HM Treasury
HM Treasury is the government’s economic and finance ministry, maintaining control over public spending, setting the direction of the UK’s economic policy and working to achieve strong and sustainable economic growth.
Shadow Ministers / Spokeperson
Liberal Democrat
Baroness Kramer (LD - Life peer)Liberal Democrat Lords Spokesperson (Treasury and Economy)
Daisy Cooper (LD - St Albans)
Liberal Democrat Spokesperson (Treasury)
Conservative
Mel Stride (Con - Central Devon)Shadow Chancellor of the Exchequer
Green Party
Adrian Ramsay (Green - Waveney Valley)Green Spokesperson (Treasury)
Liberal Democrat
Charlie Maynard (LD - Witney)Liberal Democrat Spokesperson (Chief Secretary to the Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Lord Altrincham (Con - Excepted Hereditary)Shadow Minister (Treasury)
Richard Fuller (Con - North Bedfordshire)
Shadow Chief Secretary to the Treasury
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
Lord Livermore (Lab - Life peer)Financial Secretary (HM Treasury)
James Murray (LAB - Ealing North)
Chief Secretary to the Treasury
Lord Stockwood (Lab - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
Torsten Bell (Lab - Swansea West)Parliamentary Secretary (HM Treasury)
Dan Tomlinson (Lab - Chipping Barnet)
Exchequer Secretary (HM Treasury)
Lucy Rigby (Lab - Northampton North)
Economic Secretary (HM Treasury)
Written Statements
04:00
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of extending the freeze …
These Regulations establish a regulatory regime for certain cryptoasset activities pursuant to powers conferred by the Financial Services and Markets …
A Bill to Make provision to amend section 4 of the Social Security Contributions and Benefits Act 1992, and section …
HM Treasury Commons Appearances
Oral Answers to Questions is a regularly scheduled appearance where the Secretary of State and junior minister will answer at the Dispatch Box questions from backbench MPs
Other Commons Chamber appearances can be:- Urgent Questions where the Speaker has selected a question to which a Minister must reply that day
- Adjornment Debates a 30 minute debate attended by a Minister that concludes the day in Parliament.
- Oral Statements informing the Commons of a significant development, where backbench MP's can then question the Minister making the statement.
Westminster Hall debates are performed in response to backbench MPs or e-petitions asking for a Minister to address a detailed issue
Written Statements are made when a current event is not sufficiently significant to require an Oral Statement, but the House is required to be informed.
Bills currently before Parliament
HM Treasury does not have Bills currently before Parliament
Acts of Parliament created in the 2024 Parliament
A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2025.
This Bill received Royal Assent on 21st July 2025 and was enacted into law.
A Bill to make provision about secondary Class 1 contributions.
This Bill received Royal Assent on 3rd April 2025 and was enacted into law.
A Bill to make provision about finance.
This Bill received Royal Assent on 20th March 2025 and was enacted into law.
A Bill to amend the Crown Estate Act 1961.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 and 31 March 2026; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2024 and 31 March 2025.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to make provision for loans or other financial assistance to be provided to, or for the benefit of, the government of Ukraine.
This Bill received Royal Assent on 16th January 2025 and was enacted into law.
A Bill to impose duties on the Treasury and the Office for Budget Responsibility in respect of the announcement of fiscally significant measures.
This Bill received Royal Assent on 10th September 2024 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2025; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2024.
This Bill received Royal Assent on 30th July 2024 and was enacted into law.
HM Treasury - Secondary Legislation
Petitions
e-Petitions are administered by Parliament and allow members of the public to express support for a particular issue.
If an e-petition reaches 10,000 signatures the Government will issue a written response.
If an e-petition reaches 100,000 signatures the petition becomes eligible for a Parliamentary debate (usually Monday 4.30pm in Westminster Hall).
