Finance Bill

Debate between Gareth Davies and Tulip Siddiq

Committee of the whole House
Tuesday 10th December 2024 Commons Chamber

[Gareth Davies]

I am very grateful to the Minister for explaining all the things she has just set out, but I did not quite get an answer to the specific question of why it costs HMRC £4.5 million to execute this tax rise, which will not raise any money in the next year or the year after. Could she explain why this specific measure that only affects 3,100 people costs HMRC £4.5 million, but other tax increases cost hundreds of thousands of pounds?

[Tulip Siddiq]

If the shadow Minister looks carefully at the documents we have published, he will find all his answers written out very clearly there.

New clause 5 would require the Government to publish an impact assessment of the changes to business asset disposal relief, and to compare the impact of those changes with the number of claims that would have been expected if the rate had not been changed. Every year, the Government publish capital gains tax statistics, which include the number of business asset disposal relief claims for the most recent tax year with available data. The number of claims in 2024-25 compared with upcoming tax years will therefore become public information in time. Meanwhile, the fiscal impact of the changes are is out in the tax information and impacts note for this measure, which has been published online.