Agricultural Property Relief and Business Property Relief Debate
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Brian Mathew
Main Page: Brian Mathew (Liberal Democrat - Melksham and Devizes)Department Debates - View all Brian Mathew's debates with the HM Treasury
Agricultural Property Relief and Business Property Relief
Brian Mathew Excerpts(3 days, 20 hours ago)
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Dan Tomlinson
Just to be clear, this policy applies only to the farming or business estates worth more than £2.5 million, or £5 million if owned by a couple. There are still significant incentives to grow and invest in people’s businesses. This tax rate is half the rate for everyone else paying inheritance tax, if they have sufficient assets to get over the threshold. I think that is worth noting. Only around the very largest 10% of estates in the country pay any inheritance tax at all.
Brian Mathew (Melksham and Devizes) (LD)
On behalf of the family farmers of Melksham and Devizes, can I point out that farm prices differ across the UK and that raising the level of APR to a flat £6 million, say, whether a farm belongs to a couple or to an individual farmer, would be a great help in assuring the farmers about the future, freeing them from worry and ensuring their future growing our food?
Dan Tomlinson
We think it is right to have the same level across the country. It is the same in other parts of our tax system, and it would not be right to have different tax thresholds for different small parts of the country.