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)
05:00
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 potential impact of reforms to Cash …
Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for …
A Bill to Authorise the use of resources for the years ending with 31 March 2025, 31 March 2026 and …
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).
(1,764 in the last 7 days)
(751 in the last 7 days)
(300 in the last 7 days)
(237 in the last 7 days)
(160 in the last 7 days)
(1,764 in the last 7 days)
(30 in the last 7 days)
(59 in the last 7 days)
(751 in the last 7 days)
(None 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 8 months, 1 week 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, 2 weeks 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 9 months ago
Prevent independent schools from having to pay VAT on fees and incurring business rates as a result of new legislation.
Departmental Select Committee
Treasury Committee
Commons Select Committees are a formally established cross-party group of backbench MPs tasked with holding a Government department to account.
At any time there will be number of ongoing investigations into the work of the Department, or issues which fall within the oversight of the Department. Witnesses can be summoned from within the Government and outside to assist in these inquiries.
Select Committee findings are reported to the Commons, printed, and published on the Parliament website. The government then usually has 60 days to reply to the committee's recommendations.
11 Members of the Treasury Committee
Treasury Committee Member since 9th September 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 9th December 2024
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee: Upcoming Events
9 Mar 2026, 1:30 p.m.
View calendar - Save to Calendar
Treasury Committee - Oral evidence
Spring Statement 2026
10 Mar 2026, 2 p.m.
View calendar - Save to Calendar
Treasury Committee - Oral evidence
Spring Statement 2026
11 Mar 2026, 9:30 a.m.
View calendar - Save to Calendar
Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)ISA reform forms part of our strategy to support people into the higher returns that investing can provide.
Rules will be introduced to avoid circumvention of the lower limit for cash ISAs where an individual is under the age of 65. The industry is being consulted on the draft rules, which will be made by amendments to the ISA Regulations and laid in Parliament ahead of April 2027. Building societies and mortgage lenders are part of the industry consultation.
We will consult on the final rules as soon as these are ready, so that firms have enough notice before the new limit applies in April 2027.
The availability and pricing of mortgages is a commercial decision for lenders in which the Government does not intervene. However, mortgage rates are influenced by a range of factors, including Base Rate, which has been cut six times since this Government came to power.
Economic Secretary (HM Treasury)
ISA reform forms part of our strategy to support people into the higher returns that investing can provide.
Rules will be introduced to avoid circumvention of the lower limit for cash ISAs where an individual is under the age of 65. The industry is being consulted on the draft rules, which will be made by amendments to the ISA Regulations and laid in Parliament ahead of April 2027. Building societies and mortgage lenders are part of the industry consultation.
We will consult on the final rules as soon as these are ready, so that firms have enough notice before the new limit applies in April 2027.
The availability and pricing of mortgages is a commercial decision for lenders in which the Government does not intervene. However, mortgage rates are influenced by a range of factors, including Base Rate, which has been cut six times since this Government came to power.
Economic Secretary (HM Treasury)
ISA reform forms part of our strategy to support people into the higher returns that investing can provide.
Rules will be introduced to avoid circumvention of the lower limit for cash ISAs where an individual is under the age of 65. The industry is being consulted on the draft rules, which will be made by amendments to the ISA Regulations and laid in Parliament ahead of April 2027. Building societies and mortgage lenders are part of the industry consultation.
We will consult on the final rules as soon as these are ready, so that firms have enough notice before the new limit applies in April 2027.
The availability and pricing of mortgages is a commercial decision for lenders in which the Government does not intervene. However, mortgage rates are influenced by a range of factors, including Base Rate, which has been cut six times since this Government came to power.
Economic Secretary (HM Treasury)
At Budget 2024 the Government announced a new independent review of the loan charge. The purpose of the review was to bring the matter to a close for people who have not settled and paid their loan charge liabilities. The review identified affordability as a key barrier preventing those individuals from settling and made recommendations to remove this barrier.
The Government has gone further in supporting people on the lowest incomes by providing an additional £5,000 deduction for those in scope of the review. This entirely removes approximately 10,000 individuals from the charge. Most others will see their liabilities reduced by at least half.
Under the review recommendations, an individual earning £30,000 who used a disguised remuneration scheme for three years would have their liability reduced by 66 percent. Under the Government’s plans, they will instead see 89 percent written off. It represents the Government’s attempt to provide a fair route to resolution for those who have not settled with HMRC. In turn, those people need to come forward and engage with HMRC in good faith.
