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
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Lord Altrincham (Con - Excepted Hereditary)Shadow Minister (Treasury)
Richard Fuller (Con - North Bedfordshire)
Shadow Chief Secretary to the Treasury
Gareth Davies (Con - Grantham and Bourne)
Shadow Financial Secretary (Treasury)
Baroness Neville-Rolfe (Con - Life peer)
Shadow Minister (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
James Wild (Con - North West Norfolk)Shadow Exchequer Secretary (Treasury)
Mark Garnier (Con - Wyre Forest)
Shadow Economic Secretary (Treasury)
Ministers of State
Darren Jones (Lab - Bristol North West)Chief Secretary to the Treasury
Lord Livermore (Lab - Life peer)
Financial Secretary (HM Treasury)
Baroness Gustafsson (Lab - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
Tulip Siddiq (Lab - Hampstead and Highgate)Economic Secretary (HM Treasury)
James Murray (LAB - Ealing North)
Exchequer Secretary (HM Treasury)
Emma Reynolds (Lab - Wycombe)
Parliamentary Secretary (HM Treasury)
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, with reference to paragraph 2.41 of the Autumn Budget, published on 24 October …
These Regulations come into force on 12th December 2024. They amend the list of “specified territories” in the Schedule to …
A Bill to make provision about secondary Class 1 contributions.
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 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).
(101,719 in the last 7 days)
(668 in the last 7 days)
(121 in the last 7 days)
(100 in the last 7 days)
(35 in the last 7 days)
(101,719 in the last 7 days)
(668 in the last 7 days)
(None in the last 7 days)
(121 in the last 7 days)
(100 in the last 7 days)
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 21st October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee: Upcoming Events
Work of the Financial Conduct Authority
3 Dec 2024, 9:45 a.m.
At 10:15am: Oral evidence
David Postings - Chief Executive at UK Finance
Miles Celic - Chief Executive Office at TheCityUK
Hannah Gurga - Director-General at Association of British Insurers
William Wright - Founder and Managing Director at New Financial
At 11:15am: Oral evidence
Mick McAteer - Co-Director at Financial Inclusion Centre
Rocio Concha - Director of Policy and Advocacy and Chief Economist at Which?
Julie Hunter - Member at Financial Services Consumer Panel
Helen Charlton - Chair at Financial Services Consumer Panel
View calendar
Treasury Committee - Oral evidence
Acceptance of Cash
4 Dec 2024, 2 p.m.
At 2:15pm: Oral evidence
Chris Brooks - Head of Policy at Age UK
Wayne Crocker - Director at Mencap Cymru
Deidre Cartwright - Public Affairs and Policy Manager at Surviving Economic Abuse
Conor D’Arcy - Deputy Chief Executive at Money and Mental Health Policy Institute
Ron Delnevo - Chair at Payment Choice Alliance
View calendar
Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)The purpose of the McCloud remedy is to ensure affected public service pension scheme members are put back into the same position they would have been if the discrimination identified by the Court of Appeal in 2018 had not occurred. It is therefore necessary to apply interest to payments to members or the scheme that would otherwise have been made at an earlier time. Members who need to pay a contribution adjustment can choose whether to make payment after receiving their Remediable Saving Statement or to defer until their retirement. Scheme managers also have scope to support members, for example by allowing payments to be spread over time.
Chief Secretary to the Treasury
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, which means that 865,000 employers will pay no NICs at all next year, more than half of employers will see no change or will gain overall from this package, and all eligible employers will be able to employ up to four full-time workers on the National Living Wage and pay no employer NICs.
The estimated cost of the increase to the Employment Allowance is set out in the table below:
(£m) | 2025-26 | 2026-27 | 2027-28 | 2028-29 | 2029-30 |
Cost of increasing the Employment Allowance from £5,000 to £10,500 | 3,730 | 3,555 | 3,570 | 3,600 | 3,630 |
Exchequer Secretary (HM Treasury)
A Tax Information and Impact Note that covers the Employer National Insurance changes was published by HMRC on 13 November.
The Government will provide support for departments and other public sector employers for additional Employer National Insurance costs. This does not include support for the private sector, including private sector firms contracted by central or local government.
This is the usual approach Government takes to supporting the public sector with additional Employer National Insurance contributions as was the case with the previous Government’s Health and Social Care Levy.
The government considered the cost pressures facing adult social care and wider local government spending as part of the Budget process in the usual way.