(10,548 in the last 7 days)
(3,127 in the last 7 days)
(2,013 in the last 7 days)
(219 in the last 7 days)
(211 in the last 7 days)
(2,013 in the last 7 days)
(3,127 in the last 7 days)
(10,548 in the last 7 days)
(76 in the last 7 days)
(83 in the last 7 days)
Petition Closed
Raise the income tax personal allowance from £12,570 to £20,000
Gov Responded - 20 Feb 2025 Debated on - 12 May 2025closed 5 months, 4 weeks ago
Raise the income tax personal allowance from £12570 to £20000. We think this would help low earners to get off benefits and allow pensioners a decent income.
Petition Closed
Don't change inheritance tax relief for working farms
Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025closed 7 months ago
We think that changing inheritance tax relief for agricultural land will devastate farms nationwide, forcing families to sell land and assets just to stay on their property. We urge the government to keep the current exemptions for working farms.
Petition Closed
Don't apply VAT to independent school fees, or remove business rates relief.
Gov Responded - 20 Dec 2024 Debated on - 3 Mar 2025closed 6 months, 2 weeks ago
Prevent independent schools from having to pay VAT on fees and incurring business rates as a result of new legislation.
Departmental Select Committee
Treasury Committee
Commons Select Committees are a formally established cross-party group of backbench MPs tasked with holding a Government department to account.
At any time there will be number of ongoing investigations into the work of the Department, or issues which fall within the oversight of the Department. Witnesses can be summoned from within the Government and outside to assist in these inquiries.
Select Committee findings are reported to the Commons, printed, and published on the Parliament website. The government then usually has 60 days to reply to the committee's recommendations.
11 Members of the Treasury Committee
Treasury Committee Member since 9th September 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 9th December 2024
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)The number of people forecast to pay tax by marginal rate can be found in Table 3.19 in the OBR’s November 2025 Economic and Fiscal Outlook (EFO). This data reflects the decision made by the previous Government to maintain income tax thresholds at their current levels from April 2021 until April 2028.
3.19 Effect of personal tax threshold freezes on the number of taxpayers in each threshold (millions) [1]
| 2028-29 | 2029-30 | 2030-31 |
Number of taxpayers |
|
|
|
With indexation | 37.4 | 37.9 | 38.4 |
Without indexation | 42.1 | 42.9 | 43.5 |
…brought into income tax | 4.7 | 5.0 | 5.2 |
Number of higher-rate taxpayers |
|
|
|
With indexation | 4.1 | 4.2 | 4.2 |
Without indexation | 8.2 | 8.6 | 8.9 |
…brought into higher-rate band | 4.1 | 4.4 | 4.8 |
Number of additional-rate taxpayers |
|
|
|
Previous £150,000 threshold | 0.9 | 0.9 | 1.0 |
Aligned to the end of PA taper | 1.4 | 1.5 | 1.6 |
…brought into additional-rate band | 0.6 | 0.6 | 0.6 |
The latest yield of personal tax measures can be found in Table 3.18 in the OBR’s November 2025 EFO. As above, this data reflects the decision made by the previous Government to maintain income tax thresholds at their current levels from April 2021 until April 2028.
3.18 Latest yield of personal tax measures(£billions) [2]
| 2028-29 | 2029-30 | 2030-31 |
Changes to thresholds | 54.3 | 60.3 | 66.6 |
Financial Secretary (HM Treasury)
The government is keen to ensure that the law governing co-operatives and community benefit societies supports their growth. That is why we are funding the Law Commission’s independent review of the Co-operative and Community Benefit Societies Act 2014.
The Law Commission’s independent review is considering ways to update and modernise the legislation for co-operatives and community benefit societies, ensuring that it fits the nature and needs of these societies as well as ensuring that regulation is proportionate and effective. The Law Commission is considering methods of raising capital, including society shares, as part of its review.
The Law Commission will publish its final recommendations in 2026. Once this is published, the government will carefully consider the Law Commission’s recommendations to understand whether reform of the legislation is needed to ensure these businesses are supported to grow and succeed into the future.
Economic Secretary (HM Treasury)
HM Treasury engages regularly with businesses and representative organisations in Wales. HMT also runs a stakeholder representations process ahead of fiscal events where the public and businesses can submit their representations. This allows us to consider the views of a wide range of small businesses and their representative organisations. We continue to encourage businesses in Wales to engage with this process at future fiscal events to help inform policy.
