Tag: Press Release

The press release issued by HM Treasury on 23 December 2025.

£1m Agricultural and Business Property Reliefs threshold increased to £2.5m from April 2026 – allowing spouses or civil partners to pass on up to £5m in qualifying agricultural or business assets between them.

The government has today (Tuesday 23 December) announced that the level of the Agricultural and Business Property Reliefs threshold will be increased from £1m to £2.5m when it is introduced in April 2026. This allows spouses or civil partners to pass on up to £5m in qualifying agricultural or business assets between them before paying inheritance tax, on top of existing allowances. 

Following the reforms to Agricultural and Business Property Reliefs announced at Budget 2024, the government has listened to concerns of the farming community and businesses about the reforms.

Having carefully considered this feedback, the government is going further to protect more farms and businesses, while maintaining the core principle that the most valuable agricultural and business assets should not receive unlimited relief. The change will be introduced to the Finance Bill in January and will apply from 6 April. 

Raising the threshold will significantly reduce the number of farms and business owners facing higher inheritance tax bills under the reforms, ensuring that only the largest estates are affected. 

Today’s announcement will halve the number of estates claiming Agricultural Property Relief (including those also claiming Business Property Relief) who are affected by the reforms – better targeting the relief.  

As a result:  

• The number of estates claiming agricultural property relief (including those also claiming business property relief) affected by the reforms in 2026-27 halves from 375 to 185.
• Most estates will benefit, with inheritance tax cut by hundreds of thousands of pounds for many families.  
• The number of estates affected by the reforms claiming only business property relief – excluding those holding only AIM shares – will fall by a third, reducing complexity and ensuring support goes where it’s needed most.
• Around 85% of estates claiming agricultural property relief in 2026-27, including those that also claim for business property relief, are forecast to pay no more inheritance tax on their estates. 

Environment Secretary Emma Reynolds said:   

Farmers are at the heart of our food security and environmental stewardship, and I am determined to work with them to secure a profitable future for British farming.  

We have listened closely to farmers across the country and we are making changes today to protect more ordinary family farms. We are increasing the individual threshold from £1m to £2.5m which means couples with estates of up to £5m will now pay no inheritance tax on their estates. 

It’s only right that larger estates contribute more, while we back the farms and trading businesses that are the backbone of Britain’s rural communities.

To deliver this, the government will introduce an amendment to the Finance Bill 2025 to:  

• Increase the threshold at which 100% Agricultural Property Relief and Business Property Relief applies from £1 million to £2.5 million per estate, with 50% relief continuing to apply to qualifying assets above that level.  
• Given the allowance will be transferable between spouses, a surviving spouse or civil partner will be able to pass on up to £5 million of qualifying agricultural and business assets tax-free, on top of existing nil‑rate bands.  This will apply to people who are widowed and have lost spouses or civil partners before the policy was introduced.   

The government remains committed to making the tax system fairer by reducing the generous inheritance tax reliefs available to owners of large agricultural and business estates, while continuing to recognise the importance of farms and businesses to local communities and the wider economy. The revised approach continues to ensure that qualifying agricultural and business assets are taxed at a much lower effective rate than most other assets. The changes we are implementing reflects the concerns that have been raised while preserving the majority of the revenue from reform to help cut debt and borrowing and fund public services. The costings for today’s announcement will be incorporated into the next OBR forecast.  

Today’s announcement follows the government’s commitment to establish a new Farming and Food Partnership Board to bring together senior leaders from farming, food production, retail, finance and government to take a practical, partnership-led approach from farm to fork to strengthen our food production.    

It builds on updates to the planning rules, via the National Planning Policy Framework, to cut unnecessary red tape and help farmers expand their businesses with easier approvals on farm reservoirs, greenhouses, polytunnels and farm shops, boosting food production and rural growth.

The press release issued by HM Treasury on 22 December 2025.

Bingo clubs across Britain are celebrating the scrapping of bingo duty as UK tax minister Dan Tomlinson and the Bingo Association’s Paul Swindon joined players in London.

• Bingo clubs across Britain celebrate budget move to scrap tax on one of the nation’s iconic games 
• Bingo Association hails scrapping of bingo duty as ‘transformative’ as Tax Minister Dan Tomlinson meets players at Buzz Bingo in Tooting
• Around 250 British bingo clubs to be protected by new changes in April 2026

They visited Buzz Bingo Tooting during the Christmas bingo bonanza season following the Chancellor’s Budget announcement that bingo duty would be scrapped from April 2026.

They met Jeeva Jeevahan, General Manager at Buzz Bingo Tooting, alongside some of the club’s regulars, with Tomlinson calling the duty scrapping a ‘full house win’ for the around 250 clubs across the country while Swindon praised the measure as ‘transformative’ for the sector’s survival.

Exchequer Secretary to the Treasury, Dan Tomlinson, said:

This is a ‘full house win’ for bingo clubs and the communities who rely on them. Bingo clubs are about much more than just the numbers – they’re about community, friendship and fun. Scrapping this tax recognises the important role these venues play.

Bingo has been a popular part of British culture since the 1960s, when purpose-built bingo clubs sprang up across towns and cities following the legalisation of commercial gaming, becoming a staple of high streets and a social hub for millions.

Bingo duty is currently charged at 10% on profits – its removal will go towards supporting the 7,000 jobs in the sector, and ensuring bingo remains part of British life for the foreseeable future.

The move is part of a wider gambling tax package announced by Chancellor, Rachel Reeves, at Budget aimed at creating a fairer and sustainable system that will raise over £1 billion a year to go towards the country’s priorities – cutting the cost of living, cutting debt and borrowing, and cutting NHS waiting lists.

Paul Swindon, Head of Governance and Compliance for the Bingo Association:

This visit by the Exchequer Secretary is a clear demonstration of the government’s recognition of the important role bingo clubs play in communities across the country. The decision to abolish Bingo Duty was a transformative moment for our sector and a powerful vote of confidence in the unique community value we provide.

After years of rising costs and economic pressure, this change gives clubs the stability and headroom they need to reinvest, modernise and secure thousands of jobs. It ensures that bingo clubs can continue to thrive as safe, affordable and much-loved spaces at the heart of British life.

We welcome the government’s willingness to listen and to act. This visit shows a genuine commitment to understanding how bingo clubs support local economies and bring people together, and it will make a real difference to the communities we serve.

Further information

• For photos of the visit, please visit the HMT Flickr page.
• Business rates factsheet.
• Many people in the UK enjoy the occasional flutter in moderation, but for others it can be a source of harm. Referrals for gambling addiction have risen by 91% from 2023-24 to 2024-25 with online gaming associated with some of the highest levels of harm.
• In recognition of the associated levels of harm, the Chancellor announced the rate for remote gaming duty will increase from 21% to 40% from 1 April 2026. To reflect lower operational costs compared to in-person operations, remote betting will see an increase from 15% to 25% from 1 April 2027.

The press release issued by HM Treasury on 22 December 2025.

The Chancellor of the Exchequer Rachel Reeves has asked the Office for Budget Responsibility to prepare an economic and fiscal forecast for publication on 3 March 2026. 

As set out at the Budget, the Spring forecast will not make an assessment of the government’s performance against the fiscal mandate and will instead provide an interim update on the economy and public finances. 

The government will respond to the March forecast through a statement to Parliament, in line with the government’s commitment to deliver one major fiscal event a year at the Budget. 

This approach gives families and businesses the stability and certainty they need and supports the government’s growth mission.