a fair way. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992.
The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The independent Office for Budget Responsibility (OBR) certified this costing at Autumn Budget 2024 and it does not expect the reforms to have a significant macroeconomic impact. The OBR published information about the costing in the Economic and Fiscal Outlook on 30 October 2024. The OBR published more detail on the costings on 22 January 2025. This material is all available on the OBR’s website.
Asked by: Sarah Gibson (Liberal Democrat - Chippenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of the proposed changes to agricultural property relief and business property relief on trends in levels of tax revenues.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, and fixing the public finances in a fair way. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992.
The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The independent Office for Budget Responsibility (OBR) certified this costing at Autumn Budget 2024 and it does not expect the reforms to have a significant macroeconomic impact. The OBR published information about the costing in the Economic and Fiscal Outlook on 30 October 2024. The OBR published more detail on the costings on 22 January 2025. This material is all available on the OBR’s website.
Asked by: Sarah Gibson (Liberal Democrat - Chippenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential impact of the proposed changes to agricultural property relief and business property relief on the trend in levels of economic growth
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, and fixing the public finances in a fair way. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992.
The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The independent Office for Budget Responsibility (OBR) certified this costing at Autumn Budget 2024 and it does not expect the reforms to have a significant macroeconomic impact. The OBR published information about the costing in the Economic and Fiscal Outlook on 30 October 2024. The OBR published more detail on the costings on 22 January 2025. This material is all available on the OBR’s website.
Asked by: Sarah Gibson (Liberal Democrat - Chippenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment has been made of the adequacy of the UK’s Sustainability Disclosure Requirements: and whether the Government plans to publish an updated review timeline.
Answered by Tulip Siddiq
The government is committed to leading the world in sustainable finance by making the UK a global hub for green and transition finance activity, and delivering a world-leading sustainable finance regulatory framework.
The government will provide further information about its plans to support growth and integrity in the UK sustainable finance landscape, including sustainability disclosures, in due course.