Financial Secretary (HM Treasury)
In 2029-30 changes to taxation of dividend income are expected to raise £1.3bn, and changes to taxation of savings income are expected to raise £0.5bn. In 2029-30 changes to salary sacrifice pension contributions are expected to raise £4.8bn.
The exchequer impact of the tax changes outlined can be found in Table 4.1, rows 50 to 52, of the Budget 2025 document available here:
https://www.gov.uk/government/publications/budget-2025-document
Impacts on taxpayers can be found in the corresponding Tax Information and Impacts Note available at the following links:
Financial Secretary (HM Treasury)
Clearance figures for tobacco products, including cigar products, can be found in HMRCs tobacco bulletin, which is available on GOV.UK.
However, HMRC does not collect sales data specifically on handmade cigars.
Financial Secretary (HM Treasury)
The Government is introducing permanently lower business rates multipliers for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £900 million per year and will benefit over 750,000 properties. To sustainably fund these lower RHL multipliers, the Government is also introducing a higher rate on the top one per cent of most expensive properties.
To protect businesses from large bill increases at the 2026 revaluation the government has introduced a generous support package worth £4.3 billion over the next 3 years, including support to help ratepayers to transition to their new bill.
For properties losing their RHL relief, the caps apply to their current bill, including the 40% relief, before changes in other reliefs and local supplements.
This means that most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
Without this support, the pub sector as a whole would have faced a 45% increase in the total bills they pay next year. Because of the support the Government has put in place this falls to just 4%.
Exchequer Secretary (HM Treasury)
Economic Secretary (HM Treasury)
At Budget 2025, the government announced tax changes to the Motability scheme, which will save over £1 billion over the next five years.
The VAT relief for top-up payments made to lease more expensive vehicles will be removed for new leases from 1 July 2026, and Insurance Premium Tax will apply at the standard rate to new insurance contracts on the Scheme from 1 July 2026. The tax changes will not apply to vehicles designed, or substantially and permanently adapted, for wheelchair or stretcher users.
These tax changes ensure Motability can continue to deliver for its customers, for example through the continued provision of a broad range of vehicle models available without any top-up payments. Further detail on the impacts of the tax changes can be found in the Tax Impact and Information Note here:
Economic Secretary (HM Treasury)
The government took steps at Budget 2025 to support founders and high-growth companies across the UK, as set out in the Entrepreneurship Prospectus, including on tax incentives, the procurement regime, R&D funding and expanding the role of the British Business Bank (BBB).
This follows the BBB’s work to date supporting SMEs with its Start Up Loans programme. Between the scheme’s inception in 2012 and June 2025, 105 businesses in Surrey Heath have received loans, totaling £1,249,215 of funding.
Economic Secretary (HM Treasury)
As set out in the TIIN, of the estimated 7.7 million employees who currently use salary sacrifice to make pension contributions, 3.3 million sacrifice more than £2,000 of salary or bonuses. This means 44% would be impacted by this measure, while 56% - around 4.3 million people - are fully protected by the £2,000 threshold. Of those with salary sacrifice contributions in excess of the cap, the average additional employee NICs liability is estimated to be £84 for the tax year 2029/30.
The Office for Budget Responsibility’s (OBR) Economic and Fiscal Outlook (EFO) set out the estimated yield for this measure. Their assumption on passthrough is in line with assumptions for previous changes to employer NICs and is also reflected in the Government’s published costing note.
This change applies to all employers who use salary sacrifice for pensions, regardless of whether they are public sector or private sector. Many public sector employers are prohibited from using salary sacrifice for pensions under the rules of "Managing Public Money."
The government supports all individuals to save into pensions through a generous system of income tax and NICs reliefs worth over £70 billion a year.
This is the fairest way to support pensions saving whilst ensuring relief is targeted at those who need it most.
