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
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)
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This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask the Chancellor of the Exchequer, whether her Department has undertaken an assessment of the potential impact of an …
These Regulations revoke and remake the Climate Change Agreements (Energy-Intensive Installations) Regulations 2006 (S.I. 2006/59) (“the EII Regulations”), and amend …
A Bill to Authorise the use of resources for the years ending with 31 March 2025, 31 March 2026 and …
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News and Communications
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 in connection with finance.
This Bill received Royal Assent on 18th March 2026 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2025, 31 March 2026 and 31 March 2027; 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 2025 and 31 March 2026.
This Bill received Royal Assent on 18th March 2026 and was enacted into law.
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).
(8,110 in the last 7 days)
(375 in the last 7 days)
(218 in the last 7 days)
(111 in the last 7 days)
(91 in the last 7 days)
(10 in the last 7 days)
(8,110 in the last 7 days)
(375 in the last 7 days)
(91 in the last 7 days)
(17 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 10 months 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 11 months, 1 week 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 10 months, 3 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 government recognises the role that refineries play in energy security and the UK’s industrial base. The Government published a call for evidence (https://www.gov.uk/government/calls-for-evidence/future-of-the-uk-downstream-oil-sector/future-of-the-uk-downstream-oil-sector-call-for-evidence) on the future of the fuel sector on 23rd February 2026 in order to help understand the current state of the refining sector.
Following a strategic and technical assessment by HMG, it has been decided not to expand the Carbon Border Adjustment Mechanism (CBAM) to refined oil products in January 2028. We are continuing to work with the sector to assess the options and case for expanding CBAM to refined oil products at a later date.
We are unable to conclude that expanding the CBAM to refined oil products is technically feasible for January 2028, especially in an uncertain global environment where the potential adverse impacts of inclusion could not necessarily be managed effectively at such accelerated timelines.
Exchequer Secretary (HM Treasury)
The Government has announced powers for Mayors to introduce a visitor levy on short-term overnight accommodation in their region, to drive economic growth, including through support for the local visitor economy.
At Budget, the Government published a consultation so that the public, businesses, and local government could shape the design of these powers, including options to minimise the burden on businesses and communities. This consultation closed on the 18th of February and the Government will publish a response in due course.
The precise design and scope of the power for Mayors to introduce a visitor levy is still under development, and the impacts of the levy will largely be determined by local decisions. Evidence from international and domestic schemes suggested modest rates have minimal impact on visitor numbers. 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 any concerns. Following consultation, we expect Mayors to publish a summary of the consultation results and their response, including a final prospectus, and an impact assessment.
Exchequer Secretary (HM Treasury)
The Government has announced powers for Mayors to introduce a visitor levy on short-term overnight accommodation in their region, to drive economic growth, including through support for the local visitor economy.
At Budget, the Government published a consultation so that the public, businesses, and local government could shape the design of these powers, including options to minimise the burden on businesses and communities. This consultation closed on the 18th of February and the Government will publish a response in due course.
The precise design and scope of the power for Mayors to introduce a visitor levy is still under development, and the impacts of the levy will largely be determined by local decisions. Evidence from international and domestic schemes suggested modest rates have minimal impact on visitor numbers. 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 any concerns. Following consultation, we expect Mayors to publish a summary of the consultation results and their response, including a final prospectus, and an impact assessment.
Exchequer Secretary (HM Treasury)
The Government has announced powers for Mayors to introduce a visitor levy on short-term overnight accommodation in their region, to drive economic growth, including through support for the local visitor economy.
At Budget, the Government published a consultation so that the public, businesses, and local government could shape the design of these powers, including options to minimise the burden on businesses and communities. This consultation closed on the 18th of February and the Government will publish a response in due course.
The precise design and scope of the power for Mayors to introduce a visitor levy is still under development, and the impacts of the levy will largely be determined by local decisions. Evidence from international and domestic schemes suggested modest rates have minimal impact on visitor numbers. 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 any concerns. Following consultation, we expect Mayors to publish a summary of the consultation results and their response, including a final prospectus, and an impact assessment.
Exchequer Secretary (HM Treasury)
The Government has announced powers for Mayors to introduce a visitor levy on short-term overnight accommodation in their region, to drive economic growth, including through support for the local visitor economy.
