Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate she has made of the net fiscal impact of changes to inheritance tax for family owned businesses in each year to 2029-30.

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.

This measure is forecast to raise an additional £230m in 2026-27, £495m in 2027-28, £520m in 2028-29, and £520m in 2029-30.

The OBR does not expect the reforms to have a significant macroeconomic impact. Additional information is also published in the OBR Economic and Fiscal Outlook, from paragraph 3.20 to 3.23:

https://obr.uk/docs/dlm_uploads/OBR_Economic_and_fiscal_outlook_Oct_2024.pdf.