Financial Secretary (HM Treasury)
As set out in the TIIN, of the estimated 7.7 million employees who currently use salary sacrifice to make pension contributions, 3.3 million sacrifice more than £2,000 of salary or bonuses. This means 44% would be impacted by this measure, while 56% - around 4.3 million people - are fully protected by the £2,000 threshold. Of those with salary sacrifice contributions in excess of the cap, the average additional employee NICs liability is estimated to be £84 for the tax year 2029/30.
The Office for Budget Responsibility’s (OBR) Economic and Fiscal Outlook (EFO) set out the estimated yield for this measure. Their assumption on passthrough is in line with assumptions for previous changes to employer NICs and is also reflected in the Government’s published costing note.
This change applies to all employers who use salary sacrifice for pensions, regardless of whether they are public sector or private sector. Many public sector employers are prohibited from using salary sacrifice for pensions under the rules of "Managing Public Money."
The government supports all individuals to save into pensions through a generous system of income tax and NICs reliefs worth over £70 billion a year.
This is the fairest way to support pensions saving whilst ensuring relief is targeted at those who need it most.
Financial Secretary (HM Treasury)
As set out in the TIIN, of the estimated 7.7 million employees who currently use salary sacrifice to make pension contributions, 3.3 million sacrifice more than £2,000 of salary or bonuses. This means 44% would be impacted by this measure, while 56% - around 4.3 million people - are fully protected by the £2,000 threshold. Of those with salary sacrifice contributions in excess of the cap, the average additional employee NICs liability is estimated to be £84 for the tax year 2029/30.
The Office for Budget Responsibility’s (OBR) Economic and Fiscal Outlook (EFO) set out the estimated yield for this measure. Their assumption on passthrough is in line with assumptions for previous changes to employer NICs and is also reflected in the Government’s published costing note.
This change applies to all employers who use salary sacrifice for pensions, regardless of whether they are public sector or private sector. Many public sector employers are prohibited from using salary sacrifice for pensions under the rules of "Managing Public Money."
The government supports all individuals to save into pensions through a generous system of income tax and NICs reliefs worth over £70 billion a year.
This is the fairest way to support pensions saving whilst ensuring relief is targeted at those who need it most.
Financial Secretary (HM Treasury)
As set out in the TIIN, of the estimated 7.7 million employees who currently use salary sacrifice to make pension contributions, 3.3 million sacrifice more than £2,000 of salary or bonuses. This means 44% would be impacted by this measure, while 56% - around 4.3 million people - are fully protected by the £2,000 threshold. Of those with salary sacrifice contributions in excess of the cap, the average additional employee NICs liability is estimated to be £84 for the tax year 2029/30.
The Office for Budget Responsibility’s (OBR) Economic and Fiscal Outlook (EFO) set out the estimated yield for this measure. Their assumption on passthrough is in line with assumptions for previous changes to employer NICs and is also reflected in the Government’s published costing note.
This change applies to all employers who use salary sacrifice for pensions, regardless of whether they are public sector or private sector. Many public sector employers are prohibited from using salary sacrifice for pensions under the rules of "Managing Public Money."
The government supports all individuals to save into pensions through a generous system of income tax and NICs reliefs worth over £70 billion a year.
This is the fairest way to support pensions saving whilst ensuring relief is targeted at those who need it most.
Financial Secretary (HM Treasury)
Treasury bills represent a core component of the government’s stock of marketable debt, alongside gilts.
The government will be launching a consultation in January 2026 on the potential expansion and deepening of the UK Treasury bill market, including how this might be facilitated by HM Treasury and the UK Debt Management Office.
As well as reflecting feedback from the public, including market participants, and the most recent market and demand conditions, any changes following the consultation will reflect an assessment of cost and risk in accordance with the government’s debt management and cash management objectives. This includes implications for the government’s refinancing risk exposure.
Financial Secretary (HM Treasury)
The Government has introduced regulations to bring the provision of Environment, Social and Governance (ESG) ratings into the FCA’s regulatory responsibility. This will strengthen market integrity and boost investor confidence.