The government is providing a real-terms increase in core local government spending power of around 3.2% in 2025-26, including at least £600m of new grant funding provided to social care, which can be used to address the range of pressures facing the sector.
Exchequer Secretary (HM Treasury)
A Tax Information and Impact Note that covers the Employer National Insurance changes was published by HMRC on 13 November.
The Government will provide support for departments and other public sector employers for additional Employer National Insurance costs. This does not include support for the private sector, including private sector firms contracted by central or local government.
This is the usual approach Government takes to supporting the public sector with additional Employer National Insurance contributions as was the case with the previous Government’s Health and Social Care Levy.
The government considered the cost pressures facing adult social care and wider local government spending as part of the Budget process in the usual way.
The government is providing a real-terms increase in core local government spending power of around 3.2% in 2025-26, including at least £600m of new grant funding provided to social care, which can be used to address the range of pressures facing the sector.
Exchequer Secretary (HM Treasury)
A Tax Information and Impact Note that covers the Employer National Insurance changes was published by HMRC on 13 November.
The Government will provide support for departments and other public sector employers for additional Employer National Insurance costs. This does not include support for the private sector, including private sector firms contracted by central or local government.
This is the usual approach Government takes to supporting the public sector with additional Employer National Insurance contributions as was the case with the previous Government’s Health and Social Care Levy.
The government considered the cost pressures facing adult social care and wider local government spending as part of the Budget process in the usual way.
The government is providing a real-terms increase in core local government spending power of around 3.2% in 2025-26, including at least £600m of new grant funding provided to social care, which can be used to address the range of pressures facing the sector.
Exchequer Secretary (HM Treasury)
A working person is someone who goes out to work and works for their income. The government has committed to not increase taxes on working people, protecting their payslips against higher taxes. This means no increase in the basic, higher or additional rates of Income Tax, Employee National Insurance contributions or VAT.
Chief Secretary to the Treasury
The announcement on the changes made to the debt fiscal rules was made in the Budget statement on 30th October.
Chief Secretary to the Treasury
Chief Secretary to the Treasury
The Barnett formula is simple, efficient and provides a clear and certain outcome. This is why it has stood the test of time.
The result of Barnett formula is that the Welsh Government is receiving at least 20% more funding per person than equivalent UK Government spending in the rest of the UK. That translates into over £4 billion more in 2025-26.
HS2 is a heavy rail programme. The UK Government is responsible for heavy rail infrastructure across England and Wales, so spends money on this in Wales rather than funding the Welsh Government to do so through the Barnett formula. This approach is consistent with the funding arrangements for all other policy areas reserved in Wales, as set out in the Statement of Funding Policy.
The Government remains committed to heavy rail schemes in Wales, by providing funding for both operations, maintenance and infrastructure, and enhancement schemes such as modernising Cardiff Central Station.
Chief Secretary to the Treasury
A Tax Information and Impact Note was published on 13 November alongside the legislation when it was introduced to Parliament.
The latest forecasts for tax revenues were published alongside the Office for Budget Responsibility’s (OBR) October Economic and Fiscal Outlook. These forecasts are based on economic determinants, including wage growth and employment levels.
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, which means that 865,000 employers will pay no employer NICs at all next year.
More than half of employers see no change or gain overall from this package and eligible employers will be able to employ up to four full-time workers on the National Living Wage and pay no employer NICs.
Financial Secretary (HM Treasury)
A Tax Information and Impact Note was published on 13 November alongside the legislation when it was introduced to Parliament.
The latest forecasts for tax revenues were published alongside the Office for Budget Responsibility’s (OBR) October Economic and Fiscal Outlook. These forecasts are based on economic determinants, including wage growth and employment levels.
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, which means that 865,000 employers will pay no employer NICs at all next year.
More than half of employers see no change or gain overall from this package and eligible employers will be able to employ up to four full-time workers on the National Living Wage and pay no employer NICs.
Financial Secretary (HM Treasury)
A Tax Information and Impact Note was published on 13 November alongside the legislation when it was introduced to Parliament.
The latest forecasts for tax revenues were published alongside the Office for Budget Responsibility’s (OBR) October Economic and Fiscal Outlook. These forecasts are based on economic determinants, including wage growth and employment levels.
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, which means that 865,000 employers will pay no employer NICs at all next year.
More than half of employers see no change or gain overall from this package and eligible employers will be able to employ up to four full-time workers on the National Living Wage and pay no employer NICs.
