Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of irrecoverable VAT on Further Education colleges’ ability to invest in teaching facilities, specialist equipment and skills provision.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

Further Education (FE) funding is vital to ensure people are being trained in the skills they need to thrive in the modern labour market. The 2025 Spending Review provided an additional £1.2 billion per year by 2028-29 for skills and £1.7 billion of capital funding to help colleges maintain the condition of their estate. In addition, the Government is providing £375 million of capital investment to support the FE system to accommodate increasing student numbers.

For their non-business activity, FE colleges are unable to reclaim VAT incurred. We operate several VAT refund schemes for schools and academies which are designed variously to ensure that VAT is not a burden on local taxation, and that academies are not disincentivised to leave LA control. FE colleges do not meet the criteria for either scheme.

In relation to business activity, FE colleges enjoy an exemption from VAT which means that they do not have to charge VAT to students but cannot recover it either.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the contribution of regional brewers on local economies and tourism.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The Government is committed to ensuring that the beer and pub sector remains diverse, competitive and rooted in local communities, supporting investment and growth across towns and villages. The manufacture of alcoholic beverages supports jobs across the country with over 75% of employees working outside of London and the South East in 2024.

Small Producer Relief (SPR) supports SMEs and new entrants by permitting smaller producers who make 4,500 hectolitres or fewer of alcohol per year to pay reduced duty rates on all products below 8.5% ABV. At Budget 2025, the government increased the cash discount provided to small producers, maintaining the relative value of SPR compared to the main duty rates.

In addition, the Government has conducted a review of the beer market to determine whether there are any structural barriers preventing small breweries from accessing pubs, the findings from which are currently being reviewed. We will be announcing the outcome of the review in due course.

More broadly, we are keen to ensure that Britain’s coastline – including the Suffolk coast – remain an attraction to domestic and international visitors. The Government has set an ambitious goal to grow annual inbound tourism to 50 million visitors by 2030. To help achieve this, we have established a new Visitor Economy Advisory Council, which is currently helping to co-create a Visitor Economy Growth Strategy. The Strategy endeavours to share the benefits of tourism across every nation and region, including coastal and seaside areas.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the VAT treatment of Further Education colleges on learners from disadvantaged backgrounds.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

Further Education (FE) funding is vital to ensure people are being trained in the skills they need to thrive in the modern labour market. The 2025 Spending Review provided an additional £1.2 billion per year by 2028-29 for skills and £1.7 billion of capital funding to help colleges maintain the condition of their estate. In addition, the Government is providing £375 million of capital investment to support the FE system to accommodate increasing student numbers.

For their non-business activity, FE colleges are unable to reclaim VAT incurred. We operate several VAT refund schemes for schools and academies which are designed variously to ensure that VAT is not a burden on local taxation, and that academies are not disincentivised to leave LA control. FE colleges do not meet the criteria for either scheme.

In relation to business activity, FE colleges enjoy an exemption from VAT which means that they do not have to charge VAT to students but cannot recover it either.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department has considered extending Section 33 VAT refunds to Further Education colleges.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

Further Education (FE) funding is vital to ensure people are being trained in the skills they need to thrive in the modern labour market. The 2025 Spending Review provided an additional £1.2 billion per year by 2028-29 for skills and £1.7 billion of capital funding to help colleges maintain the condition of their estate. In addition, the Government is providing £375 million of capital investment to support the FE system to accommodate increasing student numbers.

For their non-business activity, FE colleges are unable to reclaim VAT incurred. We operate several VAT refund schemes for schools and academies which are designed variously to ensure that VAT is not a burden on local taxation, and that academies are not disincentivised to leave LA control. FE colleges do not meet the criteria for either scheme.

In relation to business activity, FE colleges enjoy an exemption from VAT which means that they do not have to charge VAT to students but cannot recover it either.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the Memorandum of Understanding: accessing HMRC information to assist honours committees in making recommendations about awarding honours to individuals, between Cabinet Office and HMRC, what were the conclusions of the review that took place on 12 June 2025.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The Memorandum of Understanding (MoU) agreed between HMRC and the Cabinet Office on 19 October 2023 sets out the arrangements under which HMRC may disclose information to support the honours process.

A review of the operation of the MoU took place on 29 November 2024 as part of routine governance activity. The review concluded that the arrangements continued to operate as intended and it did not result in any material changes. As the arrangements were unchanged, no further review was carried out on 12 June 2025. The MoU remains in force until 12 June 2027. Any future updates would be reflected in a revised agreement when agreed and published.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 21 January 2026 to Question 105915 on Katie Martin, for what reason she is unpaid; and how many and what proportion of (a) female and (b) male advisers to her Department are unpaid.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

Katie Martin is a Business Adviser to the Chancellor, appointed as a Direct Ministerial Appointment.

Direct Ministerial Appointments are generally unpaid, reflecting their part-time, advisory nature. HM Treasury currently has nine unpaid Direct Ministerial Appointments: three are held by women and six by men (37.5% and 62.5% respectively). HM Treasury also has two paid Direct Ministerial Appointments, one held by a woman and one held by a man.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of the rise in Employer's National Insurance Contributions on businesses hiring women and young people.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer NICs. The TIIN sets out the impact of the policy on the exchequer, the economic impacts of the policy, and the impacts on individuals, businesses, and civil society organisations, as well as an overview of the equality impacts.

The Office for Budget Responsibility also published the Economic and Fiscal Outlook (EFO) in March 2026, which sets out a detailed forecast of the economy and public finances. The OBR expect that employment levels will rise in every year of the forecast, reaching 35.3m in 2030-31.

The Government is committed to supporting young people to earn and learn. That is why we have recently announced that we will offer a guaranteed job to young people on Universal Credit, who are unemployed for over 18 months. This will provide an opportunity for young people to gain essential skills and experience and prevent the damaging effects of long-term unemployment. This initiative forms a key part of the Government’s Youth Guarantee and will build upon existing employment support and sector-based work academies (SWAPs) currently being delivered by the Department for Work and Pensions (DWP)

Employers can claim a number of employer NICs reliefs including those for under-21s and under-25 apprentices. This means employers will pay no employer NICs for apprentices under 25 or employees under 21 on earnings up to £50,270.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she had discussions with the Secretary of State for Culture, Media and Sport on the potential impact of raising betting duty on Greyhound Racing alongside general sports duty in 2027; and what assessment she has made of the potential merits of bringing betting duty in line with the rate of duty on horse racing.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

At Budget 2025, the government announced a package of changes to gambling duties which will raise over £1 billion per year to support the public finances and forms part of our ambition to create a fair, modern and sustainable tax system.

As part of this package, remote betting will see an increase from 15% to 25% from 1 April 2027. The government is protecting horseracing from these changes as horserace bets are already subject to a mandatory 10% levy. Recognising this unique position, there will therefore be no change to the duty for bets on UK horseracing, whether in person or online. While operators can pay a voluntary levy of 0.6 per cent on greyhound bets, they are not subject to the same 10 per cent mandatory levy that bets on horseracing are.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether HMRC has issued guidance on (a) whether improper payments made to public officials are taxable for (i) Income Tax and (ii) National Insurance and (b) in what circumstances enforcement action should be taken to recover unpaid tax.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The income tax and National Insurance Contributions status of any payment made to an employee or a public official will depend on the specific facts and circumstances. Generally, where a payment is received because of a person’s employment or public office, it should be taxed as employment income. Payments may still be taxable, even if not treated as employment income.

HMRC will take action to recover unpaid tax and National Insurance Contributions, where it is appropriate to do so.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of Business Rates policy on employment in hospitality-dependent areas.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The Government has announced a £4.3 billion business rates support package to protect ratepayers from large overnight increases in bills.

In addition, the Government is introducing permanently lower tax rates for eligible RHL properties. These are worth almost £1 billion per year, and will benefit over 750,000 properties.

On top of this, pubs and live music venues will also benefit from 15% off their new business rates bills, ahead of their bills being frozen in real terms for a further two years.

As a result, over half of ratepayers will see no bill increases next year, including 23% seeing their bills go down. Government support also means that most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether the Valuation Office Agency plans to amend rateable values for rural pubs in the context of proposed changes to drink driving thresholds.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

Rateable values represent the annual rent a property could reasonably have been expected to achieve at the Antecedent Valuation Date (AVD), reflecting market evidence at that point in time. For the current 2023 rateable values the AVD is 1 April 2021, and for the 2026 revaluation, it is 1 April 2024.

The Government will launch a review on how pubs are valued for business rates.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether there was ant cost to the public purse of settling the case in the United States between Andrew Mountbatten-Windsor and Virginia Giuffre in 2022.

Answered by James Murray - Chief Secretary to the Treasury

No public money was used to pay the legal or settlement fees to which the Hon Member refers.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many and what proportion of people with Plan 2 student loans had an effective marginal deduction rate of at least (a) 51 per cent and (b) 71 per cent as a result of the combined effects of Income Tax, employee National Insurance contributions and Plan 2 student loan repayments in the 2024-25 tax year.

Answered by James Murray - Chief Secretary to the Treasury

The Plan 2 Student Loan Scheme was introduced in 2012 under the Conservative and Liberal Democrat Coalition Government.

The student finance system is heavily subsidised by government, and lower-earning graduates will always be protected, with any outstanding loan and interest cancelled at the end of the repayment term. It is right that those who are able to repay loans do so.

We will continue to keep the terms of the system under review to ensure the system protects taxpayers and students now and in the future.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will publish the Office for Budget Responsibility (OBR) forecasting schedule agreed between the OBR and her Department.

Answered by James Murray - Chief Secretary to the Treasury

HM Treasury published the Budget Information Security Review on 9 February: https://www.gov.uk/government/publications/budget-information-security-review.

The review states that "The OBR will not publish the full forecast timetable ahead of the 2026 Spring Statement. The OBR will consider, ahead of Budget 2026, whether the current approach to publishing the timetable continues to contribute to transparency and stability as was intended when it was implemented in October 2022 following a recommendation by the OBR’s then non-executive directors"

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of ensuring that the Treasury Green Book takes account of the statutory duty introduced by the Animal Welfare (Sentience) Act 2022 in the appraisal of policies across government.

Answered by James Murray - Chief Secretary to the Treasury

HM Treasury published an updated version of the Green Book on 5^th February, which acknowledges the statutory role of the ASC and includes language in paragraph 8.84 noting that appraisals should consider the effects of a proposal on the welfare of animals.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what the target date is for a new chair of the Office for Budget Responsibility to be in post.