Exchequer Secretary (HM Treasury)
Exempting the State Pension from income tax entirely would undermine the public services we all rely on, including the NHS.
Parliamentary Secretary (HM Treasury)
HMRC has published guidance on GOV.UK to support tax advisers who are required to register with HMRC.
https://www.gov.uk/guidance/check-if-and-when-you-need-to-register-as-a-tax-adviser-with-hmrc
Further guidance will be published before May 2026 and HMRC is working with key industry stakeholders to get the detail of this guidance right.
Exchequer Secretary (HM Treasury)
The government has consulted extensively with stakeholders about plans to require the registration of tax advisers who interact with HMRC on behalf of their clients.
This includes the 2024 consultation ‘Raising standards in the tax advice market: strengthening the regulatory framework and improving registration’ and a technical consultation on draft legislation published in summer 2025.
HMRC will continue to work with the industry ahead of implementation and consider concerns raised by stakeholder groups, including conveyancers.
HMRC has released a tax information and impact note on GOV.UK. The note details how the measure is expected to affect businesses that provide professional tax services and interact with HMRC on behalf of their clients.
Exchequer Secretary (HM Treasury)
The revaluation is required to be carried out in relation to the relevant valuation date, 01 April 2024 for the 2026 rating list.
The current rating list valuation is carried out in relation to the relevant valuation date, 01 April 2021 for the 2023 rating list.
The annual value at each valuation reflects the economic circumstances at each valuation date. The average Rateable Values of civil airports increase 295% reflects the different economic circumstances at each valuation date.
At the Budget, the Government published a Call for Evidence seeking further evidence on the role business rates and its reliefs play in investment. Through this Call for Evidence, the Government is considering options to provide greater predictability and stability in the business rates system for long-term, high-value investments. The Call for Evidence has recently closed, and a Government response will be published in due course.
Exchequer Secretary (HM Treasury)
This government is committed to supporting founders and innovative companies to start, scale, stay and list in the UK.
At Budget we increased the generosity of our enterprise tax reliefs, to support scaling companies raise finance and attract top talent, and committed to being a better customer to innovative businesses, through the use of advance market commitments and wider procurement reforms.
We have also increased the financial capacity of the British Business Bank, enabling them to invest £5 billion into scaling companies over this Parliament.
The Government also launched a Call for Evidence on Tax Support for Entrepreneurs, examining how the tax system supports investment in high growth companies and exploring potential options to go further. The consultation closed on 28 February 2026.
We have already delivered an ambitious set of reforms to make it easier for firms to list and stay on UK markets, and capital markets are a core pillar of the Financial Services Growth and Competitiveness Strategy, launched at Mansion House.
The UK is a hub for growth capital, with UK growth markets providing funding to growing companies from across the world. Over the last 10 years, over half of all capital raised on European growth markets was raised on AIM.
The government maintains a range of targeted tax reliefs for growth market shares, supporting capital raising for quoted companies, and investors in those shares. This supports growth in the broader UK economy.
Collectively these measures support companies access investment across their life cycle, alongside supporting access to government contracts and talent. We will monitor and evaluate the impact of these measures.
Economic Secretary (HM Treasury)
This government is committed to supporting founders and innovative companies to start, scale, stay and list in the UK.
At Budget we increased the generosity of our enterprise tax reliefs, to support scaling companies raise finance and attract top talent, and committed to being a better customer to innovative businesses, through the use of advance market commitments and wider procurement reforms.
We have also increased the financial capacity of the British Business Bank, enabling them to invest £5 billion into scaling companies over this Parliament.
The Government also launched a Call for Evidence on Tax Support for Entrepreneurs, examining how the tax system supports investment in high growth companies and exploring potential options to go further. The consultation closed on 28 February 2026.
We have already delivered an ambitious set of reforms to make it easier for firms to list and stay on UK markets, and capital markets are a core pillar of the Financial Services Growth and Competitiveness Strategy, launched at Mansion House.
The UK is a hub for growth capital, with UK growth markets providing funding to growing companies from across the world. Over the last 10 years, over half of all capital raised on European growth markets was raised on AIM.
The government maintains a range of targeted tax reliefs for growth market shares, supporting capital raising for quoted companies, and investors in those shares. This supports growth in the broader UK economy.
