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
James Murray (LAB - Ealing North)Exchequer Secretary (HM Treasury)
Emma Reynolds (Lab - Wycombe)
Economic Secretary (HM Treasury)
Torsten Bell (Lab - Swansea West)
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, whether her Department plans to provide interim guidance on the tax treatment of …
Sections 261M to 261O and 261P(1) and (2) of the Financial Services and Markets Act 2000 (c. 8) (“the Act”) …
A Bill to make provision about secondary Class 1 contributions.
21:35
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 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).
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c. 1,242 added daily
155,172
(Estimated)
Don't change inheritance tax relief for working farms
Sign this petition Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025closes in 2 months, 1 week
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.
Departmental Select Committee
Treasury Committee
Commons Select Committees are a formally established cross-party group of backbench MPs tasked with holding a Government department to account.
At any time there will be number of ongoing investigations into the work of the Department, or issues which fall within the oversight of the Department. Witnesses can be summoned from within the Government and outside to assist in these inquiries.
Select Committee findings are reported to the Commons, printed, and published on the Parliament website. The government then usually has 60 days to reply to the committee's recommendations.
11 Members of the Treasury Committee
Treasury Committee Member since 9th September 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 9th December 2024
Treasury Committee: Upcoming Events
Bank of England Monetary Policy Reports
5 Mar 2025, 2 p.m.
At 2:30pm: Oral evidence
Andrew Bailey - Governor at Bank of England
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Treasury Committee - Oral evidence
Bank of England Monetary Policy Reports
5 Mar 2025, 2 p.m.
At 2:30pm: Oral evidence
Andrew Bailey - Governor at Bank of England
Dr Huw Pill - Chief Economist at Bank of England
Megan Greene - External Member at Monetary Policy Committee, Bank of England
Professor Alan Taylor - External Member at Monetary Policy Committee, Bank of England
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Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)Without any Government intervention, 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.
At Budget, the Government also announced that from 2026-27, it intends to introduce permanently lower tax rates for RHL properties with rateable values below £500,000. 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 rates for any new business rate multipliers will be set at Budget 2025 so that the Government can take into account the upcoming revaluation outcomes as well as the economic and fiscal context.
Exchequer Secretary (HM Treasury)
All Research and Development (R&D) claims go through a risk screening process to determine which need further checking, with the majority paid without a formal compliance check.
Where risks are identified, HMRC opens compliance checks to investigate the claims, within established legislative time limits and with wider taxpayer safeguards such as appeal rights. Where a check is opened into a claim that on further investigation is found to be fully eligible, HMRC aims to close its check and approve the claim as quickly as possible.
HMRC has required claimants to submit an Additional Information Form as part of their claim since August 2023. The information provided in these forms enhances HMRC’s risking process by helping to more accurately identify claims that may not be compliant and reduces the risk of valid claims being picked up for a compliance check.
To strengthen the administration of the reliefs and provide businesses with greater certainty the Government announced at the Autumn Budget that it will explore widening the use of advance clearances for R&D reliefs.
Exchequer Secretary (HM Treasury)
Pubs make an enormous contribution to our economy and society, and this is recognised in the tax system.
Beer producers benefitted from a freeze to alcohol duty from 1 February 2024 until 1 February 2025.
At the Autumn 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%. This came into effect on 1 February 2025.
Exchequer Secretary (HM Treasury)
HM Revenue and Customs holds data on employee earnings and deductions, provided by employers in Full Payment Submissions to HMRC. However, local councils are not separately identified in HMRC data, so the requested figures are not available.
Exchequer Secretary (HM Treasury)
The VOA’s Freedom of Information (FOI) releases log is due to be updated shortly with FOI releases that are of wider public interest. This follows a review (in line with section 19 of the FOI Act and ICO guidance) of the information previously published, and the removal, or movement, of information that was out of date, or best suited to be published alongside ad hoc or official statistics releases. The last FOI release was published on GOV.UK on 11 July 2024.
Exchequer Secretary (HM Treasury)
The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses and fixing the public finances. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992.
