HM Treasury
HM Treasury is the government’s economic and finance ministry, maintaining control over public spending, setting the direction of the UK’s economic policy and working to achieve strong and sustainable economic growth.
Shadow Ministers / Spokeperson
Liberal Democrat
Baroness Kramer (LD - Life peer)Liberal Democrat Lords Spokesperson (Treasury and Economy)
Daisy Cooper (LD - St Albans)
Liberal Democrat Spokesperson (Treasury)
Conservative
Mel Stride (Con - Central Devon)Shadow Chancellor of the Exchequer
Green Party
Adrian Ramsay (Green - Waveney Valley)Green Spokesperson (Treasury)
Liberal Democrat
Charlie Maynard (LD - Witney)Liberal Democrat Spokesperson (Chief Secretary to the Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Lord Altrincham (Con - Excepted Hereditary)Shadow Minister (Treasury)
Richard Fuller (Con - North Bedfordshire)
Shadow Chief Secretary to the Treasury
Gareth Davies (Con - Grantham and Bourne)
Shadow Financial Secretary (Treasury)
Baroness Neville-Rolfe (Con - Life peer)
Shadow Minister (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
James Wild (Con - North West Norfolk)Shadow Exchequer Secretary (Treasury)
Mark Garnier (Con - Wyre Forest)
Shadow Economic Secretary (Treasury)
Ministers of State
Lord Livermore (Lab - Life peer)Financial Secretary (HM Treasury)
James Murray (LAB - Ealing North)
Chief Secretary to the Treasury
Lord Stockwood (Lab - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
Torsten Bell (Lab - Swansea West)Parliamentary Secretary (HM Treasury)
Dan Tomlinson (Lab - Chipping Barnet)
Exchequer Secretary (HM Treasury)
Lucy Rigby (Lab - Northampton North)
Economic Secretary (HM Treasury)
00:01
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask the Chancellor of the Exchequer, if she will make it her policy to extend the two year limit …
These Regulations amend the Social Security Contributions and Benefits Act 1992 (c. 4) and corresponding provisions in the Social Security …
A Bill to Make provision to amend section 4 of the Social Security Contributions and Benefits Act 1992, and section …
HM Treasury Commons Appearances
Oral Answers to Questions is a regularly scheduled appearance where the Secretary of State and junior minister will answer at the Dispatch Box questions from backbench MPs
Other Commons Chamber appearances can be:- Urgent Questions where the Speaker has selected a question to which a Minister must reply that day
- Adjornment Debates a 30 minute debate attended by a Minister that concludes the day in Parliament.
- Oral Statements informing the Commons of a significant development, where backbench MP's can then question the Minister making the statement.
Westminster Hall debates are performed in response to backbench MPs or e-petitions asking for a Minister to address a detailed issue
Written Statements are made when a current event is not sufficiently significant to require an Oral Statement, but the House is required to be informed.
Bills currently before Parliament
HM Treasury does not have Bills currently before Parliament
Acts of Parliament created in the 2024 Parliament
A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2025.
This Bill received Royal Assent on 21st July 2025 and was enacted into law.
A Bill to make provision about secondary Class 1 contributions.
This Bill received Royal Assent on 3rd April 2025 and was enacted into law.
A Bill to make provision about finance.
This Bill received Royal Assent on 20th March 2025 and was enacted into law.
A Bill to amend the Crown Estate Act 1961.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 and 31 March 2026; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2024 and 31 March 2025.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to make provision for loans or other financial assistance to be provided to, or for the benefit of, the government of Ukraine.
This Bill received Royal Assent on 16th January 2025 and was enacted into law.
A Bill to impose duties on the Treasury and the Office for Budget Responsibility in respect of the announcement of fiscally significant measures.
This Bill received Royal Assent on 10th September 2024 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2025; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2024.
This Bill received Royal Assent on 30th July 2024 and was enacted into law.
HM Treasury - Secondary Legislation
Petitions
e-Petitions are administered by Parliament and allow members of the public to express support for a particular issue.
If an e-petition reaches 10,000 signatures the Government will issue a written response.