Recognising that ESG ratings are provided by a range of different persons, the scope of the regulated activity is designed to be proportionate to the risk of harm, and to avoid dual regulation. In line with this approach, where firms are providing ESG ratings solely as part of another activity for which they are already regulated, they are excluded from the ESG ratings regulations.
The FCA is consulting on draft rules for ESG ratings providers. As part of this process, the FCA will carefully assess whether existing frameworks for regulated products and services adequately address risks of harm where ESG ratings are provided as part of those activities. If the FCA identifies significant gaps, they will consult on changes to enhance those regimes. This approach is designed to minimise burdens on firms whilst consistently addressing risks of harm from all providers, regardless of their business model or regulatory status.
Financial Secretary (HM Treasury)
The Government has introduced regulations to bring the provision of Environment, Social and Governance (ESG) ratings into the FCA’s regulatory responsibility. This will strengthen market integrity and boost investor confidence.
Recognising that ESG ratings are provided by a range of different persons, the scope of the regulated activity is designed to be proportionate to the risk of harm, and to avoid dual regulation. In line with this approach, where firms are providing ESG ratings solely as part of another activity for which they are already regulated, they are excluded from the ESG ratings regulations.
The FCA is consulting on draft rules for ESG ratings providers. As part of this process, the FCA will carefully assess whether existing frameworks for regulated products and services adequately address risks of harm where ESG ratings are provided as part of those activities. If the FCA identifies significant gaps, they will consult on changes to enhance those regimes. This approach is designed to minimise burdens on firms whilst consistently addressing risks of harm from all providers, regardless of their business model or regulatory status.
Financial Secretary (HM Treasury)
The government is committed to securing the long-term future of the aviation sector in the UK and recognises the benefits of the connectivity it creates between the UK and the rest of the world.
Following previous increases to Air Passenger Duty (APD) rates to account for below inflation rates, the government will uprate APD rates in line with RPI from 1 April 2027 and rounded to the nearest penny. This constitutes a real terms freeze.
In 2012, the UK government devolved the power to set direct long-haul APD rates to the Northern Ireland Executive, and the Executive subsequently set these at zero. The UK government continues to set APD rates for short-haul international and domestic flights from Northern Ireland.
Reforms to APD took effect in April 2023, including the introduction of a new band for domestic flights, initially set at half the rate for short-haul international flights. The domestic rate applies to all flights between airports in England, Scotland, Wales, and Northern Ireland and is currently set at £7 for economy passengers until 31 March 2026.
Financial Secretary (HM Treasury)
At Autumn Budget 2024, the Chancellor announced her intention to review the Soft Drinks Industry levy (SDIL) to drive further product reformulation, whilst maintaining the fundamental design of the levy as a tax on pre-packaged soft drinks with added sugar.
Following this review, between April and July 2025 the government consulted on proposed reforms to the SDIL. The outcomes of this consultation were confirmed at Budget 2025.
As part of the consultation, the government considered responses on dissolvable powders. It also considered the significant redesign of the levy necessary to include them as beyond the remit of the SDIL review, as set out by the Chancellor at Autumn Budget 2024.
More information on the outcome of the Strengthening the Soft Drinks Industry Levy consultation can be found here:
The government will not make any further changes to the design of the SDIL.
Exchequer Secretary (HM Treasury)
The precise design and scope of the power for Mayors to introduce a visitor levy is still under development.
Mayors will decide whether to introduce a levy and, if so, consult on specific proposals. We expect Mayors to engage constructively with businesses and their communities to hear their concerns. This will inform their decisions regarding whether and how a levy will be applied and how any revenue is spent. Giving this power to local leaders who best understand their region enables them to tailor it to growing their local economies
The Government has published a consultation running until 18 February 2026, so that the public, businesses, and local government can shape the design of the power to introduce a levy that will be devolved to local leaders. The consultation seeks views on whether there should be a cap on the rate.
Exchequer Secretary (HM Treasury)
The High Value Council Tax Surcharge (HVCTS) is a new charge on owners of residential property in England worth £2 million or more in 2026, taking effect in April 2028. Owners, not residents, will pay the surcharge. The government will consult on potential exemptions and reliefs in the spring.
