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)
15:15
Oral Evidence
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 steps she is taking with the Greater Manchester Combined Authority to improve …
This Order provides for certain “buy-now-pay-later” agreements which are currently exempt agreements within article 60F(2) of the Financial Services and …
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 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 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).
(7,264 in the last 7 days)
(632 in the last 7 days)
(88 in the last 7 days)
(7,264 in the last 7 days)
(76 in the last 7 days)
(632 in the last 7 days)
(84 in the last 7 days)
c. 1,418 added daily
270,597
(Estimated)
Raise the income tax personal allowance from £12,570 to £20,000
Sign this petition Gov Responded - 20 Feb 2025 Debated on - 12 May 2025closes in 3 weeks
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 2 weeks, 2 days 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.
c. 575 added daily
115,552
(Estimated)
Don't apply VAT to independent school fees, or remove business rates relief.
Sign this petition Gov Responded - 20 Dec 2024 Debated on - 3 Mar 2025closes in 3 days, 13 hours
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 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
3 Jun 2025, 9:45 a.m.
At 10:15am: Oral evidence
Andrew Bailey - Governor at Bank of England
Sarah Breeden - Deputy Governor for Financial Stability at Bank of England
Dr Catherine L. Mann - External Member at Monetary Policy Committee, Bank of England
Dr Swati Dhingra - External Member at Monetary Policy Committee, Bank of England
View calendar - Save to Calendar
Treasury Committee - Oral evidence
Work of HM Revenue and Customs
4 Jun 2025, 2 p.m.
At 2:15pm: Oral evidence
John Paul (JP) Marks - First Permanent Secretary and CEO at HMRC
Angela MacDonald - Second Permanent Secretary and Deputy CEO at HMRC
Jonathan Athow - Director General, Customer Strategy and Tax Design at HMRC
Penny Ciniewicz - Director General, Customer Compliance Group at HMRC
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Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)We have agreed to work towards the association of the UK to the EU Erasmus+ programme. The specific terms of this association, including mutually agreed financial terms, should be determined as part of that process in order to ensure a fair balance as regards the contributions of and benefits to the United Kingdom.
The government has been clear that the UK will only associate to Erasmus+ on significantly improved financial terms which take into account the UK’s financial contribution and the number of UK participants who receive funding from the programme.
Chief Secretary to the Treasury
The 10 Year Infrastructure Strategy will reduce uncertainty by bringing together a long-term plan for the social, economic and housing infrastructure across the UK, including the North West
Alongside considering the UK’s economic and social infrastructure needs, the strategy will set out how we are reforming institutions and changing the way we make decisions and deliver infrastructure, maximising the benefits of our strong fiscal and spending frameworks, breaking down regulatory and planning barriers, and resetting our relationship with the private sector.
Chief Secretary to the Treasury
The Government has already demonstrated its commitment to improving Northern transport infrastructure. At and since the Budget last Autumn, further commitment and funding has been provided for key transport programmes in the North, including the Transpennine Route Upgrade, an £11 billion programme that will transform rail connectivity from Manchester through to York.
Future investment priorities for Northern transport infrastructure will be considered in the round as part of the Spending Review.
Chief Secretary to the Treasury
The Government has already demonstrated its commitment to improving Northern transport infrastructure. At and since the Budget last Autumn, further commitment and funding has been provided for key transport programmes in the North, including the Transpennine Route Upgrade, an £11 billion programme that will transform rail connectivity from Manchester through to York.
Through City Region Sustainable Transport Settlements (CRSTS) Round 1 (2022/23–2026/27), the Government has also provided Greater Manchester Combined Authority with £1 billion to invest in local transport priorities.
Future investment priorities for Northern transport infrastructure will be considered in the round as part of the Spending Review.
Chief Secretary to the Treasury
The Government recognises the importance of supporting churches and other listed places of worship.
Through the National Lottery Heritage fund, churches have access to grants ranging from £10,000 to £10million to support repair work for listed buildings and address issues around workforce and volunteer capability to manage heritage. Alongside this, the Government has extended the Listed Places of Worship Grant Scheme, with a budget of £23m until 31 March 2026, and this provides churches and other listed places of worship with grants of up to £25,000. This scheme will continue to enable religious organisations to claim grants covering eligible VAT costs paid towards repairs and renovations.
