Agriculture: Inheritance Tax
The question
To ask the Chancellor of the Exchequer, with reference to the Autumn Budget 2024, published on 30 October 2024, HC 295, what estimate she has made of the number of owners of working farms in Wales by (a) marital and (b) residency status who will be liable to pay inheritance tax following changes to (i) inheritance tax, (ii) agricultural property relief and (iii) business property relief.
Answered by James Murray
The Government has published information about the reforms to agricultural property relief and business property relief at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief.
In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.
The Government takes into account all representations made ahead of the Budget, and meets with stakeholders on a regular basis.
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