Mr Alistair Carmichael

Mr Alistair Carmichael

Liberal Democrat — Orkney and Shetland

Speaking in the House of Commons on 3 June 2025

Debate

Inheritance Tax: Family-owned Businesses

Contribution

I could be wrong, but I am pretty sure that the guidance from His Majesty’s Revenue and Customs states that, at present, where there is 100% relief, valuations for BPR are done on the basis of the book value, which is, as my hon. Friend will know, often very different from an asset’s actual value. That being the case, I wonder how easy it would be for the Government to have reached any reasonable understanding of the actual value of the assets that they now seek to tax.

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