If an e-petition reaches 100,000 signatures the petition becomes eligible for a Parliamentary debate (usually Monday 4.30pm in Westminster Hall).
(10,900 in the last 7 days)
(8,848 in the last 7 days)
(6,203 in the last 7 days)
(848 in the last 7 days)
(406 in the last 7 days)
(10,900 in the last 7 days)
(6,203 in the last 7 days)
(8,848 in the last 7 days)
(152 in the last 7 days)
(209 in the last 7 days)
Petition Closed
Raise the income tax personal allowance from £12,570 to £20,000
Gov Responded - 20 Feb 2025 Debated on - 12 May 2025closed 6 months, 3 weeks ago
Raise the income tax personal allowance from £12570 to £20000. We think this would help low earners to get off benefits and allow pensioners a decent income.
Petition Closed
Don't change inheritance tax relief for working farms
Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025closed 8 months ago
We think that changing inheritance tax relief for agricultural land will devastate farms nationwide, forcing families to sell land and assets just to stay on their property. We urge the government to keep the current exemptions for working farms.
Petition Closed
Don't apply VAT to independent school fees, or remove business rates relief.
Gov Responded - 20 Dec 2024 Debated on - 3 Mar 2025closed 7 months, 1 week ago
Prevent independent schools from having to pay VAT on fees and incurring business rates as a result of new legislation.
Departmental Select Committee
Treasury Committee
Commons Select Committees are a formally established cross-party group of backbench MPs tasked with holding a Government department to account.
At any time there will be number of ongoing investigations into the work of the Department, or issues which fall within the oversight of the Department. Witnesses can be summoned from within the Government and outside to assist in these inquiries.
Select Committee findings are reported to the Commons, printed, and published on the Parliament website. The government then usually has 60 days to reply to the committee's recommendations.
11 Members of the Treasury Committee
Treasury Committee Member since 9th September 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 9th December 2024
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee: Upcoming Events
AI in financial services
14 Jan 2026, 2 p.m.
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Treasury Committee - Private Meeting
19 Jan 2026, 1:30 p.m.
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Treasury Committee - Oral evidence
Bank of England Financial Stability Reports
20 Jan 2026, 9:30 a.m.
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Treasury Committee - Oral evidence
Work of the Prudential Regulation Authority
21 Jan 2026, 2 p.m.
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Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties.
To support with bill increases, at the Budget, the Government introduced a support package worth £4.3 billion over the next three years, including to protect ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down next year. Government support also means that most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
Exchequer Secretary (HM Treasury)
The Government does not hold data on the breakdown of business rates revenue. The total change in business rates revenue is set out in the OBR’s Economic and Fiscal Outlook.
Exchequer Secretary (HM Treasury)
The Government does not hold data on the breakdown of business rates revenue. The total change in business rates revenue is set out in the OBR’s Economic and Fiscal Outlook.
Exchequer Secretary (HM Treasury)
Business rates are a broad-based tax on the value of non-domestic properties, including nurseries.
To protect small businesses, the Government has frozen the small business multiplier for 2025-26. Taken together with Small Business Rates Relief, this intervention ensures that over a million properties will be protected from inflationary increases.
More broadly, in 2026-27, we expect to provide over £9.5 billion for the early years entitlements. We are investing over £1 billion more in the early years entitlements this year compared to 2025-26, to deliver a full year of the expanded entitlements, and an above inflation increase to entitlements funding rates.
Exchequer Secretary (HM Treasury)
The variables used to determine valuations for the Council Tax revaluation in Wales include property attributes, locations and sales details. More detailed information on these variables can be found in the Valuation Office Agency’s model specification document.
Exchequer Secretary (HM Treasury)
The Valuation Office Agency is developing its specific approach to the High Value Council Tax Surcharge work and will set out more details in due course, alongside the government's consultation.
Exchequer Secretary (HM Treasury)
HMT/HMRC does not publish this information at constituency or local authority level.
By 2025-26 there were an estimated 5.66 million individual income taxpayers in the South East region which includes the Parliamentary Constituency of Witham and the Ceremonial County of Essex.
Regional breakdowns can be found in HMRC’s published Income Tax Liabilities Statistics in Collated Tables, Table 2.2.
