Asked by: Ben Obese-Jecty (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what definition of farm her Department used to estimate the number of farms affected by changes to agricultural property relief.
Answered by James Murray - Exchequer Secretary (HM Treasury)
From 6 April 2026, the full 100% relief from inheritance tax will be restricted to the first £1 million of combined agricultural and business property. Around 500 estates across the UK are expected to be affected each year from 2026-27. It is not possible to accurately infer a future inheritance tax liability from data on farm asset values. The number of claims, meaning how many people would be impacted by this change, is affected by many things such as: who owns the business; the nature of that ownership; how many owners there are; and how they plan their affairs.
The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms, and further explanatory information at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief.
Asked by: Ben Obese-Jecty (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 10 September 2024 to question 3891 on the Office for Value for Money, what progress the Office for Value for Money has made on (a) finalising a workplan and (b) appointing an independent Chair.
Answered by Darren Jones - Chief Secretary to the Treasury
The Office for Value for Money is in the process of appointing an independent Chair and developing its workplan. Further details will be made available in due course.
Asked by: Ben Obese-Jecty (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the Exchequer Secretary's oral contribution during the debate on VAT: Independent Schools of 8 October 2024, Official Report, column 171, if she will publish the Government's own analysis on the potential impact of adding VAT to school fees on pupils and their families across the state and private school sectors.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The government has carefully considered the impact these policies will have on pupils and their families across both the state and private sector, as well as the impact they will have on state and private schools. Following scrutiny by the independent Office for Budget Responsibility (OBR), details of the Government’s assessment of the expected impacts of these policy changes will be published at the Budget on 30 October in the usual way.
Asked by: Ben Obese-Jecty (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much of the projected revenue raised by introducing VAT on independent school fees will be allocated to (a) special education and (b) social, emotional and mental health needs.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The removal of the VAT exemption for private school fees will not impact pupils with the most acute additional needs, where these can only be met in private schools. Local Authorities (LAs) fund pupils’ places in private schools where their needs can only be met in a private institution. In England, where attendance at that private institution is required by a child’s Education, Health and Care Plan (EHCP), LAs will be able to reclaim the VAT on the fees from HMRC. This includes at post-16 special colleges.
Where a single fee is paid for students at special schools or colleges to cover all aspects of the service they provide (including health and social care), the VAT status of that fee will be determined by whether the predominant element of the supply is education. HMRC will publish further guidance to assist schools before the Budget.
The Government will confirm the introduction of these tax policy changes at Budget, at which point the Office for Budget Responsibility (OBR) will certify the Government’s costings for these measures. We expect the changes to raise significant amounts of revenue, securing additional funding to help deliver the Government’s commitments relating to education and young people.
Asked by: Ben Obese-Jecty (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 13 September 2024 to Question 4779 on Banking Hubs, what the timeline is for the roll-out of the new banking hubs; and whether (a) Cash Access UK and (b) LINK are considering St Ives in Cambridgeshire as the location of a hub.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
The Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this parliament. Currently, over 80 banking hubs are already open and Cash Access UK, who oversee banking hub rollout, expect 100 hubs to be open by Christmas.
The specific location of these hubs is determined independently by LINK, the operator of the UK’s largest ATM network. Criteria that LINK consider include whether another bank branch remains nearby, local population, number of cash-accepting businesses and the financial vulnerability of the community.
Asked by: Ben Obese-Jecty (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when she plans to announce changes to business rates.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The government is committed to delivering a fairer business rates system by levelling the playing field between the high street and online giants, better incentivising investment, tackling empty properties and supporting entrepreneurship.
Any decisions on future tax policy will be announced by the Chancellor at a fiscal event.
Asked by: Ben Obese-Jecty (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of providing tax relief for (a) singing groups and (b) choirs.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The creative industries play a key role in driving economic growth. The Government is committed to supporting the creative industries as a key part of its plan to fix the foundations of the economy, creating good jobs and accelerating growth in film, music, gaming, and other creative sectors.
The Government keeps all tax policy under review and regularly receives proposals for sector-specific tax reliefs. When considering a new tax relief, the Government must ensure it supports businesses in a fair way and that taxpayer money is effectively targeted.
Asked by: Ben Obese-Jecty (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of opening a banking hub in (a) St Ives, Cambridgeshire and (b) other market towns that have experienced bank 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 roll-out 350 banking hubs across the UK, which will provide individuals and businesses 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.
The specific location of these hubs is determined independently by LINK, the operator of the UK’s largest ATM network. LINK considers criteria such as whether another bank branch remains nearby, the local population, the number of cash-accepting businesses and the financial vulnerability of the community.