Finance (No. 2) Bill

Rachel Gilmour Excerpts

Wednesday 11th March 2026 Commons Chamber

Finally, on agricultural and business property relief, we welcome the Government’s U-turn, although we wish that it had not taken a year of stress and fear. Farmers and business owners in my constituency have lived that; it has been hell for them and their families. We are grateful for the U-turn, though, and appreciate it. However, the Government have now picked static thresholds, which do not rise with either land values or the cost of living, meaning that the benefits to farmers and business owners will be eroded year after year.

[Rachel Gilmour (Tiverton and Minehead) (LD)]

We welcome the Government’s changes on APR—a new £2.5 million threshold was announced just before Christmas—but does my hon. Friend share my concern that genuinely active, long-held family farms and long-standing tenant farming arrangements will still be penalised by the Government? Does he therefore agree that Members should back the Liberal Democrat amendment, which would maintain relief at 100% where the property has been owned by the transferor for at least 10 years as part of a business that is actively operated by the transferor or a family member?

[Charlie Maynard]

I thank my hon. Friend for speaking up on this matter. I know that my hon. Friend the Member for Westmorland and Lonsdale (Tim Farron) feels very strongly about it as well.

We do not really understand why the Government have decided to go with those fixed static thresholds. Everybody recognises that agricultural land values go up and that the cost of living goes up. We would really appreciate it if the Government could explain why they have decided not to index that. We will therefore be pushing new clause 11 to a vote, because we really want to see that fixed.