Written questions by Vickers.

What estimate her Department has made of the potential impact of the changes to business rates relief on (a) leisure, (b) hospitality and (c) retail businesses.

Retail, hospitality and leisure (RHL) business rates relief has been extended year-by-year by previous governments since the pandemic, creating uncertainty for businesses and an unsustainable fiscal pressure for Government.Without any Government intervention, RHL relief would have ended entirely in April 2025, creating a cliff-edge for businesses. Instead, the Government decided to provide a 40 per cent discount to RHL properties up to a cash cap of £110,0000 per business in 2025/26, ahead of intending to introduce permanently lower rates for RHL properties with rateable values below £500,000 from 2026/27. This permanent tax cut will ensure that RHL businesses benefit from much-needed certainty and support.The rates for these new RHL multipliers will be set at Budget 2025 so that the Government can take into account the upcoming revaluation outcomes, as well as the economic and fiscal context. When the new multipliers are set, HM Treasury intends to publish analysis of the expected effects of the new multiplier arrangements.

What recent assessment her Department has made of the potential impact of changes to non-domiciled tax status on the number of high-net-worth people living in the UK.

The Government has removed the outdated concept of domicile states from the tax system and implemented a new residence-based regime from 6 April 2025. The new residence-based regime is more compatible for new arrivals than the previous rules. The Government published a Tax Information and Impact Note for this policy on 30 October. This can be found here: https://www.gov.uk/government/publications/tax-changes-for-non-uk-domiciled-individuals/reforming-the-taxation-of-non-uk-domiciled-individuals. There have always been relatively large flows of non-doms in and out of the UK every year. The latest HMRC statistics can be found here: https://www.gov.uk/government/statistics/statistics-on-non-domiciled-taxpayers-in-the-uk/statistical-commentary-on-non-domiciled-taxpayers-in-the-uk--2. These show the number of non-domiciled taxpayers in each tax year up to 2023/24. We anticipate that some non-doms ineligible for the new regime will exit the UK in response to the changes. Taking this migration response into account, the OBR expects the non-dom reforms to raise £33.8 billion over the next five years to help fund the public services and investment projects needed to drive growth.

What steps her Department is taking to support regional economic growth across the UK.

Kick starting economic growth and ensuring that growth is felt in all regions of the UK is the number one mission of this Government. The government’s approach to regional growth will drive growth in city regions, towns and communities and make the most of the opportunities in each part of the country, to make everyone better off. There is excellence right across the country and this government is backing it: lifting living standards and putting more money in people’s pockets. The recent Spending Review set out £15.6bn for some of our largest city-regions via the Transport for City Region settlements, with Tees Valley Combined Authority receiving £1bn funding improvements to Middlesbrough station and other local priorities. For places outside city-regions, the Local Transport Grant is receiving a fourfold increase in funding by 2029-30 compared to 2024-35. The new £410m Local Innovation Partnerships Fund will drive innovation excellence across the country, delivering R&D co-creation between local leaders and UK Research and Innovation (UKRI). Our new long-term local growth programmes which will invest in 350 deprived communities across the UK, funding interventions across community cohesion, regeneration and improving the public realm. We are also funding at least £725 billion of economic and social infrastructure across the country over the next decade, as set out in our new Infrastructure Strategy.

What recent discussions she has had with business groups on economic policy.

Government Ministers and Senior Officials regularly meet with businesses and business representation organisations. These meetings provide an opportunity for the Government to hear the views of the business community to aid in the formation of policy, including fiscal policy. These engagements are ongoing and will continue to be so. Further information on previous meetings held by HM Treasury Ministers and can be found on the gov.uk website via this link: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel

What information her Department holds on the number of (a) millionaires and (b) ultra-high-net-worth people who have relocated to other countries since 2020.

