Agricultural and Business Property Relief Debate
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Seamus Logan
Main Page: Seamus Logan (Scottish National Party - Aberdeenshire North and Moray East)Department Debates - View all Seamus Logan's debates with the HM Treasury
Agricultural and Business Property Relief
Seamus Logan Excerpts(1 day, 13 hours ago)
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Graham Stuart
At the very least, as my right hon. Friend says and as a colleague touched on earlier, tweaks could be made to this policy to stop the most egregious negative impact of it on people who have planned in good faith all their lives for a position and are now in no position whatever to change things. It is not just the elderly—everyone looks for the elderly person in their 80s or 90s to pass on, but I met another constituent whose mother died aged 41. These things happen, sadly, and what does that do to a farm? Is it holding hundreds of thousands of pounds in the bank when there are 200 and something acres?
Seamus Logan (Aberdeenshire North and Moray East) (SNP)
The right hon. Member will possibly be familiar with my constituency—one of the richest farming areas in the UK. The Treasury continues to insist that only about 520 estates a year will claim APR in the way that it is describing, and it has set the threshold at £1 million. Does the right hon. Member agree that the Minister needs to provide clear evidence for this threshold, and is he aware that at the evidence session in December, the NFU claimed that the actual figure, rather than 520, is 2,000 estates involved?
Graham Stuart
The hon. Gentleman is right. The expert valuers who do this for a living have come out with different numbers, but they are all violently different from the Government’s assumptions. Even on the basis of the Government’s own figures, if I take Beverley and Holderness—as a rural constituency—it would be a farm a year. And of course, everyone is affected. They are all having to spend and bring advisers into the room. They are sitting there, as a small business that might be making less than £25,000 a year, and having to pay £1,000 an hour to get the expertise in the room to advise them on something that, sure, depending on the longevity of family members, may not have an impact for 15, 20 or—hopefully—30 years, but none the less they are spending that money now because of the uncertainty of this policy, which is very ill advised.