Agricultural and Business Property Reliefs: OBR Costing Debate
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Wendy Chamberlain
Main Page: Wendy Chamberlain (Liberal Democrat - North East Fife)Department Debates - View all Wendy Chamberlain's debates with the HM Treasury
Agricultural and Business Property Reliefs: OBR Costing
Wendy Chamberlain Excerpts(1 day, 9 hours ago)
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James Murray
The comments in the OBR publication yesterday about older individuals reference a point that has been made since the Budget in debates in this place and elsewhere. We have pointed out that our reform of agricultural property relief and business property relief maintains generous exemptions from inheritance tax; £1 million is subject to relief, and there is the 50% relief beyond that, the existing nil-rate bands, and other exemptions in the system.
Wendy Chamberlain (North East Fife) (LD)
Unusually, in Scotland tenant farms can be passed down as inheritance. I have been asking the Treasury whether it has made an assessment of the impact on such farms, given that their farmers cannot sell land to meet the APR liability that they might face. So far, the answer appears to be that there is no assessment, so I ask the Minister for an answer from the Dispatch Box: is he aware of agricultural tenancies under the Agricultural Holdings (Scotland) Act 1991, and has he made an impact assessment?