Schedule 12 - Reform of Reliefs for Business Property and Agricultural Property

Finance (No. 2) Bill – in the House of Commons at 10:30 pm on 12 January 2026.

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Votes in this debate

Amendments made: 24, page 445, line 14, leave out “£1 million” and insert “£2.5 million”.

This amendment increases the 100% relief allowance for agricultural property relief and business property relief to £2.5 million.

Amendment 25, page 450, line 32, leave out “£1 million” and insert “£2.5 million”.

This amendment increases the standard maximum allowance for trusts settled by the same person to £2.5 million.

Amendment 26, page 451, line 20, leave out “£1 million” and insert “£2.5 million”.—(Dan Tomlinson.)

This amendment increases the maximum allowance for trusts settled before the announcement of the changes to agricultural property relief and business property relief to £2.5 million.

Amendment proposed: 3, page 451, line 22, leave out “30 October 2024” and insert “1 March 2027”.—(Victoria Atkins.)

This amendment, along with amendments 4 to 23 would remove the transition period in respect of the changes to agricultural property and business property relief and delay the implementation date so that the changes would take effect for transfers made after 1 March 2027.

Question put, That the amendment be made.

Division number 401 Finance (No. 2) Bill Committee: Amendment 3

Aye: 183 MPs

No: 344 MPs

Aye: A-Z by last name

Tellers

No: A-Z by last name

Tellers

The Committee divided: Ayes 185, Noes 344.

Question accordingly negatived.

Amendments made: 27, page 452, line 18, leave out “£1 million” and insert “£2.5 million”.—(Dan Tomlinson.)

Amendment 28, page 454, line 10, leave out “£1 million” and insert “£2.5 million”.—(Dan Tomlinson.)

This amendment, together with amendment 29, increases the maximum allowance for 18-to-25 trusts to £2.5 million.

Amendment 29, page 454, line 11, leave out “£1 million” and insert “£2.5 million”.—(Dan Tomlinson.)

This amendment, together with amendment 28, increases the maximum allowance for 18-to-25 trusts to £2.5 million.

Schedule 12, as amended, agreed to.

amendment

As a bill passes through Parliament, MPs and peers may suggest amendments - or changes - which they believe will improve the quality of the legislation.

Many hundreds of amendments are proposed by members to major bills as they pass through committee stage, report stage and third reading in both Houses of Parliament.

In the end only a handful of amendments will be incorporated into any bill.

The Speaker - or the chairman in the case of standing committees - has the power to select which amendments should be debated.

teller

A person involved in the counting of votes. Derived from the word 'tallier', meaning one who kept a tally.

Division

The House of Commons votes by dividing. Those voting Aye (yes) to any proposition walk through the division lobby to the right of the Speaker and those voting no through the lobby to the left. In each of the lobbies there are desks occupied by Clerks who tick Members' names off division lists as they pass through. Then at the exit doors the Members are counted by two Members acting as tellers. The Speaker calls for a vote by announcing "Clear the Lobbies". In the House of Lords "Clear the Bar" is called. Division Bells ring throughout the building and the police direct all Strangers to leave the vicinity of the Members’ Lobby. They also walk through the public rooms of the House shouting "division". MPs have eight minutes to get to the Division Lobby before the doors are closed. Members make their way to the Chamber, where Whips are on hand to remind the uncertain which way, if any, their party is voting. Meanwhile the Clerks who will take the names of those voting have taken their place at the high tables with the alphabetical lists of MPs' names on which ticks are made to record the vote. When the tellers are ready the counting process begins - the recording of names by the Clerk and the counting of heads by the tellers. When both lobbies have been counted and the figures entered on a card this is given to the Speaker who reads the figures and announces "So the Ayes [or Noes] have it". In the House of Lords the process is the same except that the Lobbies are called the Contents Lobby and the Not Contents Lobby. Unlike many other legislatures, the House of Commons and the House of Lords have not adopted a mechanical or electronic means of voting. This was considered in 1998 but rejected. Divisions rarely take less than ten minutes and those where most Members are voting usually take about fifteen. Further information can be obtained from factsheet P9 at the UK Parliament site.

Amendment

As a bill passes through Parliament, MPs and peers may suggest amendments - or changes - which they believe will improve the quality of the legislation.

Many hundreds of amendments are proposed by members to major bills as they pass through committee stage, report stage and third reading in both Houses of Parliament.

In the end only a handful of amendments will be incorporated into any bill.

The Speaker - or the chairman in the case of standing committees - has the power to select which amendments should be debated.