Information from claims is not recorded to enable regional breakdowns of the number of estates expected to be affected. However, the Government has set out that around 1,500 estates across the UK only claiming business property relief are expected to be affected in 2026-27, with around 1,000 of these expected to only hold shares designated as “not listed” on the markets of recognised stock exchanges, such as the Alternative Investment Market. The remaining 500 estates will include business assets from sectors across the economy that are eligible for business property relief. These reforms mean that around three-quarters of estates claiming business property relief in 2026-27 (excluding those only relating to holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27.
Exchequer Secretary (HM Treasury)
The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses and fixing the public finances. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992.
Information from claims is not recorded to enable regional breakdowns of the number of estates expected to be affected. However, the Government has set out that around 1,500 estates across the UK only claiming business property relief are expected to be affected in 2026-27, with around 1,000 of these expected to only hold shares designated as “not listed” on the markets of recognised stock exchanges, such as the Alternative Investment Market. The remaining 500 estates will include business assets from sectors across the economy that are eligible for business property relief. These reforms mean that around three-quarters of estates claiming business property relief in 2026-27 (excluding those only relating to holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27.
Exchequer Secretary (HM Treasury)
The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and fixing the public finances in a fair way. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992.
Exchequer Secretary (HM Treasury)
Companies already pay Corporation Tax in line with their profitability. The main rate of 25 per cent – which is the lowest in the G7 – applies to profits over £250,000. The small profits rate of 19 per cent applies to profits under £50,000. Marginal relief applies to profits between £50,000 and £250,000 so that the tax rate increases gradually from 19% to 25%.
Exchequer Secretary (HM Treasury)
This information is published by special category code (Scat) here: www.gov.uk/government/publications/non-domestic-rating-property-counts-and-rateable-value-rv-for-properties-in-england-with-rv-over-500000
The VOA consider Scat codes 139 Hypermarkets/superstores (over 2500 m2) and 152 Large food stores (750-2500 m2) as supermarkets.
Exchequer Secretary (HM Treasury)
As set out at Autumn Budget 2024, the Government intends to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties, including those on the high street, from 2026-27. 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 all properties with a rateable value (RV) of £500,000 and above.
The Government will confirm the rates for the new multipliers at Budget 2025, taking account of the outcomes of the 2026 revaluation as well as the broader economic and fiscal context.
Tax policy and legislation is not subject to the Better Regulation Framework Guidance which requires an Impact Assessment to accompany policy decisions. Nevertheless, when the new multipliers are set at Budget 2025 – to take effect in the 2026-27 billing year – HM Treasury intends to publish analysis of the effects of the new multiplier arrangements.
Exchequer Secretary (HM Treasury)
As set out at Autumn Budget 2024, the Government intends to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties, including those on the high street, from 2026-27. 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 all properties with a rateable value (RV) of £500,000 and above.
The Government will confirm the rates for the new multipliers at Budget 2025, taking account of the outcomes of the 2026 revaluation as well as the broader economic and fiscal context.
Tax policy and legislation is not subject to the Better Regulation Framework Guidance which requires an Impact Assessment to accompany policy decisions. Nevertheless, when the new multipliers are set at Budget 2025 – to take effect in the 2026-27 billing year – HM Treasury intends to publish analysis of the effects of the new multiplier arrangements.
Exchequer Secretary (HM Treasury)
As set out at Autumn Budget 2024, the Government intends to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties, including those on the high street, from 2026-27. 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 all properties with a rateable value (RV) of £500,000 and above.
The Government will confirm the rates for the new multipliers at Budget 2025, taking account of the outcomes of the 2026 revaluation as well as the broader economic and fiscal context.
Tax policy and legislation is not subject to the Better Regulation Framework Guidance which requires an Impact Assessment to accompany policy decisions. Nevertheless, when the new multipliers are set at Budget 2025 – to take effect in the 2026-27 billing year – HM Treasury intends to publish analysis of the effects of the new multiplier arrangements.
Exchequer Secretary (HM Treasury)
As set out at Autumn Budget 2024, the Government intends to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties, including those on the high street, from 2026-27. 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 all properties with a rateable value (RV) of £500,000 and above.
The Government will confirm the rates for the new multipliers at Budget 2025, taking account of the outcomes of the 2026 revaluation as well as the broader economic and fiscal context.
