Asked by: Jim McMahon (Labour (Co-op) - Oldham West, Chadderton and Royton)
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.
Asked by: Jim McMahon (Labour (Co-op) - Oldham West, Chadderton and Royton)
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.
Asked by: Jim McMahon (Labour (Co-op) - Oldham West, Chadderton and Royton)
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.
Asked by: Jim McMahon (Labour (Co-op) - Oldham West, Chadderton and Royton)
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.
Asked by: Jim McMahon (Labour (Co-op) - Oldham West, Chadderton and Royton)
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.
Asked by: Jim McMahon (Labour (Co-op) - Oldham West, Chadderton and Royton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has been made of the potential impact, average level and trends of business rates payable by businesses in the retail, hospitality and leisure sectors since 2015.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
Without our support, the pub sector as a whole would have faced a 45% increase in the total bills they pay next year. Because of the support we’ve put in place, this has fallen to just 4%.
The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
The National Insurance Contributions (NICs) Employment Allowance has been more than doubled to £10,500, ensuring that over half of businesses with National Insurance liabilities, including those in the hospitality sector, will either gain or see no change this year. A Tax Information and Impact Note was published alongside changes to employer NICs.
Asked by: Jim McMahon (Labour (Co-op) - Oldham West, Chadderton and Royton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions she has had with regulators on reviewing rules on credit unions offering insurance products such as income protection.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Credit unions are regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to ensure the stability and soundness of the sector. The regulators are independent and make decisions on the regulation of credit unions in line with their statutory objectives.
Credit unions themselves are not insurance providers. Following the Financial Services and Markets Act 2023, credit unions were given clearer permissions to act as distributors, enabling their members to access insurance products through partner firms. This does not allow credit unions to underwrite insurance themselves, and any arrangements made under these rules would be subject to the regulators' consumer protection rules.
In response to a request from HM Treasury, the PRA and FCA published reports on the mutuals sector on 5 December. As part of this, the regulators have committed to reviewing the regulatory framework governing credit unions.
Asked by: Jim McMahon (Labour (Co-op) - Oldham West, Chadderton and Royton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what place based funding allocations has the Government confirmed for each area in the UK for the current spending review period.
Answered by James Murray - Chief Secretary to the Treasury
The government is investing billions in city regions, towns and communities across the UK as a commitment to driving growth everywhere.
This includes, for example, the historic £15.6 billion investment in transport infrastructure in major city regions outside London; £410 million for a Local Innovation Partnerships Fund to support local leaders to drive innovation excellence in key sectors across the UK; at least £13 billion of funding via Integrated Settlements from 2026-27 to 2029-30 for seven Mayoral Strategic Authorities; and a Local Transport Grant providing £2.3 billion to enable local authorities to deliver transport improvements.
Asked by: Jim McMahon (Labour (Co-op) - Oldham West, Chadderton and Royton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment has been made of trends of junior bank account openings and levels of savings for young people since 2015.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Ensuring that individuals have access to appropriate financial services and products is a key Government priority. This is vital for supporting financial resilience and wellbeing and enables people, including young people, to fully participate in the economy.
HM Treasury does not hold data on junior current account openings specifically. However, the Money and Pensions Service’s (MaPS) UK Strategy for Financial Wellbeing 2020–2030 reports that one in ten 16- to 17-year-olds have no bank account at all. Of those who do have accounts, 30% have never deposited money.
Through the Financial Inclusion Strategy, the Government is working with schools and the Money and Pensions Service to improve young people’s financial capability. As part of this, financial education will become compulsory in primary schools in England through a new statutory requirement to teach citizenship. In 2025–26, MaPS will also pilot its Talk, Learn, Do programme, which helps parents have money conversations with their children. The pilot will run through five family hubs and other organisations that support families in England, with the aim of achieving sustainable scale across the UK.
The Government is also supportive of industry’s efforts to develop age-appropriate products and services for young people.
Asked by: Jim McMahon (Labour (Co-op) - Oldham West, Chadderton and Royton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment has been made of the potential impact of coordinating place-based (a) Government funding and (b) philanthropic, institutional and private sector investment on regional growth.
Answered by James Murray - Chief Secretary to the Treasury
Following a review of the Green Book, the government has announced the introduction of place-based business cases. This new approach will highlight the reinforcing effects of different investments within an area and better coordinate both public sector funding decisions and non-public sector investments in specific places to support growth. Liverpool, Plymouth, Port Talbot and Birmingham will be the first adopters of place-based business cases. The government will set out plans to rollout place-based business cases further in due course.
More widely, Government is giving local leaders and communtiies the power and resources to make decisions for their places.