On support for increased energy costs, in the short-term, the Government wants to provide businesses with better protection from being locked into unfair and expensive energy contracts, and more redress when they have a complaint. Last year, the Government launched a consultation on introducing regulation of Third-Party Intermediaries (TPIs), such as energy brokers. This is aimed at enhancing consumer protections, particularly for non-domestic consumers. The consultation has now closed, and a Government response will follow in due course once all feedback has been reviewed.
From 19 December 2024 Small and Medium Enterprises (SMEs) with fewer than 50 employees can now access free support to resolve issues with their energy supplier through the Energy Ombudsman. This means that 99% of British businesses can now access this service with outcomes ranging up to £20,000 in financial awards
Charities may also, depending on their status, be able to benefit from buying their energy through Crown Commercial Service. Crown Commercial Service are a trading fund of Cabinet Office and their frameworks allow charities to benefit from the collective purchasing power of the UK public sector.
More broadly, within the tax system, we provide support to charities through a range of reliefs and exemptions, including reliefs for charitable giving, with more than £6 billion in charitable reliefs provided to charities, CASCs and their donors in 2023 to 2024.
Exchequer Secretary (HM Treasury)
Approved Mileage Allowance Payments (AMAPs) are used by employers to reimburse an employee’s expenses for business mileage in their private vehicle.
The rates for cars are 45 pence per mile for the first 10,000 miles and 25 pence per mile thereafter. These rates are arrived at after considering a range of factors including:
• the costs of motoring per business mile for a range of cars and mileages;
• the transport needs of business;
• the cost to the Exchequer of changing the rate; and
• the overall fiscal position
The AMAP rates are not mandatory, and employers can choose to pay more or less than the AMAP rate. It is therefore ultimately up to employers to determine the rate at which they reimburse their employees.
Exchequer Secretary (HM Treasury)
The Government recognises the vital role played by the charity sector and the generosity of the British public. We support charitable giving with over £1.6billion in Gift Aid each year.
Charities have the flexibility to decide on their own strategy for fundraising and are free to partner with other organisations to process their Gift Aid claims. It will ultimately be a commercial decision on the part of a charity to work with a fundraising platform. If they do, any fee paid to the platform for processing gift aid claims may be calculated by reference to the amount claimed but is not itself gift aid.
Fundraising platforms do not receive financial support from the government and their profits are taxable.
Many of the fundraising platforms are voluntarily registered with the Fundraising Regulator which is the independent, non-statutory regulator of charitable fundraising in England, Wales and Northern Ireland. The Fundraising Regulator can act if it believes standards have been breached.
Exchequer Secretary (HM Treasury)
As announced at Autumn Budget 2024, from 6 April 2027 most unused pension funds and death benefits will be included within the value of a person’s estate for inheritance tax purposes.
The Government is considering the responses to the technical consultation on the liability for reporting and paying any inheritance tax on pensions, which closed on 22 January.
The government will publish a response document and draft legislation later this year in the normal way.
Exchequer Secretary (HM Treasury)
Transforming the business rates system is a multi-year process, and reforms taken forward will be phased over the course of the Parliament to provide certainty for businesses and local government finance.
Through these reforms, we will create a fairer business rates system that protects the high street, supports investment, and is fit for the 21st century.
In summer, the Government will publish an interim report that sets out a clear direction of travel for the business rates system, with further policy detail to follow at Autumn Budget 2025.
Exchequer Secretary (HM Treasury)
The Government is not considering an income tax relief for party political donations.
Exchequer Secretary (HM Treasury)
I have overall ministerial responsibility for HMRC and have chaired its Board since September 2024. HMRC is headed by a body of Commissioners, appointed by the Crown, who are required to publish a Charter of Standards of behaviours and values for how they will deal with taxpayers and report on performance against these standards annually. Taxpayers can challenge HMRC’s decisions in the specialist tax tribunal or through the civil courts. Senior HMRC officials are also accountable to parliament and regularly give evidence to the Treasury and Public Accounts committees.
