Business Property Relief Family-owned Businesses 2026-04-28
2026-04-28
Response quality
Questions & Answers
Q1
Partial Answer
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Context
Recent reforms to the business property rel [3D [K relief scheme have raised concerns about their impact on family-owned busin [5D [K businesses.
What assessment has been made of the potential im [2D [K impact of recent changes to business property relief on levels of investmen [9D [K investment by family-owned businesses?
The reforms to business property relief maintain si [2D [K significant relief for owners of business assets. That is beyond what is av [2D [K available to others and is more generous than at any time under Margaret Th [2D [K Thatcher, when the rate of relief was a maximum of 50% on all business asse [4D [K assets, including the first £2.5 million.
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Assessment & feedback
The specific impact on investment levels by famil [5D [K family-owned businesses was not addressed
Response accuracy
Q2
Direct Answer
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Context
A decision by the Valuation Office Agency t [1D [K to reclassify serviced offices, business centres, and co-working spaces wil [3D [K will lead to increased property costs for hundreds of small family business [8D [K businesses across Cornwall.
Hundreds of small family businesses across Cornwa [6D [K Cornwall will soon be subject to a significant increase in their property c [1D [K costs as a result of the Valuation Office Agency's decision to reclassify s [1D [K serviced offices, business centres and co-working spaces. Will the Chancell [8D [K Chancellor arrange for me to meet Treasury officials and the VOA to discuss [7D [K discuss how the impacts of that reclassification may be mitigated?
I thank my hon. Friend for his question. I am aware [5D [K aware of the issue that he raises; I have met representatives of the sector [6D [K sector in recent weeks to discuss it. It follows changes to case law over r [1D [K recent years, but it is of course an important issue that affects many busi [4D [K businesses. I would be happy to meet my hon. Friend to discuss it.
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Assessment & feedback
Response accuracy