“To ask the hon. Member for South West Bedfordshire, representing the Church Commissioners, whether the Commissioners have statutory authority to use funds raised from assets on activities outside England.”
Answering Minister
the Member for South West Bedfordshire, representing the Church Commissioners
Answer from Hansard
The Minister for Food Security and Rural Affairs (Daniel Zeichner)
Around 500 claims each year will be impacted. Our reforms will mean that farmers will pay a reduced inheritance tax rate of 20%, rather than the standard 40%, and payments can be spread over 10 years interest free. Farm-owning couples can pass on up to £3 million without paying inheritance tax. In our view, this is a fair and balanced approach, and should be seen against the backdrop of the Government committing £5 billion for farming over two years—the largest budget directed at sustainable food production and nature’s recovery in our country’s history.