Collectively these measures support companies access investment across their life cycle, alongside supporting access to government contracts and talent. We will monitor and evaluate the impact of these measures.
Economic Secretary (HM Treasury)
This government is committed to supporting founders and innovative companies to start, scale, stay and list in the UK.
At Budget we increased the generosity of our enterprise tax reliefs, to support scaling companies raise finance and attract top talent, and committed to being a better customer to innovative businesses, through the use of advance market commitments and wider procurement reforms.
We have also increased the financial capacity of the British Business Bank, enabling them to invest £5 billion into scaling companies over this Parliament.
The Government also launched a Call for Evidence on Tax Support for Entrepreneurs, examining how the tax system supports investment in high growth companies and exploring potential options to go further. The consultation closed on 28 February 2026.
We have already delivered an ambitious set of reforms to make it easier for firms to list and stay on UK markets, and capital markets are a core pillar of the Financial Services Growth and Competitiveness Strategy, launched at Mansion House.
The UK is a hub for growth capital, with UK growth markets providing funding to growing companies from across the world. Over the last 10 years, over half of all capital raised on European growth markets was raised on AIM.
The government maintains a range of targeted tax reliefs for growth market shares, supporting capital raising for quoted companies, and investors in those shares. This supports growth in the broader UK economy.
Collectively these measures support companies access investment across their life cycle, alongside supporting access to government contracts and talent. We will monitor and evaluate the impact of these measures.
Economic Secretary (HM Treasury)
Charities make a valuable contribution across the country, and it is important that they can access suitable banking services.
Decisions about the provision of banking services, including whether to offer accounts to particular organisations, are primarily commercial matters for banks who must meet strict financial crime and customer diligence obligations. Charities and community groups often have more complex account structures (for example, multiple trustees), making their banking needs more expensive and operationally demanding. The varying complexity and features of non-personal accounts, together with financial crime obligations, mean there is no ‘one size fits all’ solution for the sector.
At the Government’s encouragement, however, UK Finance - working with banks and charity representative groups - have produced the Voluntary Organisation Banking Guide, which supports charities and community groups in accessing banking services. This includes an account finder tool for charities and community groups.
The Government continues to monitor evidence on access to banking services, including for charities and community groups, while recognising the need to balance customer protection with providers’ obligations to prevent financial crime and maintain the integrity of the financial system.
Economic Secretary (HM Treasury)
The Rateable Value of a property is a measure of its annual rental value. The best evidence to use in undertaking such valuations is actual rental evidence. For some classes of property there is a paucity or indeed no rental evidence as these properties are rarely or never let on the open market. In such cases Valuers use other methods such as the Receipts and Expenditure method, which estimates the rental value from an analysis of the trading accounts of the business occupying them.
When valuing by Receipts & Expenditure method considering accounts is a material consideration. The valuation is required to be carried out in relation to the relevant valuation date (01 April 2024 for the 2026 rating list). The accounts available for the years preceding that date should be considered to ensure that they fairly reflect the proper trading position at the valuation date. The outcomes of such valuations are then compared to the limited rental evidence available.
Exchequer Secretary (HM Treasury)
Vehicle Excise Duty is a tax on vehicles used or kept on public roads. For certain vehicle classifications, VED liability is partially calculated in accordance with the vehicle’s weight, reflecting the greater road damage caused by heavier vehicles. For example, Heavy Goods Vehicle (HGV) VED rates are set based on a vehicle’s weight, suspension and trailer.
The Government annually reviews the rates and thresholds of taxes and reliefs to ensure that they are appropriate and reflect the current state of the economy. The Chancellor makes decisions on tax policy at fiscal events in the context of the public finances.
Exchequer Secretary (HM Treasury)
The number of people forecast to pay tax by marginal rate can be found in Table 3.19 in the OBR’s November 2025 Economic and fiscal outlook – detailed forecast tables: receipts, linked below:
The previous Government made the decision to maintain income tax thresholds at their current levels from April 2021 until April 2028 and this is reflected in the numbers.
