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
Lord Livermore (Lab - Life peer)Financial Secretary (HM Treasury)
James Murray (LAB - Ealing North)
Chief Secretary to the 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)
05:00
Correspondence
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 guidance HMRC issues to employees who work in companies entering administration who …
These Regulations extend transitional provisions provided for in Regulation (EU) 575/2013 of the European Parliament and of the Council on …
A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the …
14:47
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).
(3,545 in the last 7 days)
(915 in the last 7 days)
(712 in the last 7 days)
(684 in the last 7 days)
(415 in the last 7 days)
(712 in the last 7 days)
(915 in the last 7 days)
(3,545 in the last 7 days)
(684 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 3 months 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 4 months, 1 week 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 3 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 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)We are creating a fairer business rates system that protects the high street, supports investment, and is fit for the 21st century.
As set out at Autumn Budget 2024, the Government intends to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties with ratable values (RVs) below £500,000 from 2026-27. 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 the Government intends to introduce a higher rate on the most valuable properties in 2026-27 - those with RVs of £500,000 and above. These represent less than one per cent of all properties, but cover the majority of large distribution warehouses, including those used by online giants.
The Government will confirm the rates for the new multipliers at Budget 2025, taking account of the outcomes of the 2026 revaluation as well as the broader economic and fiscal context. When the new multipliers are set at Budget 2025, HM Treasury intends to publish analysis of the effects of the new multiplier arrangements.
The Government does not hold data on how many businesses are eligible for Small Business Rates Relief (SBRR) in individual constituencies. It is worth noting that, if a business expands to a second property, it retains SBRR on the first property for 12 months, and may retain it longer if certain conditions are met.
The Transforming Business Rates: Interim Report published on 11 September sets out the Government’s next steps to deliver a fairer business rates system. This includes exploring a number of reforms to incentivise investment and improve the operation of the business rates system, including how SBRR could be enhanced to more effectively support investment and expansion among small businesses.
Exchequer Secretary (HM Treasury)
We are creating a fairer business rates system that protects the high street, supports investment, and is fit for the 21st century.
As set out at Autumn Budget 2024, the Government intends to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties with ratable values (RVs) below £500,000 from 2026-27. 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 the Government intends to introduce a higher rate on the most valuable properties in 2026-27 - those with RVs of £500,000 and above. These represent less than one per cent of all properties, but cover the majority of large distribution warehouses, including those used by online giants.
The Government will confirm the rates for the new multipliers at Budget 2025, taking account of the outcomes of the 2026 revaluation as well as the broader economic and fiscal context. When the new multipliers are set at Budget 2025, HM Treasury intends to publish analysis of the effects of the new multiplier arrangements.
The Government does not hold data on how many businesses are eligible for Small Business Rates Relief (SBRR) in individual constituencies. It is worth noting that, if a business expands to a second property, it retains SBRR on the first property for 12 months, and may retain it longer if certain conditions are met.
The Transforming Business Rates: Interim Report published on 11 September sets out the Government’s next steps to deliver a fairer business rates system. This includes exploring a number of reforms to incentivise investment and improve the operation of the business rates system, including how SBRR could be enhanced to more effectively support investment and expansion among small businesses.
Exchequer Secretary (HM Treasury)
HMRC does not issue specific guidance to employees of companies entering administration regarding P45s or emergency tax codes.
Where a company is in administration, the administrator, who is a regulated Insolvency Practitioner, is responsible for issuing relevant documents, such as P45s, to former employees.
A customer may be assigned an emergency tax code if HMRC has not received updated income details following a change in circumstances. Once HMRC receives the correct information, the tax code will be adjusted accordingly. Guidance is available to all customers on emergency codes and how to update a code on Gov.UK.
HMRC undertakes reviews of processes regularly and is open to receiving any specific suggestions for improvements in administrating tax within its responsibilities.
Exchequer Secretary (HM Treasury)
The Government recognises the importance of the creative industries, including the key role they play in driving economic growth. Video games jobs are highly productive at nearly double the average national output, and technology developed by games businesses contributes an estimated £1.3 billion output to the UK economy each year.
Video games companies benefit from the Video Games Expenditure Credit, which provides a tax credit of 34 per cent on UK video games development costs.
