Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate she has made of the number of jobs at risk in the holiday parks sector as a result of the proposed changes to inheritance tax reliefs.

The Government has received a number of representations about inheritance tax changes from business organisations since the Autumn Budget.

The Government has been listening to the different views on this subject and continues to believe its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting businesses and fixing the public finances in a fair way. The Government is not abolishing either agricultural property relief or business property relief. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets.

The Government has set out that around 1,500 estates only claiming business property relief are expected to be affected in 2026-27, with around 1,000 of these expected to only hold shares designated as “not listed” on the markets of recognised stock exchanges, such as the Alternative Investment Market. The remaining 500 estates will include business assets from sectors across the economy, that are eligible for business property relief. These reforms mean that around three-quarters of estates claiming business property relief in 2026-27 (excluding those only relating to holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27.

The independent Office for Budget Responsibility (OBR) certified the costing of these changes at Autumn Budget 2024 and it does not expect the reforms to have a significant macroeconomic impact.