Answered by James Murray - Chief Secretary to the Treasury

HM Treasury launched a competitive external recruitment campaign for a new Chair of the Office for Budget Responsibility (OBR) on 20 February. The intention is that a new Chair is in post by the Budget later this year.

While the Chair’s post is vacant, the two current members of the Budget Responsibility Committee, Professor David Miles and Tom Josephs, will lead the OBR.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of settlement terms for loan charge liabilities in place (a) before and (b) after 2021 on the finances of people affected.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The focus of the Independent Review of the Loan Charge was on taking action to help those individuals who do not yet have certainty about their liabilities, or who still owe money, to move on from this matter. The review identified affordability as a key barrier preventing some individuals from settling and made recommendations to remove this barrier.

The Government has gone further in supporting people on the lowest incomes by providing an additional £5,000 deduction for those in scope of the review. This entirely removes approximately 10,000 individuals from the charge. This will come at a substantial Exchequer cost over the next five years.

It represents the Government’s attempt to provide a fair route to resolution for those who have not settled with HMRC. In turn, those people need to come forward and engage with HMRC in good faith.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many childminders i) across the UK ii) in Northern Ireland are expected to be impacted by the loss of the 10% wear and tear allowance.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

Childminders make a significant contribution to children’s development, learning, and wellbeing. The Government has eased rules on working from schools and community centres and increased early years funding rates above 2023 average fees. These increases reflect increased costs, and from April 2026, local authorities must pass at least 97 per cent of funding to providers.

Only a small proportion of childminders with qualifying income over £50,000 will be mandated into Making Tax Digital (MTD) for income tax from April 2026. Childminders moving to MTD for income tax can continue to claim tax relief for household costs, wear and tear of household items and furniture, and food and drink, by deducting actual business costs. This ensures childminders receive tax relief for all of the costs that they incur in relation to their childminding business.

The Government will monitor the impact of MTD for income tax on childminders and other home-based childcare providers in the same way as it will for all sole traders moving to MTD for income tax.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of a visitor levy on the affordability of domestic holidays for UK families; and whether she plans to mitigate additional costs for lower income families.

Answered by Dan Tomlinson - 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, if they so choose.

At Budget, the Government published a consultation so that the public, businesses, and local government could shape the design of these powers. This consultation closed on the 18th of February and the Government will publish a response in due course.

The impacts of the levy will largely be determined by local decisions. 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.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the effectiveness of HMRC’s operational capacity and performance standards for processing R&D tax credit repayments.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The Government recognises the important role that research and

development (R&D) plays in driving innovation and economic growth as well as the benefits it can bring for society.

HMRC actively balances its compliance efforts with the need to ensure those who are eligible for relief receive it promptly. HMRC consistently meets its aim to process 85% of payable R&D tax credit claims within 40 days. HMRC exceeded this target in both 2023–2024 (92%) and 2024–2025 (90%). For the current financial year so far, HMRC has met its 85% processing target every month.

The Government is committed to improving the administration of the reliefs, to make it easier and more reliable for legitimate claimants while continuing to protect taxpayer money from unacceptable levels of error and fraud in the system.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many metric tonnes of processed aluminium were imported into the UK in each of last recorded five years; from which countries and in what quantities that processed aluminium was imported; and what information her Department holds on (a) how much was spent on purchasing and (b) which companies and government departments were the primary purchasers of processed aluminium in each of the last five years.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

HM Revenue & Customs (HMRC) is responsible for the collection and publication of data on imports and exports of goods to and from the UK.

HMRC releases this information monthly, as an Accredited National Statistic called the Overseas Trade in Goods Statistics (OTS), which is available via their dedicated website (www.uktradeinfo.com). From this website, it is possible to build your own data tables based upon bespoke search criteria. You can build tables, using the commodity codes published in the UK Trade Tariff. Aluminium is classified in Chapter 76 of the tariff.

The website will give information on value, amounts and the countries involved. However, it will not identify imports by individual importers, whether by companies or government department. This would be in conflict with Section 18 of the Commissioners for Revenue and Customs Act 2005 (CRCA). CRCA restricts the information that HMRC may disclose publicly on persons making imports and exports. HMRC do publish a database of UK traders. This provides registered business names and addresses and when they have traded in specific goods with EU and non-EU countries. You can use this to look for traders who have imported aluminium, where they have permitted HMRC to publish their details.

If you need help or support in constructing a table from the data on uktradeinfo, please contact uktradeinfo@hmrc.gov.uk.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many metric tonnes of aluminium were exported from the UK for recycling in each of the last five years; to which countries was that aluminium exported; in what quantities was it exported; and how much income to the Exchequer was generated from the sale of that aluminium in each of the last five years.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

HM Revenue & Customs (HMRC) is responsible for the collection and publication of data on imports and exports of goods to and from the UK.

HMRC releases this information monthly, as an Accredited National Statistic called the Overseas Trade in Goods Statistics (OTS), which is available via their dedicated website (www.uktradeinfo.com). From this website, it is possible to build your own data tables based upon bespoke search criteria. You can build tables, using the commodity codes published in the UK Trade Tariff at https://www.gov.uk/trade-tariff. Aluminium is classified in Chapter 76 of the tariff.

The website will give information on value, amounts and the countries where the aluminium was sent. HMRC do not record the reason for export. Any applicable duties for the relevant commodity codes can also be found in the tariff.

If you need help or support in constructing a table from the data on uktradeinfo, please contact uktradeinfo@hmrc.gov.uk.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, in the context of the development of the Circular Economy Growth Plan, whether her Department holds data on (a) how many metric tonnes of recycled aluminium were imported into the UK in each of the last recorded five years;(b) from which countries did the UK import that recycled aluminium; and (c) what was the financial cost of purchasing that recycled aluminium in each of the last recorded five years.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

HM Revenue & Customs (HMRC) is responsible for the collection and publication of data on imports and exports of goods to and from the UK.

HMRC releases this information monthly, as an Accredited National Statistic called the Overseas Trade in Goods Statistics (OTS), which is available via their dedicated website (www.uktradeinfo.com). From this website, it is possible to build your own data tables based upon bespoke search criteria. You can build tables, using the commodity codes published in the UK Trade Tariff. Aluminium is classified in Chapter 76 of the tariff.

The website will give information on value, amounts and the countries involved, however recycled aluminium does not have a dedicated commodity code.

If you need help or support in constructing a table from the data on uktradeinfo, please contact uktradeinfo@hmrc.gov.uk.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, in the context of the development of the Circular Economy Growth Plan, whether her Department holds data on (a) how many metric tonnes of waste aluminium were exported from the UK for recycling in each of the last recorded five years; (b) to which countries was that waste aluminium exported and in what quantities; (c) how much revenue was generated from the sale of that waste aluminium in each of the last recorded five years.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

HM Revenue & Customs (HMRC) is responsible for the collection and publication of data on imports and exports of goods to and from the UK.

HMRC releases this information monthly, as an Accredited National Statistic called the Overseas Trade in Goods Statistics (OTS), which is available via their dedicated website (www.uktradeinfo.com). From this website, it is possible to build your own data tables based upon bespoke search criteria. You can build tables, using the commodity codes published in the UK Trade Tariff. Waste aluminium is classified in section 7602 of the tariff.

The website will give information on value, amounts and the countries where the aluminium was sent. HMRC do not record the reason for export. If you need help or support in constructing a table from the data on uktradeinfo, please contact uktradeinfo@hmrc.gov.uk.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to Section 4.230 of the Autumn Budget 2025, whether she plans to publish the consultation on the new ISA product before the Easter recess.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

At Autumn Budget 25 the government announced that it will publish a consultation in early 2026 on the implementation of a new, simpler ISA product to support first time buyers to buy a home. Once available, this new product will be offered in place of the Lifetime ISA.

The new design will include the government bonus being paid at the point the individual makes a withdrawal for a house purchase. This removes the need for a withdrawal charge and means a saver can withdraw funds, should their circumstances change, without penalty.

It will remain possible to open a Lifetime ISA until the new product becomes available and for account holders to continue to save into their Lifetime ISA in line with the existing rules indefinitely.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to Section 4.230 of the Autumn Budget 2025, what steps she is taking to maintain the viability of the Lifetime ISA.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

At Autumn Budget 25 the government announced that it will publish a consultation in early 2026 on the implementation of a new, simpler ISA product to support first time buyers to buy a home. Once available, this new product will be offered in place of the Lifetime ISA.

The new design will include the government bonus being paid at the point the individual makes a withdrawal for a house purchase. This removes the need for a withdrawal charge and means a saver can withdraw funds, should their circumstances change, without penalty.

It will remain possible to open a Lifetime ISA until the new product becomes available and for account holders to continue to save into their Lifetime ISA in line with the existing rules indefinitely.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many meetings of the Retail Investment Campaign steering group have taken place.

Answered by Lucy Rigby - 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. That is why the Chancellor’s Leeds Reforms included bold actions to boost retail investment.

The Government welcomes the industry-led retail investment campaign which will promote the benefits of investing to the public, and will launch in April 2026. The inaugural meeting of the campaign steering group was held on 22 September 2025, and the steering group has met regularly since then. The Investment Association is the secretariat to the campaign, and HM Treasury supports the campaign in an observer capacity.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what progress she has made on the Retail Investment Campaign.

Answered by Lucy Rigby - 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. That is why the Chancellor’s Leeds Reforms included bold actions to boost retail investment.

The Government welcomes the industry-led retail investment campaign which will promote the benefits of investing to the public, and will launch in April 2026. The inaugural meeting of the campaign steering group was held on 22 September 2025, and the steering group has met regularly since then. The Investment Association is the secretariat to the campaign, and HM Treasury supports the campaign in an observer capacity.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions she has had with the Secretary of State for Education on improving the delivery of financial education.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The government recognises the importance of financial literacy in helping people to manage their finances and make the most of their money, and is taking steps to improve provision of financial education across all age groups.

In July 2024, the government established an independent Curriculum and Assessment Review, covering ages 5 to 18, chaired by Professor Becky Francis CBE. The Review considered whether there is sufficient coverage of key knowledge and skills to prepare children and young people for future life and to thrive in a fast-changing world. The final report was published in November 2025, alongside the government’s response.

As part of that response, the government committed to making citizenship compulsory at Key Stages 1 and 2 in England, which will include financial education. The government is also legislating through the Children’s Wellbeing and Schools Bill so that all state-funded schools in England will be legally required to teach the national curriculum up to the age of sixteen. This will mean that pupils at academies, which do not currently have to follow the national curriculum, will also benefit from the changes to the curriculum.

