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 Government set out its position on consultation and engagement with stakeholders in the Exchequer Secretary to the Treasury’s letter to the Committee in February 2025. Ministers from multiple Government departments have had several meetings with agricultural organisations on this matter since Autumn Budget 2024, including the National Farmers’ Union, the Tenant Farmers’ Association, the Country Land and Business Association, the Central Association of Agricultural Valuers, the Ulster Farmers’ Union, NFU Cymru, NFU Scotland, and the Farmers’ Union of Wales. After listening, the Government believes the approach and timescale set out for these reforms is an appropriate one. The Government has explained the basis of its analysis since the outset, including the importance of focusing on claims data in relation to estates rather than the total value of farms. The Government set out its position in the Exchequer Secretary to the Treasury’s letter to the Committee in February 2025 and in earlier correspondence from the Chancellor of the Exchequer to the Treasury Select Committee in November 2024. The reforms are expected to result in up to around 520 estates across the UK claiming agricultural property relief, including those that also claim for 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 independent Office for Budget Responsibility (OBR) certified at Autumn Budget 2024 that 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.