I have set priorities for HMRC to close the tax gap, improve day to day performance and the overall customer experience, and reform and modernise the UK tax and customs system. These are hardwired into the Department’s business plan, and we will be setting out more detail about how we will transform to deliver these priorities in a Transformation Roadmap.
Exchequer Secretary (HM Treasury)
The promotion or operation of mass marketed tax avoidance schemes is not, in or of itself, a criminal offence, unless the promoter is acting in breach of an HM Revenue and Customs Stop Notice.
The Government is committed to tackling tax avoidance and is consulting on a package of measures, including potential new criminal powers, to facilitate swifter and stronger action against those who own or control promoter organisations.
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 Government decided to protect the smallest businesses from these changes by increasing the Employment Allowance from £5,000 to £10,500. This means that this year, 865,000 employers will pay no NICs at all, and more than half of all employers will either gain or will see no change. It means employers will be able to employ up to four full-time workers on the National Living Wage without paying employer NICs.
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 Government decided to protect the smallest businesses from these changes by increasing the Employment Allowance from £5,000 to £10,500. This means that this year, 865,000 employers will pay no NICs at all, and more than half of all employers will either gain or will see no change. It means employers will be able to employ up to four full-time workers on the National Living Wage without paying employer NICs.
Exchequer Secretary (HM Treasury)
The Government believes the review must bring the Loan Charge to a close for those people who still owe substantial amounts of money but can see no way to resolve their debts
The Government is committed to tackling promoters of tax avoidance and is currently consulting on a package of measures, powers and sanctions to facilitate swifter and stronger action against those who own or control promoter organisations. Further options are under consultation targeting those tax advisors and legal professionals behind avoidance schemes.
Exchequer Secretary (HM Treasury)
The Government believes the review must bring the Loan Charge to a close for those people who still owe substantial amounts of money but can see no way to resolve their debts
The Government is committed to tackling promoters of tax avoidance and is currently consulting on a package of measures, powers and sanctions to facilitate swifter and stronger action against those who own or control promoter organisations. Further options are under consultation targeting those tax advisors and legal professionals behind avoidance schemes.
Exchequer Secretary (HM Treasury)
The Government is committed to tackling tax avoidance and is consulting on a package of measures, including potential new criminal sanctions, to facilitate swifter and stronger action against those who own or control promoter organisations.
The Government also announced action at 2024 Autumn Budget to tackle tax avoidance by umbrella companies. Legislation, effective from April 2026, will be introduced to make recruitment agencies using umbrella companies legally responsible for accounting for PAYE on workers’ pay. Where there is no agency in the supply chain, this responsibility will fall to the end client. This along with the measures on promoters will help prevent disguised remuneration in the future.
Exchequer Secretary (HM Treasury)
The Government is committed to tackling tax avoidance and is consulting on a package of measures, including potential new criminal sanctions, to facilitate swifter and stronger action against those who own or control promoter organisations.
The Government also announced action at 2024 Autumn Budget to tackle tax avoidance by umbrella companies. Legislation, effective from April 2026, will be introduced to make recruitment agencies using umbrella companies legally responsible for accounting for PAYE on workers’ pay. Where there is no agency in the supply chain, this responsibility will fall to the end client. This along with the measures on promoters will help prevent disguised remuneration in the future.
Exchequer Secretary (HM Treasury)
The Government recognises the vital role played by the charity sector and the generosity of the British public. That is why we support charitable giving with over £1.6billion in Gift Aid each year.
Charities have the flexibility to decide on their own strategy for fundraising and are free to partner with other organisations to process their Gift Aid claims. It will ultimately be a commercial decision on the part of a charity to work with a fundraising platform and whether it is appropriate to pay a fee for any services provided.
The Government does not provide financial support or subsidies to social fundraising platforms
Organisations that process Gift Aid and charge commission must report their annual income to HMRC. However, HMRC do not specifically request them to separately report how much income is earned from commission. Therefore, HMRC does not hold the information you have requested.
Exchequer Secretary (HM Treasury)
HMRC receives enquiries from hon. Members through a variety of channels, including calls, emails and letters, covering a wide range of topics. HMRC does not systematically record which of these enquires specifically relate to instances of overcharged tax, nor whether they resulted in a repayment.