At Budget, the Government published a consultation so that the public, businesses, and local government could shape the design of these powers, including options to minimise the burden on businesses and communities. This consultation closed on the 18th of February and the Government will publish a response in due course.
The precise design and scope of the power for Mayors to introduce a visitor levy is still under development, and the impacts of the levy will largely be determined by local decisions. Evidence from international and domestic schemes suggested modest rates have minimal impact on visitor numbers. 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 any concerns. Following consultation, we expect Mayors to publish a summary of the consultation results and their response, including a final prospectus, and an impact assessment.
Exchequer Secretary (HM Treasury)
As set out in the Office for Budget Responsibility’s March 2026 Economic and Fiscal Outlook, business rates receipts in England were £32.1 billion in 2024/25 and are forecast to be £33.7 billion, £37.1 billion, £37.9 billion and £38.8 billion in 2025/26, 2026/27, 2027/28 and 2028/29 respectively.
Financial Secretary (HM Treasury)
The Government recognises the serious harm that illegal money lenders can cause, particularly to vulnerable people. To help prevent people from turning to illegal money lenders, the Government funds specialist Illegal Money Lending Teams (IMLTs). These teams combine enforcement action against illegal lenders with prevention and victim support, including awareness-raising in communities, working with local partners to identify those at risk, and encouraging the safe reporting of illegal lenders. More information about the work of the IMLTs is available on the Stop Loan Sharks website.[1] The Government is also taking steps to ensure appropriate access to regulated credit through the Financial Inclusion Strategy.
Financial Secretary (HM Treasury)
The Chancellor has not held or attended any meetings with the City Remembrancer Paul Wright.
The Chancellor and City Remembrancer are likely to have attended a number of the same events, relevant to their respective roles.
Financial Secretary (HM Treasury)
The Chancellor announced in October that the Financial Conduct Authority (FCA) will become the Anti-Money Laundering/Counter Terrorist Financing (AML/CTF) supervisor for professional services firms, simplifying the current complex model. The FCA are currently working on the implementation of this new supervisory framework and HM Treasury will announce next steps shortly.
Financial Secretary (HM Treasury)
In answer to Question 120278 the Government set out that analysis suggests that the average EV driver will pay around £20 a month under the Government’s eVED proposals once the new policy starts in 2028, roughly half the equivalent rate for a petrol car.
This is based on an average EV driving 8,000 miles per year subject to an eVED rate of three pence per mile. The average EV driver will therefore pay £240 - or £20 per month - in eVED, while an average petrol/diesel car driving the same distance will pay around £480 in fuel duty, or six pence per mile.
The Government has set out expected impacts from eVED and other Budget measures in the Budget 2025 Policy Costings document at GOV.UK: https://assets.publishing.service.gov.uk/media/692872fd2a37784b16ecf676/Budget_2025-Policy_Costings.pdf
Exchequer Secretary (HM Treasury)
Since the start of the conflict the Government has engaged allies and partners to urge de-escalation and shared efforts towards diplomacy, and has taken action to protect the UK public from the rising cost of living by providing immediate support for vulnerable heating oil customers and bringing energy bills down.
HM Treasury has also been working closely with the financial regulators to monitor potential risks to financial stability, including through its membership of the Bank of England’s Financial Policy Committee (FPC) and the global Financial Stability Board (FSB). The FPC is responsible in the UK for identifying, monitoring and taking action to remove or reduce systemic risks to the UK financial system.
In its April 2026 Record, the FPC assessed that conflict in the Middle East represents a negative supply shock to the global economy. The FPC noted that while the financial system has remained resilient, and the UK banking system has the capacity to support households and businesses even if conditions were to be substantially worse than expected, the conflict has increased global uncertainty following a period of already elevated risks and called for firms to actively manage their risks.
Parliamentary Secretary (HM Treasury)
Since the start of the conflict the Government has engaged allies and partners to urge de-escalation and shared efforts towards diplomacy, and has taken action to protect the UK public from the rising cost of living by providing immediate support for vulnerable heating oil customers and bringing energy bills down.