Financial Secretary (HM Treasury)
A Tax Information and Impact Note was published on 13 November alongside the legislation when it was introduced to Parliament.
The latest forecasts for tax revenues were published alongside the Office for Budget Responsibility’s (OBR) October Economic and Fiscal Outlook. These forecasts are based on economic determinants, including wage growth and employment levels.
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, which means that 865,000 employers will pay no employer NICs at all next year.
More than half of employers see no change or gain overall from this package and eligible employers will be able to employ up to four full-time workers on the National Living Wage and pay no employer NICs.
Financial Secretary (HM Treasury)
Following the decision to pause work on the Single Trade Window, HMRC is working with its delivery partner to assess the impact of this decision on existing contracts, including an assessment of delivery to date. There is no formal dispute resolution process running.
Financial Secretary (HM Treasury)
The Government has paused delivery of the Single Trade Window (STW) as part of the allocation of overall SR25 funding, due to the challenging wider fiscal context. We will provide a further update on the STW as part of the next phase of the Spending Review.
Financial Secretary (HM Treasury)
HMRC regularly discloses information to the Home Office for customs and immigration purposes, which the Home Office may disclose onwards (with consent as required by legislation) to law enforcement partners. This allows for the effective delivery of those functions.
HMRC is also permitted to share safety and security information with law enforcement partners when that information is directly requested.
HMRC and the Home Office are working together to ensure safety and security information is available to those who need it.
Financial Secretary (HM Treasury)
Baroness Randerson
(Liberal Democrat - Life peer)
The National Infrastructure and Service Transformation Authority (NISTA) will combine the functions of the National Infrastructure Commission and Infrastructure and Projects Authority. NISTA will bring oversight of strategy and delivery into one organisation, driving more effective delivery of infrastructure across the country.
As announced by the government in October, NISTA will be operational by Spring 2025. NISTA’s governance will be confirmed in due course.
Financial Secretary (HM Treasury)
I refer the Honourable Member to the PQ referenced 13620 published on 11th November 2024 at https://questions-statements.parliament.uk/written-questions/detail/2024-11-11/13620.
Exchequer Secretary (HM Treasury)
HM Treasury follows relevant central guidance on handling declarations of interest for special advisers, public appointments and direct ministerial appointments. Any relevant interests of special advisers are published in the Treasury’s Annual Report and Accounts.
Chief Secretary to the Treasury
The appointment of the independent Chair of the Office for Value for Money is a Direct Ministerial Appointment, which is not a regulated appointment.
Chief Secretary to the Treasury
Cabinet Office provided estimates of communications spending during the Public Spending Audit in July 2024. Estimates were based on internal Government Communication Service data on campaigns planned by Departments and arm's length bodies at the time of commissioning.
These indicate that the UK Government was expected to spend £449m on communications campaigns during 2024-25. At Autumn Budget 2024, the Chancellor announced that the Government Communications Service is expecting to save £85 million from reducing unnecessary communications spend – exceeding the £50 million target set out in her July 2024 Inheritance speech.
Communications and marketing spend above £100,000 is subject to central spending control and, as such, is published by each government department alongside other spend control data on a quarterly basis on gov.uk. This can be found at: https://www.gov.uk/search/all?keywords=spend+control+data&order=relevance.
In July 2024, the government committed to stop non-essential government consultancy spend in 2024-25 and halve government spending on consultancy in future years. This will save £550 million in 2024-25 and £680 million in 2025-26. To help departments do this and make value for money decisions about how to resource work the civil service headcount cap announced by the previous administration will be lifted. Individual departments publish different categories of spending on external resource including consultancy in their Annual Reports and Accounts. These can be found at: https://www.gov.uk/government/publications/annual-reports-and-accounts-for-central-government-departments
Chief Secretary to the Treasury
The Chancellor of the Exchequer is the Chair of the Growth Mission Board and attends other mission boards as and when appropriate. Beyond this, it is a long-established precedent that information about the discussions that have taken place in Cabinet and its committees - including mission boards - including their attendance, and how often they have met, is not normally shared publicly.
Chief Secretary to the Treasury
There are currently no plans to modify the operation of the Barnett formula. The Barnett formula has stood the test of time because it is simple, efficient and provides a clear and certain outcome.
The Welsh Government currently receives at least 20% more funding per person than equivalent UK Government spending in the rest of the UK. That translates into over £4 billion more in 2025-26.