Link here: https://assets.publishing.service.gov.uk/media/685a6bb541d77db4f68eb0c4/Collated_Income_Tax_liabilities_statistics_tables_-_2.1_to_2.6.ods
This estimate is based on the 2022-23 Survey of Personal Incomes, projected to 2025-26 using economic assumption consistent with the Office for Budget Responsibility’s March 2025 Economic and Fiscal Outlook.
Exchequer Secretary (HM Treasury)
HMT/HMRC does not publish this information at constituency or local authority level.
By 2025-26 there were an estimated 5.66 million individual income taxpayers in the South East region which includes the Parliamentary Constituency of Witham and the Ceremonial County of Essex.
Regional breakdowns can be found in HMRC’s published Income Tax Liabilities Statistics in Collated Tables, Table 2.2.
Link here: https://assets.publishing.service.gov.uk/media/685a6bb541d77db4f68eb0c4/Collated_Income_Tax_liabilities_statistics_tables_-_2.1_to_2.6.ods
This estimate is based on the 2022-23 Survey of Personal Incomes, projected to 2025-26 using economic assumption consistent with the Office for Budget Responsibility’s March 2025 Economic and Fiscal Outlook.
Exchequer Secretary (HM Treasury)
The current dataset for the 2023 Rating List includes a “proxy record” for each hereditament that has been deleted from the 2023 Rating List. They are included in the data to provide an effective date of deletion from the 2023 Rating List. As these are hereditaments which have been deleted from the 2023 Rating List they would not be present in the subsequent 2026 Draft Rating List.
Exchequer Secretary (HM Treasury)
Around 12 million people file a Self Assessment return each year. HMRC aims to help customers get their tax right. Last year, over 90% of customers filed on time.
Filing deadlines are essential for the efficient operation of the tax system. The number of customers who missed the 31 January deadline over the past three years was as follows:
- 31 January 2023: 1.2 million customers
- 31 January 2024: 1.2 million customers
- 31 January 2025: 1.1 million customers
HMRC supports customers to file their return online with reminders and annual communications campaigns. A wide range of online help and support is available on GOV.UK, including instructions on how to notify HMRC if a return is no longer required.
Exchequer Secretary (HM Treasury)
The VOA values all properties for Council Tax in line with legislation.
Exchequer Secretary (HM Treasury)
I refer the hon member to the answer on UIN 99866, tabled on 15 December 2025.
The Valuation Office Agency values all domestic properties on the same basis and in line with legislation. Council Tax valuations are based on the value a property, offered for sale in an open market, could have been expected to meet at the antecedent valuation date (AVD), which in England is 1 April 1991 and in Wales, 1 April 2005.
Exchequer Secretary (HM Treasury)
The Areas of Research Interest (ARI) documents you refer to, published in November 2024, set out a range of long-term and enduring research questions across the remit of HMT, HMRC and the Valuation Office Agency. The Government’s objectives, including relentlessly pursuing growth and cutting the cost of living, have not changed so it does not plan to update the documents regularly.
The ARIs sit alongside other important analytical publications and documents, including the departments’ evaluation strategy and their research and statistics. This is just one part of the Government’s broader work engaging with external research partners.
Exchequer Secretary (HM Treasury)
House prices are affected by lots of different factors – this is forecast by the Office for Budget Responsibility in its recent Economic and Fiscal Outlook here:
https://obr.uk/docs/dlm_uploads/OBR_Economic_and_fiscal_outlook_November_2025.pdf
Exchequer Secretary (HM Treasury)
The government has introduced a new 40% first-year allowance (FYA) from 1 January 2026. This is a permanent new feature of the capital allowance regime. This new FYA will allow businesses to deduct much of the cost of their investment in the year they make that investment and lower their tax bill. Crucially, this FYA will be available for assets bought for leasing and for unincorporated businesses which do not benefit from full expensing, increasing the amount of relief that can be claimed in the year of investment.