It is too soon to conduct an assessment of VGEC’s impact given it was introduced on 1 January 2024, after which there will be a lag of at least 12 months as accounting periods end and corporation tax returns are filed. An evaluation of the Video Game Tax Relief (VGTR), which VGEC is replacing, was published in July 2017. It can be found here: https://www.gov.uk/government/publications/video-game-tax-relief-evaluation.
The government will continue to work with industry to monitor the VGEC and its effectiveness on an ongoing basis.
Exchequer Secretary (HM Treasury)
The Government recognises the importance of the creative industries, including the key role they play in driving economic growth. Video games jobs are highly productive at nearly double the average national output, and technology developed by games businesses contributes an estimated £1.3 billion output to the UK economy each year.
Video games companies benefit from the Video Games Expenditure Credit (VGEC), which was introduced on 1 January 2024 and provides a tax credit of 34 per cent on UK video games development costs. All new games must claim VGEC from 1 April 2025 and VGTR will expire in April 2027.
HMRC publish annual creative industry tax relief statistics on gov.uk, that can be found here: https://www.gov.uk/government/collections/creative-industries-statistics
Exchequer Secretary (HM Treasury)
The Government monitors a wide range of indicators to assess the UK’s economic performance, including measures of business confidence. Many of these confidence measures are volatile and can move materially from month to month. Official economic forecasts and assessments of policy impacts are set out in the Office for Budget Responsibility’s Economic and Fiscal Outlook documents, the most recent of which was published in March 2025.
Kickstarting economic growth is the Government’s primary mission and businesses are central to this. The Government is committed to going further and faster to drive growth and raise living standards, working in close partnership with business design and delivery policy. For example, at the recent Spending Review, the government increased funding for employment support to over £3.5 billion by 2028-29, tackling inactivity and ensuring more people are in better jobs by helping people to access the skills they need to progress.
Economic Secretary (HM Treasury)
The Lifetime ISA (LISA) is designed to help people buy their first home or save for later life. You can withdraw funds (plus a government bonus) to buy a first home under £450k, from age 60, or if terminally ill.
Data from the latest UK House Price Index shows that while the average price paid by first-time buyers has increased, it is still below the LISA property price cap in all regions of the UK except for London, where the average price paid is affected by boroughs with very high property values.
This Government is committed to helping first time buyers own their own home and will do this by building 1.5 million more homes.
The Government keeps all aspects of savings tax policy under review.
Economic Secretary (HM Treasury)
Data from the latest UK House Price Index shows that while the average price paid by first-time buyers has increased, it is still below the LISA property price cap in all regions of the UK except for London, where the average price paid is affected by boroughs with very high property values.
HMRC commits to publishing all research in their Annual Report and Accounts. The findings from all strands of research on the LISA will be published in due course.
The Government keeps all aspects of savings tax policy under review.
Economic Secretary (HM Treasury)
The government is committed to preventing sanctioned individuals from misusing trusts to conceal their identities and assets. To this end, we have strengthened the transparency of the beneficial ownership of trusts through our various registers, including our world-leading People with Significant Control (PSC) register, our Trust Registration Service (TRS), and the Register of Overseas Entities (ROE). As of 1 September 2025, any individual can apply to Companies House for disclosure of trust information held on the ROE.
The Office of Financial Sanctions Implementation (OFSI) continues to enhance its implementation and enforcement capabilities. OFSI has opened a record number of investigations this year, reflecting a commitment to robust financial sanctions enforcement. In 2025 OFSI also published a series of reports assessing sectoral threats and vulnerabilities relating to financial sanctions, including a Legal Services Threat Assessment, to help industry implement sanctions where trusts are being misused.
In response to Russia’s illegal invasion of Ukraine, the UK has imposed robust sanctions designed to disrupt funding streams to the Russian regime and prevent those supporting it from benefiting from UK services. Under the UK’s trust services sanctions, trust services must not be provided to or for the benefit of designated persons. Since 16 December 2022, it is also prohibited to provide new trust services to or for the benefit of persons connected with Russia.
