Asked by: Carla Denyer (Green Party - Bristol Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the Adura joint venture, whether HMRC has investigated potential breaches of loss-buying prohibitions under the Corporation Tax Act 2010.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
In 2024-25 HMRC secured £19.7bn in additional tax revenue from the largest and most complex businesses. This is money that would otherwise have gone unpaid.
I cannot comment on specific taxpayers or provide comment on individual businesses.
In reviewing a large business's tax affairs, HMRC will consider all relevant challenges, including loss-buying provisions where appropriate. HMRC is committed to ensuring everyone pays the right tax under the law, regardless of the size of business.
Asked by: Carla Denyer (Green Party - Bristol Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will conduct and publish a comparative assessment of the (a) fiscal returns from the Energy Profits Levy and (b) value of tax reliefs and investment and capital allowances granted to oil and gas producers since 2022.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The Office for Budget Responsibility’s (OBR) forecast at Autumn Budget 2025 estimates that revenues from the Energy Profits Levy (EPL) will be £8.5 billion between 2025-26 and 2030-31. This is in addition to more than £11 billion in tax revenues already raised through the EPL since its introduction in May 2022.
A full breakdown of revenue projections for all North Sea oil and gas taxes is available in the OBR’s Economic and Fiscal Outlook, published at Autumn Budget 2025 (Economic and fiscal outlook – November 2025 - Office for Budget Responsibility). Information on tax receipts already raised by the EPL is published and regularly updated by the Office for National Statistics (ONS) (https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicsectorfinance/datasets/appendixdpublicsectorcurrentreceipts).
Estimates of the cost of tax reliefs available to oil and gas companies under the Ring-Fence Corporation Tax (RFCT) and the Supplementary Charge (SC) are published at https://www.gov.uk/government/collections/tax-relief-statistics.
Estimates are not available for every relief due to data collection and estimation challenges but are kept under regular review.
Asked by: Carla Denyer (Green Party - Bristol Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 19 September 2025 to Question 76417 on Carbon Emissions, whether the Financial Policy Committee (a) is (i) monitoring and (ii) assessing evidence on the likelihood of planetary boundaries being breached and (b) has used its stress testing frameworks to assess the potential impact of climate tipping points on financial stability.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Bank of England’s Financial Policy Committee (FPC) is responsible for identifying, monitoring and taking action to mitigate systemic risks to the UK financial system. In its November 2024 Financial Stability Report, the FPC explained its approach to assessing climate-related financial stability risks; it recognised the potentially irreversible impact of passing through climate tipping points; and it highlighted that the Bank of England was considering incorporating risks caused or exacerbated by climate change into future bank and insurance stress tests. This followed the Chancellor’s remit to the FPC in 2024 recommending the FPC to use its stress testing frameworks, where appropriate, to consider how climate risks could impact financial stability.
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: Carla Denyer (Green Party - Bristol Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will take steps to ensure that leasehold owners who were unable to sell their properties in the 2020-21 financial year due to cladding remediation works can qualify for the temporarily reduced Stamp Duty Land Tax rates that were in place during that period.
Answered by James Murray - Chief Secretary to the Treasury
Stamp Duty Land Tax (SLDT) rates were reduced from July 2020 to September 2021 in response to exceptional circumstances in the housing market. The SDLT rates applicable to a purchase are those in place on the date of the transaction. SDLT remains an important source of Government revenue, raising around £12 billion each year to help pay for the essential services the Government provides.
A refund of the higher rate of SDLT paid when purchasing additional property can be claimed in exceptional circumstances, or if an old main residence is sold within three years of the purchase of the new main residence. This includes those paying higher rates of SDLT because they have been unable to sell a main residence due to issues with unsafe cladding. HMRC consider each individual case on its own merits.
Asked by: Carla Denyer (Green Party - Bristol Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 13 February 2025 to Question 28901 on Taxation: International Cooperation, what recent discussions she has had with international counterparts on a UN framework convention on global taxation.