The Chancellor has said that those whose only income is the basic or new State Pension without any increments will not have to pay income tax over this Parliament. At the Budget, the Government announced that it will achieve this by easing the administrative burden for pensioners so that they do not have to pay small amounts of tax via Simple Assessment from 2027/28. The Government will set out more details in due course.Exchequer Secretary (HM Treasury)
The UK’s capital markets play a key role in delivering on the government’s growth mission. We have already delivered an ambitious set of reforms to make it easier for firms to start, scale, list and stay on UK markets, and capital markets are a core pillar of the Financial Services Growth and Competitiveness Strategy, launched at Mansion House.
The UK is also a hub for growth capital, with UK growth markets providing funding to growing companies from across the world. Over the last 10 years, over half of all capital raised on European growth markets was raised on AIM.
The government maintains a range of targeted tax reliefs for growth market shares, supporting capital raising for listed businesses, and investors in those shares. This supports growth in the broader UK economy.
Economic Secretary (HM Treasury)
Details on the eligibility criteria for the Audio Visual Expenditure Credit (AVEC) and Independent Film Tax Credit (IFTC) can be found here: https://www.gov.uk/guidance/claim-audio-visual-expenditure-credits-for-corporation-tax.
The Government continues to monitor the use of AI in film production and keeps the tax system under constant review.
Exchequer Secretary (HM Treasury)
Details on the eligibility criteria for the Audio Visual Expenditure Credit (AVEC) and Independent Film Tax Credit (IFTC) can be found here: https://www.gov.uk/guidance/claim-audio-visual-expenditure-credits-for-corporation-tax.
The Government continues to monitor the use of AI in film production and keeps the tax system under constant review.
Exchequer Secretary (HM Treasury)
I refer the Hon. Member to the answer I gave on 9 February 2026 to UIN 109841.
Exchequer Secretary (HM Treasury)
I refer the Hon. Member to the answer I gave on 9 February 2026 to UIN 109841.
Exchequer Secretary (HM Treasury)
I refer the Hon. Member to the answer I gave on 9 February 2026 to UIN 109841.
Exchequer Secretary (HM Treasury)
Claire Hanna
(Social Democratic & Labour Party - Belfast South and Mid Down)
MTD for Income Tax will be introduced across the UK from April 2026 for sole traders and landlords with qualifying income over £50,000. It will be extended to those with qualifying income over £30,000 from April 2027 and for those with qualifying income over £20,000 in April 2028.
Exchequer Secretary (HM Treasury)
HM Treasury engages regularly with the Financial Conduct Authority (FCA) on a range of regulatory issues, including the regulation of financial advice.
The FCA plans to consult on simplifying and consolidating its investment advice rules and guidance to reduce unnecessary complexity and to clarify its regulatory expectations under the Consumer Duty. This will also cover the rules relating to ongoing advice services to make sure they are appropriate and relevant in future. An FCA consultation paper is expected by the end of Q1 2026.
In addition, the Government is working closely with the FCA to roll out targeted support for consumers from April this year. This represents the biggest reform of the financial advice and guidance landscape in more than a decade, and will represent a step change in the support that consumers receive to invest. Targeted support can be provided free at the point of use with firms recovering costs through cross-subsidisation, which is how HM Treasury expects most firms to operationalise the service. Firms can choose to charge a fee, but will need to follow FCA rules around fair value.
Economic Secretary (HM Treasury)
At Autumn Budget 25 the government announced that it will publish a consultation in early 2026 on the implementation of a new, simpler ISA product to support first time buyers to buy a home. Once available, this new product will be offered in place of the Lifetime ISA.
The new design will include the government bonus being paid at the point the individual makes a withdrawal for a house purchase. This removes the need for a withdrawal charge and means a saver can withdraw funds, should their circumstances change, without penalty.
It will remain possible to open a Lifetime ISA until the new product becomes available and for account holders to continue to save into their Lifetime ISA in line with the existing rules indefinitely.
Economic Secretary (HM Treasury)
At Autumn Budget 25 the government announced that it will publish a consultation in early 2026 on the implementation of a new, simpler ISA product to support first time buyers to buy a home. Once available, this new product will be offered in place of the Lifetime ISA.
The new design will include the government bonus being paid at the point the individual makes a withdrawal for a house purchase. This removes the need for a withdrawal charge and means a saver can withdraw funds, should their circumstances change, without penalty.
It will remain possible to open a Lifetime ISA until the new product becomes available and for account holders to continue to save into their Lifetime ISA in line with the existing rules indefinitely.