HM Treasury has also been working closely with the financial regulators to monitor potential risks to financial stability, including through its membership of the Bank of England’s Financial Policy Committee (FPC) and the global Financial Stability Board (FSB). The FPC is responsible in the UK for identifying, monitoring and taking action to remove or reduce systemic risks to the UK financial system.
In its April 2026 Record, the FPC assessed that conflict in the Middle East represents a negative supply shock to the global economy. The FPC noted that while the financial system has remained resilient, and the UK banking system has the capacity to support households and businesses even if conditions were to be substantially worse than expected, the conflict has increased global uncertainty following a period of already elevated risks and called for firms to actively manage their risks.
Parliamentary Secretary (HM Treasury)
The UK and US are also working closely together on the Transatlantic Taskforce for Markets of the Future, which was established jointly by HM Treasury and US Treasury on 22 September.
The Taskforce is exploring options to strengthen linkages between UK and US capital markets, supporting growth and competitiveness in both jurisdictions by reducing burdens for UK and US firms raising capital-cross border. It is also exploring opportunities for collaboration on digital assets and other innovative financial activities.
HM Treasury and the US Treasury have conducted joint senior-level industry engagement in both London and Washington DC to ensure the Taskforce’s work is informed by what matters most to industry on both sides of the Atlantic. The Taskforce aims to report back to both finance ministries on its recommendations via the FRWG in summer 2026.
Economic Secretary (HM Treasury)
The UK and US are also working closely together on the Transatlantic Taskforce for Markets of the Future, which was established jointly by HM Treasury and US Treasury on 22 September.
The Taskforce is exploring options to strengthen linkages between UK and US capital markets, supporting growth and competitiveness in both jurisdictions by reducing burdens for UK and US firms raising capital-cross border. It is also exploring opportunities for collaboration on digital assets and other innovative financial activities.
HM Treasury and the US Treasury have conducted joint senior-level industry engagement in both London and Washington DC to ensure the Taskforce’s work is informed by what matters most to industry on both sides of the Atlantic. The Taskforce aims to report back to both finance ministries on its recommendations via the FRWG in summer 2026.
Economic Secretary (HM Treasury)
The UK and US are also working closely together on the Transatlantic Taskforce for Markets of the Future, which was established jointly by HM Treasury and US Treasury on 22 September.
The Taskforce is exploring options to strengthen linkages between UK and US capital markets, supporting growth and competitiveness in both jurisdictions by reducing burdens for UK and US firms raising capital-cross border. It is also exploring opportunities for collaboration on digital assets and other innovative financial activities.
HM Treasury and the US Treasury have conducted joint senior-level industry engagement in both London and Washington DC to ensure the Taskforce’s work is informed by what matters most to industry on both sides of the Atlantic. The Taskforce aims to report back to both finance ministries on its recommendations via the FRWG in summer 2026.
Economic Secretary (HM Treasury)
Banks provide access to in‑person banking services through a range of channels, including branches, banking hubs and post offices.
Some banks also provide access to community bankers through pop‑up services in locations such as libraries and community centres, or via mobile banking vans serving rural and remote areas. Community bankers are bank employees who provide face-to-face support to customers in local communities outside a traditional branch, helping with banking queries and access to further support as needed. Decisions about where such services are located are commercial matters for individual banks.
The retail banking sector provides everyday banking services at post offices through the Banking Framework, a commercial agreement that enables personal and business customers to withdraw and deposit cash, check balances and pay bills at over 10,500 Post Office branches across the UK.
The Government supports initiatives that help customers access banking services in ways that reflect local needs, alongside digital provision.
In January, the Minister for Small Business and Economic Transformation and the Economic Secretary to the Treasury convened a roundtable with the Post Office and the banking sector to facilitate discussion on where further collaboration would allow all parties to better meet the needs of people and businesses.
The Government supports collaboration between banks and the Post Office, while being clear that this must be achieved on a voluntary and commercial basis.
Economic Secretary (HM Treasury)
Banking is changing, with many customers benefitting from the convenience and flexibility of managing their finances remotely. However, the Government understands the importance of access to in‑person banking services for communities and high streets and is committed to supporting the financial services industry’s roll-out of 350 banking hubs by the end of this Parliament. Importantly, this number is a floor, not a ceiling, and Cash Access UK will deliver a banking hub wherever LINK has recommended one. Over 275 hubs have been announced so far, and more than 230 are already open.