The Government has removed the outdated concept of domicile states from the tax system and implemented a new residence-based regime from 6 April 2025. The new residence-based regime is more compatible for new arrivals than the previous rules. The Government published a Tax Information and Impact Note for this policy on 30 October. This can be found here: https://www.gov.uk/government/publications/tax-changes-for-non-uk-domiciled-individuals/reforming-the-taxation-of-non-uk-domiciled-individuals. There have always been relatively large flows of non-doms in and out of the UK every year. The latest HMRC statistics can be found here: https://www.gov.uk/government/statistics/statistics-on-non-domiciled-taxpayers-in-the-uk/statistical-commentary-on-non-domiciled-taxpayers-in-the-uk--2. These show the number of non-domiciled taxpayers in each tax year up to 2023/24. We anticipate that some non-doms ineligible for the new regime will exit the UK in response to the changes. Taking this migration response into account, the OBR expects the non-dom reforms to raise £33.8 billion over the next five years to help fund the public services and investment projects needed to drive growth.

Whether her Department has made an assessment of the potential merits of simplifying the tax code.

As set out at Autumn Budget 2024 and Spring Statement 2025, the government is committed to simplifying the tax and customs systems to help support economic growth. In April, the government announced a package of measures to reduce administrative burdens, so businesses and individual taxpayers can spend less time on tax and customs administration and more time adding value to the economy. These changes were developed through close engagement with stakeholders and the government will bring forward further simplification proposals in the future.

Whether her Department has made as assessment of the potential merits of reviewing the non-domiciled tax regime.

The Government has removed the outdated concept of domicile status from the tax system and implemented a new residence-based regime from 6 April 2025. The new residence-based regime is more competitive for new arrivals than the previous rules.

What information her Department holds on the number of people with non-domiciled status who have left the UK in each of the last five years.

The Government has removed the outdated concept of domicile states from the tax system and implemented a new residence-based regime from 6 April 2025. The new residence-based regime is more compatible for new arrivals than the previous rules. The Government published a Tax Information and Impact Note for this policy on 30 October. This can be found here: https://www.gov.uk/government/publications/tax-changes-for-non-uk-domiciled-individuals/reforming-the-taxation-of-non-uk-domiciled-individuals. There have always been relatively large flows of non-doms in and out of the UK every year. The latest HMRC statistics can be found here: https://www.gov.uk/government/statistics/statistics-on-non-domiciled-taxpayers-in-the-uk/statistical-commentary-on-non-domiciled-taxpayers-in-the-uk--2. These show the number of non-domiciled taxpayers in each tax year up to 2023/24. We anticipate that some non-doms ineligible for the new regime will exit the UK in response to the changes. Taking this migration response into account, the OBR expects the non-dom reforms to raise £33.8 billion over the next five years to help fund the public services and investment projects needed to drive growth.

What recent assessment she has made of the impact of inflation on household disposable income.

Real Household Disposable Income (RHDI) per person includes all sources of household income, net of taxes and inflation.In the year to Q1 2025 (2024/25) RHDI per capita was 2.9% higher than in the year prior (2023/24), the fastest pace of financial year growth since 2015/16.HM Treasury does not prepare forecasts for the UK economy. Forecasts, including for real household disposable income per person, are the responsibility of the independent Office for Budget Responsibility (OBR). These forecasts are published by the OBR as part of their Economic and Fiscal Outlook (EFO). According to the Office for Budget Responsibility’s March 2025 forecast, RHDI per person was forecast to grow at an annual average of 0.5% over this parliament (Q3 2024 – Q2 2029).

What plans her Department has to review tax reliefs and their effectiveness.

Tax reliefs are an important feature of the UK tax system. Many tax reliefs help to define the scope of the tax and make sure that the tax system operates fairly while simplifying and reducing administrative burdens for businesses and individuals (structural reliefs). Others are aimed at encouraging certain behaviours or activities to support economic or social objectives (non-structural reliefs). HMRC has invested significant resources in improving understanding of the cost and effectiveness of tax reliefs. Since 2019 it has produced:costings for 268 non-structural reliefs (of 344) and 82 structural reliefs;detailed analysis of the 38 largest non-structural reliefs that cost more than £500 million per year.In addition, 24 evaluations covering 27 unique reliefs have been published since 2020.HMRC’s approach to improving transparency around reliefs is proportionate, making the best use of resources.