Economic Secretary (HM Treasury)
The Government wants to see more people benefit from the higher returns and long-term financial resilience that investing can provide. That is why the Chancellor’s Leeds Reforms included bold actions to boost retail investment.
The Government welcomes the industry-led retail investment campaign which will promote the benefits of investing to the public, and will launch in April 2026. The inaugural meeting of the campaign steering group was held on 22 September 2025, and the steering group has met regularly since then. The Investment Association is the secretariat to the campaign, and HM Treasury supports the campaign in an observer capacity.
Economic Secretary (HM Treasury)
The Government wants to see more people benefit from the higher returns and long-term financial resilience that investing can provide. That is why the Chancellor’s Leeds Reforms included bold actions to boost retail investment.
The Government welcomes the industry-led retail investment campaign which will promote the benefits of investing to the public, and will launch in April 2026. The inaugural meeting of the campaign steering group was held on 22 September 2025, and the steering group has met regularly since then. The Investment Association is the secretariat to the campaign, and HM Treasury supports the campaign in an observer capacity.
Economic Secretary (HM Treasury)
Stephen Gethins
(Scottish National Party - Arbroath and Broughty Ferry)
Vehicle Excise Duty (VED) is a tax on vehicles used or kept on public roads. As announced by the previous Government at Autumn Statement 2022, from April 2025, zero emission and hybrid cars, vans and motorcycles now pay VED in a similar way to petrol and diesel vehicles. Revenue from motoring taxes helps ensure we can continue to fund the vital public services and infrastructure that people and families across the UK expect.
The rates payable by electric vehicle owners are set out in the V149 rates tables published by the Driver and Vehicle Licensing Agency (DVLA), which can be found here: https://www.gov.uk/government/publications/rates-of-vehicle-tax-v149
The Tax Information and Impact Note published alongside Autumn Finance Bill 2022 set out the expected individual, business, equalities and other impacts of the change, and it can be found here: https://www.gov.uk/government/publications/introduction-of-vehicle-excise-duty-for-zero-emission-cars-vans-and-motorcycles-from-2025/introduction-of-vehicle-excise-duty-for-zero-emission-cars-vans-and-motorcycles-from-2025
The government remains fully committed to the electric vehicle transition, and at Budget 2025 announced £3.6bn of additional support for the electric vehicle market. This included £1.3 billion of additional funding for the Electric Car Grant, £200 million for chargepoint rollout, and increasing the Expensive Car Supplement threshold to £50,000 for electric vehicles.
Exchequer Secretary (HM Treasury)
Stephen Gethins
(Scottish National Party - Arbroath and Broughty Ferry)
As announced at Budget 2025, the Government is introducing Electric Vehicle Excise Duty (eVED), a new mileage charge for electric and plug-in hybrid cars, recognising that electric vehicles (EVs) contribute to congestion and wear and tear on the roads but pay no equivalent to fuel duty. The taxation of motoring is a critical source of funding for public services and investment in infrastructure.
PHEVs have the capacity to drive in either electric or petrol mode and will continue to pay fuel duty on miles driven in petrol mode. In recognition of this, they will be subject to a reduced eVED rate of 1.5 pence per mile upon its introduction in April 2028 – half the rate that will apply to fully electric cars.
An average EV driving 8,000 miles per year will pay £240, or £20 a month in eVED (and no fuel duty), with a PHEV paying £120 in eVED (and fuel duty on petrol/diesel used). In contrast, an average petrol/diesel car driving the same distance will pay around £480 in fuel duty.
Exchequer Secretary (HM Treasury)
The government recognises the importance of financial literacy in helping people to manage their finances and make the most of their money, and is taking steps to improve provision of financial education across all age groups.
In July 2024, the government established an independent Curriculum and Assessment Review, covering ages 5 to 18, chaired by Professor Becky Francis CBE. The Review considered whether there is sufficient coverage of key knowledge and skills to prepare children and young people for future life and to thrive in a fast-changing world. The final report was published in November 2025, alongside the government’s response.
As part of that response, the government committed to making citizenship compulsory at Key Stages 1 and 2 in England, which will include financial education. The government is also legislating through the Children’s Wellbeing and Schools Bill so that all state-funded schools in England will be legally required to teach the national curriculum up to the age of sixteen. This will mean that pupils at academies, which do not currently have to follow the national curriculum, will also benefit from the changes to the curriculum.
