Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions she has had with business groups on the impact of changes to Business Property Relief.

The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, and fixing the public finances. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free.

Ministers and officials have had a number of meetings with organisations on this matter since Autumn Budget 2024. After listening, the Government believes the approach set out is an appropriate one.