Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will assess the potential impact of her debt management policies on pension funds.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
Consistent with the debt management objective, the government assesses a range of cost and risk factors when setting its financing plans, in addition to demand considerations and market conditions. HM Treasury and the Debt Management Office regularly consult with gilt market investors, including pension funds, to provide participants with the opportunity to inform decisions on debt management.
The gilt holdings of pension funds will decline in the coming years as most private sector defined benefit pension schemes are closed to new members and will eventually wind down. This trend is well understood by the market – and it remains an important consideration when setting debt management policy. This was reflected in the 2026-27 UK Debt Management Office financing remit, which was announced on 3 March. The remit sets out a balanced and well-diversified gilt issuance programme across the range of maturities, in order to support maintaining an accessible, well-functioning gilt market.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what proportion of government debt over each of the past five financial years has been held by (a) domestic investors and (b) overseas investors.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
The ONS publishes estimates of holdings of government debt by sector. The latest available data, as at end 2025 Q3, splits holdings by overseas and domestic investors. ONS data shows a split of holdings between overseas and domestic investors of 28% and 72% respectively in 2021 Q3 and 33% and 67% respectively in 2025 Q3.
Asked by: James Wild (Conservative - North West Norfolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the average length of time is for HMRC investigations into the potential underpayment of stamp duty land tax by individuals.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
There will be many factors that impact the length of time a case is open, including complexity and whether the customer wishes to appeal HMRC’s decision and enters a dispute resolution process.
Asked by: Will Forster (Liberal Democrat - Woking)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of requiring parents to apply for Child Benefit on their eligibility to qualify for National Insurance credits.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
Child Benefit is a non-means tested benefit payable to families as a contribution towards the cost of raising children. Successfully applying for Child Benefit automatically gives eligible parents and carers Class 3 National Insurance (NI) credits until their child turns twelve. The requirement to apply for Child Benefit to qualify for the corresponding NI credit has existed since the introduction of Child Benefit in 2010. A similar policy link between Child Benefit and an individual’s NI record applied previously via Home Responsibilities Protection.
Given the link between Child Benefit and an individual’s NI record is a long-standing feature of the system, HMRC has not conducted an assessment of the impacts of requiring parents to apply for Child Benefit to access these particular NI credits.
Asked by: Lee Anderson (Reform UK - Ashfield)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has made a recent assessment of the potential impact of business rates on small and medium-sized enterprises.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since the pandemic, which has led to significant increases in rateable values for some properties as they recover from the pandemic.
To support with bill increases, the Government has introduced a generous support package worth £4.3 billion over the next 3 years, including support to help ratepayers to transition to their new bill. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
The Government is introducing new permanently lower multipliers for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £1 billion per year and will benefit over 750,000 properties.
From April, every pub and live music venue will get 15% off its new business rates bill on top of the support announced at Budget and then bills will be frozen in real terms for a further two years.
The Government is also supporting small businesses to grow. At Budget, the Government announced the extension of Small Business Rates Relief (SBRR) so that businesses opening second premises can retain their SBRR for three years, tripling the current allowance.
Around a third of properties already pay no business rates as they receive 100 per cent Small Business Rate Relief (SBRR), with an additional 85,000 benefiting from reduced bills as this relief tapers.
Asked by: Mike Wood (Conservative - Kingswinford and South Staffordshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the answer of 12 January 2026 to Question 101767 on Jeffery Epstein, what information her Department holds on Lord Mandelson's representations on the disposal of RBS Sempra Commodities to JP Morgan in 2009-10.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The government is cooperating fully with a Metropolitan Police investigation and is providing any assistance required.
Asked by: Sojan Joseph (Labour - Ashford)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment she has had made of the potential merits of extending tax relief for pension contributions for people aged 75 and over.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
The Government wishes to encourage pension saving, to help ensure that people have an income, or funds on which they can draw, throughout retirement. This is why, for the majority of savers, pension contributions are tax-free. This makes pensions tax relief one of the most expensive reliefs in the personal tax system. In 2023/24 Income Tax relief on total contributions and investment income of pension funds and National Insurance relief on employer contributions for pension savings cost the Exchequer £78.2 billion, with around 68 per cent of Income Tax relieved at the Higher and Additional rates.
Ending the provision of tax relief on pension contributions at the age of 75 is a longstanding feature of the pensions tax system. It is the age at which at which most people will bring or will have brought their pension into payment.
The Government does not want pensions to become a vehicle for tax planning, and the Government does not intend to change these rules.
Asked by: Perran Moon (Labour - Camborne and Redruth)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the proposed Electric Vehicle Excise Duty pay per mile charge for plug in hybrid vehicles will apply only to the mileage driven using electric power, or to the vehicle’s total mileage.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
Electric and plug-in hybrid (PHEV) cars will be in scope of electric Vehicle Excise Duty (eVED) on the basis they can be plugged in to charge, where the electricity input is not subject to a fuel duty equivalent.
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 of 3 pence per mile that will apply to fully electric cars.
The government recognises that PHEV driving habits vary and that some motorists will drive more or less than 50% in electric mode. However, alternative options would require motorists to report their exact mileage driven in petrol versus electric mode, which is not considered a practical or proportionate approach. A reduced rate for PHEVs strikes the right balance between fairness, protecting motorists’ privacy and minimising administrative burdens on motorists.
Asked by: Steff Aquarone (Liberal Democrat - North Norfolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what was the total VAT revenue from a). domestic and b). commercial heating oil sales in FY2024-25.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
HM Revenue and Customs does not hold information on VAT revenue from specific products or services. This is because businesses are not required to provide figures at a product level within their VAT returns, as this would impose an excessive administrative burden.
VAT is chargeable at the reduced rate of 5% on domestic fuel and power. Business consumers of energy may reclaim VAT on their purchases of energy subject to normal VAT deduction rules.
Asked by: Helen Maguire (Liberal Democrat - Epsom and Ewell)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate she has made of the number of people subject to the loan charge who will have their cases settled following the independent review of the loan charge.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
I refer the Hon. Member to the answers I gave on 9 February 2026 to UIN 109841, 109843 and 109842.