To ask the Secretary of State for Environment, Food and Rural Affairs, what information his Department holds on the number of farm holdings that are estimated to have a net value of (a) between £1,000,000 and £1,499,999, (b) between £1,500,000 and £1,999,999 and (c) over £2,000,000 in (i) England, (ii) Cambridgeshire and (iii) North East Cambridgeshire constituency.

Defra does not hold financial data for farms at holding level. Some financial information is published at a farm business level (where multiple farm holdings can constitute a single farm business). This information is based on the Farm Business Survey which only covers farm businesses in England with a Standard Output of more than £21,000. Whilst the Survey captures the majority of agricultural activity, it excludes around 43,000 smaller businesses (which account for 2% of output). This means the statistics cannot be used to infer any statistical estimates for the whole population of farms. The published 2022/23 balance sheet statistics, which include the distribution of farms by net worth by region, are available in Table 6 of the Balance Sheets: https://assets.publishing.service.gov.uk/media/66d0410957321cdac841840a/fbs_balancesheetanalysis_2022_23.ods. The 2023/24 data will be published in March 2025.

For the East of England, the 2022/23 data shows that 17% of Farm Business Survey farms had a net worth between £1 million and £1.49 million, and 58% had a net worth above £1.5 million.

Farm business assets are not a clear guide to inheritance tax liabilities which are due on an individual’s estate at the time of their death whereas farm businesses can have multiple ownership and can be passed on as gifts before death.