Agriculture: Inheritance Tax
The question
To ask the Chancellor of the Exchequer, with reference to paragraph 2.51 of Autumn Budget 2024, HC 295, what assessment she has made of the potential impact of changes to Agricultural Property Relief on food security.
Answered by James Murray
The Government has published information about the reforms to agricultural property relief at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief#:~:text=From%206%20April%202026%2C%20the,rather%20than%20the%20standard%2040%25. Almost three-quarters of estates claiming agricultural property relief in 2026-27 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.
The UK has high food security and Autumn Budget 2024 continued to support and improve food security. The Government has provided £5 billion across this year and next to support the ongoing transition towards a more productive and environmentally sustainable agricultural sector in England. This will strengthen the domestic sector, and improve food security.
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