Obtaining this information would require a detailed analysis of every enquiry raised by hon. Members. The level of resource needed to conduct such an in-depth review would exceed the disproportionate cost threshold for written parliamentary questions.
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. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free.
These reforms were announced in October 2024 and will take effect in April 2026.
Exchequer Secretary (HM Treasury)
The Government is committed to supporting people of all income levels and all stages of life to save, and recognises the importance of accessible, high-quality financial advice and guidance - particularly for those with little or no savings.
To help achieve this, the Government sponsors the Money and Pensions Service (MaPS), which provides free and impartial money and pensions guidance to the public online and by telephone. MaPS also offers a range of practical tools and resources to help individuals build savings, including a free Budget Planner and guides to help people manage their money, track spending, and identify opportunities to save.
At the Autumn Budget last year we extended the Help to Save scheme, which encourages low-income workers to save regularly. This Government also extended the eligibility criteria to include all Universal Credit claimants in work, not just those earning above a certain threshold
In addition, the Government is taking forward a Financial Inclusion Strategy to ensure that everyone has access to appropriate and affordable financial products and services. As part of this strategy, we are considering what more can be done to support people to build savings and strengthen their financial resilience.
Exchequer Secretary (HM Treasury)
The UK Government has regular discussions with the Welsh Government at official and ministerial level. I met with Rebecca Evans, Cabinet Secretary for Economy, Energy and Planning, on 27th February, where we discussed the Welsh Government’s request that the UK Government considers devolution of the management of The Crown Estate in Wales.
Financial Secretary (HM Treasury)
Seventeen of the largest workplace pension providers in the UK have signed the Mansion House Accord, a voluntary commitment which will see signatories allocating at least 10 per cent to private markets across all main defined contribution (DC) default funds by 2030, with at least half (5 per cent) of the total invested in the UK.
The Government welcomes the Accord which, via more diverse portfolios, can improve outcomes for savers and boost growth for Britain with greater investment in the likes of infrastructure and fast-growing businesses across the country.
Financial Secretary (HM Treasury)
The Government is focused on looking forward, building the UK’s relationship with the EU and finding practical solutions that deliver for the British people. As such, the Prime Minister hosted EU leaders at the first ever UK-EU summit on 19 May, during which we agreed a new Strategic Partnership and reaffirmed our shared values and commitment to deeper cooperation against the backdrop of an evolving global geopolitical landscape.
Financial Secretary (HM Treasury)
We estimate that the Emission Trading System and food and agriculture elements of the agreement alone will boost the economy by nearly £9 billion by 2040.
Implementation costs will be confirmed in due course when we have negotiated the details of these arrangements. This will include proportionate contributions in specific and limited areas, such as where access to specific IT systems will help to remove trade barriers for UK firms or help us to manage biosecurity risks. We will not be making general contributions to the EU budget.
Exchequer Secretary (HM Treasury)
The Government recognises that preparing for the future means adapting to the effects of climate change. Without action, flooding, coastal erosion and other climate hazards will pose greater risks to lives, livelihoods and people’s wellbeing
The Office for Budget Responsibility’s latest Fiscal Risks and Sustainability report estimates the potential fiscal costs to the UK from climate damage across a range of warming scenarios. Their analysis includes both direct costs in response to physical damages and indirect costs arising from additional demands on public services. The UK’s Third Climate Change Risk Assessment also provides an evaluation of the climate risks facing the UK, with impacts across infrastructure, health and the economy.
As set out at the Autumn Budget, the Government is investing in climate adaptation to protect the economy from climate change, confirming investment of £2.4 billion over two years to support flood resilience and over £400 million for tree planting and peatland restoration, which will further support resilience.
The development of the Fourth Climate Change Risk Assessment will also support the Government in continuing to improve its assessment of the risks and opportunities from climate change.
Chief Secretary to the Treasury
HMRC’s priority is to ensure that workers receive the money they are owed as quickly as possible. It is for this reason, in the vast majority of cases, HMRC pursue civil enforcement. In 2023/24 civil enforcement resulted in HMRC issuing 767 Notices of Underpayment to employers. 2024/25 figures are not yet available.
