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)
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
Darren Jones (Lab - Bristol North West)Chief Secretary to the Treasury
Lord Livermore (Lab - Life peer)
Financial Secretary (HM Treasury)
Baroness Gustafsson (Lab - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
James Murray (LAB - Ealing North)Exchequer Secretary (HM Treasury)
Emma Reynolds (Lab - Wycombe)
Economic Secretary (HM Treasury)
Torsten Bell (Lab - Swansea West)
Parliamentary Secretary (HM Treasury)
10:45
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask His Majesty's Government how many (1) calls, and (2) online submissions, have been made to HMRC fraud hotline …
These Regulations specify the rate of interest that has effect for the purposes of Parts 2 and 3 of Schedule …
A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the …
10:30
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).
(3,163 in the last 7 days)
(623 in the last 7 days)
(131 in the last 7 days)
(19 in the last 7 days)
(39 in the last 7 days)
(7 in the last 7 days)
(131 in the last 7 days)
(1 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 1 month, 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 3 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 2 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 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: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)The Ministerial Code sets out that Ministers must ensure that they always make efficient and cost-effective travel arrangements. Ministerial travel in the UK is the responsibility of individual government departments with each department accountable for arranging the travel of its ministers, in line with the Ministerial Code.
The Spending Review 2025 confirmed that UK government departments will deliver reductions in administration budgets of at least 11% in real terms by 2028-29, and 16% in real terms by 2029-30.
Financial Secretary (HM Treasury)
The UK Government has committed £50m of Capital Financial Transactions funding to redevelop Casement Park. The UK Government will continue to work with the Northern Ireland Executive; however, it is up to the Executive to take decisions on the design and implementation of the Financial Transaction, including whether to take long-term equity stake in the project. The Financial Transaction will be provided to the Executive on a net basis, it does not need to be repaid to the UK Government and the Executive can recycle any repayments indefinitely.
Financial Secretary (HM Treasury)
The independent Monetary Policy Committee of the Bank of England are responsible for controlling inflation. The Government fully supports them as they take action to sustainably return inflation to the 2% target.
Financial Secretary (HM Treasury)
The table below shows the number of contacts received by HMRC’s Fraud Reporting Gateway in relation to illicit tobacco. The data is only available for the last 7 years due to HMRC’s retention policies.
Year | Online Submission | Telephone Submission | Total |
24/25 | 7,605 | 2,094 | 9,699 |
23/24 | 5,416 | 1,873 | 7,289 |
22/23 | 5,625 | 2,060 | 7,685 |
21/22 | 1,558 | 2,424 | 3,982 |
20/21 | 1,988 | 1,535 | 3,523 |
19/20 | 2,012 | 6,323 | 8,335 |
18/19 | 2,182 | 8,285 | 10,467 |
Financial Secretary (HM Treasury)
The Government has confirmed that it will bring forward final legislation this year to create a financial services regulatory regime for cryptoassets in the UK. The Government recognises the growth and competitiveness opportunities of stablecoins, and its regime will allow firms to be licensed in the UK to issue stablecoins.
Following the passing of the GENIUS Act by the US Congress, the Government’s approach to cryptoassets positions the UK well to work with the US in advancing our shared ambition to foster world-leading cryptoasset markets.
Financial Secretary (HM Treasury)
Lord McCrea of Magherafelt and Cookstown
(Democratic Unionist Party - Life peer)
Over 60,000 businesses have registered with the Trader Support Service to date.
Financial Secretary (HM Treasury)
The Block Grant Transparency publication breaks down all changes in the devolved governments’ block grant funding from the 2015 Spending Review up to and including Main Estimates 2023-24. Where funding for the Lower Thames Crossing has been allocated at a fiscal event or Estimates, the publication will confirm the total Barnett consequentials received by the devolved governments. The most recent report was published in July 2023 [1]. An updated report will be published in due course.
At spending reviews, the Barnett formula is applied to the overall change in a department’s settlement using the department’s comparability factor. This means Barnett consequentials generated at spending reviews in relation to the Lower Thames Crossing specifically cannot be determined.
For any future spending on the Lower Thames Crossing, Barnett consequentials will be confirmed when UK Government departmental budgets change.
[1] You can access this report via the following link: https://www.gov.uk/government/publications/block-grant-transparency-july-2023
Financial Secretary (HM Treasury)
The UK’s tariff schedule, known as the UK Global Tariff (UKGT), adheres to global classification standards. The UK classification of mastectomy bras follows the harmonised commodity description system, which was developed by the World Customs Organisation (WCO). Following EU exit, the UK continues to follow the WCO classification, implemented under the TCTA.
We continue to monitor the UKGT to ensure our Most Favoured Nation tariff schedule functions as effectively as possible, supports domestic priorities, and provides a stable operating environment for businesses.
Businesses are able to request the partial or full liberalisation of the import duty applied to the products under this commodity code, including mastectomy bras either through the online feedback form or the next business suspensions window.
Exchequer Secretary (HM Treasury)
Data for statutory payments for the financial year 2024-25 has not yet been fully analysed as the financial year has only recently ended. Data for financial years 2019-20 until 2023-24 is provided below. HMRC do not have data readily available for Statutory payments before 2019-20 and the relevant data could only be collated and verified for the purpose of answering this question at disproportionate cost.
The tables below show the number of PAYE schemes claiming each statutory payment by tax year. Note that the scheme count for reclaims does not reflect the total number of reclaims, as schemes may submit multiple claims within a single tax year.
