Asked by: Priti Patel (Conservative - Witham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate she has made of the revenue raised as a result of the OECD Pillar 2 measures in each of the next five years.
Answered by James Murray - Chief Secretary to the Treasury
The UK’s implementation of the Multinational Top-up Tax and Domestic Top-up Tax was scored at Autumn Statement 2022, and updated Spring Budget 2023 in ‘table 4.2’. This can be found on gov.uk at https://www.gov.uk/government/publications/spring-budget-2023.
The UK’s implementation of the Undertaxed Profits Rule was scored at Autumn Statement 2023, and updated at Autumn Budget 2024 in ‘table 5.2’. This can be found on gov.uk at https://www.gov.uk/government/publications/autumn-budget-2024.
Taken together, the latest estimate is that all three rules will raise more than £15bn over the upcoming scorecard period.
Asked by: Priti Patel (Conservative - Witham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the OECD Pillar 2 measures on businesses.
Answered by James Murray - Chief Secretary to the Treasury
Pillar 2 is a significant reform to international corporate tax rules that will impact large multinational enterprises headquartered around the globe.
Following the implementation of Pillar 2, the government is committed to considering opportunities for simplification or rationalisation of the UK’s rules for taxing cross-border activities.
A Tax Information and Impact note for the Multinational Top-up Tax and Domestic Minimum Tax was published in March 2023, and a Tax Information and Impact note on the Undertaxed Profits rule was published in October 2024. These notes include detail on expected business impact and can be accessed on gov.uk at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.
Asked by: Priti Patel (Conservative - Witham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to paragraph 2.40 of the Autumn Budget 2024, HC 295, published on 30 October 2024, whether she has made an estimate of (a) the number of (i) businesses and (ii) employers in (A) Witham constituency and (B) Essex that will be affected by the proposed increase in the rate of employer National Insurance Contributions (NIC) and (b) the amount of employer NIC revenue that will raised from those areas in each of the next five years as a result.
Answered by James Murray - Chief Secretary to the Treasury
Estimates of the number of businesses nor revenue raised from businesses in Witham and Essex from changes to Employer NICs announced at Autumn Budget 2024 are not available.
Asked by: Priti Patel (Conservative - Witham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of increasing fuel duty by between one and 25 pence per litre by each one penny increment on (a) revenues to the Exchequer, (b) costs to businesses and (c) household finances.
Answered by James Murray - Chief Secretary to the Treasury
Fuel duty applies to petrol, diesel and other fuels for road and non-road uses, such as construction. The Government carefully considers the impact of fuel duty on households and businesses, with decisions on rates made at fiscal events.
Full forecasts for fuel duty revenue, certified by the Office for Budget Responsibility (OBR), will be published at Budget on 30 October.
HMRC regularly publish statistics relating to the direct effects of illustrative tax changes, including fuel duty. The most recent version of this publication can be found on GOV.UK:
https://www.gov.uk/government/statistics/direct-effects-of-illustrative-tax-changes.
Asked by: Priti Patel (Conservative - Witham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what modelling assumptions her Department has made of revenue to the Exchequer arising from fuel duty in each of the next five financial years.
Answered by James Murray - Chief Secretary to the Treasury
Fuel duty applies to petrol, diesel and other fuels for road and non-road uses, such as construction. The Government carefully considers the impact of fuel duty on households and businesses, with decisions on rates made at fiscal events.
Full forecasts for fuel duty revenue, certified by the Office for Budget Responsibility (OBR), will be published at Budget on 30 October.
HMRC regularly publish statistics relating to the direct effects of illustrative tax changes, including fuel duty. The most recent version of this publication can be found on GOV.UK:
https://www.gov.uk/government/statistics/direct-effects-of-illustrative-tax-changes.
Asked by: Priti Patel (Conservative - Witham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what modelling assumptions her Department has made of the rate of fuel duty in each of the next five financial years.
Answered by James Murray - Chief Secretary to the Treasury
Fuel duty applies to petrol, diesel and other fuels for road and non-road uses, such as construction. The Government carefully considers the impact of fuel duty on households and businesses, with decisions on rates made at fiscal events.
Full forecasts for fuel duty revenue, certified by the Office for Budget Responsibility (OBR), will be published at Budget on 30 October.
HMRC regularly publish statistics relating to the direct effects of illustrative tax changes, including fuel duty. The most recent version of this publication can be found on GOV.UK:
https://www.gov.uk/government/statistics/direct-effects-of-illustrative-tax-changes.
Asked by: Priti Patel (Conservative - Witham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential (a) merits of extending First Time Buyers’ Relief after March 2025 and (b) impact of not extending First Time Buyers’ Relief after March 2025 on first time buyers.
Answered by James Murray - Chief Secretary to the Treasury
The level at which purchasers of residential property start paying Stamp Duty Land Tax (SDLT) is currently £250,000, and this is due to revert to £125,000 on 1 April 2025. For first-time buyers, the nil-rate band is currently £425,000 and the purchase price limit for accessing the relief is currently £625,000. On 1 April 2025, these rates will revert to £300,000 and £500,000 respectively.
SDLT continues to be an important source of Government revenue, raising several billion pounds each year to help pay for the essential services the Government provides.
The Government keeps all taxes under review as part of the usual tax policy making process. Tax changes, including changes to SDLT, are announced at fiscal events, where decisions are taken in the round.
Asked by: Priti Patel (Conservative - Witham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to protect small businesses from being de-banked.
Answered by Bim Afolami
The Government recognises the vital role SMEs play in fuelling economic growth, and it is important they can access the banking services they need. However, the decisions about what products are offered to individual businesses remain commercial decisions for banks and building societies.
Last year the Chancellor asked the FCA to collect evidence to help the Government understand where account closures and refusals are happening and why. The FCA published their initial findings on 19 September, and are doing further work with firms to verify the data and to better understand the reasons behind account refusals. In addition, the Treasury is continuing to engage with industry to understand any existing or emerging issues regarding bank account access for businesses.
On 21 July, the Government published a policy statement setting out its plans to strengthen requirements relating to users’ payment service framework contract terminations. This will increase the minimum notice period in cases of contract termination to 90 days – giving customers more time to challenge a decision through the Financial Ombudsman Service, or find a replacement service. Providers will also be required to spell out to the affected customer why they are terminating their contract – increasing transparency and aiding customers’ ability to appeal decisions. Both requirements will be subject to certain exceptions, including if to do so would be unlawful.
Asked by: Priti Patel (Conservative - Witham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate he has made of the future revenue to the Exchequer from the lease of the seabed by the Crown Estate for offshore wind farms.
Answered by Gareth Davies - Shadow Minister (Business and Trade)
The Crown Estate returns its Annual Net Revenue Profit to the Exchequer for the benefit of the nation’s finances. The Crown Estate’s Net Revenue Profit for 2022-23 was £442.6 million (as noted on page 116 of its 2022-2023 annual report).
Like any commercial business, The Crown Estate does not provide forecasts of its future profits.
Asked by: Priti Patel (Conservative - Witham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the performance of HMRC in answering telephone enquiries.
Answered by Nigel Huddleston - Shadow Secretary of State for Culture, Media and Sport
HMRC takes the quality of customer service very seriously.
HMRC is making strong progress improving its customer services, with a focus on encouraging people to deal with them online where they can, by providing quicker, easier and always available digital services.
HMRC performance, including adviser attempts handled and average speed to answer calls, are published on a quarterly basis and can be accessed at: https://www.gov.uk/government/collections/hmrc-quarterly-performance-updates