Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the impact of family-owned businesses on the local economy; and what assessment has she made of the potential impact of changes to the Business Property Relief on local communities.

At Autumn Budget 2024, the Government took a number of difficult but necessary decisions on tax, welfare, and spending to restore economic stability, fix the public finances, and support public services. These were tough decisions given the situation
we inherited from the previous administration, but the Government has taken them in a way that makes the tax system fairer and more sustainable.

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.