Statutory Maternity Pay | ||
Date | Number of schemes | Number of schemes |
2019-20 | 138,100 | 62,200 |
2020-21 | 132,900 | 62,800 |
2021-22 | 134,500 | 63,000 |
2022-23 | 132,500 | 61,000 |
2023-24 | 130,200 | 58,600 |
Notes:
1) Data collected using HMRC Real Time Information (RTI) and extracted in December 2024. RTI is subject to revision or updates.
2) PAYE scheme counts have been rounded to nearest 100.
3) The table shows the count of PAYE schemes with reclaims, using schemes as a proxy for business count.
Statutory Paternity Pay | ||
Date | Number of schemes | Number of schemes |
2019-20 | 55,100 | 13,800 |
2020-21 | 44,200 | 10,200 |
2021-22 | 53,600 | 14,600 |
2022-23 | 54,600 | 15,700 |
2023-24 | 56,200 | 15,000 |
Notes:
1) Data collected using HMRC Real Time Information (RTI) and extracted in December 2024. RTI is subject to revision or updates.
2) PAYE scheme counts have been rounded to nearest 100.
3) The table shows the count of PAYE schemes with reclaims, using schemes as a proxy for business count.
Statutory Adoption Pay | ||
Date | Number of schemes | Number of schemes |
2019-20 | 3,100 | 400 |
2020-21 | 2,800 | 300 |
2021-22 | 2,900 | 300 |
2022-23 | 2,800 | 400 |
2023-24 | 2,900 | 400 |
Notes:
1) Data collected using HMRC Real Time Information (RTI) and extracted in December 2024. RTI is subject to revision or updates.
2) PAYE scheme counts have been rounded to nearest 100.
3) The table shows the count of PAYE schemes with reclaims, using schemes as a proxy for business count.
The data below summarises the total number of employers with Employer National Insurance Contributions (NICs) liabilities of £45,000 or less for the financial years 2022–23 to 2024–25. HMRC does not hold readily available data on the number of employers by the value of their total Employer NIC liabilities for years prior to 2022–23, and the relevant data could only be collated and verified for the purpose of answering this question at disproportionate cost.
| 2022-23 | 2023-24 | 2024-25 |
Number of Employers with Employer NIC liabilities of £45,000 or under | 1,551,000 | 1,580,000 | 1,621,000 |
Notes:
1) Figures rounded to nearest thousand.
2) Figures include employers whose Employer NIC liabilities = £0
3) Figures exclude employers whose Employer NIC liabilities are unknown.
4) Data is RTI data matched to Business Lookup Table data.
The Small Employer’s Relief is a flat rate for all qualifying employers whose Employer National Insurance Contributions (Employer NICs) were £45,000 or under in the previous tax year.
The rate is split into two parts; 100% of the payment of Statutory Pay, plus an additional amount to cover the Employer NIC liabilities arising from the Statutory Pay.
It is calculated based on the rules for Statutory Maternity Pay, which makes up the majority of the claims received. Statutory Maternity Pay level is equal to 90% of average weekly earnings for the first 6 weeks, and the lower of £187.18 and 90% of average weekly earnings for the subsequent 33 weeks. [N.B. Taken from here: https://www.gov.uk/maternity-pay-leave/pay]
Prior to April 2025, the Small Employer’s Relief rate was 103%. From April 2025, Employer NICs is charged at a rate of 15% on earnings salary over £96 a week (equivalent to £5,000 a year). The 8.5% therefore reflects the value of Employer NICs at the current rate as a percentage of Statutory Maternity Pay over the 39 weeks the employee is eligible for.
Financial Secretary (HM Treasury)
Data for statutory payments for the financial year 2024-25 has not yet been fully analysed as the financial year has only recently ended. Data for financial years 2019-20 until 2023-24 is provided below. HMRC do not have data readily available for Statutory payments before 2019-20 and the relevant data could only be collated and verified for the purpose of answering this question at disproportionate cost.
The tables below show the number of PAYE schemes claiming each statutory payment by tax year. Note that the scheme count for reclaims does not reflect the total number of reclaims, as schemes may submit multiple claims within a single tax year.
Statutory Maternity Pay | ||
Date | Number of schemes | Number of schemes |
2019-20 | 138,100 | 62,200 |
2020-21 | 132,900 | 62,800 |
2021-22 | 134,500 | 63,000 |
2022-23 | 132,500 | 61,000 |
2023-24 | 130,200 | 58,600 |
Notes:
1) Data collected using HMRC Real Time Information (RTI) and extracted in December 2024. RTI is subject to revision or updates.
2) PAYE scheme counts have been rounded to nearest 100.
3) The table shows the count of PAYE schemes with reclaims, using schemes as a proxy for business count.
Statutory Paternity Pay | ||
Date | Number of schemes | Number of schemes |
2019-20 | 55,100 | 13,800 |
2020-21 | 44,200 | 10,200 |
2021-22 | 53,600 | 14,600 |
2022-23 | 54,600 | 15,700 |
2023-24 | 56,200 | 15,000 |
Notes:
1) Data collected using HMRC Real Time Information (RTI) and extracted in December 2024. RTI is subject to revision or updates.
2) PAYE scheme counts have been rounded to nearest 100.
3) The table shows the count of PAYE schemes with reclaims, using schemes as a proxy for business count.
