Asked by: Anna Dixon (Labour - Shipley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make it her policy to ring-fence Business Asset Disposal Relief in the upcoming Budget.
Answered by James Murray - Exchequer Secretary (HM Treasury)
At Autumn Budget, the government announced that it would maintain Business Asset Disposal Relief, with its £1 million lifetime limit. The Chancellor also announced that the Capital Gains Tax rate for Business Asset Disposal Relief will increase from 10% to 14% from 6 April 2025, and will increase again to match the lower main rate at 18% from 6 April 2026.
Asked by: Anna Dixon (Labour - Shipley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of introducing a tax on unbuilt developments where planning permission has lapsed; and if she will make an assessment of the potential impact of such a tax on the construction of new homes.
Answered by James Murray - Exchequer Secretary (HM Treasury)
Introducing new taxes requires a comprehensive evaluation of a variety of factors including, but not limited to, complexity, fairness, and simplicity for the taxpayer. The Government keeps all taxes under review as part of the usual tax policy making process and welcomes representations to help inform future decisions on tax policy. Any changes are generally announced at fiscal events, where decisions are taken in the round.
The Government has committed to delivering 1.5 million new homes and has consulted on reforms to the National Planning Policy Framework to deliver key steps to get Britain building, including the reintroduction of mandatory housing targets.
Asked by: Anna Dixon (Labour - Shipley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has had discussion with the Financial Conduct Authority on the racial disparity in motor insurance premiums identified in the Citizens Advice report, Discriminatory pricing: exploring the ethnicity penalty in the insurance market, published in March 2022.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
Treasury Ministers and officials have regular meetings with a wide variety of organisations in the public and private sectors on an ongoing basis.
Under the Equality Act 2010 insurers cannot use race as a risk factor when determining the price of insurance. The Government is also determined that insurers should treat their customers fairly and firms are required to do so under the Financial Conduct Authority’s (FCA) rules.
The FCA’s rules requires firms to ensure their products offer fair value (i.e. the price a consumer pays for an insurance product or service to be reasonable compared to the overall benefits they can expect to receive). The FCA has powers to act against firms that fail to comply.
Asked by: Anna Dixon (Labour - Shipley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department is taking to ensure that new banking hubs will be opened in communities affected by bank branch closures.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
The Government understands the importance of face-to-face banking to communities and high streets, and is committed to championing sufficient access for all as a priority.
This is why the Government is working closely with industry to ensure that at least 350 banking hubs are delivered across the UK, which will provide individuals and businesses up and down the country with critical cash and banking services.
Over 60 banking hubs are already open and Cash Access UK, who oversee banking hub rollout, expect 100 hubs to be open by the end of the year.