What assessment her Department has made of the potential impact of changes to inheritance tax on social mobility.

The estates of all individuals benefit from a £325,000 nil-rate band for inheritance tax. The residence nil-rate band is a further £175,000 and is available to those passing on a qualifying residence on death to their direct descendants, such as children or grandchildren. This means qualifying estates can pass on up to £500,000 and the qualifying estate of a surviving spouse or civil partner can pass on up to £1 million without an inheritance tax liability. This is because any unused nil-rate band or residence nil-rate band is transferable to a surviving spouse or civil partner. The combination of nil-rate bands, exemptions, and reliefs means less than 10 per cent of estates across the UK are forecast to have an inheritance tax liability in 2029-30. However, inheritance tax still makes an important contribution to the public finances and it is now forecast to raise more than £14 billion in 2029-30 to help deliver public services. This includes over £2 billion more in 2029-30 from changes to the inheritance tax system announced at Autumn Budget 2024.

Whether she has considered introducing (a) sector-specific and (b) asset-based valuation methodologies for Business Property Relief claims by asset-intensive SMEs.

The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, and fixing the public finances. 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. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free. The analysis undertaken by CBI Economics was commissioned by Family Business UK and is based on a self-selecting online survey from members of representative groups campaigning against the reforms. The independent Office for Budget Responsibility (OBR) certified the costing at Autumn Budget 2024 as ‘reasonable and central’. The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The OBR does not expect the reforms to have a significant macroeconomic impact. The OBR published information about the costing in the Economic and Fiscal Outlook on 30 October 2024. The OBR published more detail on the costings on 22 January 2025. This material is all available on the OBR’s website. Information from claims is not recorded in a manner to enable regional or national breakdowns of the number of estates expected to be affected. However, the reforms are expected to result in up to 520 estates claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data. The Government has also set out that around 1,500 estates across the UK only claiming business property relief are expected to pay more inheritance tax 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. Around three-quarters of estates claiming business property relief in 2026-27 (excluding those estates only holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27. The rules relating to valuation at death are long-standing and well-established in legislation, including for business property, and guidance is available. More information is available at www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm09701 and in the section on valuation in the guide to completing inheritance tax accounts at www.gov.uk/government/publications/inheritance-tax-inheritance-tax-account-iht400.

Whether she has had discussions with representatives of Family Business UK on the findings of their June 2025 report on inheritance tax reform.

The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, and fixing the public finances. 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. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free. The analysis undertaken by CBI Economics was commissioned by Family Business UK and is based on a self-selecting online survey from members of representative groups campaigning against the reforms. The independent Office for Budget Responsibility (OBR) certified the costing at Autumn Budget 2024 as ‘reasonable and central’. The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The OBR does not expect the reforms to have a significant macroeconomic impact. The OBR published information about the costing in the Economic and Fiscal Outlook on 30 October 2024. The OBR published more detail on the costings on 22 January 2025. This material is all available on the OBR’s website. Information from claims is not recorded in a manner to enable regional or national breakdowns of the number of estates expected to be affected. However, the reforms are expected to result in up to 520 estates claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data. The Government has also set out that around 1,500 estates across the UK only claiming business property relief are expected to pay more inheritance tax 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. Around three-quarters of estates claiming business property relief in 2026-27 (excluding those estates only holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27. The rules relating to valuation at death are long-standing and well-established in legislation, including for business property, and guidance is available. More information is available at www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm09701 and in the section on valuation in the guide to completing inheritance tax accounts at www.gov.uk/government/publications/inheritance-tax-inheritance-tax-account-iht400.

What assessment her Department has made of the potential impact of changes to (a) Business Property Relief and (b) Agricultural Property Relief on business (i) closures and (ii) divestment.