Statutory Adoption Pay | ||
Date | Number of schemes | Number of schemes |
2019-20 | 3,100 | 400 |
2020-21 | 2,800 | 300 |
2021-22 | 2,900 | 300 |
2022-23 | 2,800 | 400 |
2023-24 | 2,900 | 400 |
Notes:
1) Data collected using HMRC Real Time Information (RTI) and extracted in December 2024. RTI is subject to revision or updates.
2) PAYE scheme counts have been rounded to nearest 100.
3) The table shows the count of PAYE schemes with reclaims, using schemes as a proxy for business count.
The data below summarises the total number of employers with Employer National Insurance Contributions (NICs) liabilities of £45,000 or less for the financial years 2022–23 to 2024–25. HMRC does not hold readily available data on the number of employers by the value of their total Employer NIC liabilities for years prior to 2022–23, and the relevant data could only be collated and verified for the purpose of answering this question at disproportionate cost.
| 2022-23 | 2023-24 | 2024-25 |
Number of Employers with Employer NIC liabilities of £45,000 or under | 1,551,000 | 1,580,000 | 1,621,000 |
Notes:
1) Figures rounded to nearest thousand.
2) Figures include employers whose Employer NIC liabilities = £0
3) Figures exclude employers whose Employer NIC liabilities are unknown.
4) Data is RTI data matched to Business Lookup Table data.
The Small Employer’s Relief is a flat rate for all qualifying employers whose Employer National Insurance Contributions (Employer NICs) were £45,000 or under in the previous tax year.
The rate is split into two parts; 100% of the payment of Statutory Pay, plus an additional amount to cover the Employer NIC liabilities arising from the Statutory Pay.
It is calculated based on the rules for Statutory Maternity Pay, which makes up the majority of the claims received. Statutory Maternity Pay level is equal to 90% of average weekly earnings for the first 6 weeks, and the lower of £187.18 and 90% of average weekly earnings for the subsequent 33 weeks. [N.B. Taken from here: https://www.gov.uk/maternity-pay-leave/pay]
Prior to April 2025, the Small Employer’s Relief rate was 103%. From April 2025, Employer NICs is charged at a rate of 15% on earnings salary over £96 a week (equivalent to £5,000 a year). The 8.5% therefore reflects the value of Employer NICs at the current rate as a percentage of Statutory Maternity Pay over the 39 weeks the employee is eligible for.
Financial Secretary (HM Treasury)
Data for statutory payments for the financial year 2024-25 has not yet been fully analysed as the financial year has only recently ended. Data for financial years 2019-20 until 2023-24 is provided below. HMRC do not have data readily available for Statutory payments before 2019-20 and the relevant data could only be collated and verified for the purpose of answering this question at disproportionate cost.
The tables below show the number of PAYE schemes claiming each statutory payment by tax year. Note that the scheme count for reclaims does not reflect the total number of reclaims, as schemes may submit multiple claims within a single tax year.
Statutory Maternity Pay | ||
Date | Number of schemes | Number of schemes |
2019-20 | 138,100 | 62,200 |
2020-21 | 132,900 | 62,800 |
2021-22 | 134,500 | 63,000 |
2022-23 | 132,500 | 61,000 |
2023-24 | 130,200 | 58,600 |
Notes:
1) Data collected using HMRC Real Time Information (RTI) and extracted in December 2024. RTI is subject to revision or updates.
2) PAYE scheme counts have been rounded to nearest 100.
3) The table shows the count of PAYE schemes with reclaims, using schemes as a proxy for business count.
Statutory Paternity Pay | ||
Date | Number of schemes | Number of schemes |
2019-20 | 55,100 | 13,800 |
2020-21 | 44,200 | 10,200 |
2021-22 | 53,600 | 14,600 |
2022-23 | 54,600 | 15,700 |
2023-24 | 56,200 | 15,000 |
Notes:
1) Data collected using HMRC Real Time Information (RTI) and extracted in December 2024. RTI is subject to revision or updates.
2) PAYE scheme counts have been rounded to nearest 100.
3) The table shows the count of PAYE schemes with reclaims, using schemes as a proxy for business count.
Statutory Adoption Pay | ||
Date | Number of schemes | Number of schemes |
2019-20 | 3,100 | 400 |
2020-21 | 2,800 | 300 |
2021-22 | 2,900 | 300 |
2022-23 | 2,800 | 400 |
2023-24 | 2,900 | 400 |
Notes:
1) Data collected using HMRC Real Time Information (RTI) and extracted in December 2024. RTI is subject to revision or updates.
2) PAYE scheme counts have been rounded to nearest 100.
3) The table shows the count of PAYE schemes with reclaims, using schemes as a proxy for business count.
The data below summarises the total number of employers with Employer National Insurance Contributions (NICs) liabilities of £45,000 or less for the financial years 2022–23 to 2024–25. HMRC does not hold readily available data on the number of employers by the value of their total Employer NIC liabilities for years prior to 2022–23, and the relevant data could only be collated and verified for the purpose of answering this question at disproportionate cost.
| 2022-23 | 2023-24 | 2024-25 |
Number of Employers with Employer NIC liabilities of £45,000 or under | 1,551,000 | 1,580,000 | 1,621,000 |
Notes:
1) Figures rounded to nearest thousand.
2) Figures include employers whose Employer NIC liabilities = £0
3) Figures exclude employers whose Employer NIC liabilities are unknown.
4) Data is RTI data matched to Business Lookup Table data.
The Small Employer’s Relief is a flat rate for all qualifying employers whose Employer National Insurance Contributions (Employer NICs) were £45,000 or under in the previous tax year.