Banking hubs are a voluntary industry initiative from the largest UK high street banks which provide ‘assisted cash services’ in shared premises. They were developed in preparation for the FCA’s access to cash regime.
Banking hubs offer everyday counter services provided by Post Office staff, allowing people and businesses to withdraw and deposit cash, pay bills and make balance enquiries. They also contain dedicated rooms where customers can see community bankers from their own bank to carry out wider banking services.
Banking hub locations are independently recommended by LINK, the operator of UK’s largest ATM network. When a bank branch closes, or there is a material change to a cash service, or a community request is received, LINK conducts an access to cash assessment under the access to cash regime set out in the Financial Services and Markets Act 2023. In its assessments, LINK takes into consideration a wide range of criteria, including those unique to each location, such as population demographics, public transport links, existing and remaining cash access facilities and the number of shops.
Customers can also access everyday banking services through the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check balances and pay bills at over 10,500 Post Office branches across the UK.
Some banks also provide points of access through initiatives such as pop-up services in libraries and community centres, or mobile banking vans serving rural and remote areas. The Government supports initiatives which give customers access to in-person banking, as well as digital access.
The Government keeps the effectiveness of current arrangements under review through regular engagement with stakeholders to ensure they meet the needs of local communities.
Economic Secretary (HM Treasury)
As set out in the Memorandum of Understanding between HM Treasury and the Bank of England, the Bank of England is entirely responsible for the design, production, issue and distribution of banknotes. There are no current plans to change these responsibilities.
The Bank of England will launch another consultation in summer 2026 to seek the views of the public on images for the next series of banknotes. Further detail can be found on the Bank of England’s website.
The final decision about what imagery will appear on the next series of banknotes will be made by the Governor of the Bank of England.
Economic Secretary (HM Treasury)
The Government is taking action on fuel affordability at the pump.
At Budget 2025, the Government extended the 5p-per-litre cut for a further five months, until the end of August this year. The Government has also cancelled the increase in line with inflation for 2026/27; instead, rates will only gradually return to early 2022 levels by March 2027.
The Government's action on fuel duty will save an average heavy goods vehicle more than £800 in 2026/27 compared to previous plans, and follows an extended period where freezes to fuel duty have resulted in substantial savings for the haulage industry.
As with all taxes, the Government keeps fuel duty under review.
Exchequer Secretary (HM Treasury)
HM Treasury does not prepare forecasts for the UK economy. These forecasts are the responsibility of the independent Office for Budget Responsibility (OBR).
The OBR publishes its forecasts in their Economic and Fiscal Outlook (EFO). The OBR’s latest EFO can be found here: Economic and fiscal outlook – March 2026 - Office for Budget Responsibility. This includes the OBR’s forecast for the labour share of income at March 2026 which can be found in tab 1.6 of this link: Detailed Forecast Economy Tables.
Parliamentary Secretary (HM Treasury)
The Government keeps the economic outlook, including living standards, under close review. The economic impact of the situation in the Middle East will depend on its severity, duration and the extent of disruption to energy supplies. Official forecasts, including for living standards, are published by the independent Office for Budget Responsibility.
Living standards are rising, with real household disposable income per capita having risen by £700 in the last 12 months compared to the final year of the last Parliament.
The Government is acting to improve living standards by growing the economy, tackling inflation and supporting households, including measures at the Budget to cut energy bills, expand targeted support for lower‑income households, and freeze rail fares and NHS prescription charges.
Parliamentary Secretary (HM Treasury)
Scheme managers of the individual public service pension schemes are responsible for ensuring the effective delivery of the McCloud remedy to affected members. I have written to scheme managers to remind them of their responsibilities to implement the remedy as quickly as possible and I would expect them to work with administrators the most appropiate available tools to do this.
Parliamentary Secretary (HM Treasury)
HMRC does not hold information on the VAT revenue from pilot training.
This is because businesses are not required to provide a breakdown by product or service on their VAT returns, as this would impose an excessive administrative burden.
I refer the Honourable Member to my answer of 21 January 2026 (UIN 105280) stating that the Government has no plans to change policy in this area.
