Damian Hinds

I must ask the hon. Gentleman to forgive me, as I need to finish in less than one minute. The agricultural property relief and business property relief changes will cut right into this asset. I have a constituency example, a 50-acre farm with an estimated farm value of £5.5 million, but the profit from it is only £19,000 per year. In the event of the demise of the parents, the liability could be £900,000, and there is no way with a return on total capital of 0.35% that they can do anything other than sell it. That matters not just to that family but to all of us. First, there is the concern that larger businesses will come along and buy up these family farms, and they are not necessarily buying them to plant crops or rear livestock; they may use them for renewable energy projects or carbon credit use, and that will mean less food production. Secondly, being aware that a tax is coming upon death, the current generation farming the land will be disincentivised from investing in the farm, knowing the return effectively will be lower. For those two reasons, it does not just matter to those families; it matters to every single one of us in this Chamber and every single one of us in this country, and I ask the Minister to please think again.