The rate is split into two parts; 100% of the payment of Statutory Pay, plus an additional amount to cover the Employer NIC liabilities arising from the Statutory Pay.
It is calculated based on the rules for Statutory Maternity Pay, which makes up the majority of the claims received. Statutory Maternity Pay level is equal to 90% of average weekly earnings for the first 6 weeks, and the lower of £187.18 and 90% of average weekly earnings for the subsequent 33 weeks. [N.B. Taken from here: https://www.gov.uk/maternity-pay-leave/pay]
Prior to April 2025, the Small Employer’s Relief rate was 103%. From April 2025, Employer NICs is charged at a rate of 15% on earnings salary over £96 a week (equivalent to £5,000 a year). The 8.5% therefore reflects the value of Employer NICs at the current rate as a percentage of Statutory Maternity Pay over the 39 weeks the employee is eligible for.
Financial Secretary (HM Treasury)
Estimates for the number of taxpayers in thousands aged 16, 17 and 18 years old for the tax year 2022 to 2023 are set out in the table below. The percentage within these age groups paying Income Tax is not available as HMRC does not hold information on the entire population.
| Age | Estimated number of taxpayers (thousands) |
| 16 & 17 | 13 |
| 18 | 60 |
Source: Survey of Personal Incomes, tax year 2022-23
Notes on the table
1. You can find the ONS population estimates which provide an age breakdown for the UK population at the following link
The tax year 2022 to 2023 is the latest year for which these figures are available.
2. Estimates are presented in thousands.
3. The estimates for 16- and 17-year-olds have been combined to avoid suppression due to small sample sizes.
4. The data underlying the Survey of Personal Incomes is based on a large sample of over 900,000 individuals with incomes reported to HMRC. As is the case with the published Personal Incomes Statistics, these figures are statistical estimates and will be subject to sampling variation.
5. This table only covers individuals with some liability to tax.
6. For more information about the Survey of Personal Incomes please refer to the supporting documentation. https://www.gov.uk/government/statistics/personal-incomes-statistics-for-the-tax-year-2022-to-2023/personal-income-statistics-2022-to-2023-supporting-documentation
Financial Secretary (HM Treasury)
To deliver our manifesto pledge, from April 2026, we intend to introduce permanently lower tax rates for high street retail, hospitality, and leisure (RHL) properties with rateable values (RVs) below £500,000.
This tax cut must be sustainably funded, and so we also intend to introduce a higher rate on the most valuable properties from April 2026 - those with RVs of £500,000 and above. These represent less than one per cent of all properties.
The Valuation Office Agency (VOA) has published data on properties with RVs above £500,000 based on the previous valuation, broken down by sector online here:
Every three years, all commercial properties are revalued by the VOA. The 2026 revaluation, which will take effect from April 2026, will update RVs and may, therefore, affect which businesses are within scope of the new higher rate. The revaluation process is ongoing. The VOA are required to publish a draft of all properties’ new RVs this year.
The rates for these new business rate multipliers will be set at Budget 2025 so that the Government can take into account the upcoming revaluation outcomes as well as the economic and fiscal context. When the new multipliers are set, HM Treasury intends to publish analysis of the expected effects of the new multiplier arrangements.
Exchequer Secretary (HM Treasury)
To deliver our manifesto pledge, from April 2026, we intend to introduce permanently lower tax rates for high street retail, hospitality, and leisure (RHL) properties with rateable values (RVs) below £500,000.
This tax cut must be sustainably funded, and so we also intend to introduce a higher rate on the most valuable properties from April 2026 - those with RVs of £500,000 and above. These represent less than one per cent of all properties.
The Valuation Office Agency (VOA) has published data on properties with RVs above £500,000 based on the previous valuation, broken down by sector online here:
Every three years, all commercial properties are revalued by the VOA. The 2026 revaluation, which will take effect from April 2026, will update RVs and may, therefore, affect which businesses are within scope of the new higher rate. The revaluation process is ongoing. The VOA are required to publish a draft of all properties’ new RVs this year.
The rates for these new business rate multipliers will be set at Budget 2025 so that the Government can take into account the upcoming revaluation outcomes as well as the economic and fiscal context. When the new multipliers are set, HM Treasury intends to publish analysis of the expected effects of the new multiplier arrangements.
Exchequer Secretary (HM Treasury)
Financial Secretary (HM Treasury)
A detailed assessment of this policy has been published by HMRC in their Tax Information and Impact Note. 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.
The Office for Budget Responsibility (OBR) published their March 2025 Economic and Fiscal Outlook (EFO), which sets out a detailed forecast of the economy and public finances.
With all policies considered, the EFO forecasts the unemployment rate to remain low throughout the forecast period and fall to 4.1% in 2029.
Financial Secretary (HM Treasury)
The Government is committed to making sure the wealthiest in our society pay their fair share of tax. That is why the Chancellor announced a series of reforms at the Budget in October 2024 to help fix the public finances in as fair a way as possible. These and other decisions announced at the Budget in October 2024 will help repair the public finances and fund public services such as the NHS and education.
Financial Secretary (HM Treasury)
Taxpayers are not always required to inform HM Revenue and Customs when they leave the UK. Some taxpayers outside of Self Assessment might file a P85 form after leaving the UK, but only where they are seeking to claim a repayment of income tax.
Taxpayers in Self Assessment can indicate that they have become non-resident after leaving the UK, but tax returns for the 2024 to 2025 and the 2025 to 2026 tax years are not due to be received by HMRC until 31 January of 2026 and 2027, respectively. Additionally, tax residency is based on the tax year, meaning in the future we will be able to identify individuals who became non-resident in the 2024 to 2025 tax year but not specifically from July 2024.
