Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate her Department has made of how many small businesses in the Buckingham and Bletchley constituency are losing all Small Business Rates Relief when opening their second premises.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
We are creating a fairer business rates system that protects the high street, supports investment, and is fit for the 21st century.
As set out at Autumn Budget 2024, the Government intends to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties with ratable values (RVs) below £500,000 from 2026-27. This permanent tax cut will ensure that RHL businesses benefit from much-needed certainty and support.
This tax cut must be sustainably funded, and so the Government intends to introduce a higher rate on the most valuable properties in 2026-27 - those with RVs of £500,000 and above. These represent less than one per cent of all properties, but cover the majority of large distribution warehouses, including those used by online giants.
The Government will confirm the rates for the new multipliers at Budget 2025, taking account of the outcomes of the 2026 revaluation as well as the broader economic and fiscal context. When the new multipliers are set at Budget 2025, HM Treasury intends to publish analysis of the effects of the new multiplier arrangements.
The Government does not hold data on how many businesses are eligible for Small Business Rates Relief (SBRR) in individual constituencies. It is worth noting that, if a business expands to a second property, it retains SBRR on the first property for 12 months, and may retain it longer if certain conditions are met.
The Transforming Business Rates: Interim Report published on 11 September sets out the Government’s next steps to deliver a fairer business rates system. This includes exploring a number of reforms to incentivise investment and improve the operation of the business rates system, including how SBRR could be enhanced to more effectively support investment and expansion among small businesses.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential economic impact of proposed business rates reforms on the Buckingham and Bletchley constituency.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
We are creating a fairer business rates system that protects the high street, supports investment, and is fit for the 21st century.
As set out at Autumn Budget 2024, the Government intends to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties with ratable values (RVs) below £500,000 from 2026-27. This permanent tax cut will ensure that RHL businesses benefit from much-needed certainty and support.
This tax cut must be sustainably funded, and so the Government intends to introduce a higher rate on the most valuable properties in 2026-27 - those with RVs of £500,000 and above. These represent less than one per cent of all properties, but cover the majority of large distribution warehouses, including those used by online giants.
The Government will confirm the rates for the new multipliers at Budget 2025, taking account of the outcomes of the 2026 revaluation as well as the broader economic and fiscal context. When the new multipliers are set at Budget 2025, HM Treasury intends to publish analysis of the effects of the new multiplier arrangements.
The Government does not hold data on how many businesses are eligible for Small Business Rates Relief (SBRR) in individual constituencies. It is worth noting that, if a business expands to a second property, it retains SBRR on the first property for 12 months, and may retain it longer if certain conditions are met.
The Transforming Business Rates: Interim Report published on 11 September sets out the Government’s next steps to deliver a fairer business rates system. This includes exploring a number of reforms to incentivise investment and improve the operation of the business rates system, including how SBRR could be enhanced to more effectively support investment and expansion among small businesses.
Asked by: Max Wilkinson (Liberal Democrat - Cheltenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of potential impact of the Video Games Expenditure Credit on levels of (a) employment, (b) investment, (c) studio formation and (d) IP development.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The Government recognises the importance of the creative industries, including the key role they play in driving economic growth. Video games jobs are highly productive at nearly double the average national output, and technology developed by games businesses contributes an estimated £1.3 billion output to the UK economy each year.
Video games companies benefit from the Video Games Expenditure Credit, which provides a tax credit of 34 per cent on UK video games development costs.
It is too soon to conduct an assessment of VGEC’s impact given it was introduced on 1 January 2024, after which there will be a lag of at least 12 months as accounting periods end and corporation tax returns are filed. An evaluation of the Video Game Tax Relief (VGTR), which VGEC is replacing, was published in July 2017. It can be found here: https://www.gov.uk/government/publications/video-game-tax-relief-evaluation.
The government will continue to work with industry to monitor the VGEC and its effectiveness on an ongoing basis.
Asked by: Kim Leadbeater (Labour - Spen Valley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what guidance HMRC issues to employees who work in companies entering administration who (a) have not received P45s and (b) are being taxed under emergency codes; and whether her Department plans to take steps to provide more support to employees who have been disadvantaged in insolvency cases.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
HMRC does not issue specific guidance to employees of companies entering administration regarding P45s or emergency tax codes.
Where a company is in administration, the administrator, who is a regulated Insolvency Practitioner, is responsible for issuing relevant documents, such as P45s, to former employees.
A customer may be assigned an emergency tax code if HMRC has not received updated income details following a change in circumstances. Once HMRC receives the correct information, the tax code will be adjusted accordingly. Guidance is available to all customers on emergency codes and how to update a code on Gov.UK.