For future investment, the present value and cost of capital for businesses that claim the new FYA remains broadly the same when considered alongside the changes to writing down allowances also announced at Budget. The expected impacts of this measure and planned monitoring are set out on gov.uk:
Capital allowances: new first-year allowance and reducing main rate writing-down allowances - GOV.UK
This policy is UK-wide and so businesses across all regions of the UK can claim this allowance. We are attracting international investors to opportunities across the country, with the £10 billion of investment commitments announced at our recent Regional Investment Summit.
Exchequer Secretary (HM Treasury)
The government has introduced a new 40% first-year allowance (FYA) from 1 January 2026. This is a permanent new feature of the capital allowance regime. This new FYA will allow businesses to deduct much of the cost of their investment in the year they make that investment and lower their tax bill. Crucially, this FYA will be available for assets bought for leasing and for unincorporated businesses which do not benefit from full expensing, increasing the amount of relief that can be claimed in the year of investment.
For future investment, the present value and cost of capital for businesses that claim the new FYA remains broadly the same when considered alongside the changes to writing down allowances also announced at Budget. The expected impacts of this measure and planned monitoring are set out on gov.uk:
Capital allowances: new first-year allowance and reducing main rate writing-down allowances - GOV.UK
This policy is UK-wide and so businesses across all regions of the UK can claim this allowance. We are attracting international investors to opportunities across the country, with the £10 billion of investment commitments announced at our recent Regional Investment Summit.
Exchequer Secretary (HM Treasury)
Local authorities will collect this revenue on behalf of central Government. The Government will work closely with local government over the next two years to ensure the administration of the tax is not an excessive burden for local government. The Government will fully fund the administration costs of this tax. The Valuation Office will be conducting a targeted revaluation to identify homes worth over £2 million. This will also be fully funded by the Government. The HVCTS will raise £430m by 2029-30.
Exchequer Secretary (HM Treasury)
The independent Office for Budget Responsibility does not expect that the reform to property income tax will have a significant impact on rental prices or house prices.
Exchequer Secretary (HM Treasury)
In total, of the 23,794 enquiries opened, 1,109 have been determined non-compliant. 5,637 remain open.
Exchequer Secretary (HM Treasury)
HM Revenue and Customs cannot make an estimate of the total annual tax receipts generated by economic activity in Hemsby, Norfolk, including (a) income tax, (b) National Insurance contributions, (c) VAT as this would exceed the cost limits, and (d) business rates as these are not administered by HMRC.
Exchequer Secretary (HM Treasury)
Gareth Thomas
(Labour (Co-op) - Harrow West)
The Government recognises that credit, when provided responsibly, can be crucial for people facing unexpected expenses or managing their cash flow.
The UK has a diverse landscape for credit provision to individuals and businesses, comprising traditional banks, challenger and specialist banks, and non-bank finance providers such as Community Development Finance Institutions (CDFIs).
In November, I published the Government’s Financial Inclusion Strategy, which includes a focus on how to improve access to affordable credit.
The Strategy includes a pilot scheme for small sum lending and measures to strengthen the community finance sector, including encouraging partnerships with mainstream financial firms. The Government will continue to work closely with stakeholders to deliver on the interventions.
Economic Secretary (HM Treasury)
HMRC recognise that repayments are important for customers. They prioritise them to ensure they are processed as quickly and securely as possible. HMRC balance the provision of prompt payments to eligible customers with effective revenue protection from fraudsters.
The majority of repayments are issued promptly and HMRC’s online ‘Where’s My Reply’ tool can help customers understand when they can expect to receive a response.
This year, HMRC customer service performance has improved and that is positively impacting repayment processing. In addition, HMRC is continuing to invest in automation, deploy additional resources where required and review their internal processes to ensure repayments are issued as quickly as possible.
Exchequer Secretary (HM Treasury)
The Government has protected the smallest businesses and charities from the impact of the increase to employer National Insurance by increasing the Employment Allowance from £5,000 to £10,500. That means more than half of businesses with NICs liabilities either gain or see no change this financial year.
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer NICs. The TIIN sets out the impact of the policy on the exchequer, the economic impacts of the policy, and the impacts on individuals, businesses, and civil society organisations, as well as an overview of the equality impacts.