Financial Secretary (HM Treasury)
The UK committed to increase defence spending to 2.5% of GDP by 2027. We also set an ambition to reach 3% in the next parliament.
The UK has always believed in working together with allies to keep our countries safe, secure and prosperous. A strong economy needs a strong national defence, and the UK is committed to collaborating with our allies on enhancing European defence capabilities and value for money from increased defence spending.
As we continue to strengthen our collective defence landscape, it is vital we look to the longer-term and build on the work of existing and ongoing initiatives to aggregate defence demand together and increase European & NATO interoperability and standardisation.
We continue to engage with stakeholders, such as the European Rearmament Bank authors, on new ideas.
Financial Secretary (HM Treasury)
An assessment of economic and other impacts are included as part of the ‘Strengthening the Soft Drinks Industry Levy’ consultation document. This is available at https://www.gov.uk/government/consultations/strengthening-the-soft-drinks-industry-levy. The direct impact of the proposed changes on CPI inflation is expected to be negligible, less than 0.01 percentage points.
The proposed changes were subject to a consultation, which was open until 21 July 2025 and will inform decisions at a future Budget. If the Government decides to make changes to the levy, it will publish a tax information and impact note (TIIN) to give account of the confirmed policy’s impacts.
Exchequer Secretary (HM Treasury)
Historically, the Single Intelligence Account (SIA) budget has included elements of NATO-qualifying defence expenditure. In line with our allies, and to recognise the important contribution the intelligence agencies play in national defence, by 2027 we will consider the whole of the SIA budget to be NATO-qualifying. It will count towards the 2.6% target for core defence spending.
The budget for the SIA from 2026 onwards is set out in the Spending Review 2025 document, published on 11 June 2025.
Financial Secretary (HM Treasury)
The National Wealth Fund (NWF) is trialling a Strategic Partnership with West Midlands – as well as Greater Manchester, West Yorkshire and Glasgow City Region – to provide enhanced, hands-on support to help it develop and finance long-term investment opportunities.
The Strategic Partnerships will offer a closer, enhanced relationship with a small number of places to test whether this approach is more effective at building investment pipelines. They are bespoke arrangements, tailored to unique local requirements. This will include specific support at the early stages of project development to address capability and capacity gaps.
Alongside these, the NWF continues to provide financial and commercial advice and financing to local authority projects across the UK.
Exchequer Secretary (HM Treasury)
The government recognises the significant challenges facing the adult social care system and is committed to transforming the sector and supporting the care workforce. At the Spending Review the Government announced an increase of over £4 billion of funding available for adult social care in 2028/29 compared to 2025/26, to support the sector to improve adult social care. This includes an increase to the NHS’s minimum contribution to adult social care via the Better Care Fund, in line with DHSC's Spending Review settlement.
Supplies of welfare services, including the provision of care, are exempt from VAT if they are supplied by eligible bodies, such as public bodies or charities.
Exchequer Secretary (HM Treasury)
The UK Government has national strategies to curb the sale of illegal tobacco and combat money laundering, and is developing a robust compliance framework for the upcoming Vaping Products Duty.
In January 2024, HM Revenue and Customs (HMRC) and Border Force launched their latest illicit tobacco strategy, “Stubbing Out the Problem”. This builds on a series of previous strategies which, together, have contributed to a significant reduction in the tobacco duty tax gap, from 21.7% in 2005/06 to 13.8% in 2023/24. Tackling the trade in illicit tobacco requires a comprehensive, cross-government approach and the latest strategy is supported by over £100 million in new Smokefree funding over five years to further enhance enforcement capabilities to disrupt both supply and demand across the entire tobacco supply chain.
As announced at Autumn Budget 2024, Vaping Products Duty (VPD) will come into effect on 1 October 2026. In preparation HMRC is developing a comprehensive compliance strategy to address the illicit vaping market. This includes vaping duty stamps and enhanced enforcement powers. These measures will be implemented before the duty goes live and will form part of a cross-government enforcement approach supporting provisions in the Tobacco and Vapes Bill.
The Government’s approach to tackling money laundering is embedded within the Economic Crime Plan 2 (2023–2026). This plan sets out what the public and private sectors should do to continue to transform the UK’s response to economic crime, including money laundering. HMRC supports several of the actions in their plan, such as anti-money laundering supervisory reform and targeted intelligence and operational work on high-harm money laundering methodologies.
Exchequer Secretary (HM Treasury)
The VOA must apply the law to the facts on a case-by-case basis. It does not hold data on business rates liabilities as billing and collection is the responsibility of local authorities.
Exchequer Secretary (HM Treasury)
Tobacco duty aims to both raise revenue and reduce harm to public health by discouraging smoking. In 2024/25 tobacco duty raised almost £8 billion. High duty rates, making tobacco less affordable, have helped reduce smoking prevalence with the percentage of adult smokers in the UK decreasing from 26% in 2000 to 11.9% in 2024.
Strong enforcement is essential in tackling the illicit tobacco market. HM Revenue and Customs and Border Force have had illicit tobacco strategies in place since 2000.
Whilst tobacco duty has been progressively increased over time, successive illicit tobacco strategies have proven effective in tackling the size of the illicit tobacco market, reducing the tobacco duty tax gap from 21.7% in 2005/6 to 13.8% in 2023/24.