The Treasury is working closely with the Department for Education on how we can support these changes and how they fit into the wider landscape of measures announced to support financial capability in adults as part of the government’s Financial Inclusion Strategy. My predecessor met the Minister of State (Minister for School Standards) last year ahead of the Strategy being published.
Economic Secretary (HM Treasury)
The government believes that the safe and effective adoption of artificial intelligence (AI) in financial services 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 financial services and AI.
AI is already widely used across the financial sector. A 2024 survey by the Bank of England and the Financial Conduct Authority (FCA) found that around three-quarters of UK financial services firms are now deploying AI. Industry estimates also suggest that the use of AI within the financial advice sector is rapidly growing, with the proportion of advice firms using AI more than doubling over the past year.
The government has not made a formal assessment of the level of AI use by consumers, including the use of large language models for financial advice. In recognition of growing consumer interest in these tools, the FCA has published information for consumers on using AI for investment research. This sets out the pros and cons of such tools, including the risk of incorrect or out-of-date information, and makes clear that advice from general purpose AI tools is not regulated and does not benefit from protections such as the Financial Services Compensation Scheme or the Financial Ombudsman Service.
To support the effective and safe use of AI by industry, while protecting consumers and financial stability, the government has appointed Financial Services AI champions, Harriet Rees and Rohit Dhawan. They will focus on helping firms seize the opportunities for AI in a way that supports innovation, maintains trust in UK financial services, and ensures that consumers are appropriately protected.
Economic Secretary (HM Treasury)
Targeted support will be a new form of support, designed to bridge the gap between guidance and full financial advice. It will enable firms authorised by the Financial Conduct Authority (FCA) to proactively suggest appropriate products or courses of action using limited information about a customer and their circumstances. The regime will go live from April 2026.
In December, the FCA and Information Commissioner’s Office published a joint statement to provide clarity on the interaction between direct marketing rules and targeted support. This statement sets out how firms can inform customers of the availability of their targeted support services, including to those who have opted out of direct marketing, while complying with the relevant regulations.
In addition, feedback from industry highlighted that the way direct marketing rules apply in the workplace pensions context creates particular challenges for implementing the new regime. The government therefore committed in December to taking forward secondary legislation to address this, enabling workplace pension providers to deliver targeted support to members who have not opted out of direct marketing. This reflects that workplace pension providers have fewer opportunities to obtain consent for direct marketing, limiting the level of engagement that they can have with their members.
Economic Secretary (HM Treasury)
The Government wants to see more people benefit from the higher returns and long-term financial resilience that investing can provide.
On 8 December, the FCA published their final rules for the new Consumer Compositive Investment (CCI) regime which will ensure relevant consumers have access to the most useful information – including on risks, costs and performance – to support their investment decisions.
In addition, the financial promotion regime requires firms to provide consumers with clear, fair and not misleading information that enables them to make appropriate decisions for their individual circumstances.
The Government also welcomes the industry-led review into risk warnings to reform how firms talk about the risks and benefits of investing and support improved consumer understanding. The review will report back to the Treasury early this year.
Economic Secretary (HM Treasury)
The Government has announced powers for Mayors to introduce a visitor levy on short-term overnight accommodation in their region, to drive economic growth including through support for the local visitor economy, if they so choose.
At Budget, the Government published a consultation so that the public, businesses, and local government could shape the design of these powers. This consultation closed on the 18th of February and the Government will publish a response in due course.
The impacts of the levy will largely be determined by local decisions. Mayors will decide whether to introduce a levy and, if so, consult on specific proposals. We expect Mayors to engage constructively with businesses and their communities to hear their concerns.
Exchequer Secretary (HM Treasury)
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 National Statistic called the Overseas Trade in Goods Statistics (OTS), which is available via their dedicated website (www.uktradeinfo.com). From this website, it is possible to build your own data tables based upon bespoke search criteria. You can build tables, using the commodity codes published in the UK Trade Tariff. Aluminium is classified in Chapter 76 of the tariff.
The website will give information on value, amounts and the countries involved, however recycled aluminium does not have a dedicated commodity code.
If you need help or support in constructing a table from the data on uktradeinfo, please contact uktradeinfo@hmrc.gov.uk.
