As announced at Autumn Budget 2024, the reforms to agricultural property relief and business property relief will take effect from 6 April 2026. The Government’s commitment to farmers and the vital role they play in feeding our nation remains steadfast. There is also an urgent need to repair the public finances which is why the Government is implementing these reforms. The Government believes its reforms 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 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.