Exchequer Secretary (HM Treasury)
This Government is committed to improving the quality and sustainability of our housing stock, through improvements such as low carbon heating, insulation, solar panels, and batteries. This will be vital to making the UK more energy resilient and meeting our 2050 Net Zero commitment.
Installations of qualifying energy-saving materials (ESMs) in residential accommodation and buildings used solely for a charitable purpose benefit from a temporary VAT zero rate until March 2027, after which they will revert to the reduced rate of VAT at five per cent. This support – worth over £1 billion – will aid households and charities in improving the energy efficiency of their buildings, help to reduce carbon emissions, and ultimately help us to reach our ambitious Net Zero by 2050 target.
VAT is a broad-based tax on consumption and the 20 per cent standard rate applies to most goods and services. This includes most construction works. Tax breaks reduce the revenue available for vital public services and must represent value for money for the taxpayer. Exceptions to the standard rate have always been limited and balanced against affordability considerations.
Exchequer Secretary (HM Treasury)
Different Vehicle Excise Duty (VED) rates apply to cars, vans, motorcycles, and other vehicles; the rate for each vehicle is calculated according to a range of factors, such as the type of vehicle, its date of first registration, weight, or CO2 emissions.
VED for motorcycles is currently based on engine size. There are four engine size ranges, with the lowest rate applying the smallest engines sized 150cc or less (currently £26) and to zero emission motorcycles. In contrast, the highest rate applies to engines sized 600cc and above (currently £121).
Quadricycles fall outside of the definition of an electric car or motorcycle in the Vehicle Excise and Registration Act 1994. Electric quadricycles therefore remain exempt from VED.
Exchequer Secretary (HM Treasury)
HM Treasury does not hold any materials used by the supplier for the event, including any definitions given. No handouts or documentation were provided as part of the events.
Exchequer Secretary (HM Treasury)
The Government recognises the importance of face-to-face banking to communities and high streets in Birmingham Edgbaston, and across the country.
This is why the Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this Parliament.
Over 230 hubs have been announced so far, and over 170 are already open.
The location of these hubs is determined independently by LINK, the industry coordinating body responsible for making access to cash assessments. When a cash service such as a bank branch closes, or if LINK receives a request directly from a community, LINK assesses a community’s access to cash needs. This assessment may lead to a recommendation for the establishment of a banking hub in that community.
Economic Secretary (HM Treasury)
Aphra Brandreth
(Conservative - Chester South and Eddisbury)
The draft legislation and the tax information and impact note were published on 21 July 2025. These are available on the GOV.UK website.
Exchequer Secretary (HM Treasury)
To deliver our manifesto pledge, we intend to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties with rateable values below £500,000, from 2026-27. This permanent tax cut will ensure that RHL businesses benefit from much-needed certainty and support.
Ahead of these new multipliers being introduced, we have prevented the current RHL relief from ending in April 2025, extending it for one year at 40 per cent up to a cash cap of £110,000 per business.
Eligibility for the new RHL multipliers is intended to broadly reflect the scope of the existing RHL relief scheme, and will be set out in legislation later this year.
The rates of the RHL multipliers will be set at Budget 2025 so that the Government can take into account the upcoming revaluation outcomes as well as the economic and fiscal context.
Exchequer Secretary (HM Treasury)
James McMurdock
(Independent - South Basildon and East Thurrock)
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer National Insurance contributions (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.
To support social care authorities to deliver key services, in light of pressures, the Government is making available up to £3.7 billion of additional funding for social care authorities in 2025/26, which includes a £880 million increase in the Social Care Grant. This is part of an overall increase to local government spending power of 6.8% in cash terms.
More widely, the Government provides support for charities, including hospices, via our tax regime, which is among the most generous of anywhere in the world. Tax reliefs for charities and their donors was worth just over £6 billion for the tax year to April 2024.
Exchequer Secretary (HM Treasury)
The National Wealth Fund (NWF) has a strong regional mandate and proactively identifies investment opportunities across the UK to ensure the benefits of investment are felt nationwide.
In March 2025, the NWF’s local authority function provided a £9.6 million loan to Solihull Council to help deliver its innovative new town centre energy network.
Exchequer Secretary (HM Treasury)
The Import Control System 2 (ICS2) is the new safety and security IT system for certain goods moving by air, maritime, road or rail into Northern Ireland. ICS2 will introduce some new processes, improving existing safety and security arrangements for goods movements from Great Britain to Northern Ireland.
HMRC has an extensive communications and engagement plan to support business readiness ready for the changes and businesses moving goods between Great Britain and Northern Ireland can access the free-to-use Trader Support Service (TSS), who are supporting businesses via webinars and direct communications. TSS currently supports businesses to meet safety and security arrangements and will support with any changes under ICS2. Businesses using the TSS will not need to register for ICS2.
As per the new arrangements for consumer parcels moving from Great Britain to Northern Ireland that came into effect on 1 May 2025, safety and security declarations continue to not be required.
Exchequer Secretary (HM Treasury)
The Government consultation on proposals to simplify the current gambling tax system by merging the three current taxes that cover remote (including online) gambling into one closed on 21 July 2025. The proposed changes are intended to reduce complexity and improve compliance. The Government engaged with a range of stakeholders, including the horse racing sector throughout the consultation period and is now analysing submissions. The potential impact on horseracing and its workforce as well as the broader economic and social implications will be considered carefully as part of the process.
If any changes are made to gambling duties at a future Budget following the consultation, the legislation will be accompanied by a Tax Information and Impact Note which will set out the expected impacts.