Tax policy and legislation is not subject to the Better Regulation Framework Guidance which requires an Impact Assessment to accompany policy decisions. Nevertheless, when the new multipliers are set at Budget 2025 – to take effect in the 2026-27 billing year – HM Treasury intends to publish analysis of the effects of the new multiplier arrangements.
Exchequer Secretary (HM Treasury)
As set out at Autumn Budget 2024, the Government intends to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties, including those on the high street, from 2026-27. 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 all properties with a rateable value (RV) of £500,000 and above.
The Government will confirm the rates for the new multipliers at Budget 2025, taking account of the outcomes of the 2026 revaluation as well as the broader economic and fiscal context.
Tax policy and legislation is not subject to the Better Regulation Framework Guidance which requires an Impact Assessment to accompany policy decisions. Nevertheless, when the new multipliers are set at Budget 2025 – to take effect in the 2026-27 billing year – HM Treasury intends to publish analysis of the effects of the new multiplier arrangements.
Exchequer Secretary (HM Treasury)
The Government is committed to periodically evaluating the R&D reliefs to ensure they are as effective as possible and underpinned by a credible, up-to-date evidence base. It will be some time before the required outturn data is available to conduct an accurate review following the changes announced during the review of the R&D reliefs. The Government will continue to publish annual statistics on R&D claims by sector and company size on Gov.uk.
More broadly, the Government is committed to creating a positive environment for entrepreneurship and is working with leading entrepreneurs and venture capital firms on how policy supports that, including the role of existing tax schemes, as set out in the Autum Budget 2024.
Exchequer Secretary (HM Treasury)
Kanishka Narayan
(Labour - Vale of Glamorgan)
In Autumn 2023, a review of the R&D tax credit system concluded. As part of this review, the previous Government extended the scope of the reliefs to include data and cloud costs, merged the RDEC and SME scheme, and introduced the Enhanced Support for Research-Intensive SMEs (ERIS), which provides a higher rate of relief for loss-making, innovative companies. The life sciences and deep tech sectors are expected to be among the main beneficiaries of ERIS.
The Government is committed to periodically evaluating the R&D reliefs to ensure they are as effective as possible and underpinned by a credible, up-to-date evidence base. It will be some time before the required outturn data is available to conduct an accurate review. The Government will continue to publish annual statistics on R&D claims by sector and company size on Gov.uk
Exchequer Secretary (HM Treasury)
The Government carefully considers the impact of all decisions on those sharing protected characteristics in line with both our legal obligations and with our commitment to greater fairness and opportunity.
The Government is committed to meeting its obligation to the Public Sector Equality Duty (PSED) and Treasury ministers are confident the Government has met the obligation for the changes to National Insurance.
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, civil society organisations and an overview of the equality impacts.
The Office for Budget Responsibility also published the Economic and Fiscal Outlook (EFO), which sets out a detailed forecast of the economy and public finances.
Exchequer Secretary (HM Treasury)
The Government has taken a number of difficult but necessary decisions on tax, welfare, and spending to fix the public finances and fund public services.
One of the toughest decisions the Government took was to raise employer National Insurance contributions.
The Government will provide support for departments and other public sector employers for additional employer National Insurance costs only.
The Government has no direct role in funding parish and town councils and therefore does not intend to provide further support for the employer National Insurance changes.
This is the usual approach Government takes to supporting the public sector with additional employer NICs costs, as was the case with the previous government’s Health and Social Care Levy.
Exchequer Secretary (HM Treasury)
Autumn Budget 2024 announced the extension of Retail, Hospitality and Leisure (RHL) relief for one year at 40 per cent up to a cash cap of £110,000 per business, and the freezing of the small business multiplier for 2025-26. This is a package worth over £1.6 billion in 2025-26.
