Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of changes to agricultural property relief in the Autumn Budget 2024 on (a) patterns of agricultural land ownership, (b) rural employment, (c) agricultural supply chains and (d) food production.

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.

It is expected that up to around 2,000 estates will be affected by the changes to APR and BPR each year, with around half of those being claims that involve AIM shares. Almost three-quarters of estates claiming agricultural property relief (including those claiming agricultural property relief and business property relief together) each year are expected to be unaffected by these reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.