The Treasury is working closely with the Department for Education on how we can support these changes and how they fit into the wider landscape of measures announced to support financial capability in adults as part of the government’s Financial Inclusion Strategy. My predecessor met the Minister of State (Minister for School Standards) last year ahead of the Strategy being published.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of trends in the level of the use of AI technologies in financial advice by (a) consumers and (b) industry.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The government believes that the safe and effective adoption of artificial intelligence (AI) in financial services is a major strategic opportunity, with the potential to power growth across the UK. As set out in the Government’s Financial Services Growth and Competitiveness Strategy, it is our ambition to make the UK the world's most technologically advanced global financial sector, leveraging our dual strengths in financial services and AI.

AI is already widely used across the financial sector. A 2024 survey by the Bank of England and the Financial Conduct Authority (FCA) found that around three-quarters of UK financial services firms are now deploying AI. Industry estimates also suggest that the use of AI within the financial advice sector is rapidly growing, with the proportion of advice firms using AI more than doubling over the past year.

The government has not made a formal assessment of the level of AI use by consumers, including the use of large language models for financial advice. In recognition of growing consumer interest in these tools, the FCA has published information for consumers on using AI for investment research. This sets out the pros and cons of such tools, including the risk of incorrect or out-of-date information, and makes clear that advice from general purpose AI tools is not regulated and does not benefit from protections such as the Financial Services Compensation Scheme or the Financial Ombudsman Service.

To support the effective and safe use of AI by industry, while protecting consumers and financial stability, the government has appointed Financial Services AI champions, Harriet Rees and Rohit Dhawan. They will focus on helping firms seize the opportunities for AI in a way that supports innovation, maintains trust in UK financial services, and ensures that consumers are appropriately protected.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment has she made of the potential financial impact of the proposed pay-per-mile charge for electric vehicles for those with hybrid vehicles, who also pay fuel duty.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

As announced at Budget 2025, the Government is introducing Electric Vehicle Excise Duty (eVED), a new mileage charge for electric and plug-in hybrid cars, recognising that electric vehicles (EVs) contribute to congestion and wear and tear on the roads but pay no equivalent to fuel duty. The taxation of motoring is a critical source of funding for public services and investment in infrastructure.

PHEVs have the capacity to drive in either electric or petrol mode and will continue to pay fuel duty on miles driven in petrol mode. In recognition of this, they will be subject to a reduced eVED rate of 1.5 pence per mile upon its introduction in April 2028 – half the rate that will apply to fully electric cars.

An average EV driving 8,000 miles per year will pay £240, or £20 a month in eVED (and no fuel duty), with a PHEV paying £120 in eVED (and fuel duty on petrol/diesel used). In contrast, an average petrol/diesel car driving the same distance will pay around £480 in fuel duty.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential financial impact for electric vehicle owners caused by the Vehicle Excise Duty becoming payable on EVs.

Answered by Dan Tomlinson - 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 rates payable by electric vehicle owners are set out in the V149 rates tables published by the Driver and Vehicle Licensing Agency (DVLA), which can be found here: https://www.gov.uk/government/publications/rates-of-vehicle-tax-v149

The Tax Information and Impact Note published alongside Autumn Finance Bill 2022 set out the expected individual, business, equalities and other impacts of the change, and it can be found here: https://www.gov.uk/government/publications/introduction-of-vehicle-excise-duty-for-zero-emission-cars-vans-and-motorcycles-from-2025/introduction-of-vehicle-excise-duty-for-zero-emission-cars-vans-and-motorcycles-from-2025

The government remains fully committed to the electric vehicle transition, and at Budget 2025 announced £3.6bn of additional support for the electric vehicle market. This included £1.3 billion of additional funding for the Electric Car Grant, £200 million for chargepoint rollout, and increasing the Expensive Car Supplement threshold to £50,000 for electric vehicles.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what timetable has been set for HMRC to publish updated guidance specifically addressing the treatment of CGT-by-instalments under section 280 of the Taxation of Chargeable Gains Act 1992 in cases involving disposals to Employee Ownership Trusts.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The conditions for making an application to pay Capital Gains Tax by instalments are set out within HMRC’s Capital Gains Manual at CG14910, available at GOV.UK. HMRC has confirmed to the employee ownership sector that this guidance applies to disposals to Employee Ownership Trusts, in the same way as for any other disposal.

A Self-Assessment tax return helpsheet on Employee Ownership Trusts will also be made available on GOV.UK from April 2026. This helpsheet will set out the process for applying to pay tax by instalments following disposals to Employee Ownership Trusts.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether HMRC will publish guidance specifically addressing the application of CGT-by-instalments under section 280 of the Taxation of Chargeable Gains Act 1992 in cases involving disposals to Employee Ownership Trusts.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The conditions for making an application to pay Capital Gains Tax by instalments are set out within HMRC’s Capital Gains Manual at CG14910, available at GOV.UK. HMRC has confirmed to the employee ownership sector that this guidance applies to disposals to Employee Ownership Trusts, in the same way as for any other disposal.

A Self-Assessment tax return helpsheet on Employee Ownership Trusts will also be made available on GOV.UK from April 2026. This helpsheet will set out the process for applying to pay tax by instalments following disposals to Employee Ownership Trusts.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how much revenue was raised through business rates from charities operating commercial premises in the North East Combined Authority in 2024/25.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

As Local Authorities are not required to report the business rates revenue they raise from different types of properties, the Government does not hold this data.

More broadly, properties that are wholly or mainly used for a charitable purpose benefit from 80% business rates relief. Local Authorities can, at their discretion, top this up to 100% relief from business rates.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions she has had with the Financial Conduct Authority on modernising adviser charging rules.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

HM Treasury engages regularly with the Financial Conduct Authority (FCA) on a range of regulatory issues, including the regulation of financial advice.

The FCA plans to consult on simplifying and consolidating its investment advice rules and guidance to reduce unnecessary complexity and to clarify its regulatory expectations under the Consumer Duty. This will also cover the rules relating to ongoing advice services to make sure they are appropriate and relevant in future. An FCA consultation paper is expected by the end of Q1 2026.

In addition, the Government is working closely with the FCA to roll out targeted support for consumers from April this year. This represents the biggest reform of the financial advice and guidance landscape in more than a decade, and will represent a step change in the support that consumers receive to invest. Targeted support can be provided free at the point of use with firms recovering costs through cross-subsidisation, which is how HM Treasury expects most firms to operationalise the service. Firms can choose to charge a fee, but will need to follow FCA rules around fair value.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the effectiveness of the regulatory disclosure requirements for investing.

Answered by Lucy Rigby - 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.

On 8 December, the FCA published their final rules for the new Consumer Compositive Investment (CCI) regime which will ensure relevant consumers have access to the most useful information – including on risks, costs and performance – to support their investment decisions.

In addition, the financial promotion regime requires firms to provide consumers with clear, fair and not misleading information that enables them to make appropriate decisions for their individual circumstances.

The Government also welcomes the industry-led review into risk warnings to reform how firms talk about the risks and benefits of investing and support improved consumer understanding. The review will report back to the Treasury early this year.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the Privacy and Electronic Communications Regulations 2003 on the effectiveness of Targeted Support.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Targeted support will be a new form of support, designed to bridge the gap between guidance and full financial advice. It will enable firms authorised by the Financial Conduct Authority (FCA) to proactively suggest appropriate products or courses of action using limited information about a customer and their circumstances. The regime will go live from April 2026.

In December, the FCA and Information Commissioner’s Office published a joint statement to provide clarity on the interaction between direct marketing rules and targeted support. This statement sets out how firms can inform customers of the availability of their targeted support services, including to those who have opted out of direct marketing, while complying with the relevant regulations.

In addition, feedback from industry highlighted that the way direct marketing rules apply in the workplace pensions context creates particular challenges for implementing the new regime. The government therefore committed in December to taking forward secondary legislation to address this, enabling workplace pension providers to deliver targeted support to members who have not opted out of direct marketing. This reflects that workplace pension providers have fewer opportunities to obtain consent for direct marketing, limiting the level of engagement that they can have with their members.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment her Department has made of the role of tax incentives in boosting investment in small and mid-sized quoted companies.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

This government is committed to supporting founders and innovative companies to start, scale, stay and list in the UK.

At Budget we increased the generosity of our enterprise tax reliefs, to support scaling companies raise finance and attract top talent, and committed to being a better customer to innovative businesses, through the use of advance market commitments and wider procurement reforms.

We have also increased the financial capacity of the British Business Bank, enabling them to invest £5 billion into scaling companies over this Parliament.

The Government also launched a Call for Evidence on Tax Support for Entrepreneurs, examining how the tax system supports investment in high growth companies and exploring potential options to go further. The consultation closed on 28 February 2026.

We have already delivered an ambitious set of reforms to make it easier for firms to list and stay on UK markets, and capital markets are a core pillar of the Financial Services Growth and Competitiveness Strategy, launched at Mansion House.

The UK is a hub for growth capital, with UK growth markets providing funding to growing companies from across the world. Over the last 10 years, over half of all capital raised on European growth markets was raised on AIM.

The government maintains a range of targeted tax reliefs for growth market shares, supporting capital raising for quoted companies, and investors in those shares. This supports growth in the broader UK economy.

Collectively these measures support companies access investment across their life cycle, alongside supporting access to government contracts and talent. We will monitor and evaluate the impact of these measures.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment her Department has made of the effectiveness of its current policies in supporting entrepreneurship and the scale-up of UK businesses.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

This government is committed to supporting founders and innovative companies to start, scale, stay and list in the UK.

At Budget we increased the generosity of our enterprise tax reliefs, to support scaling companies raise finance and attract top talent, and committed to being a better customer to innovative businesses, through the use of advance market commitments and wider procurement reforms.

We have also increased the financial capacity of the British Business Bank, enabling them to invest £5 billion into scaling companies over this Parliament.

The Government also launched a Call for Evidence on Tax Support for Entrepreneurs, examining how the tax system supports investment in high growth companies and exploring potential options to go further. The consultation closed on 28 February 2026.

We have already delivered an ambitious set of reforms to make it easier for firms to list and stay on UK markets, and capital markets are a core pillar of the Financial Services Growth and Competitiveness Strategy, launched at Mansion House.

The UK is a hub for growth capital, with UK growth markets providing funding to growing companies from across the world. Over the last 10 years, over half of all capital raised on European growth markets was raised on AIM.