Exchequer Secretary (HM Treasury)
At Autumn Budget 2024, the Government announced that unused pension funds and death benefits payable from a pension will form part of a person’s estate for inheritance tax purposes from 6 April 2027.
Where at least 10% of a person’s net estate is left to a qualifying charity, their estate is taxed at a reduced rate of inheritance tax of 36% instead of 40%. When considering this, the pension will fall within the general component of the estate. This component includes the deceased’s free estate and from 6 April 2027 will also include any unused pension funds and death benefits (called notional pension property). Any notional pension property that is paid to a qualifying charity will count toward the charitable giving conditions for the general component Further guidance can be found here: https://www.gov.uk/hmrc-internal-manuals/inheritance-tax- manual/ihtm45003. Guidance will be updated before the changes are implemented in April 2027.
Charity Lump Sum Death Benefits can be paid free of Income Tax. These lump sums are deliberately limited to money purchase arrangements where the deceased member had no dependants. These rules are not changing as this ensures that pension funds are used to support dependants where they exist, while allowing schemes to pay out benefits where there is no other beneficiary.
Exchequer Secretary (HM Treasury)
At Autumn Budget 2024, the Government announced that unused pension funds and death benefits payable from a pension will form part of a person’s estate for inheritance tax purposes from 6 April 2027.
Where at least 10% of a person’s net estate is left to a qualifying charity, their estate is taxed at a reduced rate of inheritance tax of 36% instead of 40%. When considering this, the pension will fall within the general component of the estate. This component includes the deceased’s free estate and from 6 April 2027 will also include any unused pension funds and death benefits (called notional pension property). Any notional pension property that is paid to a qualifying charity will count toward the charitable giving conditions for the general component Further guidance can be found here: https://www.gov.uk/hmrc-internal-manuals/inheritance-tax- manual/ihtm45003. Guidance will be updated before the changes are implemented in April 2027.
Charity Lump Sum Death Benefits can be paid free of Income Tax. These lump sums are deliberately limited to money purchase arrangements where the deceased member had no dependants. These rules are not changing as this ensures that pension funds are used to support dependants where they exist, while allowing schemes to pay out benefits where there is no other beneficiary.
Exchequer Secretary (HM Treasury)
Farmers retained the entitlement to use red diesel for agricultural machinery after it was withdrawn from most sectors in 2022. In contrast to full duty diesel, taxed at 52.95p per litre, red diesel currently incurs a duty of 10.18p per litre.
At Budget 2025, the Government extended the temporary 5p fuel duty cut alongside extending the proportionate percentage cut for rebated fuels, which includes red diesel. This maintains the red diesel rate at the levels set in March 2022 at 10.18p per litre until the end of August 2026, with rates then gradually returning to March 2022 levels by March 2027, an increase of less than 1p a litre. The planned inflation increase for 2026-27 has also been cancelled.
Exchequer Secretary (HM Treasury)
The Government maintains a zero rate of VAT for the construction of new buildings that will be used solely for a relevant charitable purpose.
Information on the definition of a relevant charitable purpose for the purpose of the zero rate of VAT can be found here: https://www.gov.uk/guidance/buildings-and-construction-vat-notice-708
Exchequer Secretary (HM Treasury)
As the grid continues to decarbonise, the Carbon Price Support (CPS) tax base will become smaller and CPS revenue is forecast to significantly decline.
Final costings will be confirmed at a fiscal event in the usual way. The Chancellor will set out details on how this, and any other decisions, are funded such that the fiscal rules are met at the Budget in the usual way.
Exchequer Secretary (HM Treasury)
Hydrotreated vegetable oil (HVO) is taxed in line with other fuels according to its use.
For fuel duty purposes, HVO is treated as a diesel-equivalent “heavy oil” in the Hydrocarbon Oils Duty Act 1979. When used as a road fuel, it is therefore liable to the standard rate of fuel duty applicable to diesel which is 52.95p per litre. When used for domestic heating, HVO benefits from the rebated duty rate of 10.18p per litre.
For VAT, HVO is subject to the standard rate when used as a road fuel. When supplied for domestic heating, it is eligible for the reduced rate of VAT, subject to the same conditions that apply to other heating fuels, including applicable quantity thresholds.