For both business rates measures, the breakdown of costings over the scorecard period can be found on page 120 (lines 47-48) in ‘Chapter 5: Policy decisions’ of Autumn Budget 2024: https://assets.publishing.service.gov.uk/media/672b9695fbd69e1861921c63/Autumn_Budget_2024_Accessible.pdf
Exchequer Secretary (HM Treasury)
The change in treatment for Double Cab Pick-ups (DCPUs) as announced at Autumn Budget 2024 was to align treatment with recent case law to treat them as cars, and not a change in policy requiring legislation. As mentioned in my answer of 28 January 2025, given this was not a policy change, it sits outside the Tax Consultation Framework. Under that framework, Tax Information and Impacting Notes (TIINs) are only published alongside legislation at fiscal events. More information on the Tax Consultation Framework can be found here: https://assets.publishing.service.gov.uk/media/5a79567ee5274a3864fd622b/tax-consultation-framework.pdf
Exchequer Secretary (HM Treasury)
The Valuation Office Agency (VOA) assesses non-domestic properties in line with legislation. This will be based on a set date, called the Antecedent Valuation Date (AVD). For the current rating list, this is 1 April 2021.
The VOA’s valuations are based on the level of rent the property could earn at the AVD. Should the level of taxation and fiscal policy affect rents paid in the open market at that specific point in time, they will be reflected in any rental evidence that is used.
Any change in the level of taxation or fiscal policy that occurs after the AVD, or would not have been known at the AVD, would not be considered until a subsequent non-domestic revaluation.
Exchequer Secretary (HM Treasury)
In line with Section 41 of The Local Government Finance Act 1988, the VOA will publish the 2026 rating lists in draft on Gov.uk by 31 December 2025.
Exchequer Secretary (HM Treasury)
The Government has established the joint HMT/HMRC working group with industry representatives to identify solutions that provide clarity on the tax treatment of ecosystem service markets, including the Biodiversity Net Gain scheme. The work of the group is currently ongoing.
Exchequer Secretary (HM Treasury)
The Government has established the joint HMT/HMRC working group with industry representatives to identify solutions that provide clarity on the tax treatment of ecosystem service markets, including the Biodiversity Net Gain scheme. The work of the group is currently ongoing.
Exchequer Secretary (HM Treasury)
The Government has established the joint HMT/HMRC working group with industry representatives to identify solutions that provide clarity on the tax treatment of ecosystem service markets, including the Biodiversity Net Gain scheme. The work of the group is currently ongoing.
Exchequer Secretary (HM Treasury)
The requested information is not available. Claims for Professional Membership Fees and Annual Subscriptions, (under s343 and s344 ITEPA 2003) are reported on HMRC returns under the ‘Fees and Subscriptions’ category and cannot therefore be separately identified.
Exchequer Secretary (HM Treasury)
I can confirm a response was sent on 21 February 2025 to the hon. Members for Arundel and South Downs, East Surrey, and Wyre Forest.
Economic Secretary (HM Treasury)
HMT has been engaged on the financial mandate for negotiations with Mauritius. Any UK-Mauritius agreement, alongside the structure of any associated financial obligations, remains subject to finalisation and signature. As lead departments, the FCDO and the MOD must balance the commitments of any agreement against wider priorities, as per the Managing Public Money Framework.
Chief Secretary to the Treasury
The rules governing the Sovereign Grant have been set by Parliament in the Sovereign Grant Act 2011.
The Grant will be reviewed again in 2026 and the government is committed to bring forward legislation to reset the Grant to a lower level from 2027-28 once Buckingham Palace reservicing works are completed.
Chief Secretary to the Treasury
Ben Maguire
(Liberal Democrat - North Cornwall)
The Government understands the importance of face-to-face banking to communities, high streets and rural areas across the UK, 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 local residents and businesses up and down the country with critical cash and banking services. Over 200 banking hubs have been announced so far, including two in North Cornwall, and over 100 are already open.
Banking has changed significantly in recent years with many customers benefitting from the ease and convenience of remote banking. 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.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK.
Economic Secretary (HM Treasury)
The Government understands the importance of face-to-face banking to communities, high streets and rural areas across the UK, 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 local residents and businesses up and down the country with critical cash and banking services. Over 200 banking hubs have been announced so far, including two in North Cornwall, and over 100 are already open.
Banking has changed significantly in recent years with many customers benefitting from the ease and convenience of remote banking. 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.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK.