The government maintains a range of targeted tax reliefs for growth market shares, supporting capital raising for quoted companies, and investors in those shares. This supports growth in the broader UK economy.

Collectively these measures support companies access investment across their life cycle, alongside supporting access to government contracts and talent. We will monitor and evaluate the impact of these measures.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential merits of establishing a legal right to basic banking services for charities.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Charities make a valuable contribution across the country, and it is important that they can access suitable banking services.

Decisions about the provision of banking services, including whether to offer accounts to particular organisations, are primarily commercial matters for banks who must meet strict financial crime and customer diligence obligations. Charities and community groups often have more complex account structures (for example, multiple trustees), making their banking needs more expensive and operationally demanding. The varying complexity and features of non-personal accounts, together with financial crime obligations, mean there is no ‘one size fits all’ solution for the sector.

At the Government’s encouragement, however, UK Finance - working with banks and charity representative groups - have produced the Voluntary Organisation Banking Guide, which supports charities and community groups in accessing banking services. This includes an account finder tool for charities and community groups.

The Government continues to monitor evidence on access to banking services, including for charities and community groups, while recognising the need to balance customer protection with providers’ obligations to prevent financial crime and maintain the integrity of the financial system.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps her Department is taking to support entrepreneurship and the transition of high-growth UK businesses from start-up to scale-up.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

This government is committed to supporting founders and innovative companies to start, scale, stay and list in the UK.

At Budget we increased the generosity of our enterprise tax reliefs, to support scaling companies raise finance and attract top talent, and committed to being a better customer to innovative businesses, through the use of advance market commitments and wider procurement reforms.

We have also increased the financial capacity of the British Business Bank, enabling them to invest £5 billion into scaling companies over this Parliament.

The Government also launched a Call for Evidence on Tax Support for Entrepreneurs, examining how the tax system supports investment in high growth companies and exploring potential options to go further. The consultation closed on 28 February 2026.

We have already delivered an ambitious set of reforms to make it easier for firms to list and stay on UK markets, and capital markets are a core pillar of the Financial Services Growth and Competitiveness Strategy, launched at Mansion House.

The UK is a hub for growth capital, with UK growth markets providing funding to growing companies from across the world. Over the last 10 years, over half of all capital raised on European growth markets was raised on AIM.

The government maintains a range of targeted tax reliefs for growth market shares, supporting capital raising for quoted companies, and investors in those shares. This supports growth in the broader UK economy.

Collectively these measures support companies access investment across their life cycle, alongside supporting access to government contracts and talent. We will monitor and evaluate the impact of these measures.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact on the smooth functioning of the property market, of the Finance Bill's requirement for conveyancers submitting Stamp Duty Land Tax returns on behalf of clients to register as 'tax advisers'.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The government has consulted extensively with stakeholders about plans to require the registration of tax advisers who interact with HMRC on behalf of their clients.

This includes the 2024 consultation ‘Raising standards in the tax advice market: strengthening the regulatory framework and improving registration’ and a technical consultation on draft legislation published in summer 2025.

HMRC will continue to work with the industry ahead of implementation and consider concerns raised by stakeholder groups, including conveyancers.

HMRC has released a tax information and impact note on GOV.UK. The note details how the measure is expected to affect businesses that provide professional tax services and interact with HMRC on behalf of their clients.

https://www.gov.uk/government/publications/mandatory-tax-adviser-registration-with-hmrc/tax-advisers-to-register-with-hmrc-and-meet-minimum-standards

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential merits of exempting the state pension from taxation.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

Exempting the State Pension from income tax entirely would undermine the public services we all rely on, including the NHS.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the effectiveness of the Loan Charge and HMRC’s approach to dealing with so-called disguised remuneration schemes.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

I refer the Hon. Member to the answer I gave on 9 February 2026 to UIN 109841.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many outstanding Loan Charge cases will be settled as a result of the McCann Review.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

I refer the Hon. Member to the answer I gave on 9 February 2026 to UIN 109841.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the value-for-money of the Loan Charge.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

I refer the Hon. Member to the answer I gave on 9 February 2026 to UIN 109841.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department is taking to help prevent films that have had their audiovisual material created by generative AI applications from claiming the AVEC and IFTC tax credits.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

Details on the eligibility criteria for the Audio Visual Expenditure Credit (AVEC) and Independent Film Tax Credit (IFTC) can be found here: https://www.gov.uk/guidance/claim-audio-visual-expenditure-credits-for-corporation-tax.

The Government continues to monitor the use of AI in film production and keeps the tax system under constant review.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether a film can qualify for the AVEC and IFTC tax credits if all other eligible criteria is met but all the images and audio were created by AI.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

Details on the eligibility criteria for the Audio Visual Expenditure Credit (AVEC) and Independent Film Tax Credit (IFTC) can be found here: https://www.gov.uk/guidance/claim-audio-visual-expenditure-credits-for-corporation-tax.

The Government continues to monitor the use of AI in film production and keeps the tax system under constant review.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of including the weight of the vehicle in the review of Vehicle Excise Duty.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

Vehicle Excise Duty is a tax on vehicles used or kept on public roads. For certain vehicle classifications, VED liability is partially calculated in accordance with the vehicle’s weight, reflecting the greater road damage caused by heavier vehicles. For example, Heavy Goods Vehicle (HGV) VED rates are set based on a vehicle’s weight, suspension and trailer.

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.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of raising the personal allowance in line with future increases in the State Pension on pensioners in Newcastle-under-Lyme.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

The Government is committed to making sure older people can live with the dignity and respect they deserve in retirement. The State Pension is the foundation of the support available to them. Over the course of this Parliament, the yearly amount of the full new State Pension is currently projected to go up by around £2,100. This reflects the Government’s commitment to the Triple Lock for the duration of this Parliament. This will increase the basic and new State Pension by 4.8% next April, boosting pensioner incomes by up to £575 a year and strengthening retirement security.

The Chancellor has said that those whose only income is the basic or new State Pension without any increments will not have to pay income tax over this Parliament. At the Budget, the Government announced that it will achieve this by easing the administrative burden for pensioners so that they do not have to pay small amounts of tax via Simple Assessment from 2027/28. The Government will set out more details in due course.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, when HMRC will publish the detailed guidance firms will need in order to comply with the Finance Bill's requirement for conveyancers submitting Stamp Duty Land Tax returns on behalf of clients to register as 'tax advisers'.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

HMRC has published guidance on GOV.UK to support tax advisers who are required to register with HMRC.

https://www.gov.uk/guidance/check-if-and-when-you-need-to-register-as-a-tax-adviser-with-hmrc

Further guidance will be published before May 2026 and HMRC is working with key industry stakeholders to get the detail of this guidance right.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how and when her Department plans to roll out the 'Making Tax Digital' scheme across turnover brackets.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

MTD for Income Tax will be introduced across the UK from April 2026 for sole traders and landlords with qualifying income over £50,000. It will be extended to those with qualifying income over £30,000 from April 2027 and for those with qualifying income over £20,000 in April 2028.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what plans her Department has to improve access to finance for small and mid-sized quoted companies.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The UK’s capital markets play a key role in delivering on the government’s growth mission. We have already delivered an ambitious set of reforms to make it easier for firms to start, scale, list and stay on UK markets, and capital markets are a core pillar of the Financial Services Growth and Competitiveness Strategy, launched at Mansion House.

The UK is also a hub for growth capital, with UK growth markets providing funding to growing companies from across the world. Over the last 10 years, over half of all capital raised on European growth markets was raised on AIM.

The government maintains a range of targeted tax reliefs for growth market shares, supporting capital raising for listed businesses, and investors in those shares. This supports growth in the broader UK economy.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate she has made of the cumulative number of pensioners who will be liable for income tax between 2026 and 2031 as a result of the the Personal Allowance threshold being frozen; and what assessment she has made of the total additional tax revenue from those of pensionable age over this period.

Answered by Dan Tomlinson - 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:

https://obr.uk/download/november-2025-economic-and-fiscal-outlook-detailed-forecast-tables-receipts/?tmstv=1764165511

The previous Government made the decision to maintain income tax thresholds at their current levels from April 2021 until April 2028 and this is reflected in the numbers.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the answer of 17 November 2025 to Question 87788, whether airport turnover and revenues were a material consideration in the determination of airports' Rateable Value in the revaluation of business rates; and what information airports are required to pass to the Valuation Office Agency.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The Rateable Value of a property is a measure of its annual rental value. The best evidence to use in undertaking such valuations is actual rental evidence. For some classes of property there is a paucity or indeed no rental evidence as these properties are rarely or never let on the open market. In such cases Valuers use other methods such as the Receipts and Expenditure method, which estimates the rental value from an analysis of the trading accounts of the business occupying them.

When valuing by Receipts & Expenditure method considering accounts is a material consideration. The valuation is required to be carried out in relation to the relevant valuation date (01 April 2024 for the 2026 rating list). The accounts available for the years preceding that date should be considered to ensure that they fairly reflect the proper trading position at the valuation date. The outcomes of such valuations are then compared to the limited rental evidence available.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of reforms to Cash ISAs on (a) the balance sheets of building societies and (b) mortgage (i) availability and (ii) pricing.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

ISA reform forms part of our strategy to support people into the higher returns that investing can provide.

Rules will be introduced to avoid circumvention of the lower limit for cash ISAs where an individual is under the age of 65. The industry is being consulted on the draft rules, which will be made by amendments to the ISA Regulations and laid in Parliament ahead of April 2027.   Building societies and mortgage lenders are part of the industry consultation.

We will consult on the final rules as soon as these are ready, so that firms have enough notice before the new limit applies in April 2027.

The availability and pricing of mortgages is a commercial decision for lenders in which the Government does not intervene. However, mortgage rates are influenced by a range of factors, including Base Rate, which has been cut six times since this Government came to power.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps her Department is taking to prevent the use of Stocks and Shares ISAs to circumvent revised Cash ISA limits due to be introduced in April 2027.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

ISA reform forms part of our strategy to support people into the higher returns that investing can provide.

Rules will be introduced to avoid circumvention of the lower limit for cash ISAs where an individual is under the age of 65. The industry is being consulted on the draft rules, which will be made by amendments to the ISA Regulations and laid in Parliament ahead of April 2027.   Building societies and mortgage lenders are part of the industry consultation.

We will consult on the final rules as soon as these are ready, so that firms have enough notice before the new limit applies in April 2027.