Exchequer Secretary (HM Treasury)
The previous Government made the decision to maintain income tax thresholds at their current levels from April 2021 until April 2028.
This government is making fair and necessary choices on tax so it can deliver on the public's priorities, including by maintaining personal tax thresholds until April 2031. Everyone is being asked to contribute to support these goals, but the government is keeping the contribution as low as possible by pursuing a programme of reform to fix longstanding issues in the tax system - modernising it, and addressing unequal and unfair treatment, while ensuring the wealthiest contribute more.
The government has published a Tax Information and Impact Note (TIIN) setting out the impact of maintaining income Tax and equivalent National Insurance contributions thresholds.
Exchequer Secretary (HM Treasury)
The number of individuals in each of the three main Income Tax rate bands from 2020 to 2025 is published in Table 2.1 of HMRC’s Accredited official statistics. Updated forecasts are published in Table 3.19 of the OBR’s November 2025 Economic and fiscal outlook, linked below:
The previous Government made the decision to maintain income tax thresholds at their current levels from April 2021 until April 2028.
Exchequer Secretary (HM Treasury)
Benefit payments in Northern Ireland are a devolved matter.
To make sure support goes to those who truly need it, the UK Government will work with the Northern Ireland Executive over the coming months on ways to tackle welfare fraud and error in Northern Ireland and on different funding options, including the potential to share a portion of resulting savings with the Executive.
Chief Secretary to the Treasury
Helen Whately
(Conservative - Faversham and Mid Kent)
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to pensions salary sacrifice.
The Office for Budget Responsibility’s (OBR) November 2025 Economic and Fiscal Outlook (EFO) sets out that there is not expected to be a material impact on labour supply from this measure. The OBR also do not expect a material impact on savings behaviour as a result of Budget 2025 tax changes.
The government supports all individuals to save into pensions through a generous system of income tax and NICs reliefs worth over £70 billion a year.
Parliamentary Secretary (HM Treasury)
Helen Whately
(Conservative - Faversham and Mid Kent)
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to pensions salary sacrifice.
The Office for Budget Responsibility’s (OBR) November 2025 Economic and Fiscal Outlook (EFO) sets out that there is not expected to be a material impact on labour supply from this measure. The OBR also do not expect a material impact on savings behaviour as a result of Budget 2025 tax changes.
The government supports all individuals to save into pensions through a generous system of income tax and NICs reliefs worth over £70 billion a year.
Parliamentary Secretary (HM Treasury)
Helen Whately
(Conservative - Faversham and Mid Kent)
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to pensions salary sacrifice.
The Office for Budget Responsibility’s (OBR) November 2025 Economic and Fiscal Outlook (EFO) sets out that there is not expected to be a material impact on labour supply from this measure. The OBR also do not expect a material impact on savings behaviour as a result of Budget 2025 tax changes.
The government supports all individuals to save into pensions through a generous system of income tax and NICs reliefs worth over £70 billion a year.
Parliamentary Secretary (HM Treasury)
Helen Whately
(Conservative - Faversham and Mid Kent)
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to pensions salary sacrifice.
The Office for Budget Responsibility’s (OBR) November 2025 Economic and Fiscal Outlook (EFO) sets out that there is not expected to be a material impact on labour supply from this measure. The OBR also do not expect a material impact on savings behaviour as a result of Budget 2025 tax changes.
The government supports all individuals to save into pensions through a generous system of income tax and NICs reliefs worth over £70 billion a year.
Parliamentary Secretary (HM Treasury)
Helen Whately
(Conservative - Faversham and Mid Kent)
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to pensions salary sacrifice.
The Office for Budget Responsibility’s (OBR) November 2025 Economic and Fiscal Outlook (EFO) sets out that there is not expected to be a material impact on labour supply from this measure. The OBR also do not expect a material impact on savings behaviour as a result of Budget 2025 tax changes.
The government supports all individuals to save into pensions through a generous system of income tax and NICs reliefs worth over £70 billion a year.