Exchequer Secretary (HM Treasury)
NATO qualifying defence spending will increase to 2.6 per cent of GDP by April 2027. The Government’s ambition is to spend 3 per cent of GDP on defence next Parliament, when economic and fiscal conditions allow, and 5 per cent of GDP on national security spending by the Parliament after next.
In 2029, when NATO review capability requirements and this pledge, the UK and Allies will review the trajectory and the balance of spending, which is currently 3.5 per cent on core defence and 1.5 per cent on security and resilience-related spend.
Chief Secretary to the Treasury
The Crown Estate is an independent commercial business established by Parliament and returns its net profits to the Consolidated Fund. It has a statutory duty to secure best consideration while exercising good management.
HM Treasury Ministers and officials engage regularly with The Crown Estate.
The Crown Estate runs transparent, competitive processes in offshore wind leasing that treat bidders equally and balance commercial outcomes alongside its wider environmental, social and economic objectives.
Chief Secretary to the Treasury
No policy changes were introduced prior to or at Autumn Budget for other types of council tax authority, so no additional policy costing notes were necessary.
Chief Secretary to the Treasury
Where a designated person (DP) owns or controls economic resources, such as property, those resources are subject to an asset freeze. Where appropriate, OFSI may issue either a general or specific licence on behalf of HM Treasury to permit activity that would otherwise be prohibited by an asset freeze. This includes to enable payments for the routine holding and maintenance of properties owned by designated persons in order to prevent their deterioration.
However, while a licence permits such payments, it does not compel the designated person to undertake the work. Therefore, even if OFSI issues a licence, maintenance or repairs will only take place if the designated person is willing to carry them out.
Economic Secretary (HM Treasury)
A breakdown of the costing methodology used on the policy costing for the High Value Council Tax Surcharge is available on page 51 of the Autumn Budget 2025 policy costings document: Budget_2025-Policy_Costings.pdf
Exchequer Secretary (HM Treasury)
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to pensions salary sacrifice.
Everyone using salary sacrifice will still benefit from the tax advantages available up to the £2,000 cap, including employers who can make up to £320 employer NICs savings per employee. Most salary sacrifice contributions are well below the £2,000 cap. This applies for all employers, including employers in the charity sector.
Employer pension contributions outside of salary sacrifice will continue to be NICs-free.
The Government also provides support for charities via our wider tax regime. It is among the most generous anywhere in the world, with tax reliefs for charities and their donors worth just over £6 billion for the tax year to April 2024.
Parliamentary Secretary (HM Treasury)
The Government recognises the distress that bereavement and any subsequent investigations can cause. The two‑year limit for tax‑free pension death benefits is a long‑standing feature that supports prompt payment and consistent administration. The Government keeps all tax policy under review, but has no current plans to amend the existing two‑year limit.
Parliamentary Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down next year. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
Without this support, pubs would have faced a 45% increase in the total bills they pay next year. However, because of the support the Government has put in place, this has fallen to just 4%.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto. The Government is doing this by introducing permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, while ensuring that warehouses used by online giants will pay more. The new RHL tax rates replace the temporary RHL relief that has been winding down since COVID.
The new RHL tax rates replace the temporary RHL relief that has been winding down since COVID. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down next year. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
Without this support, pubs would have faced a 45% increase in the total bills they pay next year. However, because of the support the Government has put in place, this has fallen to just 4%.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto. The Government is doing this by introducing permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, while ensuring that warehouses used by online giants will pay more. The new RHL tax rates replace the temporary RHL relief that has been winding down since COVID.
The new RHL tax rates replace the temporary RHL relief that has been winding down since COVID. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down next year. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
Without this support, pubs would have faced a 45% increase in the total bills they pay next year. However, because of the support the Government has put in place, this has fallen to just 4%.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto. The Government is doing this by introducing permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, while ensuring that warehouses used by online giants will pay more. The new RHL tax rates replace the temporary RHL relief that has been winding down since COVID.
The new RHL tax rates replace the temporary RHL relief that has been winding down since COVID. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down next year. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
Without this support, pubs would have faced a 45% increase in the total bills they pay next year. However, because of the support the Government has put in place, this has fallen to just 4%.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto. The Government is doing this by introducing permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, while ensuring that warehouses used by online giants will pay more. The new RHL tax rates replace the temporary RHL relief that has been winding down since COVID.