The Government currently encourages the use of HVO through the Renewable Transport Fuel Obligation (RTFO), which incentivises the use of low carbon fuels and reduces emissions from fuel supplied for use in transport and non-road mobile machinery. The RTFO has been very successful in supporting a market for renewable fuel since its introduction in 2008. Renewable fuels supplied under the RTFO currently contribute a third of the savings required for the UK’s transport carbon budget.
Exchequer Secretary (HM Treasury)
Vehicles used or kept on public roads pay Vehicle Excise Duty (VED). Cars registered on or after 1 April 2017 pay a variable first year VED rate according to the emissions of the vehicle, before moving to a standard annual rate after the first year.
For certain vehicle classifications, such as heavy goods vehicles (HGVs), VED liability is calculated in accordance with the vehicle's weight in order to reflect in part the road damage caused by heavier vehicles. However, this is not the case for cars, due in part to their relatively lower impact on road damage compared to heavier vehicles.
When making changes to the tax system, the Government considers a range of trade-offs, such as complexity in the tax system and administrative burdens.
The Government annually reviews the rates and thresholds of taxes and reliefs to ensure that they are appropriate and reflect the current state of the economy. The Chancellor makes decisions on tax policy at fiscal events in the context of the public finances.
Exchequer Secretary (HM Treasury)
Carbon Price Support (CPS) tax receipts can be found in the Environmental Taxes Bulletin: https://www.gov.uk/government/statistics/environmental-taxes-bulletin.
Exchequer Secretary (HM Treasury)
James McMurdock
(Independent - South Basildon and East Thurrock)
The High Income Child Benefit Charge is currently the best way to manage Child Benefit expenditure. By withdrawing Child Benefit from high-income families, it helps to ensure the sustainability of the public finances and protect our vital public services. As with all tax policy, the government will keep this under review.
Exchequer Secretary (HM Treasury)
James McMurdock
(Independent - South Basildon and East Thurrock)
The High Income Child Benefit Charge is currently the best way to manage Child Benefit expenditure. By withdrawing Child Benefit from high-income families, it helps to ensure the sustainability of the public finances and protect our vital public services. As with all tax policy, the government will keep this under review.
Exchequer Secretary (HM Treasury)
The changes to the inheritance tax treatment of pensions are consistent with the process which already exists for administering estates and paying any tax due. Personal representatives are already responsible for administering the rest of the estate, including non-discretionary pension schemes which are already in scope of inheritance tax.
The Government recognises the general difficulties that some personal representatives may face in paying the inheritance tax due and already offers several payment options to help.
Exchequer Secretary (HM Treasury)
The Government announced in June 2025 that the Winter Fuel Payment eligibility will benefit a wider range of pensioners in England and Wales from winter 2025. Winter Fuel Payments are paid automatically to anyone who has not opted out of getting a payment, to ensure timely support for those who need it.
Individuals who are of State Pension age and have total income over £35,000 will have their Winter Fuel Payment recovered by HMRC through the tax system. Winter Fuel Payments are devolved in Scotland and Northern Ireland, however, the Scottish Government and Northern Ireland Executive have decided to mirror the recovery approach taken for England and Wales.
The winter payment is automatically recovered by HMRC through PAYE for the vast majority of cases, or through their Self-Assessment return for the minority that pay tax that way. The amount recovered is equal to the full value of their payment. This approach applies across the UK, including in Northern Ireland.
Anyone who expects their total income to exceed £35,000 can opt out of receiving future payments via GOV.UK, or through Social Security Scotland if they live in Scotland, and will not be subject to the charge. Opting out applies only to payments not yet made.
Parliamentary Secretary (HM Treasury)
The answers to PQs UIN126382, UIN 126383 & UIN 126384 have been answered on 16 April 2026. This was within the Parliamentary deadline.
Exchequer Secretary (HM Treasury)
The answers to PQs UIN126382, UIN 126383 & UIN 126384 have been answered on 16 April 2026. This was within the Parliamentary deadline.
Exchequer Secretary (HM Treasury)
The answers to PQs UIN126382, UIN 126383 & UIN 126384 have been answered on 16 April 2026. This was within the Parliamentary deadline.
