§ Matthew TaylorTo ask the Chancellor of the Exchequer (1) if he will estimate the change in Government revenues from the abolition of Business Property Refit and Agricultural Property Refit; and if he will make a statement. [93718]
(2) if he will estimate the change in Government revenues from imposing a ceiling of £250,000 on assets that receive relief under Business Property Refit and Agricultural Property Refit; and if he will make a statement. [93719]
§ Dawn PrimaroloThe costs of inheritance tax business property and agricultural property relief in 2002–2003 are forecast to be £.110 million and £130 million respectively.
Capping each relief at £250,000 would reduce these costs to £50 million and £70 million respectively.