Economic Secretary (HM Treasury)
Kevin Hollinrake
(Conservative - Thirsk and Malton)
The Transforming Business Rates consultation notes that the average pub has a rateable value (RV) of £16,800. This is based on the median RV of properties under special category 226: "Public Houses/Pub Restaurants" on the 2023 compiled rating list.
Exchequer Secretary (HM Treasury)
Yes. Where part of the independent school setting includes nursery provision within the same occupation, that accommodation will be included within the valuation and therefore form part of the Rateable Value.
Exchequer Secretary (HM Treasury)
HM Treasury uses office space in multi-department buildings that are managed by the Government Property Agency, who provide a desk/place booking system for staff in each of our offices.
Responsibility for any desk booking sits with each individual arm's length body, rather than HMT.
Exchequer Secretary (HM Treasury)
In 2023 to 2024, there were 113,100 transactions above the nil-rate band threshold of £250,000 that claimed First-Time Buyers’ Relief (FTBR) in the Stamp Duty Land Tax (SDLT) return. These transactions paid an average of £900 in SDLT.
Estimates for 2025 to 2026 for claimants of FTBR and for the average SDLT paid by FTBR claimants are not available.
Exchequer Secretary (HM Treasury)
I am the minister responsible for the progression of this policy.
The Government is preparing to lay these regulations in Parliament in due course.
Economic Secretary (HM Treasury)
A qualifying recognised overseas pension scheme (QROPS) is the name for any pension scheme located outside the UK which meets the criteria to receive transfers of UK tax relieved pension savings. Where the overseas pension scheme has broadly similar tax characteristics to a UK registered pension scheme. QROPS are pension schemes, not products.
Although QROPS can receive UK tax relieved pension savings, this does not mean that the UK has a right to regulate pension schemes in other countries. However, those overseas schemes are required to be regulated by a pensions regulator in the overseas country where they are established in order for them to receive UK tax relieved pensions. HMRC does not impose restrictions on assets a QROPS can invest in that is for the overseas regulator.
There are no plans to make HMRC, or the Pensions Regulator (TPR), or the Financial Conduct Authority (FCA), regulate QROPS. That would not be appropriate because the UK does not have jurisdiction over overseas pension schemes. HMRC’s primary role is to protect UK tax relief that have been given. HMRC can remove the QROPS status from pension schemes when it is not appropriate for the scheme to continue to be able to receive UK tax relieved pension savings. There are also no plans to introduce an investigation unit into QROPS or review the regulatory framework.
In the UK individuals are free to transfer their pension savings but must get financial advice for larger amounts. The QROPS rules allow individuals to move abroad to live or work to take their pension savings with them. HMRC makes clear that individuals should seek suitable professional advice, including from a regulated financial adviser, when transferring pension savings to a QROPS. A transfer to a QROPS is covered by the requirement to take regulated financial advice if transferring more than £30,000 from a Defined Benefit scheme.
Additionally, pension scheme administrators are responsible for carrying out due diligence on transfers to other pension schemes. They are also responsible for complying with the requirements of TPR and the FCA.
HMRC, TPR and the FCA are part of the Pension Scams Action Group (PSAG) - a multi-agency taskforce of law enforcement, Government and industry working together to tackle pension fraud.
Economic Secretary (HM Treasury)
A qualifying recognised overseas pension scheme (QROPS) is the name for any pension scheme located outside the UK which meets the criteria to receive transfers of UK tax relieved pension savings. Where the overseas pension scheme has broadly similar tax characteristics to a UK registered pension scheme. QROPS are pension schemes, not products.
Although QROPS can receive UK tax relieved pension savings, this does not mean that the UK has a right to regulate pension schemes in other countries. However, those overseas schemes are required to be regulated by a pensions regulator in the overseas country where they are established in order for them to receive UK tax relieved pensions. HMRC does not impose restrictions on assets a QROPS can invest in that is for the overseas regulator.
There are no plans to make HMRC, or the Pensions Regulator (TPR), or the Financial Conduct Authority (FCA), regulate QROPS. That would not be appropriate because the UK does not have jurisdiction over overseas pension schemes. HMRC’s primary role is to protect UK tax relief that have been given. HMRC can remove the QROPS status from pension schemes when it is not appropriate for the scheme to continue to be able to receive UK tax relieved pension savings. There are also no plans to introduce an investigation unit into QROPS or review the regulatory framework.