For the Legal Services Threat Assessment Report, click here: OFSI_Legal_Services_Threat_Assessment.pdf
Economic Secretary (HM Treasury)
The government recommitted to the devolution agreement with Greater Lincolnshire in September 2024, meaning that Greater Lincolnshire is now receiving £24 million as Mayoral Investment Funding each year as per their devolution agreement.
Through the Levelling Up Fund, the government is providing £10 million for ‘Thriving Gainsborough’, improving the marketplace and increasing footfall, investment and employment.
More generally, the government recently published ‘Backing your business: our plan for small and medium-sized businesses’ which set out a long-term direction for the Government’s support for smaller firms across the country. This included going further than any previous government with the most significant package of legislative reforms in 25 years to tackle late payments, unlocking billions of pounds in finance to support businesses to invest, removing unnecessary red tape, revitalising the high street as a place to do business, and delivering growth boosting support with a new Business Growth Service to unlock business potential.
Economic Secretary (HM Treasury)
The loan-to-income (LTI) flow limit restricts the share of new mortgages that lenders can issue at or above 4.5 times a borrower’s income. It is set by the Bank of England’s Financial Policy Committee (FPC), which is responsible for identifying and addressing systemic risks to UK financial stability.
In July 2025, the FPC judged that the system-wide cap—limiting high-LTI mortgages to no more than 15 per cent of all new owner-occupier lending—continues to provide appropriate protection against the build up of unsustainable household debt which could pose risks to financial stability in an economic downturn.
However, to ensure the LTI flow limit is implemented proportionately and efficiently, the Committee recommended that the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) amend implementation of the flow limit to allow individual lenders to increase their share of high-LTI lending, provided the aggregate flow remains consistent with the 15 per cent limit. Details on this recommendation can be found in the FPC’s July Financial Stability Report.
The government supports the FPC’s changes, maintaining resilience of the financial system while supporting responsible access to home ownership.
Economic Secretary (HM Treasury)
The Bank of England’s Financial Policy Committee (FPC) is responsible for identifying and addressing risks to the UK financial system. The FPC’s latest remit was set out by the Chancellor in November 2024. It sets out that the Committee should regard the risks posed by climate change, including physical and transition risks, as relevant to its primary objective, and consider how these risks could impact financial stability over the near and long term, including where appropriate through its stress testing frameworks. The remits for the Financial Policy Committee and Prudential Regulation Committee also make clear that they should support the Government’s approach to accelerate the transition to a climate resilient, nature positive, and net zero economy.
Chief Secretary to the Treasury
Customers who are unable to access their Personal Tax Account can apply for Home Responsibilities Protection by completing a print and post form (CF411) which is available on GOV.UK. Alternatively, they can contact the National Insurance helpline to request a paper form.
Chief Secretary to the Treasury
The Government recognises the important role that social welfare advice services play in supporting individuals.
For example, DWP provide grant funding to Citizens Advice, who deliver Help to Claim support for customers to apply for Universal Credit. In addition, the Money and Pensions Service, which is sponsored by DWP, continues to provide impartial, free money and pensions guidance directly to consumers.
DWP’s settlement at Spending Review 2025 provided DWP with funding to continue delivering these services.
Chief Secretary to the Treasury
The estimated amount of tax that will be raised from double cab pick-up vehicles being treated as cars has been estimated as follows:
| 2025-26 | 2026-27 | 2027-28 | 2028-29 | 2029-30 |
Exchequer Impact (£m) | 140 | 235 | 270 | 280 | 285 |
As with most tax measures in the Budget the main uncertainties in this costing relate to the size of the tax base and the behavioural response to the measure in the usual way.
Exchequer Secretary (HM Treasury)
HMRC leads on the enforcement of trade sanctions at the border. The department implements controls to help prevent goods being exported or imported in breach of sanctions and respond to breaches when these do occur.
At UK ports and airports, HMRC in partnership with Border Force carries out targeted risk and intelligence-based checks to ensure traders are compliant with sanction measures and identify potential breaches. This includes checking certain goods being imported into the country or exported to non-sanctioned countries to ensure there’s no evidence that these goods will be diverted to a sanctioned country.
Exchequer Secretary (HM Treasury)
HMRC releases information as Official Statistics called the Trade in Goods by Business Characteristics, which is available via gov.uk. (www.uktradeinfo.com).
