David Smith

David Smith

Labour — North Northumberland

Speaking in the House of Commons on 12 January 2026

Debate

Finance (No. 2) Bill

Contribution

I welcome the Finance Bill. I will address clause 62 and schedule 12, which relate to APR and BPR. I have spoken on this subject several times, and did so back in November, because my constituency of North Northumberland has over 700 farm holdings, each of them growing the food that we eat and stewarding our land. As one farmer said to me recently: “We have farmed this land since the mid-1800s—each generation investing in long-term decisions…which have benefited not just the farm, but the local area.” I believe it is messages like that and the ability of farmers in North Northumberland to get this message across that were pivotal to bringing about these Government amendments. The amendments will establish 100% relief up to £5 million for a couple, transferable between spouses, and a 50% relief thereafter. That will protect most family farms, with 85% of estates seeing no additional burden from April. I am indebted to the farmers of North Northumberland both for the way that they have engaged on the issue of inheritance tax and for the hard work they do day in, day out to put food on our dinner tables.

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