The availability and pricing of mortgages is a commercial decision for lenders in which the Government does not intervene. However, mortgage rates are influenced by a range of factors, including Base Rate, which has been cut six times since this Government came to power.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, when she plans to publish final legislation and guidance for ISA providers on the operation of the ISA regime from April 2027.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

ISA reform forms part of our strategy to support people into the higher returns that investing can provide.

Rules will be introduced to avoid circumvention of the lower limit for cash ISAs where an individual is under the age of 65. The industry is being consulted on the draft rules, which will be made by amendments to the ISA Regulations and laid in Parliament ahead of April 2027.   Building societies and mortgage lenders are part of the industry consultation.

We will consult on the final rules as soon as these are ready, so that firms have enough notice before the new limit applies in April 2027.

The availability and pricing of mortgages is a commercial decision for lenders in which the Government does not intervene. However, mortgage rates are influenced by a range of factors, including Base Rate, which has been cut six times since this Government came to power.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many outstanding cases involving individuals subject to the Loan Charge she expects to be resolved as a result of the recommendations of the McCann Review.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

At Budget 2024 the Government announced a new independent review of the loan charge. The purpose of the review was to bring the matter to a close for people who have not settled and paid their loan charge liabilities. The review identified affordability as a key barrier preventing those individuals from settling and made recommendations to remove this barrier.

The Government has gone further in supporting people on the lowest incomes by providing an additional £5,000 deduction for those in scope of the review. This entirely removes approximately 10,000 individuals from the charge. Most others will see their liabilities reduced by at least half.

Under the review recommendations, an individual earning £30,000 who used a disguised remuneration scheme for three years would have their liability reduced by 66 percent. Under the Government’s plans, they will instead see 89 percent written off. It represents the Government’s attempt to provide a fair route to resolution for those who have not settled with HMRC. In turn, those people need to come forward and engage with HMRC in good faith.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the Valuation Office Agency's statistics entitled Non-domestic rating: change in rateable value of rating lists, England and Wales, 2026 Revaluation, published on 26 November 2025, for what reason the average Rateable Values of civil airports have increased by 295%.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The revaluation is required to be carried out in relation to the relevant valuation date, 01 April 2024 for the 2026 rating list.

The current rating list valuation is carried out in relation to the relevant valuation date, 01 April 2021 for the 2023 rating list.

The annual value at each valuation reflects the economic circumstances at each valuation date. The average Rateable Values of civil airports increase 295% reflects the different economic circumstances at each valuation date.

At the Budget, the Government published a Call for Evidence seeking further evidence on the role business rates and its reliefs play in investment. Through this Call for Evidence, the Government is considering options to provide greater predictability and stability in the business rates system for long-term, high-value investments. The Call for Evidence has recently closed, and a Government response will be published in due course.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many residents have been charged interest on late payments to HMRC in each year since 2015.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the 5p cut to fuel duty on levels of social mobility in rural areas.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The Chancellor considers a wide range of impacts when taking decisions on tax policy. At Budget 2025, the Government announced that the 5p cut in fuel duty would be extended until the end of August 2026, with rates then gradually returning to March 2022 levels by March 2027. The planned increase in line with inflation for 2026/27 will also not take place, with RPI uprating resuming from 2027/28 onwards.

The Government’s decision on fuel duty will save the average car driver £49 in 2026/27. Those driving more than average, which includes drivers in rural communities, will generally experience larger savings.

The Rural Fuel Duty Relief Scheme provides a 5p per litre reduction to motorists buying fuel in certain areas. The areas included in the scheme demonstrate certain characteristics such as: pump prices much higher than the UK average; remoteness leading to high fuel transport costs from refinery to filling station; and relatively low sales meaning that retailers cannot benefit from bulk discounts.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate her Department has made of the increased cost to businesses as a result of the expansion of the Soft Drinks Industry Levy (SDIL), including directly through paying the increased SDIL and indirectly through the demand of product reformulation.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The changes to SDIL announced at Budget 2025 were confirmed following extensive industry engagement through the ‘Strengthening the Soft Drinks Industry Levy’ consultation, which was open from 28 April to 21 July 2025. Representations from businesses, and the trade bodies representing them, were received and considered as part of this process.

On 25 November 2025, the government published its summary of responses to the consultation. An assessment of impacts – including economic impacts for businesses – of the announced policy changes can be found within the Summary of Responses document here:

https://www.gov.uk/government/consultations/strengthening-the-soft-drinks-industry-levy/outcome/strengthening-the-soft-drinks-industry-levy-summary-of-responses#assessment-of-impacts

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the impact of the Statement of Strategic Priorities for the National Wealth Fund in March 2025 on Northern Ireland.

Answered by James Murray - Chief Secretary to the Treasury

The Strategic Plan sets out the National Wealth Fund’s ambition to accelerate place-based investment across all four nations of the UK. It has a dedicated director based in Northern Ireland, and opened a Belfast office in December 2024.

The National Wealth Fund is already investing in Northern Ireland, for example in rural broadband development

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she plans to equalise the VAT treatment of Further Education colleges and school sixth forms.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

Further Education (FE) funding is vital to ensure people are being trained in the skills they need to thrive in the modern labour market. The 2025 Spending Review provided an additional £1.2 billion per year by 2028-29 for skills and £1.7 billion of capital funding to help colleges maintain the condition of their estate. In addition, the Government is providing £375 million of capital investment to support the FE system to accommodate increasing student numbers.

For their non-business activity, FE colleges are unable to reclaim VAT incurred. We operate VAT refund schemes for schools and academies which are designed variously to ensure that VAT is not a burden on local taxation, and that academies are not disincentivised to leave LA control. FE colleges do not meet the criteria for either scheme.

In relation to business activity, FE colleges enjoy an exemption from VAT which means that they do not have to charge VAT to students but cannot recover it either.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to protect businesses and investors from fraud where individuals found liable by UK courts are resident overseas.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government is committed to tackling fraud, a key aspect in ensuring that the UK is a strong place for investment.

As detailed in Economic Crime Plan 2023-2026, the Government is working to strengthen international standards and build partnerships with overseas financial centres to reduce the threat international illicit finance, including fraud, poses to the UK. Agencies including HMRC, the Serious Fraud Office, and the National Crime Agency collaborate with overseas partners on this.

The upcoming Fraud Strategy will detail the Government’s plans to prevent fraud and protect the public beyond 2026.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether (a) her Department and (b) the arms length bodies sponsored by her Department are compliant with the Supreme Court ruling in the case of For Women Scotland Ltd v The Scottish Ministers [2025].

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

Cabinet Office have set out the expectation that all duty bearers, including Departments and arm’s-length bodies, follow the law as clarified by the Supreme Court ruling and seek specialist legal advice where necessary. The Prime Minister has underlined this recently. The Equality and Human Rights Commission has submitted a draft Code of Practice on services, public functions and associations to Ministers, and Cabinet Office are reviewing it with the care it deserves. This will provide further guidance to duty bearers.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, for each financial year since 2020-21, how many officials in HM Treasury have held a professional accountancy qualification.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

We hold the below information on officials holding professional accountancy qualifications. In each of the below years, there were at least:

2022 – 28 officials

2023 – 42 officials

2024 – 38 officials

2025 – 43 officials

holding professional accountancy qualifications.

Currently, there are 53 officials in the department holding a professional accountancy qualification.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to page 92 of the Strategic Defence Review, published on 2 June 2025, how many (a) public engagements and (b) private meetings Ministers in their Department have undertaken related to the national conversation on defence and security.

Answered by James Murray - Chief Secretary to the Treasury

Ministers in HM Treasury have regular discussions with officials, external experts and ministerial colleagues on a range of issues, including national security, defence and resilience. This includes attending and speaking at public and sector events.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate she has made of changes to business rates for the Channel Tunnel from 2025-26 to 2026-27 as a consequence of the (i) business rate revaluation and (ii) surcharge on Rateable Values above £500,000; and whether she has made an assessment of the potential impact of those changes on rail investment in Channel Tunnel services.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The Government cannot comment on the bills of individual ratepayers.

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.

While rateable values have increased, the multipliers rates have decreased, meaning, from April, all ratepayers will face a lower multiplier than they do now, including those paying the high-value multiplier. The Government recognises that this does not necessarily mean a lower bill for everyone which is why, 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.

This support package includes a redesigned transitional relief scheme, which caps bill increases over the next 3 years. Compared to the 2023 transitional relief scheme, the redesigned scheme will provide more support for properties paying higher tax rates (such as the new high-value multiplier), including airports, hotels and key Industrial Strategy properties, who are facing large increases and are important for growth in the UK.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the answer of 20 November 2025 to Question 91460 on Airports: Business Rates, if she will publish the revised guidance alongside the draft rating list.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The Valuation Office Agency's guidance will be published when the Rating List is compiled on 1 April 2026.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether the assessment of the number of estates impacted by the changes to Inheritance Tax on unused pension funds and death benefits (published in the relevant Policy Paper on 21 July 2025) took into consideration the increase in asset values over the coming years.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

Most 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. This removes distortions resulting from changes that have been made to pensions tax policy over the last decade, which have led to some pensions being openly used and marketed as a tax planning vehicle to transfer wealth, rather than as a way to fund retirement. These reforms also remove inconsistencies in the inheritance tax treatment of different types of pensions

The Government will continue to incentivise pension savings for their intended purpose of funding retirement, with ongoing tax reliefs on both contributions into pensions and on the growth of funds held within a pension scheme. Pensions continue to benefit from very significant tax benefits, with gross income tax and National Insurance contributions relief costing £78.2 billion in 2023-24. It is therefore crucial to ensure that tax reliefs on pensions are being used for their intended purpose – to encourage saving for retirement and later life – rather than for passing on wealth free of inheritance tax

Estates will continue to benefit from the normal nil-rate bands, reliefs, and exemptions available. For example, the nil-rate bands mean an estate can pass on up to £1 million with no inheritance tax liability and the general rules mean any transfers, including the payment of death benefits, to a spouse or civil partner are fully exempt from inheritance tax. More than 90 per cent of UK estates will continue to have no inheritance tax liability in 2030-31 following these changes and the reforms will only affect a minority of those with inheritable pension wealth

As is standard practice, the costing and the assessment of the number of estates expected to be impacted by the reforms take account of the forecasts for changes in asset values. For example, pension wealth is grown over time using the equity prices determinant from the Office for Budget Responsibility’s (OBR) economic forecast. The OBR published detailed information on 30 January 2025 and this is available at https://obr.uk/docs/dlm_uploads/IHT-on-pensions-supplementary-release-Jan-2025.pdf.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential risk that changes to Inheritance Tax on unused pension funds and death benefits could discourage private savings for pensions.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