Trade in Goods by Business Characteristics includes exports to certain pre-selected Partner Countries that includes China. This data includes exports by Business Size (Number of employees) broken down by the following categories: 0; 1 to 9; 10 to 49; 50 to 249; 250+; Unknown. The user will be able to work out SME by aggregating the first four categories in this list.
Links to the relevant releases for 2021, 2022, and 2023 are below (see tab “2. Business Size” on each release):
The release for 2024 data will be published on 27 November 2025.
The breakdown by Business Size (Number of Employees) is not available for areas smaller than UK as a whole.
Exchequer Secretary (HM Treasury)
HM Revenue & Customs supports supervised businesses by engaging through a range of channels, providing effective information and guidance. HMRC publishes detailed guidance on how to comply with the money laundering regulations, documents explaining risks for each supervised sector, and additional ad-hoc alerts.
HMRC supplements the core guidance and risk documents through education delivered via various methods including mailings, webinars and YouTube videos. HMRC also regularly engages with supervised sectors through trade bodies, representative groups and directly with major operators, enabling two-way feedback on sector developments, risks and compliance issues.
Exchequer Secretary (HM Treasury)
The Government recognises that the nature and rate of taxes on business is important to the hospitality sector, and the success and competitiveness of the UK. Given the difficult fiscal conditions we inherited, the Government asked all businesses to help contribute to fixing the foundations.
The UK hospitality sector is largely made up of small businesses. The Government has protected the smallest businesses from the impact of the increase to employer National Insurance by increasing the Employment Allowance from £5,000 to £10,500. This means that 865,000 employers will pay no employer NICs at all this year.
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.
The Government is committed to supporting the hospitality sector and local businesses across the UK, and we frequently engage with the sector to understand their concerns.
Exchequer Secretary (HM Treasury)
The volume and value of trade passing through the ports of Holyhead and Fishguard in 2015 and 2024 (latest complete year of data) is as follows:
|
| EU trade | non-EU Trade |
2015 | - | 0 |
2024 | 13,257,529,744 | 20,840,991 |
1b: Trade in Goods Volume (kg) through Holyhead for 2015 and 2024 |
| EU trade | non-EU Trade |
2015 | - | 0 |
2024 | 2,038,324,780 | 968,560 |
| ||||
2a. Trade in Goods Value (£) through Fishguard for 2015 and 2024 | ||||
| ||||||||||||
| EU trade | non-EU Trade |
| |||||||||
2015 | - | 23,343 |
| |||||||||
2024 | 231,002,478 | 65,770,180 |
| |||||||||
Source: HMRC Overseas Trade Statistics, uktradeinfo, compiled on 10th September 2025
HM Revenue & Customs (HMRC) does not have port data prior to 2021 for EU trade as the UK was part of the European Union and customs declarations were not required for these movements. Trade data for intra-EU movements was collected via monthly Intrastat declarations which did not collect information on ports.
Figures for EU trade combine EU imports and EU exports. Similarly, figures for non-EU trade combine Non-EU imports and non-EU exports
The figures above exclude trade in low value consignments (namely imports and exports of an individual value of £873 or less) since HMRC does not have port data for trade in low value consignments.
Holyhead is primarily an EU facing port with no reported data for goods moving from/to non-EU countries in 2015.
The data provided covers goods that have been declared for import or export from either Holyhead or Fishguard but excludes data for goods entering Customs warehouses, freezones or freeports, and goods in transit (even when transhipment or temporary admissions are involved).
HM Revenue & Customs (HMRC) is responsible for the collection and publication of data on imports and exports of goods to and from the UK. HMRC releases this information monthly, as an accredited official statistic called the Overseas Trade in Goods Statistics (OTS), which is available via their dedicated website (www.uktradeinfo.com).
Financial Secretary (HM Treasury)
Making Tax Digital (MTD) quarterly updates support taxpayers in getting their tax right by ensuring timely and accurate record keeping, enabling tailored digital prompts and allowing taxpayers to see estimates of their emerging tax liability throughout the tax year.
This will help to reduce errors, and the time taxpayers need to spend managing their tax affairs. Software will automatically draw data for the updates from the digital records. With income and expenditure already categorised, the end-of-year return will also become quicker and easier, as all the information will be readily available in the software to submit.
