Asked by: Victoria Atkins (Conservative - Louth and Horncastle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether Emma Reynolds MP met with (a) farming, (b) estate planning, (c) tax advisory and (d) other external organisations to discuss inheritance tax changes when Chief Secretary to the Treasury.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
HM Treasury Ministers take part in internal and external meetings routinely on a range of subjects relating to the department’s responsibilities and their specific portfolios.
As the Minister responsible for the UK tax system, the Exchequer Secretary to the Treasury’s portfolio of responsibilities includes inheritance tax. My rt hon Friend the Secretary of State for Environment, Food, and Rural Affairs has not been the Exchequer Secretary to the Treasury. She was Parliamentary Secretary at HM Treasury and the Department of Work and Pensions from 9 July 2024 to 14 January 2025. She was Economic Secretary to the Treasury from 14 January 2025 to 5 September 2025.
Asked by: Victoria Atkins (Conservative - Louth and Horncastle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether Emma Reynolds has (a) chaired and (b) deputised at any meetings on inheritance tax policy since 1 July 2024.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
HM Treasury Ministers take part in internal and external meetings routinely on a range of subjects relating to the department’s responsibilities and their specific portfolios.
As the Minister responsible for the UK tax system, the Exchequer Secretary to the Treasury’s portfolio of responsibilities includes inheritance tax. My rt hon Friend the Secretary of State for Environment, Food, and Rural Affairs has not been the Exchequer Secretary to the Treasury. She was Parliamentary Secretary at HM Treasury and the Department of Work and Pensions from 9 July 2024 to 14 January 2025. She was Economic Secretary to the Treasury from 14 January 2025 to 5 September 2025.
Asked by: Victoria Atkins (Conservative - Louth and Horncastle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether Emma Reynolds MP has attended any Treasury meetings in her role as Economic Secretary to the Treasury on inheritance tax reforms on Agricultural Property Relief and Business Property Relief since 1 July 2024.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
HM Treasury Ministers take part in internal and external meetings routinely on a range of subjects relating to the department’s responsibilities and their specific portfolios.
As the Minister responsible for the UK tax system, the Exchequer Secretary to the Treasury’s portfolio of responsibilities includes inheritance tax. My rt hon Friend the Secretary of State for Environment, Food, and Rural Affairs has not been the Exchequer Secretary to the Treasury. She was Parliamentary Secretary at HM Treasury and the Department of Work and Pensions from 9 July 2024 to 14 January 2025. She was Economic Secretary to the Treasury from 14 January 2025 to 5 September 2025.
Asked by: Victoria Atkins (Conservative - Louth and Horncastle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether Emma Reynolds MP has attended any meetings in her role as Economic Secretary to the Treasury on proposed changes to inheritance tax since 1 July 2024.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
HM Treasury Ministers take part in internal and external meetings routinely on a range of subjects relating to the department’s responsibilities and their specific portfolios.
As the Minister responsible for the UK tax system, the Exchequer Secretary to the Treasury’s portfolio of responsibilities includes inheritance tax. My rt hon Friend the Secretary of State for Environment, Food, and Rural Affairs has not been the Exchequer Secretary to the Treasury. She was Parliamentary Secretary at HM Treasury and the Department of Work and Pensions from 9 July 2024 to 14 January 2025. She was Economic Secretary to the Treasury from 14 January 2025 to 5 September 2025.
Asked by: Victoria Atkins (Conservative - Louth and Horncastle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what meetings she has had with the (a) National Farmers Union, (b) Country Land and Business Association, (c) Countryside Alliance, (d) Tenant Association Farmers and (e) Central Association for Agricultural Valuers since 30 October 2024.
Answered by James Murray - Chief Secretary to the 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.
The Government takes into account all representations, and HM Treasury officials and Ministers meet with stakeholders on a regular basis.
Asked by: Victoria Atkins (Conservative - Louth and Horncastle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what meetings she had with the (a) National Farmers Union, (b) Country Land and Business Association, (c) Countryside Alliance, (d) Tenant Association Farmers and (e) Central Association for Agricultural Valuers before 30 October 2024.
Answered by James Murray - Chief Secretary to the 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.
The Government takes into account all representations, and HM Treasury officials and Ministers meet with stakeholders on a regular basis.
Asked by: Victoria Atkins (Conservative - Louth and Horncastle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 11 November 2024 to Question 12741 on Business: Inheritance Tax, how many and what proportion of the estates that claimed both agricultural property relief and business property relief (a) were family farms and (b) would have paid inheritance tax under the changes made at the Autumn Budget 2024.
Answered by James Murray - Chief Secretary to the Treasury
When estates include a claim for both APR and BPR, the estate may not consist entirely of a farming business and its working capital. HMRC estimates that of the population of estates that claimed both APR and BPR in 2021-22, almost a quarter included a BPR claim for shares on the Alternative Investment Market (AIM). It is likely that those particular assets contained within those estates represent, at least in part, investment portfolios set up in order to minimise inheritance tax liabilities, rather than being comprised solely of farming businesses. It is also possible that any claim for BPR is for a business unconnected to any farming activities.
More information is available in the Chancellor's recent letter to the Chair of the Treasury Select Committee: https://committees.parliament.uk/publications/45691/documents/226235/default/.
Asked by: Victoria Atkins (Conservative - Louth and Horncastle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 11 November 2024 to Question 12741 on Business: Inheritance Tax, how many and what proportion of the estates that claimed both agricultural property relief and business property relief were (a) working farms and (b) other claimants.
Answered by James Murray - Chief Secretary to the Treasury
When estates include a claim for both APR and BPR, the estate may not consist entirely of a farming business and its working capital. HMRC estimates that of the population of estates that claimed both APR and BPR in 2021-22, almost a quarter included a BPR claim for shares on the Alternative Investment Market (AIM). It is likely that those particular assets contained within those estates represent, at least in part, investment portfolios set up in order to minimise inheritance tax liabilities, rather than being comprised solely of farming businesses. It is also possible that any claim for BPR is for a business unconnected to any farming activities.
Asked by: Victoria Atkins (Conservative - Louth and Horncastle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 11 November 2024 to Question 12741 on Business: Inheritance Tax, what the combined value of assets qualifying for relief was in the estates that claimed both agricultural property relief and business property relief.
Answered by James Murray - Chief Secretary to the Treasury
In 2021-22, the total combined value of agricultural and business property relief (APR, BPR) from those estates that claimed both reliefs was £1.6 billion.
When estates include a claim for both APR and BPR, the estate may not consist entirely of a farming business and its working capital. HMRC estimates that of the population of estates that claimed both APR and BPR in 2021-22, almost a quarter included a BPR claim for shares on the Alternative Investment Market (AIM). It is likely that those particular assets contained within those estates represent, at least in part, investment portfolios set up in order to minimise inheritance tax liabilities, rather than being comprised solely of farming businesses. It is also possible that any claim for BPR is for a business unconnected to any farming activities.
More information is available in the Chancellor's recent letter to the Chair of the Treasury Select Committee: https://committees.parliament.uk/publications/45691/documents/226235/default/.
Asked by: Victoria Atkins (Conservative - Louth and Horncastle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to her Department’s publication entitled Summary of reforms to agricultural property relief and business property relief, published on 30 October 2024, how many Agricultural Property Relief claims in the reference period also included claims for Business Property Relief.
Answered by James Murray - Chief Secretary to the Treasury
The Government has 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.
In 2021-22, 782 estates making agricultural property relief claims also made business property relief claims.