In the UK individuals are free to transfer their pension savings but must get financial advice for larger amounts. The QROPS rules allow individuals to move abroad to live or work to take their pension savings with them. HMRC makes clear that individuals should seek suitable professional advice, including from a regulated financial adviser, when transferring pension savings to a QROPS. A transfer to a QROPS is covered by the requirement to take regulated financial advice if transferring more than £30,000 from a Defined Benefit scheme.
Additionally, pension scheme administrators are responsible for carrying out due diligence on transfers to other pension schemes. They are also responsible for complying with the requirements of TPR and the FCA.
HMRC, TPR and the FCA are part of the Pension Scams Action Group (PSAG) - a multi-agency taskforce of law enforcement, Government and industry working together to tackle pension fraud.
Economic Secretary (HM Treasury)
A qualifying recognised overseas pension scheme (QROPS) is the name for any pension scheme located outside the UK which meets the criteria to receive transfers of UK tax relieved pension savings. Where the overseas pension scheme has broadly similar tax characteristics to a UK registered pension scheme. QROPS are pension schemes, not products.
Although QROPS can receive UK tax relieved pension savings, this does not mean that the UK has a right to regulate pension schemes in other countries. However, those overseas schemes are required to be regulated by a pensions regulator in the overseas country where they are established in order for them to receive UK tax relieved pensions. HMRC does not impose restrictions on assets a QROPS can invest in that is for the overseas regulator.
There are no plans to make HMRC, or the Pensions Regulator (TPR), or the Financial Conduct Authority (FCA), regulate QROPS. That would not be appropriate because the UK does not have jurisdiction over overseas pension schemes. HMRC’s primary role is to protect UK tax relief that have been given. HMRC can remove the QROPS status from pension schemes when it is not appropriate for the scheme to continue to be able to receive UK tax relieved pension savings. There are also no plans to introduce an investigation unit into QROPS or review the regulatory framework.
In the UK individuals are free to transfer their pension savings but must get financial advice for larger amounts. The QROPS rules allow individuals to move abroad to live or work to take their pension savings with them. HMRC makes clear that individuals should seek suitable professional advice, including from a regulated financial adviser, when transferring pension savings to a QROPS. A transfer to a QROPS is covered by the requirement to take regulated financial advice if transferring more than £30,000 from a Defined Benefit scheme.
Additionally, pension scheme administrators are responsible for carrying out due diligence on transfers to other pension schemes. They are also responsible for complying with the requirements of TPR and the FCA.
HMRC, TPR and the FCA are part of the Pension Scams Action Group (PSAG) - a multi-agency taskforce of law enforcement, Government and industry working together to tackle pension fraud.
Economic Secretary (HM Treasury)
A qualifying recognised overseas pension scheme (QROPS) is the name for any pension scheme located outside the UK which meets the criteria to receive transfers of UK tax relieved pension savings. Where the overseas pension scheme has broadly similar tax characteristics to a UK registered pension scheme. QROPS are pension schemes, not products.
Although QROPS can receive UK tax relieved pension savings, this does not mean that the UK has a right to regulate pension schemes in other countries. However, those overseas schemes are required to be regulated by a pensions regulator in the overseas country where they are established in order for them to receive UK tax relieved pensions. HMRC does not impose restrictions on assets a QROPS can invest in that is for the overseas regulator.
There are no plans to make HMRC, or the Pensions Regulator (TPR), or the Financial Conduct Authority (FCA), regulate QROPS. That would not be appropriate because the UK does not have jurisdiction over overseas pension schemes. HMRC’s primary role is to protect UK tax relief that have been given. HMRC can remove the QROPS status from pension schemes when it is not appropriate for the scheme to continue to be able to receive UK tax relieved pension savings. There are also no plans to introduce an investigation unit into QROPS or review the regulatory framework.
In the UK individuals are free to transfer their pension savings but must get financial advice for larger amounts. The QROPS rules allow individuals to move abroad to live or work to take their pension savings with them. HMRC makes clear that individuals should seek suitable professional advice, including from a regulated financial adviser, when transferring pension savings to a QROPS. A transfer to a QROPS is covered by the requirement to take regulated financial advice if transferring more than £30,000 from a Defined Benefit scheme.