The new RHL tax rates replace the temporary RHL relief that has been winding down since COVID. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down next year. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
Without this support, pubs would have faced a 45% increase in the total bills they pay next year. However, because of the support the Government has put in place, this has fallen to just 4%.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto. The Government is doing this by introducing permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, while ensuring that warehouses used by online giants will pay more. The new RHL tax rates replace the temporary RHL relief that has been winding down since COVID.
The new RHL tax rates replace the temporary RHL relief that has been winding down since COVID. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down next year. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
Without this support, pubs would have faced a 45% increase in the total bills they pay next year. However, because of the support the Government has put in place, this has fallen to just 4%.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto. The Government is doing this by introducing permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, while ensuring that warehouses used by online giants will pay more. The new RHL tax rates replace the temporary RHL relief that has been winding down since COVID.
The new RHL tax rates replace the temporary RHL relief that has been winding down since COVID. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down next year. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
Without this support, pubs would have faced a 45% increase in the total bills they pay next year. However, because of the support the Government has put in place, this has fallen to just 4%.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto. The Government is doing this by introducing permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, while ensuring that warehouses used by online giants will pay more. The new RHL tax rates replace the temporary RHL relief that has been winding down since COVID.
The new RHL tax rates replace the temporary RHL relief that has been winding down since COVID. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Exchequer Secretary (HM Treasury)
To address the dynamic nature of import risk, HMRC continually enhances its capabilities to identify errors and address non-compliance, ensuring that interventions are proportionate and targeted—rather than creating and relying on static estimates.
HMRC’s policies, processes, and systems are designed to facilitate legitimate access to the customs regime, promote strong compliance, and make it difficult to circumvent the rules. As a result, the vast majority of consignments move seamlessly in and out of the UK with minimal disruption.
Exchequer Secretary (HM Treasury)
Childminders play a vital role in childcare. The Government has eased rules on working from schools and community centres and increased early years funding rates above 2023 average fees. These increases reflect increased costs, and from April 2026, local authorities must pass at least 97 per cent of funding to providers.
At Budget 2025 the Government confirmed that the standard rules for calculating income tax would apply to childminders who are mandated into Making Tax Digital (MTD). We will phase in this change between 2026 and 2028, in line with the MTD income thresholds. The threshold from April 2026 is £50,000 of qualifying income, reducing to £30,000 from April 2027 and £20,000 from April 2028.
Childminders can continue to claim tax relief for wear and tear by deducting the actual cost of buying, repairing or replacing items. They can also deduct the cost of business expenses such as utilities, cleaning and equipment. This ensures childminders receive tax relief for all of the costs that they incur in relation to their childminding business.
Exchequer Secretary (HM Treasury)
Childminders play a vital role in childcare. The Government has eased rules on working from schools and community centres and increased early years funding rates above 2023 average fees. These increases reflect increased costs, and from April 2026, local authorities must pass at least 97 per cent of funding to providers.
At Budget 2025 the Government confirmed that the standard rules for calculating income tax would apply to childminders who are mandated into Making Tax Digital (MTD). We will phase in this change between 2026 and 2028, in line with the MTD income thresholds. The threshold from April 2026 is £50,000 of qualifying income, reducing to £30,000 from April 2027 and £20,000 from April 2028.
Childminders can continue to claim tax relief for wear and tear by deducting the actual cost of buying, repairing or replacing items. They can also deduct the cost of business expenses such as utilities, cleaning and equipment. This ensures childminders receive tax relief for all of the costs that they incur in relation to their childminding business.
Exchequer Secretary (HM Treasury)
Our debt management workforce is deployed flexibly across all taxes to ensure efficient collection of debts owed and are not allocated to specific taxes. It is therefore not possible to provide a separate figure for staff working solely on VAT or corporation tax recovery.
HMRC publishes information on VAT and corporation tax losses in its Annual Report and Accounts, of which the most recent can be found here: HMRC Annual Report and Accounts 2024-25.
HMRC does not hold a separate breakdown of companies dissolved with unpaid VAT or corporation tax.