Most 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. This removes distortions resulting from changes that have been made to pensions tax policy over the last decade, which have led to some pensions being openly used and marketed as a tax planning vehicle to transfer wealth, rather than as a way to fund retirement. These reforms also remove inconsistencies in the inheritance tax treatment of different types of pensions

The Government will continue to incentivise pension savings for their intended purpose of funding retirement, with ongoing tax reliefs on both contributions into pensions and on the growth of funds held within a pension scheme. Pensions continue to benefit from very significant tax benefits, with gross income tax and National Insurance contributions relief costing £78.2 billion in 2023-24. It is therefore crucial to ensure that tax reliefs on pensions are being used for their intended purpose – to encourage saving for retirement and later life – rather than for passing on wealth free of inheritance tax

Estates will continue to benefit from the normal nil-rate bands, reliefs, and exemptions available. For example, the nil-rate bands mean an estate can pass on up to £1 million with no inheritance tax liability and the general rules mean any transfers, including the payment of death benefits, to a spouse or civil partner are fully exempt from inheritance tax. More than 90 per cent of UK estates will continue to have no inheritance tax liability in 2030-31 following these changes and the reforms will only affect a minority of those with inheritable pension wealth

As is standard practice, the costing and the assessment of the number of estates expected to be impacted by the reforms take account of the forecasts for changes in asset values. For example, pension wealth is grown over time using the equity prices determinant from the Office for Budget Responsibility’s (OBR) economic forecast. The OBR published detailed information on 30 January 2025 and this is available at https://obr.uk/docs/dlm_uploads/IHT-on-pensions-supplementary-release-Jan-2025.pdf.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she has made an estimate of the potential impact on the revenue differential to the Treasury if Class 1 National Insurance Contributions calculations matched those of income tax.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

This would be a significant change, as National Insurance contributions (NICs) and Income Tax work quite differently at present.

NICs are charged on earnings on a per-employment, per-pay period basis, whereas Income Tax is an annual tax, and takes into account an individual’s total, cumulative earnings over the year. NICs also come with specific benefits e.g. State Pension, Jobseeker’s Allowance (JSA), Maternity Allowance, and Bereavement benefits. This is in line with NICs’ role as a social security contribution, into which contributions are made from people’s earnings while in work to support them when they are out of work. NICs are currently not payable by those over State Pension age. As such, amalgamating NICs into, or even bringing them closer into line with, income tax would come with major transitional costs and considerations

The Office of Tax Simplification (OTS) considered this in 2016 in its report on 'Closer alignment of Income Tax and National Insurance', which sets out their analysis on the range of challenges that would need to be taken into consideration before proceeding with such a radical reform as well as indications of potential winners and losers from closer alignment.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of aligning National Insurance Contributions (NICs) earnings periods with those of income tax.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

This would be a significant change, as National Insurance contributions (NICs) and Income Tax work quite differently at present.

NICs are charged on earnings on a per-employment, per-pay period basis, whereas Income Tax is an annual tax, and takes into account an individual’s total, cumulative earnings over the year. NICs also come with specific benefits e.g. State Pension, Jobseeker’s Allowance (JSA), Maternity Allowance, and Bereavement benefits. This is in line with NICs’ role as a social security contribution, into which contributions are made from people’s earnings while in work to support them when they are out of work. NICs are currently not payable by those over State Pension age. As such, amalgamating NICs into, or even bringing them closer into line with, income tax would come with major transitional costs and considerations

The Office of Tax Simplification (OTS) considered this in 2016 in its report on 'Closer alignment of Income Tax and National Insurance', which sets out their analysis on the range of challenges that would need to be taken into consideration before proceeding with such a radical reform as well as indications of potential winners and losers from closer alignment.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential impact of the Finance Bill's requirement for conveyancers submitting Stamp Duty Land Tax returns on behalf of clients to register as 'tax advisers' on costs for consumers.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The government has consulted extensively with stakeholders about plans to require the registration of tax advisers who interact with HMRC on behalf of their clients.

This includes the 2024 consultation ‘Raising standards in the tax advice market: strengthening the regulatory framework and improving registration’ and a technical consultation on draft legislation published in summer 2025.

HMRC will continue to work with the industry ahead of implementation and consider concerns raised by stakeholder groups, including conveyancers.

HMRC has released a tax information and impact note on GOV.UK. The note details how the measure is expected to affect businesses that provide professional tax services and interact with HMRC on behalf of their clients.

https://www.gov.uk/government/publications/mandatory-tax-adviser-registration-with-hmrc/tax-advisers-to-register-with-hmrc-and-meet-minimum-standards

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what consideration has been given to the potential risk that the Finance Bill's requirement for conveyancers submitting Stamp Duty Land Tax returns on behalf of clients to register as 'tax advisers' may mislead consumers to assume their conveyancer or solicitor is providing full tax advice, which they are not authorised to give.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

Guidance on whether you need to register as a tax adviser is available here: https://www.gov.uk/guidance/check-if-and-when-you-need-to-register-as-a-tax-adviser-with-hmrc

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she will take to address the tax disparity that sees employing hairdressing salons pay 123% more tax than self-employed hairdressing salons for the same turnover.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

The Government recognises the vital role that hairdressing salons play in communities and the wider economy.

An individual's employment status is determined by the facts and circumstances of the engagement between the worker and engager. This is based on case law. The Government recognises that firms in the hair and beauty sector operate under different business models.

The Government has taken steps to support small businesses. To protect the smallest businesses from changes to employer National Insurance Contributions (NICs) made at Autumn Budget 2024, the Government increased the Employment Allowance from £5,000 to £10,500. This means that this year, 865,000 employers will pay no NICs at all, and more than half of all employers will either gain or will see no change.

The Government is also supporting small businesses to grow. At Budget, the Government announced the extension of Small Business Rates Relief (SBRR) so that businesses opening second premises can retain their SBRR for three years, tripling the current allowance.

The Government keeps all areas of the tax system under review. Any changes to the tax system are announced as part of the annual Budget process.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to ensure that national investment strategies in [i] skills [ii] transport and [iii] infrastructure are at comparable levels between mayoral combined authorities and non mayoral combined authorities.

Answered by James Murray - Chief Secretary to the Treasury

The government recognises the importance of ensuring that all areas have strategies in place, and can drive forward improvements in transport, skills and infrastructure. Areas not part of a combined authority still receive investment in skills, transport and infrastructure, and are required to produce the relevant strategies.

In addition, for those areas which want greater devolution without being part of a Combined Authority, the government has invited them to bring forward with their neighbours an expression of interest for a Foundation Strategic Authority.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will conduct an assessment of national investment strategies in [i] skills [ii] transport and [iii] infrastructure for Leicestershire, Leicester and Rutland to ensure comparability with mayoral combined authorities.

Answered by James Murray - Chief Secretary to the Treasury

The government recognises the importance of ensuring that all areas have strategies in place, and can drive forward improvements in transport, skills and infrastructure. Areas not part of a combined authority still receive investment in skills, transport and infrastructure, and are required to produce the relevant strategies.

In addition, for those areas which want greater devolution without being part of a Combined Authority, the government has invited them to bring forward with their neighbours an expression of interest for a Foundation Strategic Authority.

Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to increase capability, transparency and value for money in public sector expenditure.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

This Government is committed to ensuring that every penny of public money is spent wisely, driving out low value spending and ensuring the state becomes more productive.

At Spending Review 2025, the Government announced that it would deliver total annual efficiency gains of almost £14 billion by 2028-29. It published departments’ efficiency targets and plans, allowing external scrutiny and public accountability.

At the Budget in November 2025, the Government committed to going further on efficiency and savings by delivering an additional £2.8 billion savings in 2028-29 and £5 billion by 2030-31. Alongside this, the Chief Secretary to the Treasury is leading a suite of reviews to drive value for money across government spending.

The Government has recently published an updated Green Book, the UK government guidance on appraisal and value for money. It has also started to publish business cases for major projects, meaning the public can be confident that taxpayers’ money is being spent on projects that deliver best possible value.

Question to the HM Treasury:

To ask His Majesty's Government, further to the Written Answer by Lord Livermore on 26 February 2025 (HL5095), what arrangements they are making for the review of the Sovereign Grant this year; and when they plan to bring forward the legislation to implement the reduction of the Sovereign Grant from financial year 2027-28.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

As required by the Sovereign Grant Act 2011, the next review of the Sovereign Grant will take place this year. In addition, the Government has committed to bring forward legislation to reset the Grant to a lower level from 2027-28 once Buckingham Palace reservicing works are completed.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of consumer protections for motorists who are unknowingly diverted from their insurers to claims management companies following road traffic accidents; and whether she has had discussions with the Financial Conduct Authority on closing regulatory gaps that allow misleading advertising and lead-generation practices in the accident management sector.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government expects motorists to be treated fairly when making insurance claims. FCA rules require that insurer’s communications with consumers, including during the claims process, are clear, fair and not misleading. The process by which customers are referred outside their primary insurer—such as to accident management companies—is already subject to FCA regulation.

The FCA, working with other regulators, has taken coordinated action against misleading advertising and poor practices by some Claims Management Companies operating in this area. Treasury Ministers meet the FCA regularly to discuss issues across the full range of its responsibilities.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department has had any discussions with the Financial Conduct Authority regarding the valuation transparency of BrewDog's Equity for Punks scheme.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The government does not comment on individual firms’ commercial activities.

In 2024, the government delivered the Public Offers and Admissions to Trading Regulations which enabled the Financial Conduct Authority (FCA) to reform the UK Prospectus Regime to make it simpler and more effective. This new regime took effect on 19 January 2026, and will give investors access to better quality information to support their investment decisions.

The regulations also created a new regulated activity of operating a Public Offer Platform (POP). Companies seeking to make public offers of securities outside a public market to a broad investor base, where the value exceeds £5 million, will now need to do so via a POP, ensuring investors receive better information about their investments.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of the regulatory framework for UK-based online equity crowdfunding platforms.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The government does not comment on individual firms’ commercial activities.

In 2024, the government delivered the Public Offers and Admissions to Trading Regulations which enabled the Financial Conduct Authority (FCA) to reform the UK Prospectus Regime to make it simpler and more effective. This new regime took effect on 19 January 2026, and will give investors access to better quality information to support their investment decisions.