Exchequer Secretary (HM Treasury)
As announced at Budget 2025, plug-in hybrid vehicles (PHEVs) will be subject to a reduced electric Vehicle Excise Duty rate of 1.5 pence per mile upon its introduction in April 2028 – half the rate that will apply to fully electric cars. This approach recognises that PHEVs have the capacity to drive in either electric or petrol mode and strikes the right balance between fairness, protecting motorists’ privacy and minimising administrative burdens on motorists.
The government recognises that the large majority of EVs and PHEVs have in-built vehicle telematics, which monitor various driving activities and are viewable by drivers, vehicle manufacturers, or permitted third parties in some cases.
The government will not mandate use of these telematics for administering eVED; however, it welcomed views in the consultation on how various types of technologies could be used on an opt-in basis in future to simplify the system and reduce administrative burdens on motorists and businesses.
The consultation closed on 18 March 2026. The Government will publish a response in due course.
Exchequer Secretary (HM Treasury)
Forecasting the economy, including the impact of Government policy decisions on inflation, is the responsibility of the independent Office for Budget Responsibility (OBR).
The OBR set out its latest assessment of policy measures in its Spring Forecast 2026, published on 3 March 2026. The OBR did not publish a specific estimate of the impact of the Soft Drinks Industry Levy on inflation in that forecast, or in previous Economic and Fiscal Outlook publications since the levy was announced in 2016, which would include the impact for the 2018-19 financial year.
Exchequer Secretary (HM Treasury)
The government will implement electric Vehicle Excise Duty (eVED) as an additional mileage based add-on to Vehicle Excise Duty (VED) for electric and plug-in hybrid cars, which is designed to replace the fuel duty revenues which will be lost as petrol and diesel vehicles are phased out over time.
Other vehicle types, such as vans, buses, HGVs and motorcycles will not be in scope of eVED upon its introduction in April 2028. At this stage, the transition to electric for these other vehicle types is less advanced than for cars.
Under VED, different rates apply to cars, vans, and motorcycles, and the rate for each vehicle is calculated according to a range of factors, such as its date of first registration, weight, or CO2 emissions. There are no plans to extend VED exemptions to motorcycles based on their road surface impact.
Exchequer Secretary (HM Treasury)
Vehicle Excise Duty (VED) is a tax on vehicles used or kept on public roads. As announced by the previous Government at Autumn Statement 2022, from April 2025, zero emission and hybrid cars, vans and motorcycles now pay VED in a similar way to petrol and diesel vehicles. Revenue from motoring taxes helps ensure we can continue to fund the vital public services and infrastructure that people and families across the UK expect.
The Government annually reviews the rates and thresholds of taxes and reliefs to ensure that they are appropriate and reflect the current state of the economy. The Chancellor makes decisions on tax policy at fiscal events in the context of the public finances.
Exchequer Secretary (HM Treasury)
AI is not used by the department to draft legislation.
Officials use AI tools in combination with a range of evidence, collaboration, challenge and technology to deliver policy drafts. They use their judgement and a variety of data sources to apply a critical lens to their advice and analysis to ensure high quality.
Officials use HMT-GPT, the department’s internal AI tool, and Copilot, which are both secure and quality assured for civil service use. Guidance and training for responsible AI usage is provided to staff, making it clear that tools are designed to assist with work, not to replace colleagues in decision making processes.
Economic Secretary (HM Treasury)
The Office for Budget Responsibility (OBR) has full discretion over the timing of its publication programme.
The November 2025 Economic and Fiscal Outlook stated that the OBR will be publishing its first set of areas of research interest in the coming months.
Parliamentary Secretary (HM Treasury)
The Government wants to see more people benefit from the higher returns and long-term financial resilience that investing can provide, which will also benefit UK capital markets and the wider economy. That is why the Chancellor has set out a series of bold measures to get Britain investing again, including the reforms to ISAs announced at Autumn Budget.
The Government and Financial Conduct Authority (FCA) are working closely with the industry-led initiatives to promote the benefits of investing to the public, and to reform how firms talk about the risks and benefits of investing.
In addition, HM Treasury has worked closely with the FCA on the introduction of targeted support, which went live on 6 April. This allows authorised firms, with the relevant permission, to provide customers with proactive help on investment decisions, including suggesting specific products – helping people to act on information and make choices that are right for their circumstances.
