Question to the HM Treasury:

To ask His Majesty's Government whether they intend to replace investment in farm businesses lost as a result of the reduced agricultural and business property inheritance tax reliefs with an increase in the DEFRA capital budget.

At Autumn Budget 2024, the Government took a number of 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. This includes the reforms to agricultural property relief and business property relief.

Despite the fiscal constraints, the Farming and Countryside Programme budget has been protected at £5 billion across the next two years. This includes the largest ever proportion of the budget directed at sustainable food production and nature’s recovery in our country’s history. This will accelerate the transition to a more resilient and sustainable farming sector, supporting investment in farm businesses and boosting Britain’s food security.