However, for the most egregious breaches of National Minimum Wage law, where employers are persistently non-compliant, or refuse to cooperate with HMRC, criminal prosecution may take place.
The number of employers prosecuted specifically for breaching Section 31(1) “Employer refuses or wilfully neglects to pay NMW” in (a) 2023/24 was 1 and (b) 2024/25 was 1.
Exchequer Secretary (HM Treasury)
The government is introducing legislation to close the tax gap and make the tax system fairer by making recruitment agencies using umbrella companies legally responsible for accounting for PAYE on workers’ pay. As set out at Autumn Budget 2024, this is expected to protect around £2.8 billion from being lost to umbrella company non-compliance across the scorecard period to 2029-30.
Officials have engaged extensively with representatives of the recruitment industry in relation to this measure and will continue to do so.
The government will set out full details of how this measure will operate, alongside draft legislation, later this year. The government will engage with stakeholders to ensure that they have the opportunity to provide feedback before legislation is introduced into Parliament.
The government is committed to supporting businesses to prepare for the implementation of this measure and, to this end, will publish technical guidance for businesses that will be affected by it.
Exchequer Secretary (HM Treasury)
The Government is consulting on proposals to simplify the current gambling tax system by merging the three current taxes that cover remote (including online) gambling into one. The Government is committed to engaging with all stakeholders, as part of the consultation process.
We encourage all stakeholders to engage with the consultation to help ensure that all views are properly considered.
Exchequer Secretary (HM Treasury)
The Government is committed to improving the quality and sustainability of our housing stock. Installations of qualifying energy-saving materials (ESMs) in residential accommodation and buildings used solely for a charitable purpose benefit from a temporary VAT zero rate until March 2027, after which they will revert to the reduced rate of VAT at five per cent.
The Government assesses whether to add ESMs to this relief by evaluating them against the following principles: the primary purpose of the technology must be to improve energy efficiency and reduce carbon emissions, and relieving the technology of VAT must be cost effective and align with broader VAT principles.
Exchequer Secretary (HM Treasury)
As part of their Balance of Payments release, the Office for National Statistics produce statistics on cross-border transactions and positions. This includes information on the aggregate market value of UK quoted equities held by non-resident investors, net inflows of portfolio and other investment from non-resident investors, as well as the total stock of UK corporate bonds held by non-resident investors.
The ONS published their most recent Balance of Payments release on 28 March 2025, which is available on their website at Balance of Payments, UK - Office for National Statistics. The statistics on inflows and stocks/market values can be found in Table J and in Table K respectively.
Exchequer Secretary (HM Treasury)
As part of their Balance of Payments release, the Office for National Statistics produce statistics on cross-border transactions and positions. This includes information on the aggregate market value of UK quoted equities held by non-resident investors, net inflows of portfolio and other investment from non-resident investors, as well as the total stock of UK corporate bonds held by non-resident investors.
The ONS published their most recent Balance of Payments release on 28 March 2025, which is available on their website at Balance of Payments, UK - Office for National Statistics. The statistics on inflows and stocks/market values can be found in Table J and in Table K respectively.
Exchequer Secretary (HM Treasury)
As part of their Balance of Payments release, the Office for National Statistics produce statistics on cross-border transactions and positions. This includes information on the aggregate market value of UK quoted equities held by non-resident investors, net inflows of portfolio and other investment from non-resident investors, as well as the total stock of UK corporate bonds held by non-resident investors.
The ONS published their most recent Balance of Payments release on 28 March 2025, which is available on their website at Balance of Payments, UK - Office for National Statistics. The statistics on inflows and stocks/market values can be found in Table J and in Table K respectively.
Exchequer Secretary (HM Treasury)
Successful businesses and entrepreneurs who create jobs and wealth are the driving engine of the Government’s mission to increase economic growth. We will support them to succeed whilst making those with wealth pay their fair share toward the public finances.
That is why the Government is removing barriers to growth such as burdensome planning processes and unnecessary regulation, whilst also increasing the rates of capital gains taxation and restricting reliefs for inheritance tax that benefit some of the wealthiest estates. These and other decisions announced at Autumn Budget 2024 will help repair the public finances and fund public services such as the NHS and education.
