Asked by: John Lamont (Conservative - Berwickshire, Roxburgh and Selkirk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much of the £625 million allocated for compensating Equitable Life with-profits annuity holders has been spent up to and including 2024-25; and how much was originally forecast to be spent on a (a) cash and (b) discounted basis.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
The Conservative and Liberal Democrat Coalition Government allocated £1.5 billion to the Equitable Life Payment Scheme. Before it ceased operations in 2016, the Scheme had issued £1.12 billion in tax-free payments to nearly 933,000 policyholders. The remainder of the £1.5 billion has been set aside for future payments to the With-Profits Annuitants. Further information is available in the Final Report on the Scheme. (https://www.gov.uk/government/publications/equitable-life-payment-scheme-final-report).
The total value of payments made by the Scheme stood at £1.35 bn as of 30 May 2025, and the Scheme is on track to pay out the remainder. Annual annuity payments to the over 17,000 eligible WPAs amounted to £20m in 2025.
Asked by: John Lamont (Conservative - Berwickshire, Roxburgh and Selkirk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she plans to review (a) tax and (b) energy cost burdens facing small quarrying businesses in rural constituencies.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The government keeps all tax under review as part of the policy making process.
The government is bearing down on business energy prices more widely by reducing Great Britain’s reliance on volatile international gas prices, and through a new framework to scrutinise energy levies, ensuring they are affordable and value-for-money.
Asked by: John Lamont (Conservative - Berwickshire, Roxburgh and Selkirk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential implications for her policy on the triple lock for the State Pensions of the report by the International Monetary Fund entitled United Kingdom: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for United Kingdom, published on 25 July 2025.
Answered by James Murray - Chief Secretary to the Treasury
The International Monetary Fund (IMF) is an independent international organisation. The Government engages regularly and constructively with the IMF, including during the annual bilateral surveillance process known as Article IV.
The Government is committed to the triple lock for the duration of this Parliament.
Asked by: John Lamont (Conservative - Berwickshire, Roxburgh and Selkirk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much correspondence her Department has received from individuals making representations on proposed changes to (a) Agricultural Property Relief and (b) Business Property Relief for Inheritance Tax since October 2024.
Answered by James Murray - Chief Secretary to the Treasury
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.
The Government takes into account all representations, and HM Treasury officials and Ministers meet with stakeholders on a regular basis.
Asked by: John Lamont (Conservative - Berwickshire, Roxburgh and Selkirk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many (a) letters, (b) emails and (c) other correspondence her Department has received supporting proposed changes to (i) Agricultural Property Relief and (ii) Business Property Relief for Inheritance Tax.
Answered by James Murray - Chief Secretary to the Treasury
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.
The Government takes into account all representations, and HM Treasury officials and Ministers meet with stakeholders on a regular basis.
Asked by: John Lamont (Conservative - Berwickshire, Roxburgh and Selkirk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions she has had with the National Farmers Union of Scotland on changes to Business Property Relief in the Autumn Budget 2024 since 30 October 2024.
Answered by James Murray - Chief Secretary to the Treasury
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.
The Government takes into account all representations, and HM Treasury officials and Ministers meet with stakeholders on a regular basis.
Asked by: John Lamont (Conservative - Berwickshire, Roxburgh and Selkirk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department of the potential impact of changes to employer national insurance contributions on Scotland’s retail sector.
Answered by James Murray - Chief Secretary to the 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 Employer National Insurance by increasing the Employment Allowance from £5,000 to £10,500, which means that 865,000 employers will pay no NICs at all next year, more than half of employers will see no change or will gain overall from this package, and all eligible employers will be able to employ up to four full-time workers on the National Living Wage and pay no employer NICs.