Parliamentary Secretary (HM Treasury)
The independent Office for Budget Responsibility does not expect that the reform to property income tax will have a significant impact on rental prices.
Exchequer Secretary (HM Treasury)
HMRC has clear processes and a dedicated team in place to ensure requests for exemption from MTD requirements are considered in a consistent and fair way. Exemption procedures for MTD for income tax broadly mirror those which have been successfully applied in MTD for VAT cases since 2019.
Taxpayers can apply for an exemption by phone or in writing, and authorised agents or family members may apply on their behalf. HMRC continually monitors service performance and capacity to ensure adequate resourcing and timely decisions.
Exchequer Secretary (HM Treasury)
Exchequer Secretary (HM Treasury)
HMRC has now completed its review of Child Benefit compliance cases where a PAYE check had not been undertaken. As of 30 November 2025, out of the 23,794 cases opened between August and October 2025, 14,994 Child Benefit customers have been confirmed to be eligible to Child Benefit. Of the remaining 8,800 cases, 1,019, have been determined to have been incorrectly receiving Child Benefit, and 7,781 enquiries remain open as the customer has not yet provided evidence to enable a final determination of residency.
The data from the 23,794 cases is not comparable with the pilot. Recognising the issues with the implementation of the expansion, HMRC put in place an expediated process for customers that varied from the way it applied checks in the pilot. The information from the pilot remains HMRC’s best assessment of the effectiveness of the activity using international travel data to reduce error and fraud.
Exchequer Secretary (HM Treasury)
Lord Robathan
(Conservative - Life peer)
The 2013 regulations were introduced by the Conservative-led Coalition government to ensure the Director of Public Prosecutions’ pension scheme is uprated in line with other public service pension schemes.
Financial Secretary (HM Treasury)
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 tests: the primary purpose of the technology must be to improve energy efficiency and reduce carbon emissions; relieving the technology of VAT must be a cost effective lever for encouraging installations; and it must be practical for business to operate and for HMRC to administer.
Exchequer Secretary (HM Treasury)
We will only sign agreements that are in the national interest and provide value for money for the UK taxpayer.
Chief Secretary to the Treasury
It is vital that consumers have access to motor finance to enable them to spread the cost of a vehicle in a way that is manageable and affordable. We want to see this issue resolved in an efficient and orderly way that provides certainty for consumers and firms.
The Financial Conduct Authority (FCA), as independent regulator, has set out its proposals for a motor finance redress scheme. In its consultation, the FCA has set out how it expects consumers to be appropriately redressed. The FCA also sets out proposals on how firms should support vulnerable consumers, and address any gaps in their records, and what controls should be in place to ensure they operate the scheme in a fair and transparent way.
Throughout the consultation period which closed on December 12, the government has encouraged all stakeholders to fully engage with the process so that their views can be considered by the FCA. The FCA has indicated it will finalise the rules of the scheme in February or March 2026.
Economic Secretary (HM Treasury)
It is vital that consumers have access to motor finance to enable them to spread the cost of a vehicle in a way that is manageable and affordable. We want to see this issue resolved in an efficient and orderly way that provides certainty for consumers and firms.
The Financial Conduct Authority (FCA), as independent regulator, has set out its proposals for a motor finance redress scheme. In its consultation, the FCA has set out how it expects consumers to be appropriately redressed. The FCA also sets out proposals on how firms should support vulnerable consumers, and address any gaps in their records, and what controls should be in place to ensure they operate the scheme in a fair and transparent way.
Throughout the consultation period which closed on December 12, the government has encouraged all stakeholders to fully engage with the process so that their views can be considered by the FCA. The FCA has indicated it will finalise the rules of the scheme in February or March 2026.
Economic Secretary (HM Treasury)
It is vital that consumers have access to motor finance to enable them to spread the cost of a vehicle in a way that is manageable and affordable. We want to see this issue resolved in an efficient and orderly way that provides certainty for consumers and firms.