Chief Secretary to the Treasury
The Government remains committed to restoring Official Development Assistance (ODA) spending to 0.7% of GNI as soon as fiscal circumstances allow, but this isn’t currently affordable. The OBR’s latest forecast shows that the ODA fiscal tests are not due to be met within the Parliament. The Government will continue to monitor future forecasts closely, and each year will review and confirm, in accordance with the International Development (Official Development Assistance Target) Act 2015, whether a return to spending 0.7% GNI on ODA is possible against the latest fiscal forecast.
Chief Secretary to the Treasury
The Government published information about the reforms to agricultural property relief and business property relief at GOV.UK.
It is expected that up to around 2,000 estates will be affected by the changes to Agricultural Property Relief (APR) and Business Property Relief (BPR). Up to around 520 of these are expected to relate to claims for APR (including those that also claim for BPR), and this number falls to around 430 when claims that include AIM shares are excluded. Almost three-quarters of estates claiming agricultural property relief (or those claiming agricultural property relief and business property relief together) each year are expected to be unaffected by these reforms.
In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.
Financial Secretary (HM Treasury)
All devolved government settlements are growing in real terms in 2025-26.
The devolved governments’ Spending Review settlements for 2025-26 are the largest in real terms of any settlements since devolution. They are each receiving at least 20% more per person than equivalent UK Government spending in the rest of the UK. That translates into over £16 billion more in 2025-26.
The Barnett formula ensures broadly the same change in funding per person across the whole of the UK, while the underlying baseline funding broadly reflects higher needs in Scotland, Wales and Northern Ireland.
The Fiscal Framework agreed between the UK and Welsh governments in 2016 added a needs-based factor into the Barnett formula to ensure Wales receives fair funding.
Financial Secretary (HM Treasury)
The further reforms to the non-domiciled tax regime announced at Autumn Budget are estimated to raise £12.7bn over the next five financial years.
We published costings for these further reforms on 30th October.
Page 32 of the Autumn Budget Policy Costings Publication
Exchequer Secretary (HM Treasury)
Without any government intervention, the current Retail, Hospitality and Leisure (RHL) relief would have ended entirely in April 2025, creating a cliff-edge for businesses. Instead, the Government has decided to offer a 40 per cent discount to RHL properties up to a cash cap of £110,0000 per business in 2025-26 and frozen the small business multiplier. This is a package worth over £1.6 billion in 2025-26, aimed at supporting the most vulnerable businesses, ensuring that over 250,000 RHL properties receive the full 40% support.
By tapering RHL relief to 40%, rather than removing it entirely, the government has saved the average pub, with a rateable value (RV) of £16,800, over £3,300 in 2025.
At Budget, the Government also announced that from 2026-27, it intends to introduce permanently lower tax rates for RHL properties, including those on the high street. This permanent tax cut will ensure that they benefit from much-needed certainty and support. The Government intends to fund this by introducing a higher multiplier on the most valuable properties, which includes the majority of large distribution warehouses, including warehouses used by online giants.
The exact rates for any new business rate multipliers will not be set until Budget 2025 so that the Government can take into account the revaluation outcomes as well as the economic and fiscal context.
Exchequer Secretary (HM Treasury)
The Automated Valuation Model for Wales approach may be adaptable for use in other locations. However, as with Wales, this would require further investigation and significant preparatory work.
Exchequer Secretary (HM Treasury)
The Government set out its policy at Autumn Budget 2024 and that remains the Government’s policy.
Exchequer Secretary (HM Treasury)
Tax fraud undermines our economy, hurts legitimate businesses and robs our vital public services of much-needed funds.
The government is clear in its commitment to closing the tax gap, and ensuring everyone pays the tax that is legally due.
HMRC uses a wide range of civil and criminal powers to tackle VAT fraud. Online Marketplace liability rules were introduced in 2021 specifically to tackle VAT fraud and non-compliance by overseas sellers. The OBR estimates this will raise £1.8 billion per annum by 2026/27. The government continues to keep this tax policy under review.
Exchequer Secretary (HM Treasury)
VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services. Tax breaks reduce the revenue available for vital public services and must represent value for money for the taxpayer.
One of the key considerations when assessing a new VAT relief is whether the cost saving is likely to be passed on to consumers. Evidence suggests that businesses only partially pass on any savings from lower VAT rates. The Government has no plans to zero-rate VAT on admission fees for indoor play facilities.