Answered by James Murray - Chief Secretary to the Treasury
The UK is committed to strengthening international tax cooperation, and works closely with our international partners from all regions, both bilaterally and multilaterally through international organisations.
The UK believes that a UN Framework Convention has the potential to advance international tax cooperation, but it will only be successful if it seeks to build upon rather than reinvent existing initiatives, and seeks to secure the broad support and participation of members.
Asked by: Carla Denyer (Green Party - Bristol Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate her Department has made of the potential impact of new UK oil and gas extraction on (a) GDP and (b) tax receipts in each of the next five years.
Answered by James Murray - Chief Secretary to the Treasury
It is a long-standing convention that the government does not discuss individual taxpayers, and so the government cannot discuss the amount of tax relief available to individual companies in relation to the oil and gas fields they may have a commercial interest in.
The Office for Budget Responsibility’s (OBR) most recent forecast of tax revenues from the oil and gas sector was published at Autumn Budget 2024 in the Economic and Fiscal Outlook October 2024 (https://obr.uk/efo/economic-and-fiscal-outlook-october-2024/), which also includes other economic projections. The OBR’s tax revenue forecast does not give a breakdown by field or company to protect taxpayer confidentiality but takes into account the impact of relevant, available tax reliefs.
Where data is available, estimates of the cost of tax reliefs available to oil and gas companies are published on gov.uk (https://www.gov.uk/government/collections/tax-relief-statistics). This publication contains non-disclosive estimates of the number of claimants for each relief.
Asked by: Carla Denyer (Green Party - Bristol Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has budgeted for any (a) investment tax credit and (b) ringfenced expenditure supplement to be paid to (i) Equinor and (ii) Ithaca in connection to Rosebank oil field development after February 2025.
Answered by James Murray - Chief Secretary to the Treasury
It is a long-standing convention that the government does not discuss individual taxpayers, and so the government cannot discuss the amount of tax relief available to individual companies in relation to the oil and gas fields they may have a commercial interest in.
The Office for Budget Responsibility’s (OBR) most recent forecast of tax revenues from the oil and gas sector was published at Autumn Budget 2024 in the Economic and Fiscal Outlook October 2024 (https://obr.uk/efo/economic-and-fiscal-outlook-october-2024/), which also includes other economic projections. The OBR’s tax revenue forecast does not give a breakdown by field or company to protect taxpayer confidentiality but takes into account the impact of relevant, available tax reliefs.
Where data is available, estimates of the cost of tax reliefs available to oil and gas companies are published on gov.uk (https://www.gov.uk/government/collections/tax-relief-statistics). This publication contains non-disclosive estimates of the number of claimants for each relief.
Asked by: Carla Denyer (Green Party - Bristol Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether (a) Equinor and (b) Ithaca have received (i) investment tax credit and (ii) ringfence expenditure supplement in connection to Rosebank oil field development in the period leading up to January 2025.
Answered by James Murray - Chief Secretary to the Treasury
It is a long-standing convention that the government does not discuss individual taxpayers, and so the government cannot discuss the amount of tax relief available to individual companies in relation to the oil and gas fields they may have a commercial interest in.
The Office for Budget Responsibility’s (OBR) most recent forecast of tax revenues from the oil and gas sector was published at Autumn Budget 2024 in the Economic and Fiscal Outlook October 2024 (https://obr.uk/efo/economic-and-fiscal-outlook-october-2024/), which also includes other economic projections. The OBR’s tax revenue forecast does not give a breakdown by field or company to protect taxpayer confidentiality but takes into account the impact of relevant, available tax reliefs.
Where data is available, estimates of the cost of tax reliefs available to oil and gas companies are published on gov.uk (https://www.gov.uk/government/collections/tax-relief-statistics). This publication contains non-disclosive estimates of the number of claimants for each relief.