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
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)
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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, what assessment she has made of the level of difficulty in obtaining a) …
This Order designates the Money and Mental Health Policy Institute as a designated consumer body under section 234C(2) of the …
A Bill to Make provision to amend section 4 of the Social Security Contributions and Benefits Act 1992, and section …
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News and Communications
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).
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Petition Closed
Raise the income tax personal allowance from £12,570 to £20,000
Gov Responded - 20 Feb 2025 Debated on - 12 May 2025closed 7 months, 4 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 9 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 8 months, 2 weeks 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: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)The Valuation Office Agency is using the following data from the Office of National Statistics: Census geographies and House Price Index.
Exchequer Secretary (HM Treasury)
Officials in my department regularly speak to EU counterparts on a range of issues.
Private Pleasure Craft (PPC)) across the UK incur the full duty rate on fuel used for propulsion (52.95 pence per litre (ppl)) and the rebated rate (10.18 ppl) for non-propulsion use.
PPC that refuel in Great Britain can use red diesel provided they pay a top up to reflect the difference in duty between the red diesel rate and the full duty rate to cover their propulsion use. PPC in Northern Ireland are not permitted to refuel with red diesel, but a relief scheme is in place to cover diesel used for non-propulsion purposes (e.g. heating and lighting the boat).
Exchequer Secretary (HM Treasury)
HMRC confirm that prize draws offering both paid and free entry routes are not eligible for VAT exemption and paid entries will be subject to VAT at the standard rate of 20%.
Exchequer Secretary (HM Treasury)
The Government already offers flexibility when SDLT is due on transactions relating to shared ownership properties. When a shared ownership lease is first granted, the purchaser can choose to either pay SDLT on the market value of the property, in which case no further SDLT will be due when purchasing additional interest in the property (including when staircasing above 80%); or instead choose to pay SDLT in stages. Purchasers of shared ownership properties can also claim First-time Buyers’ Relief (FTBR) on purchases where the value of their property does not exceed £500,000. For those purchasers who choose to pay SDLT in stages, SDLT will be payable on any staircasing transaction which takes them over 80% ownership. In those circumstances, FTBR is not available as the person staircasing is no longer a first-time buyer. The ability to choose when SDLT is due, along with the relief available to first-time buyers, can help reduce the amount of SDLT due when initially buying a shared ownership property as your first home.
Exchequer Secretary (HM Treasury)
A new duty structure for alcohol products was introduced in August 2023. This included the introduction of Draught Relief, which enables products served on draught below 8.5% alcohol by volume (ABV) to pay less duty. This relief provides vital support to pubs and other venues, whilst also helping breweries that supply eligible products.
This Government is proud to have been able to expand the generosity of Draught Relief this parliament. The Chancellor’s draught rate cut announced at Autumn Budget 2024 applied to approximately 60% of the alcoholic drinks sold in pubs, with draught beer and cider now paying 13.9% less in duty than their packaged equivalents.
The Chancellor makes decisions on future tax policy at fiscal events, and, as with all taxes, the Government keeps alcohol duty under review as part of its Budget process.
This Government is also committed to moving towards a circular economy that delivers sustainable growth, and produces less waste, rubbish and litter. Implementing the Government’s Collection and Packaging Reforms, including Packaging Extended Producer Responsibility (pEPR) and the Deposit Return Scheme, is a critical step in this transition that will create a substantial incentive for investment in new and improved recycling services in the UK.
Exchequer Secretary (HM Treasury)
Most unused pension funds and death benefits payable from a pension will form part of a person’s estate for inheritance tax purposes from 6 April 2027. This removes distortions which have led to pensions being openly used and marketed as a tax planning vehicle to transfer wealth, rather than as a way to fund retirement. These reforms also remove inconsistencies in the inheritance tax treatment of different types of pensions.
Inheritance tax should be paid within 6 months from the end of the month after the date of death, or late payment interest will begin to accrue on the outstanding tax. This is a longstanding requirement that ensures the tax is collected quickly and efficiently. However, the Government recognises the difficulties personal representatives may face in paying the inheritance tax due and offers several payment options to help. This includes the direct payment scheme, which allows personal representatives to instruct banks and building societies to transfer funds from the deceased’s bank or building accounts before probate is granted.