Financial Secretary (HM Treasury)
The Government Property Agency (GPA) manages the flying of flags above 1 Horse Guards Road (1HGR), Feethams House and other HM Treasury buildings. Under instructions from Department for Culture, Media & Sport (DCMS), the Union Flag is always flown unless instructed otherwise by DCMS.
Exchequer Secretary (HM Treasury)
Angus MacDonald
(Liberal Democrat - Inverness, Skye and West Ross-shire)
HMRC already takes action against those behind tax avoidance schemes by using a variety of legislation and tools to challenge promoters and others in the tax avoidance supply chain.
HMRC also regularly publishes information on tax avoidance schemes, those who promote them and others connected to avoidance schemes, to help customers identify, avoid, and exit them. As of 4 September 2025, HMRC has published details of more than 170 tax avoidance schemes and named more than 170 promoters on GOV.UK
The Government is determined to do more to close in on promoters of marketed tax avoidance and recently consulted on a package of measures to strengthen existing powers. This includes proposals to:
- expand the scope of the Disclosure of Tax Avoidance Schemes (DOTAS) regime;
- introduce a Universal Stop Notice and Promoter Action Notice; introduce stronger information powers so HMRC can effectively tackle those who own and control promoter organisations; and
- tackle the small number of legal professionals designing or contributing to the promotion of avoidance schemes.
Where individuals owe tax, HMRC seeks to take a supportive and proportionate approach to recovering the amount due, including providing extra support for individuals who need it and offering ‘Time to Pay’ instalment arrangements where appropriate.
Exchequer Secretary (HM Treasury)
Angus MacDonald
(Liberal Democrat - Inverness, Skye and West Ross-shire)
The government takes the issue of fraud extremely seriously, recognising its impact on businesses and taxpayers.
HMRC regularly reviews its approach to identifying and supporting customers who are victims of crime to ensure they are provided with support tailored to their individual circumstances.
HMRC is committed to fulfilling its responsibilities under the Code of Practice for Victims of Crime in England and Wales, and equivalent frameworks in Scotland and Northern Ireland, ensuring they are afforded the rights and entitlements set out in the Code.
HMRC does this by ensuring guidance and training is in place for all advisors on how to identify taxpayers who need extra support and provide reasonable adjustments to meet their needs. For example, in certain circumstances HMRC can give an extension to a deadline or spend more time on the telephone to support an individual who needs extra help. Further information on this and other reasonable adjustments can be found at: Get help from HMRC if you need extra support: Help you can get - GOV.UK.
In addition, HMRC’s Fraud Prevention Centre focuses on protecting, detecting and responding to identity-related security issues, developing this service with improvements aimed at aligning with industry best practice.
HMRC has published its commitment to supporting customers in the HMRC Charter and the principles of support for customers who need extra help.
Exchequer Secretary (HM Treasury)
Draught beer and cider now pay 13.9% less in duty than their packaged equivalents – an increase of over 50% on the previous draught discount of 9.2%. This took a penny of duty off a typical strength pint.
The core objective of this relief is to recognise the cultural importance of pubs and other on-trade venues as community hubs and to encourage responsible drinking in supervised settings.
To ensure this relief is targeted at the on-trade, it is prohibited to repackage products that have received Draught Relief for off-site consumption. It is the intention that beverages that are sold to be consumed off site should pay the full rate of duty like their equivalents sold in off-trade venues.
Exchequer Secretary (HM Treasury)
The Government recognises the importance of efficient and timely coordination between Companies House and HMRC in supporting the operational readiness of newly incorporated businesses. There is currently a timely data-feed between Companies House and HMRC.
HMRC continue to review how improved data-sharing and increased automation can support new businesses and reduce administrative burdens.
Exchequer Secretary (HM Treasury)
Since July 2024, Treasury ministers have received over 13,000 pieces of correspondence from Members.
Officials and Private Offices are working hard to clear outstanding cases as quickly as possible.
Correspondence performance data is published within HM Treasury’s Annual Report and Accounts.
