Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of (a) family-owned businesses and (b) changes to Business Property Relief on the economy of local communities.

At Autumn Budget 2024, the Government took a number of difficult but necessary decisions on tax, welfare, and spending to restore economic stability, fix the public finances, and support public services. These were tough decisions given the situation

we inherited from the previous administration, but the Government has done so in a way that makes the tax system fairer and more sustainable.

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.

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