Exchequer Secretary (HM Treasury)
At the Spending Review, we committed to announcing further details on our plans for Social Impact Investing over the summer. This announcement – alongside the announcements to support low-income families made at SR25 – are a downpayment ahead of the Child Poverty Strategy being published in the autumn, and will form part of it.
As per the press notice, the Better Futures Fund will be managed by the Department of Culture, Media and Sport in close collaboration with other departments and engagement with the impact investing sector.
The Better Futures Fund was included in the Spending Review, under the Public Service Reform section. This was before it was named the BFF and was under the working title of ‘Social Impact Investing Vehicle’:
The Better Futures Fund will support up to 200,000 children and their families over the next ten years by bringing together government, local communities, charities, social enterprises, investors, and philanthropists to work together to give children a brighter future.
Chief Secretary to the Treasury
At the Spending Review, we committed to announcing further details on our plans for Social Impact Investing over the summer. This announcement – alongside the announcements to support low-income families made at SR25 – are a downpayment ahead of the Child Poverty Strategy being published in the autumn, and will form part of it.
As per the press notice, the Better Futures Fund will be managed by the Department of Culture, Media and Sport in close collaboration with other departments and engagement with the impact investing sector.
The Better Futures Fund was included in the Spending Review, under the Public Service Reform section. This was before it was named the BFF and was under the working title of ‘Social Impact Investing Vehicle’:
The Better Futures Fund will support up to 200,000 children and their families over the next ten years by bringing together government, local communities, charities, social enterprises, investors, and philanthropists to work together to give children a brighter future.
Chief Secretary to the Treasury
At the Spending Review, we committed to announcing further details on our plans for Social Impact Investing over the summer. This announcement – alongside the announcements to support low-income families made at SR25 – are a downpayment ahead of the Child Poverty Strategy being published in the autumn, and will form part of it.
As per the press notice, the Better Futures Fund will be managed by the Department of Culture, Media and Sport in close collaboration with other departments and engagement with the impact investing sector.
The Better Futures Fund was included in the Spending Review, under the Public Service Reform section. This was before it was named the BFF and was under the working title of ‘Social Impact Investing Vehicle’:
The Better Futures Fund will support up to 200,000 children and their families over the next ten years by bringing together government, local communities, charities, social enterprises, investors, and philanthropists to work together to give children a brighter future.
Chief Secretary to the Treasury
At Autumn Budget 2024, the Government published a Discussion Paper setting out priority areas for business rates reform and invited industry to co-design a fairer business rates system.
In summer, the Government will publish an interim report that sets out a clear direction of travel for the business rates system, with further policy detail to follow at Budget 2025.
To deliver our manifesto pledge, from April 2026, we intend to introduce permanently lower tax rates for high street retail, hospitality, and leisure (RHL) properties with rateable values (RVs) below £500,000. This permanent tax cut will ensure that RHL businesses benefit from much-needed certainty and support.
This tax cut must be sustainably funded, and so we also intend to introduce a higher rate on the most valuable properties from April 2026 - those with RVs of £500,000 and above. This represents less than one per cent of all properties.
The Valuation Office Agency (VOA) have published data on properties with RVs above £500,000 based on the previous valuation, broken down by sector online here: https://www.gov.uk/government/publications/non-domestic-rating-property-counts-and-rateable-value-rv-for-properties-in-england-with-rv-over-500000. The VOA also routinely publish data on the whole commercial property stock by sector online here: https://www.gov.uk/government/statistics/non-domestic-rating-stock-of-properties-2024.
Every three years, all commercial properties are revalued by the VOA. The 2026 revaluation, which will take effect from April 2026, will update RVs and may, therefore, affect which businesses are within scope of the new higher rate. The revaluation process is ongoing. The VOA are required to publish a draft of all properties’ new RVs this year.
The rates for the new business rate multipliers will be set at Budget 2025 so that the Government can take into account the upcoming revaluation outcomes as well as the economic and fiscal context. When the new multipliers are set, HM Treasury intends to publish analysis of the expected effects of the new multiplier arrangements.
Exchequer Secretary (HM Treasury)
At Autumn Budget 2024, the Government published a Discussion Paper setting out priority areas for business rates reform and invited industry to co-design a fairer business rates system.
In summer, the Government will publish an interim report that sets out a clear direction of travel for the business rates system, with further policy detail to follow at Budget 2025.
To deliver our manifesto pledge, from April 2026, we intend to introduce permanently lower tax rates for high street retail, hospitality, and leisure (RHL) properties with rateable values (RVs) below £500,000. This permanent tax cut will ensure that RHL businesses benefit from much-needed certainty and support.
This tax cut must be sustainably funded, and so we also intend to introduce a higher rate on the most valuable properties from April 2026 - those with RVs of £500,000 and above. This represents less than one per cent of all properties.
The Valuation Office Agency (VOA) have published data on properties with RVs above £500,000 based on the previous valuation, broken down by sector online here: https://www.gov.uk/government/publications/non-domestic-rating-property-counts-and-rateable-value-rv-for-properties-in-england-with-rv-over-500000. The VOA also routinely publish data on the whole commercial property stock by sector online here: https://www.gov.uk/government/statistics/non-domestic-rating-stock-of-properties-2024.
Every three years, all commercial properties are revalued by the VOA. The 2026 revaluation, which will take effect from April 2026, will update RVs and may, therefore, affect which businesses are within scope of the new higher rate. The revaluation process is ongoing. The VOA are required to publish a draft of all properties’ new RVs this year.