The Government also announced changes at the Budget in November 2025 which mitigate the risks to personal representatives by providing them with the ability to direct pension scheme administrators to withhold taxable benefits for up to 15 months from the date of death and to direct them to make payments of inheritance tax directly to HMRC. The changes also protect personal representatives from risk that lost pension pots emerge later by discharging them from liability where they have received clearance from HMRC. Furthermore, to ensure that the process of calculating, reporting and paying inheritance tax does not take longer than necessary, the Government will introduce regulations setting out deadlines for the parties involved to exchange information.
These changes are consistent with the process which already exists for administering estates and paying any inheritance tax due. Personal representatives are already responsible for administering the rest of the estate, including non-discretionary pension schemes which are already in scope of inheritance tax. The Government will publish further guidance and tools to support personal representatives in readiness for these changes being implemented in 2027.
Financial Secretary (HM Treasury)
The Government wants to make sure that those who have the ability to put away money for the long-term can do so. The Long-Term Asset Fund (LTAF) provides investors with the opportunity to invest in long-term alternative assets, such as venture capital, private equity, real estate and infrastructure, that can offer higher returns in exchange for limited liquidity.
The Financial Conduct Authority have designed robust governance requirements for the LTAF, so investors who understand the risks of investing in long‑term less liquid assets are able to invest with confidence. Where a firm markets an LTAF to a retail investor, the firm must provide appropriate risk warnings and conduct an appropriateness assessment.
Financial Secretary (HM Treasury)
The Government does not hold this information.
The Government has already started the work of reforming our business rates system by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £1 billion per year and will benefit over 750,000 properties.
The Government is also supporting small businesses to grow. At Budget, the Government announced the extension of Small Business Rates Relief (SBRR) so that businesses opening second premises can retain their SBRR for three years, tripling the current allowance.
Exchequer Secretary (HM Treasury)
Details on how large distribution warehouses are impacted by the new high-value multiplier can be found at the following link:
Exchequer Secretary (HM Treasury)
The Bank of England is operationally independent in its banknote production decisions and determines the volume and denomination of notes issued based on demand from the wholesale cash industry. In Scotland and Northern Ireland, six commercial banks retain historical rights to issue their own sterling banknotes under the Banking Act 2009, subject to regulatory requirements that they hold backing assets equivalent to the value of notes in circulation.
The Royal Mint is the sole producer of UK circulating coinage, whilst HM Treasury holds responsibility for UK coinage under the Coinage Act 1971, with the Chancellor holding the historic title of Master of the Mint. HM Treasury, in consultation with the Royal Mint, determines the volume and denominations of coin issued in response to demand from the wholesale cash industry.
Aggregate data on notes and coin in circulation is available through the Bank of England statistics publications, the Royal Mint's Annual Report, and the annual reports of the Scottish and Northern Irish note-issuing banks.
Financial Secretary (HM Treasury)
The Valuation Office Agency would not deem granting of planning permission for the physical expansion of an airport, which has not yet been (a) started or (b) completed, a material consideration in their valuation of that airport.
Exchequer Secretary (HM Treasury)
HMRC recognises how important it is for customers to receive their A1 certificates promptly and is strengthening the service to support this. Additional National Insurance advisers are being trained to further increase capacity.
The service‑level agreement (SLA) for A1 certificates is to process 80% of online applications within 15 working days, and 80% of postal applications within 40 working days. HMRC has implemented a plan to stabilise performance and expects to meet its SLAs by the end of the tax year.
Customers are encouraged to apply online for A1 certificates, as online applications are quicker to deal with.
Exchequer Secretary (HM Treasury)
Tenant wellbeing is central to the Government’s recent Renters’ Rights Act, which will transform the experience of private renting, including by ending Section 21 ‘no fault’ evictions. The Act will give renters much greater security and stability so they can stay in their homes for longer.
Capital gains are taxed because they represent profits from the sale of capital assets, including second homes and buy-to-let properties, and it would be unfair to tax other sources of income but not capital gains.
Exchequer Secretary (HM Treasury)
HMRC monitor the receipts of all taxes monthly through the Tax receipt and National Insurance Contributions publication.