The Financial Conduct Authority (FCA), as independent regulator, has set out its proposals for a motor finance redress scheme. In its consultation, the FCA has set out how it expects consumers to be appropriately redressed. The FCA also sets out proposals on how firms should support vulnerable consumers, and address any gaps in their records, and what controls should be in place to ensure they operate the scheme in a fair and transparent way.
Throughout the consultation period which closed on December 12, the government has encouraged all stakeholders to fully engage with the process so that their views can be considered by the FCA. The FCA has indicated it will finalise the rules of the scheme in February or March 2026.
Economic Secretary (HM Treasury)
It is vital that consumers have access to motor finance to enable them to spread the cost of a vehicle in a way that is manageable and affordable. We want to see this issue resolved in an efficient and orderly way that provides certainty for consumers and firms.
The Financial Conduct Authority (FCA), as independent regulator, has set out its proposals for a motor finance redress scheme. In its consultation, the FCA has set out how it expects consumers to be appropriately redressed. The FCA also sets out proposals on how firms should support vulnerable consumers, and address any gaps in their records, and what controls should be in place to ensure they operate the scheme in a fair and transparent way.
Throughout the consultation period which closed on December 12, the government has encouraged all stakeholders to fully engage with the process so that their views can be considered by the FCA. The FCA has indicated it will finalise the rules of the scheme in February or March 2026.
Economic Secretary (HM Treasury)
HM Treasury does not recognise the Freedom of Information case reference FOI252626.
Economic Secretary (HM Treasury)
I refer the member to the answer given to UIN 94638 on 26 November 2025.
The Government has not estimated the number of homes in Sutton Coldfield that will be liable for the new HVCTS.
Exchequer Secretary (HM Treasury)
The Government is introducing new permanently lower business rates tax rates for retail, hospitality and leisure (RHL) properties with rateable values below £500,000.
On 16 October 2025, the Government published legislation and accompanying guidance detailing the eligibility criteria for the new multipliers. To ensure the new tax rates are appropriately targeted, only properties that are wholly or mainly used for providing RHL activity (as defined in legislation) to visiting members of the public are eligible for the new multipliers. This is in line with the eligibility criteria for the current RHL business rates relief, and includes racecourses and racehorse training grounds with retable values below £500,000 that are open to members of the public. Further details on what is meant by “visiting members of the public” can be found online here: https://www.gov.uk/guidance/business-rates-multipliers-qualifying-retail-hospitality-or-leisure.
As the Government has not removed racehorse training yards and racecourses from being eligible for RHL business rates support, the Government does not intend to public a consultation on this.
Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto.
The Government is doing this by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties, including pubs, hotels, restaurants, indoor leisure facilities, and nightclubs.
The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto.
The Government is doing this by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties, including pubs, hotels, restaurants, indoor leisure facilities, and nightclubs.
The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto.
The Government is doing this by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties, including pubs, hotels, restaurants, indoor leisure facilities, and nightclubs.
The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto.
The Government is doing this by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties, including pubs, hotels, restaurants, indoor leisure facilities, and nightclubs.
The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto.
The Government is doing this by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties, including pubs, hotels, restaurants, indoor leisure facilities, and nightclubs.
The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Exchequer Secretary (HM Treasury)
The number of people forecast to pay tax by marginal rate can be found in Table 3.19 in the OBR’s November 2025 Economic and fiscal outlook – detailed forecast tables: receipts, linked below:
The previous Government made the decision to maintain income tax thresholds at their current levels from April 2021 until April 2028.
Exchequer Secretary (HM Treasury)
From 1 January 2027, the UK Carbon Border Adjustment Mechanism (CBAM) will apply to specific goods imported from the aluminium, cement, fertiliser, hydrogen, and iron & steel sectors.
The UK CBAM is designed to address the risk of carbon leakage and to ensure that CBAM goods which are imported from overseas face a comparable carbon price to what is paid by manufacturers producing the same goods in the UK.
The UK CBAM does not apply to UK exports. Therefore, the UK CBAM is not expected to have an impact on the competitiveness of UK steel exports.
Exchequer Secretary (HM Treasury)