Exchequer Secretary (HM Treasury)
Our debt management workforce is deployed flexibly across all taxes to ensure efficient collection of debts owed and are not allocated to specific taxes. It is therefore not possible to provide a separate figure for staff working solely on VAT or corporation tax recovery.
HMRC publishes information on VAT and corporation tax losses in its Annual Report and Accounts, of which the most recent can be found here: HMRC Annual Report and Accounts 2024-25.
HMRC does not hold a separate breakdown of companies dissolved with unpaid VAT or corporation tax.
Exchequer Secretary (HM Treasury)
Our debt management workforce is deployed flexibly across all taxes to ensure efficient collection of debts owed and are not allocated to specific taxes. It is therefore not possible to provide a separate figure for staff working solely on VAT or corporation tax recovery.
HMRC publishes information on VAT and corporation tax losses in its Annual Report and Accounts, of which the most recent can be found here: HMRC Annual Report and Accounts 2024-25.
HMRC does not hold a separate breakdown of companies dissolved with unpaid VAT or corporation tax.
Exchequer Secretary (HM Treasury)
Forecasting the economy, including the impact of Government policy decisions on inflation, is the responsibility of the independent Office for Budget Responsibility (OBR). The OBR set out its assessment of policy measures in its Autumn Budget 2025 published on the 26th of November. In their assessment, the OBR forecast that inflation had passed its peak and measures taken by the government at Budget will reduce Consumer Prices Index (CPI) inflation by 0.4 percentage points in 2026-27. This is the biggest near-term reduction in inflation due to Government policy ever forecast by the OBR at a single fiscal event, outside of a crisis, the OBR does not include a separate forecast for non-alcoholic drink price inflation
Exchequer Secretary (HM Treasury)
The estimated number of estates liable to Inheritance Tax, broken down by UK (Westminster) Parliamentary Constituency, is published annually as part of HMRC’s Inheritance Tax Liabilities statistics, and is available in Table 12.9 at: https://www.gov.uk/government/statistics/inheritance-tax-liabilities-statistics. The latest tax year for which statistics are available is 2022-23; data for earlier years are available on the National Archives website. Data for 2023-24 is scheduled to be published in July 2026 in the normal way.
Exchequer Secretary (HM Treasury)
The Government has assessed the cumulative impacts of measures announced over recent Budgets on businesses and households. Taken together, these measures raise revenue to support the public finances in a fair way, whilst providing targeted support. The Government recognises that recent policy changes will have combined effects on some businesses. Where changes are made, relevant assessments and impact notes are published to inform stakeholders. The Treasury continues to engage with affected sectors to understand the challenges they face and to ensure the UK remains a competitive place to do business. We will continue to monitor the situation closely and keep our policy approach under review, with future tax decisions taken at fiscal events under the normal process.
Exchequer Secretary (HM Treasury)
The Government has assessed the cumulative impacts of measures announced over recent Budgets on businesses and households. Taken together, these measures raise revenue to support the public finances in a fair way, whilst providing targeted support. The Government recognises that recent policy changes will have combined effects on some businesses. Where changes are made, relevant assessments and impact notes are published to inform stakeholders. The Treasury continues to engage with affected sectors to understand the challenges they face and to ensure the UK remains a competitive place to do business. We will continue to monitor the situation closely and keep our policy approach under review, with future tax decisions taken at fiscal events under the normal process.
Exchequer Secretary (HM Treasury)
The Government has assessed the cumulative impacts of measures announced over recent Budgets on businesses and households. Taken together, these measures raise revenue to support the public finances in a fair way, whilst providing targeted support. The Government recognises that recent policy changes will have combined effects on some businesses. Where changes are made, relevant assessments and impact notes are published to inform stakeholders. The Treasury continues to engage with affected sectors to understand the challenges they face and to ensure the UK remains a competitive place to do business. We will continue to monitor the situation closely and keep our policy approach under review, with future tax decisions taken at fiscal events under the normal process.
Exchequer Secretary (HM Treasury)
Section 28(1) of the Local Government Finance Act 1992 provides the statutory basis for publishing and sharing the Council Tax valuation list.
Exchequer Secretary (HM Treasury)