Revenue estimates from, and individuals impacted by, maintaining thresholds are set out by the Office for Budget Responsibility in their November 2025 Economic and fiscal outlook, and the detailed forecast table of receipts:
Office for Budget Responsibility – Economic and fiscal outlook – November 2025
Office for Budget Responsibility - Economic and fiscal outlook detailed forecast tables: receipts
Exchequer Secretary (HM Treasury)
Rateable values reflect the rental value of a property at a set valuation date.
The valuation methodology used depends on the type of property, and the evidence available. The Valuation Office Agency use recognised valuation methods approved by the Royal Institution of Chartered Surveyors (RICS). These have been clarified and confirmed by decisions from the courts over many years.
Exchequer Secretary (HM Treasury)
The Higher Rates for Additional Dwellings (HRAD) within Stamp Duty Land Tax (SDLT) ensure that those looking to purchase a first property or move home have an advantage over second home buyers, landlords and companies purchasing residential property.
Exchequer Secretary (HM Treasury)
The government is committed to securing the long-term future of the aviation sector in the UK and recognises the benefits of the connectivity it creates between the UK and the rest of the world.
The rate of Air Passenger Duty (APD) in part depends on destination. There are four destination bands, including a domestic band (for destinations in England, Scotland, Wales and Northern Ireland), and Band A (which includes all destinations in the EU and EEA and other European destinations). From 1 April 2026, the reduced rates for domestic and Band A flights will be £8 and £15 respectively. This compares with rates of £102 and £106 for Bands B and C respectively (which apply to destinations further away from London).
Following recent increases to APD rates to account for higher-than-expected levels of inflation, at Budget 2025, the government announced it will uprate APD rates in line with RPI from 1 April 2027 and round to the nearest penny. This constitutes a real terms freeze.
This will ensure that airlines continue to make a fair contribution to the public finances, particularly given that tickets are VAT free and aviation fuel incurs no duty.
Exchequer Secretary (HM Treasury)
HMRC does not ask for, and therefore does not hold, self-employment standard occupational classification information.
HMRC publishes breakdowns by Standard Industrial Classification.
Table 3.9 of HMRC’s Personal Incomes Statistics provides information on the number of self-employment sources by self-employment income, classified according to the Standard Industrial Classification of Economic Activities 2007 (SIC), including Arts, Entertainment and Recreation. [1]
The Personal Incomes Statistics series assigns income to an industry using the business text descriptions supplied on self-assessment form SA103. These descriptions are adapted into SIC codes through a long-established classification process. Where the description is missing or not sufficiently detailed to enable a reliable SIC assignment, the industry is recorded as unknown.
[1] https://www.gov.uk/government/statistics/self-employment-income-assessable-to-tax-2010-to-2011
Financial Secretary (HM Treasury)
HMRC does not ask for, and therefore does not hold, self-employment standard occupational classification information.
HMRC publishes breakdowns by Standard Industrial Classification.
Table 3.9 of HMRC’s Personal Incomes Statistics provides information on the number of self-employment sources by self-employment income, classified according to the Standard Industrial Classification of Economic Activities 2007 (SIC), including Arts, Entertainment and Recreation. [ 1 ]
The Personal Incomes Statistics series assigns income to an industry using the business text descriptions supplied on self-assessment form SA103. These descriptions are adapted into SIC codes through a long-established classification process. Where the description is missing or not sufficiently detailed to enable a reliable SIC assignment, the industry is recorded as unknown.
[ 1] https://www.gov.uk/government/statistics/self-employment-income-assessable-to-tax-2010-to-2011
Financial Secretary (HM Treasury)
The Government recognises the devasting impacts economic abuse can have on people’s financial independence. Tackling economic abuse is a priority for the Government as part of its mission to halve Violence Against Women and Girls within a decade.
Reflecting this, economic abuse was considered as a theme across the Government’s recently published Financial Inclusion Strategy, in recognition of the challenges victim-survivors can face in accessing financial products and services. The strategy sets out an ambitious programme of measures for Government and the financial services sector to improve financial inclusion. This includes supporting victim-survivors to regain financial independence through interventions to increase access to banking services and improving the impact of economic abuse on victim-survivors’ credit files.
The Government is committed to continuing to work closely with industry, civil society, and across government to deliver the strategy successfully and ensure interventions are informed by a range of expertise and perspectives. This includes engaging regularly with the banking sector on their continued response to economic abuse.