Exchequer Secretary (HM Treasury)
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 National Statistic called the Overseas Trade in Goods Statistics (OTS), which is available via their dedicated website (www.uktradeinfo.com). From this website, it is possible to build your own data tables based upon bespoke search criteria. You can build tables, using the commodity codes published in the UK Trade Tariff. Aluminium is classified in Chapter 76 of the tariff.
The website will give information on value, amounts and the countries involved. However, it will not identify imports by individual importers, whether by companies or government department. This would be in conflict with Section 18 of the Commissioners for Revenue and Customs Act 2005 (CRCA). CRCA restricts the information that HMRC may disclose publicly on persons making imports and exports. HMRC do publish a database of UK traders. This provides registered business names and addresses and when they have traded in specific goods with EU and non-EU countries. You can use this to look for traders who have imported aluminium, where they have permitted HMRC to publish their details.
If you need help or support in constructing a table from the data on uktradeinfo, please contact uktradeinfo@hmrc.gov.uk.
Exchequer Secretary (HM Treasury)
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 National Statistic called the Overseas Trade in Goods Statistics (OTS), which is available via their dedicated website (www.uktradeinfo.com). From this website, it is possible to build your own data tables based upon bespoke search criteria. You can build tables, using the commodity codes published in the UK Trade Tariff at https://www.gov.uk/trade-tariff. Aluminium is classified in Chapter 76 of the tariff.
The website will give information on value, amounts and the countries where the aluminium was sent. HMRC do not record the reason for export. Any applicable duties for the relevant commodity codes can also be found in the tariff.
If you need help or support in constructing a table from the data on uktradeinfo, please contact uktradeinfo@hmrc.gov.uk.
Exchequer Secretary (HM Treasury)
The Government recognises the important role that research and
development (R&D) plays in driving innovation and economic growth as well as the benefits it can bring for society.
HMRC actively balances its compliance efforts with the need to ensure those who are eligible for relief receive it promptly. HMRC consistently meets its aim to process 85% of payable R&D tax credit claims within 40 days. HMRC exceeded this target in both 2023–2024 (92%) and 2024–2025 (90%). For the current financial year so far, HMRC has met its 85% processing target every month.
The Government is committed to improving the administration of the reliefs, to make it easier and more reliable for legitimate claimants while continuing to protect taxpayer money from unacceptable levels of error and fraud in the system.
Exchequer Secretary (HM Treasury)
The focus of the Independent Review of the Loan Charge was on taking action to help those individuals who do not yet have certainty about their liabilities, or who still owe money, to move on from this matter. The review identified affordability as a key barrier preventing some individuals from settling and made recommendations to remove this barrier.
The Government has gone further in supporting people on the lowest incomes by providing an additional £5,000 deduction for those in scope of the review. This entirely removes approximately 10,000 individuals from the charge. This will come at a substantial Exchequer cost over the next five years.
It represents the Government’s attempt to provide a fair route to resolution for those who have not settled with HMRC. In turn, those people need to come forward and engage with HMRC in good faith.
Exchequer Secretary (HM Treasury)
Claire Hanna
(Social Democratic & Labour Party - Belfast South and Mid Down)
Childminders make a significant contribution to children’s development, learning, and wellbeing. The Government has eased rules on working from schools and community centres and increased early years funding rates above 2023 average fees. These increases reflect increased costs, and from April 2026, local authorities must pass at least 97 per cent of funding to providers.
Only a small proportion of childminders with qualifying income over £50,000 will be mandated into Making Tax Digital (MTD) for income tax from April 2026. Childminders moving to MTD for income tax can continue to claim tax relief for household costs, wear and tear of household items and furniture, and food and drink, by deducting actual business costs. This ensures childminders receive tax relief for all of the costs that they incur in relation to their childminding business.
The Government will monitor the impact of MTD for income tax on childminders and other home-based childcare providers in the same way as it will for all sole traders moving to MTD for income tax.
Exchequer Secretary (HM Treasury)
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 National Statistic called the Overseas Trade in Goods Statistics (OTS), which is available via their dedicated website (www.uktradeinfo.com). From this website, it is possible to build your own data tables based upon bespoke search criteria. You can build tables, using the commodity codes published in the UK Trade Tariff. Waste aluminium is classified in section 7602 of the tariff.
The website will give information on value, amounts and the countries where the aluminium was sent. HMRC do not record the reason for export. If you need help or support in constructing a table from the data on uktradeinfo, please contact uktradeinfo@hmrc.gov.uk.
