Agriculture: Inheritance Tax

(asked on 31st October 2024) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate her Department has made of the number of farmers who will be affected by the withdrawal of agricultural property relief in Thirsk and Malton constituency.


Answered by
James Murray Portrait
James Murray
Exchequer Secretary (HM Treasury)
This question was answered on 8th November 2024

The Government has published information about the reforms to agricultural property relief at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief#:~:text=From%206%20April%202026%2C%20the,rather%20than%20the%20standard%2040%25. Almost three-quarters of estates claiming agricultural property relief in 2026-27 are expected to be unaffected by these reforms.

Estates claiming agricultural property relief are required to provide HMRC with the value of agricultural assets, and this is used when calculating whether tax is due. However, it is not possible to provide constituency level analysis on claims which may be made in the future.

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