Financial Secretary (HM Treasury)
The Government believes that the safe adoption of artificial intelligence (AI) by the financial services sector is a major strategic opportunity, with the potential to power growth across the UK. As set out in the Government’s Financial Services Growth and Competitiveness Strategy, it is our ambition to make the UK ”the world’s most technologically advanced global financial sector”, leveraging our dual strengths in FS and AI to drive growth, productivity, and deliver consumer benefits.
The Government has appointed Financial Services AI Champions, Harriet Rees and Rohit Dhawan, who will focus on helping firms seize opportunities of AI while protecting consumers and financial stability.
AI is already widely used across financial services, with around three-quarters of UK firms now deploying AI according to a recent survey by the Bank of England and the FCA. Additionally, recent reports from the City of London Corporation suggests AI could add tens of billions of pounds to the financial and professional services sector by 2030, as well as transforming services for consumers, and increasing productivity by up to 50% - underlining both the pace of adoption and the scale of the opportunity ahead.
The Government will continue working closely with industry and the regulators to safely capitalise on the opportunities AI presents while protecting consumers and financial stability.
Financial Secretary (HM Treasury)
Scheme managers of the individual public service pension schemes are responsible for ensuring the effective delivery of the McCloud delivery to affected members. This is a complex and wide-ranging exercise. The amount of progress that has been made varies across schemes due to factors including the complexity of cases. I have written to scheme managers to remind them of their responsibilities to implement the remedy as quickly as possible and ensure that scheme members and the Pensions Regulator are kept informed of progress.
Parliamentary Secretary (HM Treasury)
The VOA is responsible for valuing non-domestic property for business rates purposes. They are required by law to compile and maintain up-to-date rating lists for non-domestic properties in England and Wales, impartially and independent of central government.
On 1 April 2024, the VOA began the process of revaluing over 2.1 million non-domestic properties for the 2026 Revaluation. HM Treasury does not receive the full ratings list owing to taxpayer confidentiality.
The Treasury worked closely with the Ministry for Housing, Communities and Local Government before Budget once the VOA shared the results of the changes in rateable values. That is why the Government introduced a support package at Budget worth £4.3 billion, to protect ratepayers seeing large bill increases. The VOA published its draft 2026 rateable values on gov.uk on 26 November 2025.
Exchequer Secretary (HM Treasury)
There are currently no plans to introduce a requirement for HM Treasury and its agencies to offer payroll deductions to enable staff to join a credit union.
Economic Secretary (HM Treasury)
Receipts from the UK ETS derive from the sale of UK ETS allowances at fortnightly auctions at the prevailing market price. The OBR have estimated 2024-25 receipts to be £3.4bn. ETS operators can buy and sell allowances – including free allocation - on the secondary market at any time. As such it is not possible to break down ETS receipts by sector.
Exchequer Secretary (HM Treasury)
The Government’s priority is improving the UK’s competitiveness internationally and securing economic growth. The reforms to the tax treatment of non-domiciled individuals have been specifically designed to make the UK competitive, with a modern, simple tax regime that is also fair. The reforms establish a tax regime for new residents which is more attractive to new arrivals than the current rules.
The introduction of a residence-based tax system is expected to raise £39.5bn by 2030-31 (as costed by the OBR last autumn), and the OBR have said that there is no firm evidence to change the estimated impact of the reforms on migration. As set out at Budget 2025, the Chancellor has been clear that she will continue to assess the regime to ensure it strikes the right balance, including on competitiveness.
The Government published a Tax Information and Impact Note for this policy on 30 October 2024, which can be found here: https://www.gov.uk/government/publications/tax-changes-for-non-uk-domiciled-individuals/reforming-the-taxation-of-non-uk-domiciled-individuals
Regarding global shipping and maritime businesses, the Government is maintaining the Tonnage Tax regime, introduced in 2000 to improve the competitiveness of the UK’s shipping industry. This is designed to make it easier for shipping companies to move to the UK and ensures they are not disadvantaged compared with firms operating in other countries.
Exchequer Secretary (HM Treasury)
The Government has already started the work of reforming our business rates system by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £1 billion per year and will benefit over 750,000 properties.
