Agriculture: Inheritance Tax
The question
To ask the Chancellor of the Exchequer, for what reason Agricultural Property Relief will be reduced by 50% for farms worth more than £1 million.
Answered by James Murray
At Autumn Budget 2024, the Government took a number of difficult but necessary decisions on tax, welfare, and spending to restore economic stability, fix the public finances, and support public services.
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, and further explanatory information at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief.
The government believes this approach strikes the right balance between protecting family farms and fixing the public finances in a fair way. The government’s commitment to farmers and the vital role they play in feeding our nation remains steadfast.
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