The Government keeps all taxes under review.
Exchequer Secretary (HM Treasury)
At the recent Budget, the Chancellor confirmed that the current temporary wine easement will end as planned from 1 February 2025. By this time, the wine industry will have had over two years to adapt to the strength-based alcohol duty system. The summary of impacts from the alcohol duty reforms announced at Spring Budget 2023, including the wine easement, can be found here: Alcohol Duty Reforms - GOV.UK
The Budget also announced that alcohol duty will be uprated in line with RPI inflation on 1 February 2025, except on qualifying draught products. A Tax Information and Impact Note was published alongside this Budget announcement. This is available here: Alcohol Duty uprating - GOV.UK
HMRC plans to evaluate the impact of the new rates and structures three years after the changes took effect on 1 August 2023. The Government welcomes evidence from industry on the impact of the changes so far.
Exchequer Secretary (HM Treasury)
The OBR recently reviewed its forecasts of tax receipts from alcohol duty and commented on this in its Economic and Fiscal Outlook, published in October. Its updated forecast reflects lower-than-anticipated alcohol consumption in 2024-25, and a reduction in alcohol consumption growth over the medium term.
Following a request for further detail in respect of the price elasticities used in its alcohol duty costings, the OBR also published updated price elasticities for alcohol in July 2024.
The government carefully considers OBR forecasts as part of its tax policy-making process and keeps all taxes under review.
Exchequer Secretary (HM Treasury)
The Automated Valuation Model uses multiple regression with an advanced spatial modelling technique called Gaussian Markov Random Fields to better reflect the impact of location.
Exchequer Secretary (HM Treasury)
In 2025-26, Retail, Hospitality and Leisure (RHL) relief will provide RHL properties 40% relief up to a cash cap of £110,000 per business and the small business multiplier will be frozen at 49.9p.
This is a package worth over £1.6 billion, aimed at supporting the most vulnerable businesses. It will ensure that over 250,000 RHL properties receive the full 40% support, and in total, government support will protect over a million properties from inflationary increases.
The rates for new multipliers will be set at Budget 2025 so that the government can factor into its decision-making the next revaluation outcomes and the broader economic and fiscal context.
Exchequer Secretary (HM Treasury)
The Government takes into account all representations made ahead of the Budget, and meets with stakeholders on a regular basis.
Exchequer Secretary (HM Treasury)
At Autumn Budget 2024, the Government took a number of difficult but necessary decisions on tax, welfare, and spending to restore economic stability, fix the public finances, and support public services. These were tough decisions given the situation we inherited from the previous administration, but the Government has done so in a way that makes the tax system fairer and more sustainable.
The Government set out its policy at Autumn Budget 2024 regarding agricultural property relief and business property relief. From 6 April 2026, in addition to existing nil-rate bands and exemptions, the 100% rate of relief will continue for the first £1 million of combined agricultural and business assets, and the rate of relief will be 50% thereafter.
Exchequer Secretary (HM Treasury)
Treasury Ministers regularly meet representatives from the banking and building society sectors to discuss a wide range of issues.
The Government understands the importance of face-to-face banking to communities and high streets and is committed to championing sufficient access for all as a priority. This is why the Government is working closely with banks to roll out 350 banking hubs, which will provide individuals and businesses up and down the country with critical cash and banking services. Following a meeting with the Economic Secretary in September, the UK banking sector has committed to deliver these hubs by the end of this parliament.
The Government also recognises the value that building societies bring to their members in local communities across the country, and that they have a 28% share of the UK’s branch network.
While branch closures are commercial decisions for banks and building societies, FCA guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers fairly. Where firms fall short of expectations, the FCA may ask for closures to be paused or other options to be put in place.
Economic Secretary (HM Treasury)
The UK has granted market access to certain retail funds from the European Economic Area under the Overseas Funds Regime. Decisions regarding market access for UK firms or products into the European Union are an autonomous decision for the European Union. The government has committed to reset the UK’s relationship with the European Union through strengthening ties, securing a broad-based security pact, and improving conditions for trade and investment. This recognises the inter-connectedness of our markets and ensures that our approach to financial services supports growth and delivers investment.
Ministers and officials at HM Treasury continue to engage regularly with the European Union and Governments in other jurisdictions, including through Economic and Financial Dialogues, to address barriers to UK financial services products being marketed abroad, and to promote the UK’s world-leading financial services sector.
