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The Financial Secretary to the Treasury (Lord Livermore) (Lab)

Speaking in the House of Lords on 1 May 2025

Debate

Inheritance Tax: Impact on Rural Businesses

Contribution

My Lords, the Government have taken difficult decisions on welfare spending and on tax necessary to repair the public finances and rebuild public services. This includes measures to better target agricultural property relief and business property relief. These measures mean that, despite the difficult fiscal context, we are maintaining significant levels of relief from inheritance tax beyond what is available to others, and that almost three-quarters of estates claiming agricultural property relief and business property relief will not pay more inheritance tax. The independent Office for Budget Responsibility does not expect the reforms to have a significant macroeconomic impact.

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