The Government is also supporting small businesses to grow. At Budget, the Government announced the extension of Small Business Rates Relief (SBRR) so that businesses opening second premises can retain their SBRR for three years, tripling the current allowance.
The Call for Evidence, published at Budget, focuses on how reform of the business rates system can be used to incentivise and secure more investment by Britain’s businesses. This Call for Evidence builds on the findings of the Transforming Business Rates: Discussion Paper and asks stakeholders for more detailed evidence on how the business rates system influences investment decisions.
Any reforms taken forward will be phased over the course of the Parliament.
Exchequer Secretary (HM Treasury)
HMRC has been accepting applications for exemption from Making Tax Digital (MTD) for Income Tax since 29 September 2025.
As of 31 January 2026, we have received 1,271 applications for exemption from MTD for Income Tax on the grounds of digital exclusion.
As of 31 January 2026, decisions had been made on 881 applications, with 661 granted exemptions from the MTD for Income Tax requirements.
HMRC has assessed the potential impact of MTD for Income Tax the potential impact of MTD for Income Tax on compliance costs and administrative requirements across different customer groups, including self-employed individuals, small businesses, and landlords.
The latest published assessment is available at: Extension of Making Tax Digital for Income Tax Self Assessment to sole traders and landlords - GOV.UK
Equalities are also considered as part of this impacting. The government is clear that where a taxpayer cannot use MTD for Income Tax, for example due to age or disability, they can apply for exemption from the MTD requirements.
Exchequer Secretary (HM Treasury)
HMRC has been accepting applications for exemption from Making Tax Digital (MTD) for Income Tax since 29 September 2025.
As of 31 January 2026, we have received 1,271 applications for exemption from MTD for Income Tax on the grounds of digital exclusion.
As of 31 January 2026, decisions had been made on 881 applications, with 661 granted exemptions from the MTD for Income Tax requirements.
HMRC has assessed the potential impact of MTD for Income Tax the potential impact of MTD for Income Tax on compliance costs and administrative requirements across different customer groups, including self-employed individuals, small businesses, and landlords.
The latest published assessment is available at: Extension of Making Tax Digital for Income Tax Self Assessment to sole traders and landlords - GOV.UK
Equalities are also considered as part of this impacting. The government is clear that where a taxpayer cannot use MTD for Income Tax, for example due to age or disability, they can apply for exemption from the MTD requirements.
Exchequer Secretary (HM Treasury)
HMRC has been accepting applications for exemption from Making Tax Digital (MTD) for Income Tax since 29 September 2025.
As of 31 January 2026, we have received 1,271 applications for exemption from MTD for Income Tax on the grounds of digital exclusion.
As of 31 January 2026, decisions had been made on 881 applications, with 661 granted exemptions from the MTD for Income Tax requirements.
HMRC has assessed the potential impact of MTD for Income Tax the potential impact of MTD for Income Tax on compliance costs and administrative requirements across different customer groups, including self-employed individuals, small businesses, and landlords.
The latest published assessment is available at: Extension of Making Tax Digital for Income Tax Self Assessment to sole traders and landlords - GOV.UK
Equalities are also considered as part of this impacting. The government is clear that where a taxpayer cannot use MTD for Income Tax, for example due to age or disability, they can apply for exemption from the MTD requirements.
Exchequer Secretary (HM Treasury)
HMRC has been accepting applications for exemption from Making Tax Digital (MTD) for Income Tax since 29 September 2025.
As of 31 January 2026, we have received 1,271 applications for exemption from MTD for Income Tax on the grounds of digital exclusion.
As of 31 January 2026, decisions had been made on 881 applications, with 661 granted exemptions from the MTD for Income Tax requirements.
HMRC has assessed the potential impact of MTD for Income Tax the potential impact of MTD for Income Tax on compliance costs and administrative requirements across different customer groups, including self-employed individuals, small businesses, and landlords.
The latest published assessment is available at: Extension of Making Tax Digital for Income Tax Self Assessment to sole traders and landlords - GOV.UK
Equalities are also considered as part of this impacting. The government is clear that where a taxpayer cannot use MTD for Income Tax, for example due to age or disability, they can apply for exemption from the MTD requirements.
