Asked by: Daisy Cooper (Liberal Democrat - St Albans)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the her Department's consultation entitled Transforming business rates, published 30 October 2024, whether she plans to meet with (a) British Business Improvement Districts, (b) The BID Foundation and (c) the Association of Town Centre Management as part of the engagement process.
Answered by James Murray - Exchequer Secretary (HM Treasury)
At Autumn Budget, the Government published a Discussion Paper setting out priority areas for reform of the business rates system. This paper invites industry to help co-design a fairer system that supports investment and is fit for the 21st century.
Treasury officials are engaging with stakeholders who registered interest by the 15 November deadline, and the Government is open to receiving further written evidence to transformingbusinessrates@hmtreasury.gov.uk until the end of March 2025.
Asked by: Daisy Cooper (Liberal Democrat - St Albans)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of providing duty relief to brewers of cask conditioned beers.
Answered by James Murray - Exchequer Secretary (HM Treasury)
Draught Relief provides a duty discount for eligible draught beer and cider. Cask conditioned beers will be able to benefit from Draught Relief if they are sold in a container of 20 litres or more, connected to a dispense system and are below 8.5 per cent alcohol by volume (ABV).
At the Budget, the Chancellor increased the relief available on draught products to 13.9%. This represents an overall reduction in duty bills of over £85m a year and is equivalent to a 1p duty reduction on a typical pint.
Cask conditioned beer producers will also be eligible for Small Producer Relief if they make 4,500 hectolitres or fewer of alcohol per year on all products below 8.5 per cent ABV. This is an additional duty discount to support small producers.
Asked by: Daisy Cooper (Liberal Democrat - St Albans)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the adequacy of the private medical insurance industry's coverage of treatment for patients with rare cancers.
Answered by Tulip Siddiq
The Financial Conduct Authority (FCA) is an independent body responsible for regulating and supervising the conduct of the financial services industry, including firms that provide private medical insurance.
The Government is determined that all insurers should treat consumers fairly and provide products that offer fair value, and firms are required to do so under FCA rules. Fair value means that the price a consumer pays for a product or service must be reasonable compared to the overall benefits they can expect to receive. The FCA has robust powers to act against firms that fail to comply with its rules.
Consumers who do not feel they have been treated fairly may be able to refer the matter to the Financial Ombudsman Service, an independent body set up to provide arbitration in such cases.
Asked by: Daisy Cooper (Liberal Democrat - St Albans)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 11 November 2024 to Question 12746 on Employers' Contributions, if she will consult (a) small businesses, (b) social care providers and (c) GP surgeries before publishing the Tax Information and Impact Note.
Answered by James Murray - Exchequer Secretary (HM Treasury)
A Tax Information and Impact Note that covers the employer NICs changes was published by HMRC on 13 November
The government has protected the smallest businesses from the impact of the increase to employers’ National Insurance by increasing the Employment Allowance from £5,000 to £10,500, which means that 865,000 employers will pay no employer NICs at all next year.
More than half of employers will see no change or will gain overall from this package and eligible employers will be able to employ up to four full-time workers on the National Living Wage and pay no employer NICs.
Asked by: Daisy Cooper (Liberal Democrat - St Albans)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has prepared terms of reference for a consultation on replacing business rates with a land value tax since 2019.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The government is creating a fairer business rates system that protects the high street, supports investment, and is fit for the 21st century.
At Budget 2024, we announced our intention to introduce permanently lower tax rates for high street retail, hospitality and leisure (RHL) properties from 2026-27. This permanent tax cut will ensure that they benefit from much-needed certainty and support. It must be sustainably funded, and so we intend to introduce a higher rate on the most valuable properties – those with rateable values of £500,000 and above.
This Budget announcement reflects the Government’s first steps to support the high street. We want to go further to modernise the system, and so we have published a discussion paper setting out priority areas for reform. This paper invites stakeholders to help co-design a fairer business rates system that supports investment.
Asked by: Daisy Cooper (Liberal Democrat - St Albans)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 21 October 2024 to Question 9564 on Employers' Contributions: Small Businesses, if she will publish any impact assessment for the raise to employer National Insurance contributions.
Answered by James Murray - Exchequer Secretary (HM Treasury)
A Tax Information and Impact Note will be published in due course alongside the legislation when it is introduced to Parliament.
Asked by: Daisy Cooper (Liberal Democrat - St Albans)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she made a socio-economic impact assessment of the increase to employer national insurance contributions.
Answered by James Murray - Exchequer Secretary (HM Treasury)
A Tax Information and Impact Note will be published in due course alongside the legislation when it is introduced to Parliament.
Asked by: Daisy Cooper (Liberal Democrat - St Albans)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the Autumn Budget 2024, published on 30 October 2024, HC 295, whether the Departmental settlements include funding for public sector employers for the cost of increases to employer National Insurance contributions.
Answered by Darren Jones - Chief Secretary to the Treasury
The Government will provide support for departments and other public sector employers for additional Employer National Insurance Contributions costs only. This funding will be allocated to departments, with the Barnett formula applying in the usual way.
This is in line with the approach taken under the previous Government’s Health and Social Care Levy.
The Government plans to update Parliament on allocations by department in the usual way as soon as possible.
Asked by: Daisy Cooper (Liberal Democrat - St Albans)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate she has made of forecast revenue from changes to Agricultural Property Relief in each financial year from 2024-25 to 2029-30.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Government has published information about the reforms to Agricultural Property Relief (APR) and Business Property Relief (BPR) at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms. These reforms are forecast to raise an additional £230m in 2026-27, £495m in 2027-28, £520m in 2028-29, and £520m in 2029-30.
Asked by: Daisy Cooper (Liberal Democrat - St Albans)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make it her policy to increase the Lifetime ISA property cap threshold in line with the rate of house price inflation.
Answered by James Murray - Exchequer Secretary (HM Treasury)
Data from the latest UK House Price Index shows that while the average price paid by first-time buyers has increased, it is still below the LISA property price cap in all regions of the UK except for London, where the average price paid is affected by boroughs with very high property values.
The Government keeps all aspects of savings tax policy under review.