Exchequer Secretary (HM Treasury)
The Government is committed to supporting British businesses as the world enters a new era of global trade. The government has increased the capacity of UK Export Finance (UKEF) to provide support for exporters by £20 billion and has expanded the British Business Bank (BBB) Growth Guarantee Scheme. UKEF operates at no net cost to the taxpayer and increasing its limits does not have a fiscal cost. BBB support is funded within the overall spending plans set out at Spring Statement 2025.
Exchequer Secretary (HM Treasury)
Business Population Estimates show trends in the number of businesses in the UK by size, alongside sectoral and regional distribution: https://www.gov.uk/government/statistics/business-population-estimates-2024/business-population-estimates-for-the-uk-and-regions-2024-statistical-release.
The ONS also publishes data on business demography, showing the annual change in the number of UK businesses (“birth” and “death” rates): https://www.ons.gov.uk/businessindustryandtrade/business/activitysizeandlocation/bulletins/businessdemography/latest.
At Autum Budget 2024, the Government announced generous tax reforms to support small businesses including: more than doubling the employment allowance to £10,500; commitments in the Corporate Tax Roadmap to maintain the Small Profits Rate and marginal relief at their current rates and thresholds; and freezing the small businesses multiplier for 2025/26.
The Government has also committed £250m in 25-26 for the British Business Bank’s small business loans programmes, including Start Up Loans and the Growth Guarantee Scheme.
Exchequer Secretary (HM Treasury)
Dan Norris
(Independent - North East Somerset and Hanham)
The Government recognises that cash continues to be used by millions of people across the UK, including those in vulnerable groups, and is committed to protecting access to cash for individuals and businesses.
The Financial Conduct Authority (FCA) assumed regulatory responsibility for access to cash in September 2024. Its rules require the UK’s largest banks and building societies to assess the impact of a closure or material alteration of a relevant cash withdrawal or deposit facility and put in place a new service if necessary. Assessments are undertaken by LINK, the industry designated coordinating body responsible for conducting cash access assessments. LINK take into account a number of factors including those unique to each location, such as the size and vulnerability of the population and whether it is reasonable for people to travel to nearby facilities, factoring in geographic barriers such as hills, rivers and major roads.
The Government is working closely with industry to roll out 350 banking hubs across the UK by the end of this Parliament. These hubs will provide small businesses and individuals with critical cash and in-person banking services. Over 225 banking hubs have been recommended to date and over 150 are already open.
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. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free.
As the Minister responsible for the UK tax system, I have received representations on this subject from a number of Hon Members and I have participated in several debates in this House since Autumn Budget 2024. I have also met with Hon Members and several agricultural organisations to listen to their views. The Government has been listening to the different views on this subject and continues to believe the approach we have set out is appropriate.
Exchequer Secretary (HM Treasury)
Claire Hanna
(Social Democratic & Labour Party - Belfast South and Mid Down)
The UK Shared Prosperity Fund was extended at Autumn Budget 2024 at a level of £902m, providing support for local areas, including economic inactivity support in Northern Ireland. In 2025 – 2026, Northern Ireland was allocated £45.48 million under the UKSPF, of which £25.8m is expected to be spent on economic inactivity support. Further decisions on local growth funding are a matter for the Spending Review.
Wider employment support is the responsibility of the Northern Ireland Executive.
Chief Secretary to the Treasury
The government has announced significant additional resource for HMRC. This includes an increase of around 400 people over the next five years to tackle offshore non-compliance by wealthy people, estimated to bring in £500 million in additional compliance yield over the same period: https://www.gov.uk/government/publications/spring-statement-2025-document/spring-statement-2025-html
The government is also ensuring that HMRC has the international data it needs and is implementing the Cryptoasset Reporting Framework and amendments to the Common Reporting Standard:
Exchequer Secretary (HM Treasury)
The Government is consulting on proposals to simplify the current gambling tax system by merging the three current taxes that cover remote (including online) gambling into one. The Government is committed to engaging with all stakeholders, including representatives of the horseracing industry, as part of the consultation process.
The Government recognises the significant cultural and economic value of British horseracing, both as a major sporting tradition and as an important contributor to rural economies across the country.
The Government encourages all interested parties to participate in the consultation.