Exchequer Secretary (HM Treasury)
The income tax and National Insurance Contributions status of any payment made to an employee or a public official will depend on the specific facts and circumstances. Generally, where a payment is received because of a person’s employment or public office, it should be taxed as employment income. Payments may still be taxable, even if not treated as employment income.
HMRC will take action to recover unpaid tax and National Insurance Contributions, where it is appropriate to do so.
Exchequer Secretary (HM Treasury)
At Budget 2025, the government announced a package of changes to gambling duties which will raise over £1 billion per year to support the public finances and forms part of our ambition to create a fair, modern and sustainable tax system.
As part of this package, remote betting will see an increase from 15% to 25% from 1 April 2027. The government is protecting horseracing from these changes as horserace bets are already subject to a mandatory 10% levy. Recognising this unique position, there will therefore be no change to the duty for bets on UK horseracing, whether in person or online. While operators can pay a voluntary levy of 0.6 per cent on greyhound bets, they are not subject to the same 10 per cent mandatory levy that bets on horseracing are.
Exchequer Secretary (HM Treasury)
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer NICs. The TIIN sets out the impact of the policy on the exchequer, the economic impacts of the policy, and the impacts on individuals, businesses, and civil society organisations, as well as an overview of the equality impacts.
The Office for Budget Responsibility also published the Economic and Fiscal Outlook (EFO) in March 2026, which sets out a detailed forecast of the economy and public finances. The OBR expect that employment levels will rise in every year of the forecast, reaching 35.3m in 2030-31.
The Government is committed to supporting young people to earn and learn. That is why we have recently announced that we will offer a guaranteed job to young people on Universal Credit, who are unemployed for over 18 months. This will provide an opportunity for young people to gain essential skills and experience and prevent the damaging effects of long-term unemployment. This initiative forms a key part of the Government’s Youth Guarantee and will build upon existing employment support and sector-based work academies (SWAPs) currently being delivered by the Department for Work and Pensions (DWP)
Employers can claim a number of employer NICs reliefs including those for under-21s and under-25 apprentices. This means employers will pay no employer NICs for apprentices under 25 or employees under 21 on earnings up to £50,270.
Exchequer Secretary (HM Treasury)
Rateable values represent the annual rent a property could reasonably have been expected to achieve at the Antecedent Valuation Date (AVD), reflecting market evidence at that point in time. For the current 2023 rateable values the AVD is 1 April 2021, and for the 2026 revaluation, it is 1 April 2024.
The Government will launch a review on how pubs are valued for business rates.
Exchequer Secretary (HM Treasury)
The Government has announced a £4.3 billion business rates support package to protect ratepayers from large overnight increases in bills.
In addition, the Government is introducing permanently lower tax rates for eligible RHL properties. These are worth almost £1 billion per year, and will benefit over 750,000 properties.
On top of this, pubs and live music venues will also benefit from 15% off their new business rates bills, ahead of their bills being frozen in real terms for a further two years.
As a result, over half of ratepayers will see no bill increases next year, including 23% seeing their bills go down. Government support also means that most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
Exchequer Secretary (HM Treasury)
No public money was used to pay the legal or settlement fees to which the Hon Member refers.
Chief Secretary to the Treasury
The Memorandum of Understanding (MoU) agreed between HMRC and the Cabinet Office on 19 October 2023 sets out the arrangements under which HMRC may disclose information to support the honours process.
A review of the operation of the MoU took place on 29 November 2024 as part of routine governance activity. The review concluded that the arrangements continued to operate as intended and it did not result in any material changes. As the arrangements were unchanged, no further review was carried out on 12 June 2025. The MoU remains in force until 12 June 2027. Any future updates would be reflected in a revised agreement when agreed and published.
Exchequer Secretary (HM Treasury)
Katie Martin is a Business Adviser to the Chancellor, appointed as a Direct Ministerial Appointment.
Direct Ministerial Appointments are generally unpaid, reflecting their part-time, advisory nature. HM Treasury currently has nine unpaid Direct Ministerial Appointments: three are held by women and six by men (37.5% and 62.5% respectively). HM Treasury also has two paid Direct Ministerial Appointments, one held by a woman and one held by a man.
Exchequer Secretary (HM Treasury)