Exchequer Secretary (HM Treasury)
Kevin Hollinrake
(Conservative - Thirsk and Malton)
The Financial Conduct Authority (FCA), as the independent regulator for financial services, sets the conduct standards required of insurance firms. This includes rules requiring insurers to handle claims fairly and promptly. The FCA meets with a wide variety of organisations in the course of delivering its statutory objectives. Queries about such engagements can be addressed directly to the FCA.
The Supreme Court published its final judgment in the FCA’s Business Interruption Insurance test case in 2021. At the time of the judgment, the FCA set out its expectation that insurers should communicate to all impacted policyholders what the judgment meant for their claim and should move quickly to resolve claims as determined by the judgment.
The FCA court case did not cover all potential issues with business interruption policies. The FCA has been clear that, in the event of further court rulings, insurers will need to consider carefully how the rulings impact claims they have already decided.
The FCA is continuing to supervise firms to ensure they are meeting their expectations and has robust powers to take action where necessary.
Economic Secretary (HM Treasury)
The Financial Conduct Authority (FCA), as the independent regulator for financial services, sets the conduct standards required of insurance firms. This includes rules requiring insurers to handle claims fairly and promptly. The FCA meets with a wide variety of organisations in the course of delivering its statutory objectives. Queries about such engagements can be addressed directly to the FCA.
The Supreme Court published its final judgment in the FCA’s Business Interruption Insurance test case in 2021. At the time of the judgment, the FCA set out its expectation that insurers should communicate to all impacted policyholders what the judgment meant for their claim and should move quickly to resolve claims as determined by the judgment.
The FCA court case did not cover all potential issues with business interruption policies. The FCA has been clear that, in the event of further court rulings, insurers will need to consider carefully how the rulings impact claims they have already decided.
The FCA is continuing to supervise firms to ensure they are meeting their expectations and has robust powers to take action where necessary.
Economic Secretary (HM Treasury)
Fewer than 1% of properties in England are expected to be above the £2 million threshold – this estimate is not broken down by local authority. The Valuation Office Agency will be conducting a valuation exercise using industry standard techniques to identify properties with a value of £2m or above, including their location.
Exchequer Secretary (HM Treasury)
The VOA attends a small number of overseas conferences which are an important part of sharing expertise, innovation and best practice. Since July 2024 they have attended the following:
Aug 2024 IAAO Conference, Denver;
Oct 2024 COVA Conference, Dublin;
Dec 2024, International Research Symposium, IAAO, Amsterdam;
Mar 2025, IAAO GIS Valuation Technologies Conference, Columbus, Ohio;
Sep 2025 IPTI Halifax, Nova Scotia
Exchequer Secretary (HM Treasury)
I recognise some Community Amateur Sports Clubs (CASCs) have raised concerns about the requirement to use commercial software to submit Company Tax Returns.
HMRC does not expect these requirements to impose significant ongoing costs. CASCs are not required to file a Company Tax Return every year. They only need to submit a return if HMRC issues a notice to deliver one, or if they have taxable income or gains that give rise to a Corporation Tax liability.
HMRC will continue to work with providers to explore low-cost options for the very smallest organisations needing to file Corporate Tax Returns, including CASCs.
Exchequer Secretary (HM Treasury)
Lenders offering credit are regulated by the Financial Conduct Authority (FCA). This oversight ensures that lending practices are fair and that consumers are protected – firms regulated by the FCA must comply with its strict lending affordability rules, lending only to those who can afford repayments based on a thorough assessment of their financial situation. Under the FCA’s Consumer Duty, firms are required to take steps to identify and respond to signs of vulnerability, support customers to disclose their needs, and make them aware of available assistance.
The Government is committed to supporting people who are experiencing problem debt. Through the Money and Pensions Service (MaPS), the Government funds a range of national and community-based debt advice services in England, so households can access the specialist support they need to get their finances back on track.
Economic Secretary (HM Treasury)
The Bank of England’s Financial Policy Committee (FPC) is responsible for identifying, monitoring and taking action to remove or reduce systemic risks to the UK financial system.