Economic Secretary (HM Treasury)
As outlined in the response to PQ UIN 7829, the Valuation Office Agency (VOA) will publish further information on the model and its use in supporting the Welsh Government’s Council Tax reform ambitions on its website before April 2025. In addition, the VOA will publish any related third-party reports on its website by April 2025.
Exchequer Secretary (HM Treasury)
A Tax Information and Impact Note on the changes to employer NICs was published on 13 November alongside the legislation when it was introduced to Parliament.
The latest forecasts for tax revenues were published alongside the Office for Budget Responsibility’s (OBR) October 2024 Economic and Fiscal Outlook. These forecasts are based on economic determinants, including wage growth and employment levels.
Pubs and breweries make an enormous contribution to our economy and society, and this is recognised in the tax system.
At the Budget, the Chancellor cut alcohol duty on qualifying draught products – approximately 60% of the alcoholic drinks sold in pubs. This represents an overall reduction in duty bills of over £85m a year and is equivalent to a 1p duty reduction on a typical pint. This reduction increased the relief available on draught products to 13.9%.
Exchequer Secretary (HM Treasury)
The Office for Budget’s Responsibility’s (OBR) October 2024 Economic and Fiscal Outlook includes forecasts for UK business rates receipts. This is available online: https://obr.uk/docs/dlm_uploads/OBR_Economic_and_fiscal_outlook_Oct_2024.pdf.
Exchequer Secretary (HM Treasury)
The Government has published information about the reforms to agricultural property relief and business property relief. In addition to the information highlighted in the Answer of 18 November 2024 to Question 13623 on Agriculture: Inheritance Tax, the Chancellor of the Exchequer provided further data in her recent letter to the Chair of the Treasury Select Committee. The letter is available at committees.parliament.uk/publications/45691/documents/226235/default/.
The Government has held meetings with a range of stakeholders, including the Tenant Farmers Association.
Exchequer Secretary (HM Treasury)
The UK is committed to working with all stakeholders to ensure inclusive and effective international tax cooperation, and has been actively engaging in negotiations at the UN over a future Framework Convention.
The UK believes that a UN Tax Framework Convention has the potential to further advance international tax cooperation, but to be successful, it needs to be clear in its aims, avoid duplicating initiatives, and seek to secure the broad support and participation of members.
The UK was disappointed that these principles were not fully reflected in the Terms of Reference agreed by the UN Ad Hoc Committee in August, but will continue to engage constructively in support of key principles for strengthening international tax cooperation.
Exchequer Secretary (HM Treasury)
The UK is committed to working with all stakeholders to ensure inclusive and effective international tax cooperation, and has been actively engaging in negotiations at the UN over a future Framework Convention.
The UK believes that a UN Tax Framework Convention has the potential to further advance international tax cooperation, but to be successful, it needs to be clear in its aims, avoid duplicating initiatives, and seek to secure the broad support and participation of members.
The UK was disappointed that these principles were not fully reflected in the Terms of Reference agreed by the UN Ad Hoc Committee in August, but will continue to engage constructively in support of key principles for strengthening international tax cooperation.
Exchequer Secretary (HM Treasury)
Retail, Hospitality and Leisure (RHL) relief is a single year policy intervention. As such, the baseline scorecard assumption for 2025-26 was for RHL relief to not be extended.
At Autumn Budget, the Government announced that from 2026-27, it intends to introduce permanently lower tax rates for RHL properties, including those on the high street. To support this transition, the Government has prevented RHL relief from ending in April 2025 by extending it for one year at 40 per cent up to a cash cap of £110,000 per business, and frozen the small business multiplier. This package is worth more than £1.6 billion in 2025-26.
Exchequer Secretary (HM Treasury)
Value Significant Codes (VSCs) indicate the existence of specific features that are likely to affect the value of a property either positively or negatively.
The Automated Valuation Model utilises some VSCs, as published in PQ UIN 19500.
Exchequer Secretary (HM Treasury)
The VOA publishes official statistics on Non-Domestic Rating on gov.uk.
The number of properties over £500,000 in rateable value broken down by property sector is published. This can be found in table 2.2 here:
The total rateable value by special category code and area of properties with a rateable value over £51,000 is published here at table ‘SOP_SCAT_LA_rv_51000_plus.csv’: https://assets.publishing.service.gov.uk/media/6662e0a8a8f98e4a64ca94d9/ndr_stock_scat_la_2024.zip
Exchequer Secretary (HM Treasury)