The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, and fixing the public finances. 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. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free. The analysis undertaken by CBI Economics was commissioned by Family Business UK and is based on a self-selecting online survey from members of representative groups campaigning against the reforms. The independent Office for Budget Responsibility (OBR) certified the costing at Autumn Budget 2024 as ‘reasonable and central’. The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The OBR does not expect the reforms to have a significant macroeconomic impact. The OBR published information about the costing in the Economic and Fiscal Outlook on 30 October 2024. The OBR published more detail on the costings on 22 January 2025. This material is all available on the OBR’s website. Information from claims is not recorded in a manner to enable regional or national breakdowns of the number of estates expected to be affected. However, the reforms are expected to result in up to 520 estates claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data. The Government has also set out that around 1,500 estates across the UK only claiming business property relief are expected to pay more inheritance tax 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. Around three-quarters of estates claiming business property relief in 2026-27 (excluding those estates only holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27. The rules relating to valuation at death are long-standing and well-established in legislation, including for business property, and guidance is available. More information is available at www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm09701 and in the section on valuation in the guide to completing inheritance tax accounts at www.gov.uk/government/publications/inheritance-tax-inheritance-tax-account-iht400.

Whether she has made an assessment of the potential implications for her policies of the report by Family Business UK and CBI Economics entitled Taxing Futures, published in June 2025.

The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, and fixing the public finances. 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. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free. The analysis undertaken by CBI Economics was commissioned by Family Business UK and is based on a self-selecting online survey from members of representative groups campaigning against the reforms. The independent Office for Budget Responsibility (OBR) certified the costing at Autumn Budget 2024 as ‘reasonable and central’. The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The OBR does not expect the reforms to have a significant macroeconomic impact. The OBR published information about the costing in the Economic and Fiscal Outlook on 30 October 2024. The OBR published more detail on the costings on 22 January 2025. This material is all available on the OBR’s website. Information from claims is not recorded in a manner to enable regional or national breakdowns of the number of estates expected to be affected. However, the reforms are expected to result in up to 520 estates claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data. The Government has also set out that around 1,500 estates across the UK only claiming business property relief are expected to pay more inheritance tax 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. Around three-quarters of estates claiming business property relief in 2026-27 (excluding those estates only holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27. The rules relating to valuation at death are long-standing and well-established in legislation, including for business property, and guidance is available. More information is available at www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm09701 and in the section on valuation in the guide to completing inheritance tax accounts at www.gov.uk/government/publications/inheritance-tax-inheritance-tax-account-iht400.

What steps she is taking to support family-owned SMEs with additional tax liabilities under reforms to Business Property Relief.

The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, and fixing the public finances. 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. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free. The analysis undertaken by CBI Economics was commissioned by Family Business UK and is based on a self-selecting online survey from members of representative groups campaigning against the reforms. The independent Office for Budget Responsibility (OBR) certified the costing at Autumn Budget 2024 as ‘reasonable and central’. The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The OBR does not expect the reforms to have a significant macroeconomic impact. The OBR published information about the costing in the Economic and Fiscal Outlook on 30 October 2024. The OBR published more detail on the costings on 22 January 2025. This material is all available on the OBR’s website. Information from claims is not recorded in a manner to enable regional or national breakdowns of the number of estates expected to be affected. However, the reforms are expected to result in up to 520 estates claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data. The Government has also set out that around 1,500 estates across the UK only claiming business property relief are expected to pay more inheritance tax 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. Around three-quarters of estates claiming business property relief in 2026-27 (excluding those estates only holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27. The rules relating to valuation at death are long-standing and well-established in legislation, including for business property, and guidance is available. More information is available at www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm09701 and in the section on valuation in the guide to completing inheritance tax accounts at www.gov.uk/government/publications/inheritance-tax-inheritance-tax-account-iht400.

What assessment her Department has made of the potential impact of changes to Business Property Relief on family-owned businesses in (a) the North East and (b) the UK.

