With reference to the Autumn Budget 2024, published on 30 October 2024, HC 295, what assessment her Department has made of the potential impact of changes to agricultural property relief and business property relief on family-owned farms in (a) Northern Ireland and (b) the rest of the UK; and what steps she is taking with the Secretary of State for Environment, Food and Rural Affairs to help ensure the (i) sustainability and (ii) generational continuity of agricultural businesses in (A) regions where farming is a part of the local economy and heritage and (B) other areas.
The Government has 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, and further explanatory information at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief.In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.Agricultural land and associated buildings are exempt from business rates.At Autumn Budget 2024, the Government provided £5 billion across this year and next to support the ongoing transition towards a more productive and environmentally sustainable agricultural sector in England. This will strengthen the domestic sector, and improve food security.The devolved governments’ settlements for 2025-26 are the largest in real terms of any settlements since devolution.