“What estimate he has made of the number of farmers affected by changes to agricultural and business property reliefs.”
Asked by
David Reed
Answering Minister
the Secretary of State for Environment, Food and Rural Affairs
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.