Additionally, pension scheme administrators are responsible for carrying out due diligence on transfers to other pension schemes. They are also responsible for complying with the requirements of TPR and the FCA.
HMRC, TPR and the FCA are part of the Pension Scams Action Group (PSAG) - a multi-agency taskforce of law enforcement, Government and industry working together to tackle pension fraud.
Economic Secretary (HM Treasury)
A qualifying recognised overseas pension scheme (QROPS) is the name for any pension scheme located outside the UK which meets the criteria to receive transfers of UK tax relieved pension savings. Where the overseas pension scheme has broadly similar tax characteristics to a UK registered pension scheme. QROPS are pension schemes, not products.
Although QROPS can receive UK tax relieved pension savings, this does not mean that the UK has a right to regulate pension schemes in other countries. However, those overseas schemes are required to be regulated by a pensions regulator in the overseas country where they are established in order for them to receive UK tax relieved pensions. HMRC does not impose restrictions on assets a QROPS can invest in that is for the overseas regulator.
There are no plans to make HMRC, or the Pensions Regulator (TPR), or the Financial Conduct Authority (FCA), regulate QROPS. That would not be appropriate because the UK does not have jurisdiction over overseas pension schemes. HMRC’s primary role is to protect UK tax relief that have been given. HMRC can remove the QROPS status from pension schemes when it is not appropriate for the scheme to continue to be able to receive UK tax relieved pension savings. There are also no plans to introduce an investigation unit into QROPS or review the regulatory framework.
In the UK individuals are free to transfer their pension savings but must get financial advice for larger amounts. The QROPS rules allow individuals to move abroad to live or work to take their pension savings with them. HMRC makes clear that individuals should seek suitable professional advice, including from a regulated financial adviser, when transferring pension savings to a QROPS. A transfer to a QROPS is covered by the requirement to take regulated financial advice if transferring more than £30,000 from a Defined Benefit scheme.
Additionally, pension scheme administrators are responsible for carrying out due diligence on transfers to other pension schemes. They are also responsible for complying with the requirements of TPR and the FCA.
HMRC, TPR and the FCA are part of the Pension Scams Action Group (PSAG) - a multi-agency taskforce of law enforcement, Government and industry working together to tackle pension fraud.
Economic Secretary (HM Treasury)
A qualifying recognised overseas pension scheme (QROPS) is the name for any pension scheme located outside the UK which meets the criteria to receive transfers of UK tax relieved pension savings. Where the overseas pension scheme has broadly similar tax characteristics to a UK registered pension scheme. QROPS are pension schemes, not products.
Although QROPS can receive UK tax relieved pension savings, this does not mean that the UK has a right to regulate pension schemes in other countries. However, those overseas schemes are required to be regulated by a pensions regulator in the overseas country where they are established in order for them to receive UK tax relieved pensions. HMRC does not impose restrictions on assets a QROPS can invest in that is for the overseas regulator.
There are no plans to make HMRC, or the Pensions Regulator (TPR), or the Financial Conduct Authority (FCA), regulate QROPS. That would not be appropriate because the UK does not have jurisdiction over overseas pension schemes. HMRC’s primary role is to protect UK tax relief that have been given. HMRC can remove the QROPS status from pension schemes when it is not appropriate for the scheme to continue to be able to receive UK tax relieved pension savings. There are also no plans to introduce an investigation unit into QROPS or review the regulatory framework.
In the UK individuals are free to transfer their pension savings but must get financial advice for larger amounts. The QROPS rules allow individuals to move abroad to live or work to take their pension savings with them. HMRC makes clear that individuals should seek suitable professional advice, including from a regulated financial adviser, when transferring pension savings to a QROPS. A transfer to a QROPS is covered by the requirement to take regulated financial advice if transferring more than £30,000 from a Defined Benefit scheme.
Additionally, pension scheme administrators are responsible for carrying out due diligence on transfers to other pension schemes. They are also responsible for complying with the requirements of TPR and the FCA.