The FPC’s most recent (December 2025) Financial Stability Report notes that risks to financial stability increased during 2025, with key sources of risk including geopolitical tensions, fragmentation of trade and financial markets, and pressures on sovereign debt markets. The FPC also judged that many risky assets valuations remain stretched, particularly for technology companies focused on Artificial Intelligence (AI), and that this heightens the risk of a sharp correction. The report also notes that indebtedness measures indicate that UK households and corporates remain resilient in aggregate, but that the increasing role of debt financing in the AI sector could increase financial stability risks.
Overall, the FPC judges that the banking system is well capitalised, and strong enough to support households and businesses even in a period of stress.
HM Treasury, alongside the UK financial regulators, closely monitors markets conditions, as well as potential risks to UK financial stability. In the case of any disruption, the UK financial authorities have established mature coordination mechanisms to coordinate an appropriate response; and have a range of powers available to respond.
Economic Secretary (HM Treasury)
The government has not made a specific assessment regarding the availability of home insurance for thatched buildings.
Insurers make commercial decisions about pricing and the terms of cover they offer based on their assessment of the relevant risks. The UK’s home insurance market is competitive, with many providers offering a variety of insurance products. The Financial Conduct Authority (FCA), the independent regulator of financial services, has a statutory objective to promote competition in the interests of consumers.
The government would always recommend that consumers shop around to find the most suitable cover at the best price. For more specialised risks, such as thatched roofing, it may be helpful for consumers to consult an insurance broker, who will be able to help search the market for specialist providers.
Economic Secretary (HM Treasury)
Means-tested benefits that are designed to meet specific costs, such as Universal Credit, income-related Employment and Support Allowance and Pension Credit, are not taxable, and the government has no current plans to alter this.
Chief Secretary to the Treasury
No officials from HM Treasury are currently seconded to The Pensions Ombudsman and therefore there is no involvement of HM Treasury officials in its casework.
Chief Secretary to the Treasury
The Government is introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £1 billion per year and will benefit over 750,000 properties.
The new RHL tax rates replace the temporary RHL relief that has been winding down since the pandemic. 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)
I have assumed this is a reference to the closure of the joint-filing web-based service offered by HMRC and Companies House, which Community Amateur Sports Clubs (CASCs) can use to file Company Tax Returns should they need to.
HMRC announced the closure of the service in February 2025, adding messaging within the service to all users. During April and May 2025 HMRC also wrote to those impacted with support on how to transition.
HMRC have engaged directly with users of the service and with representative bodies about its closure.
Exchequer Secretary (HM Treasury)
Ministers and officials receive representations on a variety of VAT issues. The Government engages regularly with a wide range of stakeholders, including businesses and representative bodies, to inform the policy development process.
VAT is a broad-based tax on consumption, and the standard rate of 20 per cent applies to most goods and services. VAT is forecast to raise around £180 billion in 2025-26.
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. The Government keeps all taxes under review, and decisions on VAT rates are taken by the Chancellor at fiscal events.
Exchequer Secretary (HM Treasury)
The Government recognises the important contribution that small and independently owned pubs make to local communities, the high street and the wider economy. The potential impacts of changes on this sector are carefully considered as part of policy development.
Where changes are made, relevant impact notes and assessments are published at fiscal events and otherwise as necessary, in line with the Government’s usual practice. The Treasury also engages regularly with the pub and wider hospitality sector to understand the challenges they face.
The Government continues to provide targeted support to the pub sector through the tax system and other policies, and keeps all areas of the tax system under review, with future decisions taken at fiscal events under the normal process.
Exchequer Secretary (HM Treasury)
HM Revenue and Customs (HMRC) does not collect data via the Stamp Duty Land Tax (SDLT) return on whether a residential property will serve as a primary residence. However, the Higher Rates for Additional Dwellings (HRAD) apply when an individual acquires a residential property while already owning another piece of residential property anywhere in the world.
SDLT paid on homes which did not pay HRAD on a local authority basis can be calculated using Table 4a and Table 4c of the Annual Stamp Tax statistics publication available here: Annual Stamp Tax Statistics - GOV.UK
SDLT paid on homes which did not pay HRAD is calculated by subtracting HRAD receipts from Residential receipts and the number of transactions is calculated by subtracting HRAD transaction counts from Residential property counts. Please note that the statistics publication covers the temporary thresholds period ending 1 April 2025 so the HRAD share may be higher than usual.
Exchequer Secretary (HM Treasury)