Exchequer Secretary (HM Treasury)
Comparability factors are used to determine the extent to which a UK Government department’s spending is comparable (where policy is devolved) to the Welsh Government.
Comparability factors are generally updated prior to each spending review. In the past five years, the Department for Transport’s comparability factors were updated at the Spending Review in 2020 and again at the Spending Review in 2025. The most recent comparability factor applied to changes in the Department for Transport budgets at the Spending Review in 2025 was 33.5% for Wales. A comparability factor of 36.6% was applied at the Spending Reviews in 2020 and 2021.
Full details of changes to comparability factors over the past five years, including those for the Department for Transport, are published in the relevant Statement of Funding Policy:
Financial Secretary (HM Treasury)
The inhabited Overseas Territories are largely self-governing jurisdictions with democratically elected governments, and are responsible for fiscal matters.
All Overseas Territories with financial centres have committed to upholding international tax standards, including those on tax transparency and exchange of information, and Base Erosion and Profit Shifting.
Compliance with international standards is assessed through a system of peer reviews and monitoring within the G20/OECD Inclusive Framework on Base Erosion and Profit Shifting and the Global Forum on Transparency and Exchange of Information for Tax Purposes.
The UK also works bilaterally with the Crown Dependencies and Overseas Territories on issues of mutual concern. For example, on 27 May 2025, the UK and Isle of Man issued a joint statement, agreeing to explore ways to further enhance information flows, joint working and other ways in which tangible benefits for both jurisdictions can be achieved, noting our shared objective of combatting tax avoidance and evasion.
Exchequer Secretary (HM Treasury)
Additionally, under the new NATO Defence Investment Pledge, the government has committed to hitting a headline ambition of 5% of GDP in the Parliament after next (2035-36). The 5% will be split into 1.5% of defence and security related spending and 3.5% of core defence spending with the overall ambition, trajectory and split to be reviewed in 2029.
We will set out our plans for the next spending review period at Spending Review 2027.
Chief Secretary to the Treasury
The Government does not hold data on the business rates paid by the local newspaper sector.
Exchequer Secretary (HM Treasury)
HMRC is committed to making sure that individuals and businesses who can pay, do so on time. Autumn Budget 2024 and Spring Statement 2025 allocated a further £629 million to HMRC’s debt collection activities, which will help it to collect over £11 billion more debt by the end of 2029-30. HMRC announced in its Transformation Roadmap that it will provide more detail by the end of 2025 on how it will reduce debt year on year as a percentage of receipts.
HMRC has effective processes in place to collect outstanding payments including telephone and letter campaigns, strategic partnerships with private sector debt collection agencies, and where necessary, enforcement action. For customers who need financial support, it offers flexible Time to Pay payment plans which collect debt in affordable and sustainable instalments.
HMRC continually reviews and refines its approach to ensure that its interventions remain effective and provide appropriate support to customers.
Exchequer Secretary (HM Treasury)
The Welsh Government has made regular representations to the UK Government this year on reviewing the operation of the Barnett formula at both official and ministerial level, and in person between the Chief Secretary to the Treasury and the Cabinet Secretary for Finance and Welsh Language at the Finance: Interministerial Standing Committee.
Financial Secretary (HM Treasury)
Following Russia’s illegal invasion of Ukraine over three years ago, the UK has committed £21.8 billion for Ukraine.
The UK has been at the forefront in providing military, financial and humanitarian support to Ukraine for as long as it takes. This has included:
- £13 billion in military support - including our £2.26 billion ‘Extraordinary Revenue Acceleration’ Loan which will be repaid using profits generated on holdings of immobilised Russian Sovereign Assets in the EU
- £5.3 billion in non-military support including bilateral assistance and fiscal guarantees
- £3.5 billion cover limit in export finance via UK Export Finance for reconstruction and defence projects
The UK will continue to honour the Prime Minister’s commitment to provide Ukraine with £3bn of military support each year until the end of the decade or for as long as needed. Securing a lasting peace for Ukraine is in the UK and wider Europe’s economic and security interests.