The rates for the new business rate multipliers will be set at Budget 2025 so that the Government can take into account the upcoming revaluation outcomes as well as the economic and fiscal context. When the new multipliers are set, HM Treasury intends to publish analysis of the expected effects of the new multiplier arrangements.
Exchequer Secretary (HM Treasury)
At Autumn Budget 2024, the Government published a Discussion Paper setting out priority areas for business rates reform and invited industry to co-design a fairer business rates system.
In summer, the Government will publish an interim report that sets out a clear direction of travel for the business rates system, with further policy detail to follow at Budget 2025.
To deliver our manifesto pledge, from April 2026, we intend to introduce permanently lower tax rates for high street retail, hospitality, and leisure (RHL) properties with rateable values (RVs) below £500,000. This permanent tax cut will ensure that RHL businesses benefit from much-needed certainty and support.
This tax cut must be sustainably funded, and so we also intend to introduce a higher rate on the most valuable properties from April 2026 - those with RVs of £500,000 and above. This represents less than one per cent of all properties.
The Valuation Office Agency (VOA) have published data on properties with RVs above £500,000 based on the previous valuation, broken down by sector online here: https://www.gov.uk/government/publications/non-domestic-rating-property-counts-and-rateable-value-rv-for-properties-in-england-with-rv-over-500000. The VOA also routinely publish data on the whole commercial property stock by sector online here: https://www.gov.uk/government/statistics/non-domestic-rating-stock-of-properties-2024.
Every three years, all commercial properties are revalued by the VOA. The 2026 revaluation, which will take effect from April 2026, will update RVs and may, therefore, affect which businesses are within scope of the new higher rate. The revaluation process is ongoing. The VOA are required to publish a draft of all properties’ new RVs this year.
The rates for the new business rate multipliers will be set at Budget 2025 so that the Government can take into account the upcoming revaluation outcomes as well as the economic and fiscal context. When the new multipliers are set, HM Treasury intends to publish analysis of the expected effects of the new multiplier arrangements.
Exchequer Secretary (HM Treasury)
The government requires all insurers, including those providing private medical insurance, to treat customers fairly. This is enforced under the rules of the Financial Conduct Authority (FCA), the independent body responsible for regulating and supervising the financial services industry, including insurance firms.
The FCA has a statutory objective to protect consumers. The government holds the FCA to account for how it advances its objectives, including through the FCA’s Annual Report which is laid before Parliament.
The FCA’s Consumer Duty sets high standards of consumer protection across regulated financial services firms, including a requirement for firms to put their customers’ needs first. The FCA monitors firms to ensure they meet these standards and has robust powers to take action where necessary.
Financial Secretary (HM Treasury)
The Government intends to bring forward legislation delivering a comprehensive national regulatory framework for cryptoassets by the end of this year and has engaged with industry on draft legislation.
This will support growth in the UK by giving cryptoasset firms the regulatory certainty needed to invest here, and to help drive innovation in our financial services sector.
It will also ensure that UK customers are protected from the worst harms when they make use of cryptoasset services.
Financial Secretary (HM Treasury)
If an employer pays for a certificate of sponsorship fee and the immigration skills charge, as a result of sponsoring a worker from overseas, these costs could be liable to Income Tax. Whether tax is payable will depend on individual circumstances as tax exemptions may apply. For this reason, each circumstance will need to be considered on a case-by-case basis. The Government has no plans to change the tax treatment of immigration fees. However, all taxes are kept under review as part of the tax policymaking process.
Financial Secretary (HM Treasury)
HM Treasury and the Bank of England are continuing to explore the case for a UK retail central bank digital currency (CBDC).
No decision has been taken on whether to introduce the digital pound. The work currently being undertaken as part of the ongoing design phase will provide a rigorous view of the costs and benefits of the digital pound and take account of international developments and wider trends in money and payments, providing the evidence base for a decision on whether to proceed to a build phase. Any decision to proceed with the digital pound would be accompanied by the introduction of primary legislation, ensuring full Parliamentary scrutiny by both Houses of Parliament.
Financial Secretary (HM Treasury)
We have seen gradual changes to the structure of the pension market as a result of the shift from Defined Benefit to Defined Contribution schemes. Overall demand for gilts has, however, remained resilient throughout these periods of changing investor patterns and, as the OBR notes, these changes are widely known.
The government deliberately maintains a varied gilt issuance strategy to promote a well-diversified investor base, so that it is not overly reliant on demand from just one type of investor. Continuing to do so means that we expect that overall demand will remain robust in the future, even if there are changes in the demand patterns of particular investor groups.
Financial Secretary (HM Treasury)
The Financial Services and Markets Act 2000 establishes a framework whereby any person, whether an individual or firm, can only carry out a regulated activity by way of business if they are authorised by the appropriate regulator or are exempt from the authorisation requirement. Under this framework, the government determines which activities are regulated activities, by specifying them in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO).
Where local authorities are the issuers of bonds, or borrowers under loans, they themselves would not require authorisation from a financial services regulator to act in that capacity, and would not be subject to regulation by the financial services regulators.
Financial services firms facilitating access to such funding by local authorities may, depending on the circumstances, be subject to regulation by the Financial Conduct Authority, and investors may be eligible to refer disputes with the regulated firm to the Financial Ombudsman Service. Depending on the precise circumstances of any products offered, compensation in the case of default may be available under the Financial Services Compensation Scheme.
Financial Secretary (HM Treasury)