The regulations also created a new regulated activity of operating a Public Offer Platform (POP). Companies seeking to make public offers of securities outside a public market to a broad investor base, where the value exceeds £5 million, will now need to do so via a POP, ensuring investors receive better information about their investments.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what consideration her Department gave to transition arrangements for UK citizens living abroad who have been making voluntary Class 2 National Insurance contributions but have not yet qualified for a full State Pension.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

The changes to voluntary National Insurance contributions policy announced at Budget retain routes for individuals living outside of the UK to fill gaps in their NI records by paying Class 3 NICs, which allows individuals to continue to build entitlement to the UK State Pension.

This includes transitional arrangements for existing voluntary Class 2 and 3 customers to not be subject to the new 10-year qualifying conditions.

The removal of access to voluntary Class 2 NICs applies for the 2026/27 tax year onwards, and does not affect the ability of any customer to pay voluntary Class 2 NICs for periods abroad prior to 6 April 2026.

Question to the HM Treasury:

To ask His Majesty's Government what plans they have, if any, to extend recent business rates support for pubs to other types of hospitality venues.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government has announced a £4.3 billion business rates support package to protect ratepayers across all sectors seeing large bill increases. This includes an expanded supporting small business scheme to support ratepayers losing retail, hospitality and leisure (RHL) relief in April 2026.

In addition, the Government is introducing permanently lower tax multipliers for eligible RHL properties. These are worth almost £1 billion per year, and will benefit over 750,000 properties.

On top of this, pubs and live music venues will also benefit from 15% off their new business rates bills, ahead of their bills being frozen in real terms for a further two years.

As a result, over half of ratepayers will see no bill increases next year, including 23% seeing their bills go down. Government support also means that most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest properties.

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Found: The Government remains committed to reviewing this settlement regularly with HM Treasury and Ofcom

Found: The Government remains committed to reviewing this settlement regularly with HM Treasury and Ofcom

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Found: We understand HM Treasury is currently considering how best to remedy this and provide greater certainty

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Found: We urge HM Treasury, the FCA, and the Bank of England to ensure implementation timelines and key expectations

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Question to the Department of Health and Social Care:

To ask the Secretary of State for Health and Social Care, what response was provided by DHSC to the consultation by HM Treasury around changes to the VAT treatment of public bodies under Section 41 of the VAT Act.

Answered by Karin Smyth - Minister of State (Department of Health and Social Care)

The Department of Health and Social Care did not submit a formal response to HM Treasury’s consultation on proposed changes to the VAT treatment of public bodies under section 41 of the Value Added Tax Act 1994.

The consultation, VAT and the Public Sector: Reform to VAT Refund Rules, was published by HM Treasury on 27 August 2020 and closed on 19 November 2020.

As a central Government department, the Department of Health and Social Care engaged with HM Treasury and HM Revenue and Customs through cross-Government discussions to consider the potential implications of the proposals for the health and care system, including National Health Service bodies, rather than responding as a stakeholder in its own right.

Question to the Department of Health and Social Care:

To ask the Secretary of State for Health and Social Care, what assessment had been made by DHSC or provided to DHSC by NHS England about the potential impact on the NHS of proposed changes to introduce the full refund model for VAT in the NHS.

Answered by Karin Smyth - Minister of State (Department of Health and Social Care)

The Department has not made a formal published assessment of the potential impact on the National Health Service of the proposed changes to introduce a full refund model for VAT under section 41 of the Value Added Tax Act 1994.

The Department of Health and Social Care and NHS England have engaged with HM Treasury and HM Revenue and Customs through cross-Government discussions to understand the potential implications of the proposals for the NHS, including the interaction with NHS funding flows and the principle that any reform would need to be fiscally neutral.

NHS England has provided input to the Department to support this engagement, including analysis of existing VAT recovery arrangements and high-level consideration of the potential impacts of moving from the current Contracted Out Services regime to a full refund model. This work has been undertaken to inform cross-Government discussions and data-gathering exercises led by HM Treasury, rather than as a standalone assessment of the impact on NHS services.

Question to the Department for Energy Security & Net Zero:

To ask the Secretary of State for Energy Security and Net Zero, whether his Department has made an assessment of the potential merits of making a formal recommendation to HM Treasury on extending VAT relief to Microgeneration Certification Scheme-certified heat batteries.

Answered by Martin McCluskey - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)

Tax treatment is the responsibility of HM Treasury and they keep all taxes under review.

This Government has invested £15 billion in the Warm Homes Plan to help upgrade British homes and cut bills. Whilst we expect heat pumps to be suitable for the vast majority of properties, some may be less suitable and so we are supporting alternative low carbon technologies like heat batteries, air-to-air heat pumps, and biomass boilers.

We are also expanding the Boiler Upgrade Scheme to provide more options, including heat batteries. To simplify the system for consumers and installers, Government has recently mandated Microgeneration Certification Scheme (MCS) as the sole certification scheme for clean heat installations under DESNZ schemes.

Question to the Department for Transport:

To ask the Secretary of State for Transport, whether her Department will achieve an average 5% annual real-terms reduction in resource spending between 2025-26 and 2028-29.

Answered by Simon Lightwood - Parliamentary Under-Secretary (Department for Transport)

Spending plans for the period from 2025-26 to 2028-29 were agreed with HM Treasury as part of the Spending Review 2025 settlement and can be found at https://www.gov.uk/government/publications/spending-review-2025-document.

They were amended as part of the Autumn Budget 2025 and can be found at [page 146] https://assets.publishing.service.gov.uk/media/Budget_2025.

Question to the Department for Digital, Culture, Media & Sport:

To ask the Secretary of State for Culture, Media and Sport, whether additional funding has been provided to the Scottish Government to support religious organisations following the end of the Listed Places of Worship Grant Scheme.

Answered by Ian Murray - Minister of State (Department for Science, Innovation and Technology)

At the Spending Review 2025, HM Treasury agreed budgets for Departments for a three-year period for Resource DEL, and a four-year period for Capital DEL. The Department then completed a Business Planning process to allocate this funding to programmes. This included £92 million (£23 million per year) for the Places of Worship Renewal Fund.

At Spending Reviews, the Devolved Governments generally receive Barnett consequentials as a proportion of overall departmental settlements, not specific funding lines or programmes. Barnett consequentials were confirmed taking into account the overall DCMS allocation, which includes funding for the Places of Worship Renewal fund. Decisions on the allocation of this funding are then for the Devolved Governments to take.

Question to the Cabinet Office:

To ask the Minister for the Cabinet Office, with reference to paragraph 1.3 of the Budget Information Security Review, published on 9 February 2026, if he will publish the recommendations from his Department's leak inquiry.

Answered by Dan Jarvis - Minister of State (Cabinet Office)

The recommendations from the Cabinet Office leak inquiry have been published and are included in the HM Treasury Budget Information Security Review.

Question to the Cabinet Office:

To ask the Minister for the Cabinet Office, what recent assessment his Department has made of the long‑term financial sustainability of the Civil Service Pension Scheme; and whether further reforms are being considered to ensure value for money for both members and taxpayers.

Answered by Satvir Kaur - Parliamentary Secretary (Cabinet Office)

Public Service Pension policy is the responsibility of HM Treasury, including the Civil Service Pension Scheme (CSPS). Any reform of the scheme must align with or ensure legal compliance with HM Treasury policy, and no further reforms are being considered at this time.

Question to the Attorney General:

To ask the Solicitor General, what assessment she has made of the effectiveness of the arrangements for managing unclaimed estates and properties under Bona Vacantia.

Answered by Ellie Reeves - Solicitor General (Attorney General's Office)

The collection and disposal of bona vacantia monies arising from the estates of deceased people & dissolved companies is managed by the Treasury Solicitor as the Crown’s Nominee, with the proceeds passing each year to HM Treasury. Such arrangements are set out in the Crown’s Nominee Account which is laid annually before Parliament.

Question to the Department for Digital, Culture, Media & Sport:

To ask the Secretary of State for Culture, Media and Sport, what recent discussions she has had with the Chancellor of the Exchequer about the potential impact of budget changes to betting and gaming levies on the viability of British sports.

Answered by Ian Murray - Minister of State (Department for Science, Innovation and Technology)

The Government recognises the significant contribution that racing and other sports make to the nation’s economy and sporting landscape. DCMS and HMT Ministers have regular engagement on betting and gaming levies.

Question to the Department for Education:

To ask the Secretary of State for Education, pursuant to WPQ109604 answered on 24 February 2026 about Private Education: VAT, whether she has received representations from the independent school sector on introducing a targeted subsidy for small charitable independent schools with fewer than 500 pupils.

Answered by Olivia Bailey - Parliamentary Under-Secretary of State (Department for Education) (Equalities)

HM Treasury published a Tax Information and Impact Note (TIIN) on applying VAT to private school fees. This is accessible at: https://www.gov.uk/government/publications/vat-on-private-school-fees/applying-vat-to-private-school-fees.

The department continues to engage with private school providers, including smaller schools, and representative organisations to ensure they are aware of the requirements outlined in the TIIN.

Question to the Department for Digital, Culture, Media & Sport:

To ask the Secretary of State for Culture, Media and Sport, what assessment she has made of the potential impact of changes to business rates liability from 1 April 2026 on participation in grassroots sport in England; and whether she has made representations to the Chancellor of the Exchequer and the Secretary of State for Housing, Communities and Local Government on that issue.

Answered by Stephanie Peacock - Parliamentary Under Secretary of State (Department for Culture, Media and Sport)

DCMS engaged extensively with HM Treasury in the run up to the Autumn Budget 2025 and provided evidence to HM Treasury on the anticipated impact to the sport and leisure sector.

The Government has announced a support package worth £4.3 billion to protect against ratepayers seeing large overnight increases in their business rates bills because of the revaluation.

In addition, the Government is introducing new permanently lower multipliers for eligible retail, hospitality and leisure properties, which are worth nearly £1 billion per year and will benefit over 750,000 properties.

As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down, next year. This also means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.

Question to the Department for Education:

To ask the Secretary of State for Education, pursuant to WPQ109601 answered on 23 February 2026, when she last met with the independent school sector to discuss the financial sustainability of small independent schools.

Answered by Olivia Bailey - Parliamentary Under-Secretary of State (Department for Education) (Equalities)

HM Treasury published a Tax Information and Impact Note (TIIN) on applying VAT to private school fees. This is accessible at: https://www.gov.uk/government/publications/vat-on-private-school-fees/applying-vat-to-private-school-fees.

The department continues to engage with private school providers, including smaller schools, and representative organisations to ensure they are aware of the requirements outlined in the TIIN.