Financial Secretary (HM Treasury)
Lord Empey
(Ulster Unionist Party - Life peer)
Programmes are funded by the UK Government in Annually Managed Expenditure (AME) if they are demand-led and volatile in a way that could not adequately be controlled by the devolved governments. Where a devolved government offers broadly similar terms for an AME programme, the UK Government will fund the cost of this programme. Where a devolved government wishes to offer more generous terms for an AME programme, then the excess over that implied by adopting broadly similar terms for that programme (and therefore broadly comparable costs) must be met by the devolved government.
The Northern Ireland Executive received the following AME funding for the non-domestic renewable heating initiative; £27.97m in 2023-24, £33.47m in 2024-25, and £33.47m in 2025-26.
Financial Secretary (HM Treasury)
The government does not comment on specific market moves.
As the Governor of the Bank of England recently noted, the underlying driver of recent moves in yield curves is global. This means it is more important than ever to have fiscal rules that provide stability.
Sound public finances are essential to economic and financial stability and delivering economic growth. That is why we will continue to meet this government’s non-negotiable fiscal rules.
Financial Secretary (HM Treasury)
The government has no plans to amend its rules on the taxation of cross-border employment income as they apply to military dependents living in the Sovereign Base Area of Cyprus.
There are no UK tax rules that prevent a person from working for a UK employer whilst they are resident in Cyprus. This includes individuals living within the Sovereign Base Area. Whether a country has the right to tax employment income will depend on where the person is resident and how much time is spent working in the other country.
The UK has a comprehensive Double Taxation Agreement with the Republic of Cyprus. This is based on the Model Tax Convention produced by the Organisation for Economic Cooperation and Development and regulates which country has the right to tax income in which circumstances. The UK and Cyprus have well established international rules which address how income is taxed when a person is resident in one country and works in another. These rules operate so that an individual is not taxed twice on the same income.
Where a person is resident in the Sovereign Base Area, they are not considered a tax resident in either the UK or Cyprus; instead, they are subject to the tax rules of the Base. There is a provision within the law of the Sovereign Base Area allowing for a credit for any tax paid elsewhere. This ensures that residents of the Sovereign Base Area do not suffer double taxation on income earned from employment outside of the Sovereign Base Area.
Financial Secretary (HM Treasury)
The Government recognises that the nature and rate of taxes on business is important to the hospitality sector, and the success and competitiveness of the UK.
The UK hospitality sector is largely made up of small businesses. The Government has protected the smallest businesses from the impact of the increase to employer National Insurance by increasing the Employment Allowance from £5,000 to £10,500. This means that 865,000 employers will pay no employer NICs at all this year.
To deliver our manifesto pledge, the Government intends to introduce permanently lower tax rates for Retail, Hospitality and Leisure (RHL) properties with rateable values below £500,000 from 2026-27.
Financial Secretary (HM Treasury)
I refer to the answer given on 5 September 2025 to PQ UIN 70546.
https://questions-statements.parliament.uk/written-questions/detail/2025-08-29/70546
Exchequer Secretary (HM Treasury)
I refer to the answer given on 5 September 2025 to PQ UIN 70546.
https://questions-statements.parliament.uk/written-questions/detail/2025-08-29/70546
Exchequer Secretary (HM Treasury)
Angus MacDonald
(Liberal Democrat - Inverness, Skye and West Ross-shire)
The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, and fixing the public finances. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free.
The Government has set out that the reforms are expected to result in up to 520 estates across the UK claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data.
The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The independent Office for Budget Responsibility certified this costing at Autumn Budget 2024 and it does not expect the reforms to have a significant macroeconomic impact.
The Government published a tax information and impact note on the reforms on 21 July 2025. The note explains that the measure is not expected to have a material impact on food security and it is available at www.gov.uk/government/publications/reforms-to-agricultural-property-relief-and-business-property-relief/agricultural-property-relief-and-business-property-relief-reforms.
Exchequer Secretary (HM Treasury)
Angus MacDonald
(Liberal Democrat - Inverness, Skye and West Ross-shire)
The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, and fixing the public finances. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free.
The Government has set out that the reforms are expected to result in up to 520 estates across the UK claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data.
The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The independent Office for Budget Responsibility certified this costing at Autumn Budget 2024 and it does not expect the reforms to have a significant macroeconomic impact.
