Asked by: Lord Truscott (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the benefits of introducing a windfall tax on banks in light of the economic impact of the current conflict in the Middle East.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The banking sector is already subject to additional taxes: the Bank Levy and the Bank Corporation Tax Surcharge, which together raise for the Exchequer approximately £3 billion per year.
As set out in the Corporate Tax Roadmap, the Government is committed to keeping the bank tax regime under review to ensure the objectives of growth and responsible fiscal policy are appropriately balanced.
Asked by: James Wild (Conservative - North West Norfolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the response of the Minister for Pensions of 23 March 2026, Official Report, column 95, on the National Insurance Contributions (Employer Pension Contributions) Bill, whether her estimate of the proportion of contributions over £2,000 that are from additional rate taxpayers also includes higher rate taxpayers.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
The government is taking a pragmatic, balanced approach by introducing a cap which protects ordinary workers and limits the impact on employers, while ensuring that the system remains fiscally sustainable. 87% of pension contributions made via salary sacrifice above £2,000 are forecast to come from higher and additional rate taxpayers.
The £2,000 cap protects 74% of basic rate taxpayers using salary sacrifice. This means that three quarters of those earning up to £50,270 a year who use salary sacrifice will be unaffected.
Asked by: Andrew Snowden (Conservative - Fylde)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has assessed the adequacy of financial support for residents of park homes in relation to heating costs.
Answered by James Murray - Chief Secretary to the Treasury
The government has acted quickly to provide £53m in timely, targeted support to low-income households struggling with the rising price of heating oil and at risk of losing access to heating and hot water.Asked by: Lee Dillon (Liberal Democrat - Newbury)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions her Department has had with industry representatives on alternatives to the business rates system.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The Call for Evidence on business rates and investment closed on 18 February. As part of this process, the Government engaged industry representatives for more detailed evidence on how the business rates system influences investment decisions, with questions on the business rates system’s tax structure, small business rates relief, improvement relief and empty property relief.
The Government is carefully considering representations we’ve received, and a response to the Call for Evidence will be published in due course.
Asked by: Lord Freyberg (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the net fiscal effect of the 2026 non-domestic rating revaluation on the commercial recording studio sector; whether any projected increase in non-domestic rates yield has been set against the risk of lost income tax, National Insurance contributions, corporation tax, and VAT receipts arising from commercial recording studio closures and the relocation of recording activity overseas; and whether they intend to monitor those fiscal effects over a five-year period.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
No such estimates have been made. In recognition of the impact of the revaluation on bills, the Government has introduced a support package worth £4.3 billion to protect ratepayers against large overnight increases in bills.
Recording studios are a vital part of the infrastructure of the music industry. The Government is doubling funding for the Music Growth Package, which will support the music ecosystem across both live and electronic music – from grassroots venues, festivals, recording and rehearsal studios to artists, songwriters, independent labels, managers, and promoters working in all genres of music.
The Government will continue to engage closely with the sector to understand ongoing pressures and ensure the UK remains a globally competitive place to create, record and produce music.
Asked by: Samantha Niblett (Labour - South Derbyshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she is taking to assist people with student debt to gain access to a mortgage.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government is committed to making home ownership more accessible by supporting first-time buyers, and welcomes changes made last year to support homeowners. The FCA clarifications to their affordability testing rules have been adopted by 85% of the market and should allow customers to borrow around 10% more on the same income.
Additional flexibility from the Bank of England in relation to their loan-to-income rules are also allowing more customers to access larger mortgages in relation to their incomes. The Bank of England estimates that this change provide capacity for lenders to support up to 36,000 additional first-time buyers in the first year.
The UK also benefits from a competitive mortgage market that offers various low deposit products; prospective buyers are encouraged to shop around and speak to a mortgage broker to find the best possible product for their circumstances.
As a Government, we recognise the impact that previous Government terms can have on graduates’ finances. The government is capping the maximum interest rates on Plan 2 and 3 student loans at 6% from 1 September, for the 2026/27 academic year, delivering stability and protections for graduates from escalating student loan interest. We will continue to keep the terms of the student loan system under review to ensure that it is sustainable and fair for both students and taxpayers.
Asked by: Lord Freyberg (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask His Majesty's Government what estimate they have made of the loss to public finances of income tax and National Insurance contributions arising from the potential closure of commercial recording studios as a result of the 2026 non-domestic rating revaluation; and what assessment they have made of the number of entry-level positions in commercial recording studios that may be lost as a consequence.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
No such estimates have been made. In recognition of the impact of the revaluation on bills, the Government has introduced a support package worth £4.3 billion to protect ratepayers against large overnight increases in bills.
Recording studios are a vital part of the infrastructure of the music industry. The Government is doubling funding for the Music Growth Package, which will support the music ecosystem across both live and electronic music – from grassroots venues, festivals, recording and rehearsal studios to artists, songwriters, independent labels, managers, and promoters working in all genres of music.
The Government will continue to engage closely with the sector to understand ongoing pressures and ensure the UK remains a globally competitive place to create, record and produce music.
Asked by: Lord Alton of Liverpool (Crossbench - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what steps they have taken to permanently prevent ISIS from using their financial assets which have already been frozen.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
There are 255 individuals and 88 entities or groups designated under the ISIL (Da’esh) and Al-Qaida (United Nations Sanctions) (EU Exit) Regulations 2019. The UK funds and economic resources owned, held or controlled by persons listed under this regime are frozen.
UK persons are also prohibited from dealing with the assets of Designated Persons, either directly or indirectly. The Office of Financial Sanctions Implementation will continue to investigate any breaches of financial sanctions.
UK sanctions legislation does not provide powers to seize frozen assets. Assets owned or controlled by a designated person are frozen immediately by the person in possession or control of them and does not involve a change in ownership.
Asked by: Lord Pack (Liberal Democrat - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government, further to the Written Answer by Baroness Anderson of Stoke-on-Trent on 24 March (HL15443), what steps HM Treasury has taken in the last year to meet its legal duty to keep under review the question of when uncommenced legislation that falls within its area of responsibility should be brought into force.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Treasury keeps legislation under review considering operational readiness, Cabinet Office guidance and wider priorities. Policy teams monitor provisions that have not been commenced and consider when to bring forward commencement orders, drawing on legal and legislative advice where needed. The department remains in regular contact with Parliament to undertake required post-legislative scrutiny, including consideration of measures not yet commenced.
Asked by: Ian Lavery (Labour - Blyth and Ashington)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether HMRC has assessed the potential impact of differing terms, conditions, training, and turnover rates on service quality and resilience in relation to the use of Managed Service Providers.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The current staff provided by Managed Service Providers (MSPs) represent additional capacity in 2025/26. HMRC staff will not be made redundant as a result of this initiative.
Other Government Departments (OGDs) already use MSP contracts to provide additional workforce flexibility. HMRC are currently in an initial approximately 18 month ‘proof of value’ phase using existing Government contracts. This will allow them to test, learn and ensure quality and value for money before wider implementation.
HMRC provides the initial training for the services covered by the MSPs, before approving suppliers to train subsequent cohorts of staff themselves. All operational guidance is developed, owned and updated by HMRC, and HMRC retains full decision‑making authority, with a dedicated team actively managing the partnership.
Callers are not informed whether the person they are speaking to is employed by HMRC or an MSP, as the service which they receive is the same. OGDs also take this approach.