HMRC, TPR and the FCA are part of the Pension Scams Action Group (PSAG) - a multi-agency taskforce of law enforcement, Government and industry working together to tackle pension fraud.
Economic Secretary (HM Treasury)
Gregory Campbell
(Democratic Unionist Party - East Londonderry)
To ensure that the ISA regime remains simple and sustainable, placing a restriction on who can open and manage a Junior Individual Savings Account (JISA) prevents more than one JISA of each type (cash or stocks and shares) being opened in error and ensures that there is a single point of contact for the giving of instructions. Given the nature of the role, the ISA rules require this to be someone with parental responsibility for the child. A grandparent who does not have parental responsibility is therefore unable to open or manage a Junior ISA on behalf of their grandchild.
While parents or legal guardians must open a JISA on behalf of their children, grandparents can then add funds to the account, up to the value of £9,000 a year.
As with all aspects of the tax system, the Government keeps the JISA policy under review. Any decisions on future changes will be taken by the Chancellor in the context of the wider fiscal and economic position.
Economic Secretary (HM Treasury)
His Majesty’s Government has no legislation which blocks the process for sending remittances to Ukraine. How remittances are sent to Ukraine is determined by individual UK banks.
We appreciate the hardships citizens face as a result of the ongoing conflict and note that increasing financial regulation from the National Bank of Ukraine has made it difficult to provide remittances to the people of Ukraine, including via UK banks.
The UK continues to reaffirm its unwavering support to Ukraine. The UK has committed £12.8bn in military, humanitarian and economic support to Ukraine since February 2022. The UK will continue to honour the PM’s commitment on 10 July 2024 which provides Ukraine with £3bn of military support per annum until 2030/31 or for as long as needed.
Economic Secretary (HM Treasury)
There are no plans to change the policy on remittances to Ukraine. How remittances are sent to Ukraine is determined by individual UK banks.
We appreciate the hardships citizens face as a result of the ongoing conflict and note that increasing financial regulation from the National Bank of Ukraine has made it difficult to provide remittances to the people of Ukraine, including via UK banks.
The UK reaffirms its unwavering support to Ukraine for as long as it takes. We are facing a once in a generation moment for the collective security of Europe. Securing a lasting peace in Ukraine that safeguards its sovereignty for the long-term is essential if we are to deter Russia from further aggression in the future. Ukraine is paying the ultimate price in Russia’s illegal invasion – with the lives of its citizens – to defend the values and freedoms we hold dear.
The UK has committed £12.8bn in military, humanitarian and economic support to Ukraine since February 2022. The UK will continue to honour the PM’s commitment on 10 July 2024 which provides Ukraine with £3bn of military support per annum until 2030/31 or for as long as needed.
Economic Secretary (HM Treasury)
Freddie van Mierlo
(Liberal Democrat - Henley and Thame)
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, civil society organisations and an overview of the equality impacts.
The Office for Budget Responsibility also published the Economic and Fiscal Outlook (EFO), which sets out a detailed forecast of the economy and public finances.
The Government is protecting the lowest paid by increasing the National Living Wage. This limits the ability of employers to pass on increases in costs to those on lower pay. The Government has also introduced important protections for workers as part of the Plan to Make Work Pay.
Exchequer Secretary (HM Treasury)
Freddie van Mierlo
(Liberal Democrat - Henley and Thame)
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, civil society organisations and an overview of the equality impacts.
The Office for Budget Responsibility also published the Economic and Fiscal Outlook (EFO), which sets out a detailed forecast of the economy and public finances.
The Government is protecting the lowest paid by increasing the National Living Wage. This limits the ability of employers to pass on increases in costs to those on lower pay. The Government has also introduced important protections for workers as part of the Plan to Make Work Pay.
Exchequer Secretary (HM Treasury)
HM Treasury has, and continues to, take forward considerable work in identifying and actioning efficiencies in the departmental group. This includes adopting the Government Efficiency Framework, regularly reviewing productivity and efficiency measures to remove inefficiencies on an ongoing basis. Furthermore, HM Treasury is, as required by Spending Review 2025, doing detailed work to identify the efficiencies and savings required by the cross-government process.
Chief Secretary to the Treasury