The Government published a tax information and impact note on the reforms on 21 July 2025. The note explains that the measure is not expected to have a material impact on food security and it is available at www.gov.uk/government/publications/reforms-to-agricultural-property-relief-and-business-property-relief/agricultural-property-relief-and-business-property-relief-reforms.
Exchequer Secretary (HM Treasury)
Angus MacDonald
(Liberal Democrat - Inverness, Skye and West Ross-shire)
The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, and fixing the public finances. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free.
The Government has set out that the reforms are expected to result in up to 520 estates across the UK claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data.
The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The independent Office for Budget Responsibility certified this costing at Autumn Budget 2024 and it does not expect the reforms to have a significant macroeconomic impact.
The Government published a tax information and impact note on the reforms on 21 July 2025. The note explains that the measure is not expected to have a material impact on food security and it is available at www.gov.uk/government/publications/reforms-to-agricultural-property-relief-and-business-property-relief/agricultural-property-relief-and-business-property-relief-reforms.
Exchequer Secretary (HM Treasury)
Angus MacDonald
(Liberal Democrat - Inverness, Skye and West Ross-shire)
The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, and fixing the public finances. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free.
The Government has set out that the reforms are expected to result in up to 520 estates across the UK claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data.
The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The independent Office for Budget Responsibility certified this costing at Autumn Budget 2024 and it does not expect the reforms to have a significant macroeconomic impact.
The Government published a tax information and impact note on the reforms on 21 July 2025. The note explains that the measure is not expected to have a material impact on food security and it is available at www.gov.uk/government/publications/reforms-to-agricultural-property-relief-and-business-property-relief/agricultural-property-relief-and-business-property-relief-reforms.
Exchequer Secretary (HM Treasury)
The Chancellor’s draught rate cut at Autumn Budget 2024 applied to approximately 60% of the alcoholic drinks sold in pubs. This took a penny of duty off a typical strength pint at a cost to the Exchequer of over £85m a year. Draught beer and cider now pay 13.9% less in duty than their packaged equivalents – an increase of over 50% on the previous draught discount of 9.2%.
The Chancellor makes decisions on tax policy at fiscal events. The Government welcomes representations from the beer and pub sectors in advance of the Budget.
Exchequer Secretary (HM Treasury)
The government is keen to ensure that the law governing co-operatives and community benefit societies is clear and supports their growth. That is why we are funding the Law Commission’s independent review of the Co-operative and Community Benefit Societies Act 2014.
The Law Commission’s independent review is considering ways to update and modernise the legislation for co-operatives and community benefit societies, ensuring that it fits the nature and needs of these societies as well as ensuring that regulation is proportionate and effective.
The Law Commission will publish its final recommendations in a report and draft bill. These are expected to be published before the end of 2025. The government will then carefully consider the Law Commission’s recommendations to understand whether reform of the legislation is needed to ensure these businesses are supported to grow and succeed into the future.
Economic Secretary (HM Treasury)
The government’s Motor Insurance Taskforce, led by the Department for Transport and HM Treasury, is engaging with a range of interested stakeholders, including the Credit Hire Organisation.
The taskforce plans to publish its final report in the autumn.
Economic Secretary (HM Treasury)
The government’s Motor Insurance Taskforce, led by the Department for Transport and HM Treasury, is engaging with a range of interested stakeholders, including the Credit Hire Organisation.
The taskforce plans to publish its final report in the autumn.
Economic Secretary (HM Treasury)
The Government has made clear its strong support for the credit union sector, recognising the value that credit unions bring to their members in local communities across the country in providing savings products and affordable credit.
HM Treasury is delivering on measures announced by the Chancellor in last year’s Mansion House speech, including: concluding a call for evidence on potential reforms to the credit union common bond, supporting the industry-led Mutual and Co-operative Sector Business Council, and commissioning the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) to publish a report on the mutuals landscape by the end of 2025.
The Government currently has no plans to develop a central finance facility for credit unions but continues to engage with the sector and will keep all issues, like central finance functions, under review.
There are currently no credit unions in Great Britain or Northern Ireland with more than 500,000 members. According to annual data published on the Bank of England’s website, there were a total of 1,520,300 credit union members in GB in 2024, served by a total of 220 credit unions.
Economic Secretary (HM Treasury)