HMRC undertakes reviews of processes regularly and is open to receiving any specific suggestions for improvements in administrating tax within its responsibilities.
Asked by: Max Wilkinson (Liberal Democrat - Cheltenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many video games studios have received (a) Video Games Tax Relief and (b) Video Games Expenditure Credit since they were introduced.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The Government recognises the importance of the creative industries, including the key role they play in driving economic growth. Video games jobs are highly productive at nearly double the average national output, and technology developed by games businesses contributes an estimated £1.3 billion output to the UK economy each year.
Video games companies benefit from the Video Games Expenditure Credit (VGEC), which was introduced on 1 January 2024 and provides a tax credit of 34 per cent on UK video games development costs. All new games must claim VGEC from 1 April 2025 and VGTR will expire in April 2027.
HMRC publish annual creative industry tax relief statistics on gov.uk, that can be found here: https://www.gov.uk/government/collections/creative-industries-statistics
Asked by: Richard Holden (Conservative - Basildon and Billericay)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 5 September 2025 to Question 71209 on Motor Vehicles: Excise Duties, if she will make an estimate of the amount of tax that will be raised from Double Cab Pick Up vehicles being taxed as cars in (a) 2025-6, (b) 2026-7, (c) 2027-8, (d) 2028-9 and (e) 2029-30.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The estimated amount of tax that will be raised from double cab pick-up vehicles being treated as cars has been estimated as follows:
| 2025-26 | 2026-27 | 2027-28 | 2028-29 | 2029-30 |
Exchequer Impact (£m) | 140 | 235 | 270 | 280 | 285 |
As with most tax measures in the Budget the main uncertainties in this costing relate to the size of the tax base and the behavioural response to the measure in the usual way.
Asked by: Charlotte Nichols (Labour - Warrington North)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make it her policy to establish a sustainable funding model for social welfare advice services.
Answered by James Murray - Chief Secretary to the Treasury
The Government recognises the important role that social welfare advice services play in supporting individuals.
For example, DWP provide grant funding to Citizens Advice, who deliver Help to Claim support for customers to apply for Universal Credit. In addition, the Money and Pensions Service, which is sponsored by DWP, continues to provide impartial, free money and pensions guidance directly to consumers.
DWP’s settlement at Spending Review 2025 provided DWP with funding to continue delivering these services.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of allowing lenders to offer mortgages of over 4.5 times buyers’ income on the financial stability of mortgage lenders.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The loan-to-income (LTI) flow limit restricts the share of new mortgages that lenders can issue at or above 4.5 times a borrower’s income. It is set by the Bank of England’s Financial Policy Committee (FPC), which is responsible for identifying and addressing systemic risks to UK financial stability.
In July 2025, the FPC judged that the system-wide cap—limiting high-LTI mortgages to no more than 15 per cent of all new owner-occupier lending—continues to provide appropriate protection against the build up of unsustainable household debt which could pose risks to financial stability in an economic downturn.
However, to ensure the LTI flow limit is implemented proportionately and efficiently, the Committee recommended that the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) amend implementation of the flow limit to allow individual lenders to increase their share of high-LTI lending, provided the aggregate flow remains consistent with the 15 per cent limit. Details on this recommendation can be found in the FPC’s July Financial Stability Report.
The government supports the FPC’s changes, maintaining resilience of the financial system while supporting responsible access to home ownership.
Asked by: Carla Denyer (Green Party - Bristol Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she is taking to (a) monitor and (b) assess the risk posed by climate emissions to UK (i) financial stability and (ii) pension funds.
Answered by James Murray - Chief Secretary to the Treasury
The Bank of England’s Financial Policy Committee (FPC) is responsible for identifying and addressing risks to the UK financial system. The FPC’s latest remit was set out by the Chancellor in November 2024. It sets out that the Committee should regard the risks posed by climate change, including physical and transition risks, as relevant to its primary objective, and consider how these risks could impact financial stability over the near and long term, including where appropriate through its stress testing frameworks. The remits for the Financial Policy Committee and Prudential Regulation Committee also make clear that they should support the Government’s approach to accelerate the transition to a climate resilient, nature positive, and net zero economy.
Asked by: Roz Savage (Liberal Democrat - South Cotswolds)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department is taking to ensure that older people entitled to Home Responsibilities Protection compensation are not excluded from claiming due to identity verification requirements.
Answered by James Murray - Chief Secretary to the Treasury
Customers who are unable to access their Personal Tax Account can apply for Home Responsibilities Protection by completing a print and post form (CF411) which is available on GOV.UK. Alternatively, they can contact the National Insurance helpline to request a paper form.