In the longer term, HM Treasury is working closely with the Department for Education to strengthen financial education. As part of the Financial Inclusion Strategy, published in November 2025, the Government announced that financial education will be made compulsory in primary schools in England, alongside a renewed focus on financial education in secondary schools.
Economic Secretary (HM Treasury)
The Government wants to see more people benefit from the higher returns and long-term financial resilience that investing can provide, which will also benefit UK capital markets and the wider economy. That is why the Chancellor has set out a series of bold measures to get Britain investing again, including the reforms to ISAs announced at Autumn Budget.
The Government and Financial Conduct Authority (FCA) are working closely with the industry-led initiatives to promote the benefits of investing to the public, and to reform how firms talk about the risks and benefits of investing.
In addition, HM Treasury has worked closely with the FCA on the introduction of targeted support, which went live on 6 April. This allows authorised firms, with the relevant permission, to provide customers with proactive help on investment decisions, including suggesting specific products – helping people to act on information and make choices that are right for their circumstances.
In the longer term, HM Treasury is working closely with the Department for Education to strengthen financial education. As part of the Financial Inclusion Strategy, published in November 2025, the Government announced that financial education will be made compulsory in primary schools in England, alongside a renewed focus on financial education in secondary schools.
Economic Secretary (HM Treasury)
The Government wants to see more people benefit from the higher returns and long-term financial resilience that investing can provide, which will also benefit UK capital markets and the wider economy. That is why the Chancellor has set out a series of bold measures to get Britain investing again, including the reforms to ISAs announced at Autumn Budget.
The Government and Financial Conduct Authority (FCA) are working closely with the industry-led initiatives to promote the benefits of investing to the public, and to reform how firms talk about the risks and benefits of investing.
In addition, HM Treasury has worked closely with the FCA on the introduction of targeted support, which went live on 6 April. This allows authorised firms, with the relevant permission, to provide customers with proactive help on investment decisions, including suggesting specific products – helping people to act on information and make choices that are right for their circumstances.
In the longer term, HM Treasury is working closely with the Department for Education to strengthen financial education. As part of the Financial Inclusion Strategy, published in November 2025, the Government announced that financial education will be made compulsory in primary schools in England, alongside a renewed focus on financial education in secondary schools.
Economic Secretary (HM Treasury)
The Government wants to see more people benefit from the higher returns and long-term financial resilience that investing can provide, which will also benefit UK capital markets and the wider economy. That is why the Chancellor has set out a series of bold measures to get Britain investing again, including the reforms to ISAs announced at Autumn Budget.
The Government and Financial Conduct Authority (FCA) are working closely with the industry-led initiatives to promote the benefits of investing to the public, and to reform how firms talk about the risks and benefits of investing.
In addition, HM Treasury has worked closely with the FCA on the introduction of targeted support, which went live on 6 April. This allows authorised firms, with the relevant permission, to provide customers with proactive help on investment decisions, including suggesting specific products – helping people to act on information and make choices that are right for their circumstances.
In the longer term, HM Treasury is working closely with the Department for Education to strengthen financial education. As part of the Financial Inclusion Strategy, published in November 2025, the Government announced that financial education will be made compulsory in primary schools in England, alongside a renewed focus on financial education in secondary schools.
Economic Secretary (HM Treasury)
The Government wants to see more people benefit from the higher returns and long-term financial resilience that investing can provide, which will also benefit UK capital markets and the wider economy. That is why the Chancellor has set out a series of bold measures to get Britain investing again, including the reforms to ISAs announced at Autumn Budget.
The Government and Financial Conduct Authority (FCA) are working closely with the industry-led initiatives to promote the benefits of investing to the public, and to reform how firms talk about the risks and benefits of investing.
In addition, HM Treasury has worked closely with the FCA on the introduction of targeted support, which went live on 6 April. This allows authorised firms, with the relevant permission, to provide customers with proactive help on investment decisions, including suggesting specific products – helping people to act on information and make choices that are right for their circumstances.
In the longer term, HM Treasury is working closely with the Department for Education to strengthen financial education. As part of the Financial Inclusion Strategy, published in November 2025, the Government announced that financial education will be made compulsory in primary schools in England, alongside a renewed focus on financial education in secondary schools.
Economic Secretary (HM Treasury)