Exchequer Secretary (HM Treasury)
Claire Hanna
(Social Democratic & Labour Party - Belfast South and Mid Down)
The UK Internal Market Scheme (UKIMS) was launched in June 2023, allowing businesses across the United Kingdom to apply, and HMRC has successfully encouraged over 10,000 traders to get authorised.
HMRC is required to take a decision regarding the outcome of a UKIMS application within 120 days days. Applications are typically processed much faster with an average turnaround time of 12 to 15 working days. HMRC must undertake a range of checks to verify eligibility for the scheme and, in certain cases, seek further information from businesses. We do not collect data on the time taken for traders to complete UKIMS applications.
Exchequer Secretary (HM Treasury)
Claire Hanna
(Social Democratic & Labour Party - Belfast South and Mid Down)
The UK Internal Market Scheme (UKIMS) was launched in June 2023, allowing businesses across the United Kingdom to apply, and HMRC has successfully encouraged over 10,000 traders to get authorised.
HMRC is required to take a decision regarding the outcome of a UKIMS application within 120 days days. Applications are typically processed much faster with an average turnaround time of 12 to 15 working days. HMRC must undertake a range of checks to verify eligibility for the scheme and, in certain cases, seek further information from businesses. We do not collect data on the time taken for traders to complete UKIMS applications.
Exchequer Secretary (HM Treasury)
Children under 16 years old on the date of the flight, and in the lowest class of travel, are exempt from Air Passenger Duty (APD). If children under 16 years old are travelling in any other class (such as premium economy) or in business jets, they are not exempt. Children under 2 years old without a seat are exempt from Air Passenger Duty for all classes of travel.
Airline operators declare the number of chargeable passengers by destination band and by rate. They do not break down chargeable passengers by age, and therefore this is not information that HMRC collects. The government has published annual statistics and analysis on airline passenger numbers and Air Passenger Duty (APD) receipts in the UK which are administered by HM Revenue and Customs. It is available at: https://www.gov.uk/government/statistics/air-passenger-duty-bulletin.
Exchequer Secretary (HM Treasury)
Children under 16 years old on the date of the flight, and in the lowest class of travel, are exempt from Air Passenger Duty (APD). If children under 16 years old are travelling in any other class (such as premium economy) or in business jets, they are not exempt. Children under 2 years old without a seat are exempt from Air Passenger Duty for all classes of travel.
Airline operators declare the number of chargeable passengers by destination band and by rate. They do not break down chargeable passengers by age, and therefore this is not information that HMRC collects. The government has published annual statistics and analysis on airline passenger numbers and Air Passenger Duty (APD) receipts in the UK which are administered by HM Revenue and Customs. It is available at: https://www.gov.uk/government/statistics/air-passenger-duty-bulletin.
Exchequer Secretary (HM Treasury)
Since announcement at Autumn Budget 2024, HMRC have undertaken a wide range of stakeholder engagement and employer communications through a variety of channels in advance of the significant increase to the Employment Allowance to £10,500 and removal of the threshold which prevented some larger employers from claiming. This includes webinars highlighting important changes for the new tax year for employers, and written articles in numerous editions of HMRC’s Employer Bulletin, Agent Update and Stakeholder Digest.
In addition, HMRC has a range of channels to raise awareness of changes in tax policy. These include communications issued directly to stakeholders or published on gov.uk, and engagement with stakeholders through established forums such as the Employment and Payroll Group, which the Federation of Small Businesses attend.
Exchequer Secretary (HM Treasury)
Since announcement at Autumn Budget 2024, HMRC have undertaken a wide range of stakeholder engagement and employer communications through a variety of channels in advance of the significant increase to the Employment Allowance to £10,500 and removal of the threshold which prevented some larger employers from claiming. This includes webinars highlighting important changes for the new tax year for employers, and written articles in numerous editions of HMRC’s Employer Bulletin, Agent Update and Stakeholder Digest.
In addition, HMRC has a range of channels to raise awareness of changes in tax policy. These include communications issued directly to stakeholders or published on gov.uk, and engagement with stakeholders through established forums such as the Employment and Payroll Group, which the Federation of Small Businesses attend.
Exchequer Secretary (HM Treasury)