The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, and fixing the public finances. 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. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free. The analysis undertaken by CBI Economics was commissioned by Family Business UK and is based on a self-selecting online survey from members of representative groups campaigning against the reforms. The independent Office for Budget Responsibility (OBR) certified the costing at Autumn Budget 2024 as ‘reasonable and central’. The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The OBR does not expect the reforms to have a significant macroeconomic impact. The OBR published information about the costing in the Economic and Fiscal Outlook on 30 October 2024. The OBR published more detail on the costings on 22 January 2025. This material is all available on the OBR’s website. Information from claims is not recorded in a manner to enable regional or national breakdowns of the number of estates expected to be affected. However, the reforms are expected to result in up to 520 estates claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data. The Government has also set out that around 1,500 estates across the UK only claiming business property relief are expected to pay more inheritance tax 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. Around three-quarters of estates claiming business property relief in 2026-27 (excluding those estates only holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27. The rules relating to valuation at death are long-standing and well-established in legislation, including for business property, and guidance is available. More information is available at www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm09701 and in the section on valuation in the guide to completing inheritance tax accounts at www.gov.uk/government/publications/inheritance-tax-inheritance-tax-account-iht400.

What analysis her Department has conducted on the projected fiscal impact of the proposed cap on Business Property Relief; and if she will publish the modelling assumptions used to calculate the anticipated revenue gain.

The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, and fixing the public finances. 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. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free. The analysis undertaken by CBI Economics was commissioned by Family Business UK and is based on a self-selecting online survey from members of representative groups campaigning against the reforms. The independent Office for Budget Responsibility (OBR) certified the costing at Autumn Budget 2024 as ‘reasonable and central’. The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The OBR does not expect the reforms to have a significant macroeconomic impact. The OBR published information about the costing in the Economic and Fiscal Outlook on 30 October 2024. The OBR published more detail on the costings on 22 January 2025. This material is all available on the OBR’s website. Information from claims is not recorded in a manner to enable regional or national breakdowns of the number of estates expected to be affected. However, the reforms are expected to result in up to 520 estates claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data. The Government has also set out that around 1,500 estates across the UK only claiming business property relief are expected to pay more inheritance tax 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. Around three-quarters of estates claiming business property relief in 2026-27 (excluding those estates only holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27. The rules relating to valuation at death are long-standing and well-established in legislation, including for business property, and guidance is available. More information is available at www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm09701 and in the section on valuation in the guide to completing inheritance tax accounts at www.gov.uk/government/publications/inheritance-tax-inheritance-tax-account-iht400.

What steps her Department is taking to mitigate the regional economic impact of the inheritance tax changes on family businesses in the North East.

The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, and fixing the public finances. 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. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free. The analysis undertaken by CBI Economics was commissioned by Family Business UK and is based on a self-selecting online survey from members of representative groups campaigning against the reforms. The independent Office for Budget Responsibility (OBR) certified the costing at Autumn Budget 2024 as ‘reasonable and central’. The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The OBR does not expect the reforms to have a significant macroeconomic impact. The OBR published information about the costing in the Economic and Fiscal Outlook on 30 October 2024. The OBR published more detail on the costings on 22 January 2025. This material is all available on the OBR’s website. Information from claims is not recorded in a manner to enable regional or national breakdowns of the number of estates expected to be affected. However, the reforms are expected to result in up to 520 estates claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data. The Government has also set out that around 1,500 estates across the UK only claiming business property relief are expected to pay more inheritance tax 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. Around three-quarters of estates claiming business property relief in 2026-27 (excluding those estates only holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27. The rules relating to valuation at death are long-standing and well-established in legislation, including for business property, and guidance is available. More information is available at www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm09701 and in the section on valuation in the guide to completing inheritance tax accounts at www.gov.uk/government/publications/inheritance-tax-inheritance-tax-account-iht400.

What assessment she has made of the adequacy of the performance of the Government Major Projects Portfolio.

The government recently created the National Infrastructure and Service Transformation Authority (NISTA) which will have an impactful role in supporting and monitoring major projects on the GMPP. NISTA conducts regular deliverability assessments of major projects in the Government Major Project Portfolio. Data on major projects, including this deliverability assessment, is published each year in the Annual Report on Major Projects. The 2024/25 Annual Report will be published in due course. NISTA has already supported the development of the “UK Infrastructure: A 10-Year Strategy” which sets out government's long-term plan for driving more effective delivery of economic, housing and social infrastructure across the country, alongside the vital reforms to planning.