Question to the Cabinet Office:

To ask the Minister for the Cabinet Office, whether (a) his Department and (b) the Government Property Agency (i) has made since July 2024 and (ii) plans to make changes to government property spending controls.

Answered by Anna Turley - Minister without Portfolio (Cabinet Office)

The Office of Government Property, within the Cabinet Office, administers the property spend control on behalf of HM Treasury. The last changes to the property spend control were made in May 2024.

At Budget 2025 the government announced reforms to the public spending control and accountability framework. Controls currently delegated to the central government functions, will be replaced by a multi-disciplinary single approval point in HM Treasury for above delegated authority limit spend (DAL).

For below DAL spend, departments will be responsible for ensuring they draw on appropriate functional expertise in their decision-making processes.

Question to the Department for Digital, Culture, Media & Sport:

To ask His Majesty's Government what discussions they have had with the devolved administrations in Scotland, Wales, and Northern Ireland about ending the Listed Places of Worship Grant Scheme; and whether the new Places of Worship Renewal Fund will be subject to the Barnett formula.

Answered by Baroness Twycross - Baroness in Waiting (HM Household) (Whip)

I wrote to Angus Robertson MSP, Cabinet Secretary for Constitution, External Affairs and Culture, regarding the closure of the Listed Places of Worship Grant Scheme. DCMS officials have also met with counterparts in the devolved administrations of Scotland, Wales, and Northern Ireland to discuss the closure and confirm Barnett consequentials were applied as a proportion of overall departmental settlements.

At the Spending Review 2025, HM Treasury agreed budgets for Departments for a three-year period for Resource DEL, and a four-year period for Capital DEL. The Department then completed a Business Planning process to allocate this funding to programmes. This included £92 million (£23 million per year) for the Places of Worship Renewal Fund.

At Spending Reviews, the Devolved Governments generally receive Barnett consequentials as a proportion of overall departmental settlements, not specific funding lines or programmes. Barnett consequentials were confirmed taking into account the overall DCMS allocation, which includes funding for the Places of Worship Renewal fund. Decisions on the allocation of this funding are then for the Devolved Governments to take.

Question to the Department for Education:

To ask the Secretary of State for Education, whether she has had discussions with the Chancellor of the Exchequer on the potential implications for her policies of the report by the IFS entitled Annual report on education spending in England: 2025–26, published in January 2026.

Answered by Georgia Gould - Minister of State (Education)

The department and HM Treasury discuss matters relating to school funding on an ongoing basis. These conversations are supported by government analysis relating to school funding, some of which is in the public domain.

Question to the Cabinet Office:

To ask the Minister for the Cabinet Office, what proportion of the Government estate is managed by the Government Property Agency; which departments, arm’s-length bodies or property portfolios lie within its direct management responsibilities; and what the Government Property Agency’s total expenditure was in 2024–25 on measuring, collecting, reporting or validating greenhouse gas emissions in respect of the parts of the estate for which it is responsible.

Answered by Anna Turley - Minister without Portfolio (Cabinet Office)

Fifty-three per cent (2023/24 53 per cent) of the central government office portfolio, covering c.1,100,000 sqm has been transferred to the Government Property Agency. The Agency provides portfolio services to the following Government departments:

• Advisory, Conciliation and Arbitration Service

• Attorney General’s Office

• Cabinet Office

• Care Quality Commission

• Companies House

• Crown Commercial Service

• Crown Prosecution Service

• Department for Business & Trade

• Department for Education

• Department for Energy, Security and Net Zero

• Department for Culture Media and Sport

• Department of Health & Social Care

• Government Actuary’s Department

• Ministry of Housing Communities & Local Government

• Disclosure & Barring Services

• Northern Ireland Office

• The Insolvency Service

• Foreign & Commonwealth Office

• HM Land Registry

• HM Treasury

• Food Standards Agency

• Great British Nuclear

• Ministry of Justice

• National Savings & Investments

• Office of the Public Guardian

• OfQual

The GPA calculates greenhouse gas emissions for office space occupied by GPA staff and provides utility consumption data for departments occupying other buildings within its managed estate. As this activity is performed by staff as part of their wider duties, the exact amount of time allocated to this specific activity is not centrally recorded.

Question to the Department for Business and Trade:

To ask His Majesty's Government whether they have approved a financial ceiling for public support to British Steel and, if so, what it is.

Answered by Baroness Lloyd of Effra - Baroness in Waiting (HM Household) (Whip)

Longer-term funding for British Steel is subject to agreement with HM Treasury once plans for the site are finalised and will be subject to further ministerial decisions. We continue to work with Jingye to find a pragmatic, realistic solution for the future of BSL. In the interim, as a public corporation, BSL continues trading commercially with the objective of minimising losses to the taxpayer. All support for BSL has been drawn from existing HMG budgets, with no additional borrowing required.

Question to the Home Office:

To ask the Secretary of State for the Home Department, whether the revised Programme Business Case for the Emergency Services Network has received Departmental and HM Treasury approval.

Answered by Sarah Jones - Minister of State (Home Office)

The Emergency Services Mobile Communications Programme’s revised Business Case (PBC 2025) was approved by the Home Office Investment Committee on 18 December 2025.

The PBC has subsequently been submitted to HM Treasury and is currently undergoing the Treasury Approval Point process, including consideration by HM Treasury and the Chief Secretary to the Treasury.

Final government approval is expected following completion of this process in April 2026.

The Programme continues to operate within agreed funding and remains subject to the Government’s established assurance and approvals framework.

Found: mentions: 7 Department for Education, Every child achieving and thriving, 23 February 2026 8 HM Treasury

Found: needs in England: something has to change Source: DfE, Dedicated schools grant, various years; HM Treasury

Found: done by Supply and Appropriation Acts, which are themselves part of the Estimates process.10 HM Treasury

Found: fi ve years £287 million 10-year budget for the National Quantum Computing Centre approved by HM Treasury

Found: fi ve years £287 million 10-year budget for the National Quantum Computing Centre approved by HM Treasury

Found: The recently announced Northern Growth Strategy, led jointly by DfT , HM Treasury and MHCLG, is intended

Found: The recently announced Northern Growth Strategy, led jointly by DfT , HM Treasury and MHCLG, is intended

Found: they have been ‘Freedom Bodies’ , having certain operational and financial freedoms granted by HM Treasury

Found: However, HM Treasury and the Department for Education (DfE), who currently have modern ERPs and are

Found: Cross-government REPORT4 Key facts Update on government shared services Key facts £1.15bn £459mn 470,000 total HM Treasury

Found: notification requirement for relevant persons using the humanitarian exception, requiring them to notify HM Treasury

Found: cell">Financial Reporting Transactions & Gov

Found: contribution yield required under the Police Pension Scheme Reform Design Framework as instructed by HM Treasury

Found: Previously worked as an adviser to ministers in Australia and as an official in HM Treasury and 10 Downing

Found: remains subject to due diligence, value-for-money assessments, and all necessary approvals and the HMT

Found: at FCDO to Chief Secretary to the Treasury on Special Severance Payment 106 - 107 24 30-09-2025 - HMT

Found: To enable this, HM Treasury will repeal the existing Strong Customer Authentication technical standards

Found: To enable this, HM Treasury will repeal the existing Strong Customer Authentication technical standards

Found: Ecological Economics, (149), pp. 21-39 19 However, it should be noted that HM Treasury guidance for

Found: HM. Treasury TREAS 3 1 0.333333333333333 0 0 10 4 0.4 0 0 12 6 0.5 2 0.166666666666667 7 2 0.285714285714286

Found: HM. Treasury TREAS 3 1 0.333333333333333 0 0.0 10 4 0.4 0 0.0 12 6 0.5 2 0.166666666666667 7 2 0.285714285714286

Found: for the sale of knives and other bladed articles ● DSIT has worked with HM Treasury

Found: reports as well as separate reports to the Office of Financial Sanctions Implementation within HM Treasury

Found: reports as well as separate reports to the Office of Financial Sanctions Implementation within HM Treasury

Found: Green Book ” means “The Green Book: Appraisal and Evaluation in Central Government” published by HM Treasury

Found: letter from employer confirming full or part time employment for service user; or confirmation from HMT

Found: The analysis followed HM Treasury guidance51 and was conducted from the perspective of a government

Found: notification requirement for relevant persons using the humanitarian exception, requiring them to notify HM Treasury

Found: third-party verified data about products’ and services' environmental performances from a 1 HM Treasury

Found: This handbook also identifies the key outputs of the process and how these integrate with the HM Treasury

Found: Following HM Treasury Green Book guidance, direct staffing costs from internal OPSS teams have been

Found: The Assessment states that following discussion with HM Treasury, it was agreed that the off-setting

Found: Note, though, that some of this value is discounted in the model (using the HMT Green Book discount

Found: Our gender pay gap data is published as part of His Majesty’s Treasury’s (HMT) Gender Pay Gap report

Found: has been flat since the 2008 GFC, and the forecasts from institutions such as the BoE, ONS, and HM Treasury

Found: It was approved by HM Treasury as an arrangement to ensure that the SIA did not hold any unnecessary

Found: reports as well as separate reports to the Office of Financial Sanctions Implementation within HM Treasury

Found: NMRN is required to provide outturn data to HMT via Strategic Finance. 24.4.

Found: Minister for Investment Department for Business and Trade & HM Treasury

Found: of Great Grimsby & Cleethorpes Minister for Investment Department for Business and Trade & HM Treasury

Found: Minister for Investment Department for Business and Trade & HM Treasury

Found: W/C 12 September Media HMT and UKG Fiscal Event [REDACTED] – NOT IN SCOPE 12 September –

Found: HM Treasury and the Government Actuary’s Department have produced climate scenario analysis guidance

Found: • Scottish Public Finance Manual • UK Government Management of risk in government: framework • HM Treasury

Found: off-shoring would simply be a means to prevent a transfer of funds from the Scottish Government to the HM Treasury

Found: uses the Office for Budget Responsibility (OBR) forecasts for assessments of His Majesty’s Treasury (HMT

Found: Defra stated that the allocation had been determined using the Barnett formula in line with HM Treasury

Found: The HM Treasury central discount rate of 3.5% has been used throughout this analysis to calculate the

Found: In line with the HM Treasury Magenta Book a process evaluation would seek to answer questions such as

Found: The Managing Public Money1 document by HM Treasury sets out the principles of financial probity, transparency

Found: performance, and understand whether policies or actions are having their intended effect (Adapted from HM treasury