HM Treasury
HM Treasury is the government’s economic and finance ministry, maintaining control over public spending, setting the direction of the UK’s economic policy and working to achieve strong and sustainable economic growth.
Shadow Ministers / Spokeperson
Liberal Democrat
Baroness Kramer (LD - Life peer)Liberal Democrat Lords Spokesperson (Treasury and Economy)
Daisy Cooper (LD - St Albans)
Liberal Democrat Spokesperson (Treasury)
Conservative
Mel Stride (Con - Central Devon)Shadow Chancellor of the Exchequer
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Lord Altrincham (Con - Excepted Hereditary)Shadow Minister (Treasury)
Richard Fuller (Con - North Bedfordshire)
Shadow Chief Secretary to the Treasury
Gareth Davies (Con - Grantham and Bourne)
Shadow Financial Secretary (Treasury)
Baroness Neville-Rolfe (Con - Life peer)
Shadow Minister (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
James Wild (Con - North West Norfolk)Shadow Exchequer Secretary (Treasury)
Mark Garnier (Con - Wyre Forest)
Shadow Economic Secretary (Treasury)
Ministers of State
Darren Jones (Lab - Bristol North West)Chief Secretary to the Treasury
Lord Livermore (Lab - Life peer)
Financial Secretary (HM Treasury)
Baroness Gustafsson (Lab - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
James Murray (LAB - Ealing North)Exchequer Secretary (HM Treasury)
Emma Reynolds (Lab - Wycombe)
Economic Secretary (HM Treasury)
Torsten Bell (Lab - Swansea West)
Parliamentary Secretary (HM Treasury)
16:18
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask the Chancellor of the Exchequer, what recent estimate she has made of the (a) backlog of cases and …
These Regulations amend regulation 51 of the Payment Services Regulations 2017 (“PSRs”) to impose new requirements on payment service providers …
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 and …
HM Treasury Commons Appearances
Oral Answers to Questions is a regularly scheduled appearance where the Secretary of State and junior minister will answer at the Dispatch Box questions from backbench MPs
Other Commons Chamber appearances can be:- Urgent Questions where the Speaker has selected a question to which a Minister must reply that day
- Adjornment Debates a 30 minute debate attended by a Minister that concludes the day in Parliament.
- Oral Statements informing the Commons of a significant development, where backbench MP's can then question the Minister making the statement.
Westminster Hall debates are performed in response to backbench MPs or e-petitions asking for a Minister to address a detailed issue
Written Statements are made when a current event is not sufficiently significant to require an Oral Statement, but the House is required to be informed.
Bills currently before Parliament
HM Treasury does not have Bills currently before Parliament
Acts of Parliament created in the 2024 Parliament
A Bill to make provision about secondary Class 1 contributions.
This Bill received Royal Assent on 3rd April 2025 and was enacted into law.
A Bill to make provision about finance.
This Bill received Royal Assent on 20th March 2025 and was enacted into law.
A Bill to amend the Crown Estate Act 1961.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 and 31 March 2026; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2024 and 31 March 2025.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to make provision for loans or other financial assistance to be provided to, or for the benefit of, the government of Ukraine.
This Bill received Royal Assent on 16th January 2025 and was enacted into law.
A Bill to impose duties on the Treasury and the Office for Budget Responsibility in respect of the announcement of fiscally significant measures.
This Bill received Royal Assent on 10th September 2024 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2025; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2024.
This Bill received Royal Assent on 30th July 2024 and was enacted into law.
HM Treasury - Secondary Legislation
Petitions
e-Petitions are administered by Parliament and allow members of the public to express support for a particular issue.
If an e-petition reaches 10,000 signatures the Government will issue a written response.
If an e-petition reaches 100,000 signatures the petition becomes eligible for a Parliamentary debate (usually Monday 4.30pm in Westminster Hall).
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c. 847 added daily
153,958
(Estimated)
Don't change inheritance tax relief for working farms
Sign this petition Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025closes in 1 week, 4 days
We think that changing inheritance tax relief for agricultural land will devastate farms nationwide, forcing families to sell land and assets just to stay on their property. We urge the government to keep the current exemptions for working farms.
c. 668 added daily
115,474
(Estimated)
Don't apply VAT to independent school fees, or remove business rates relief.
Sign this petition Gov Responded - 20 Dec 2024 Debated on - 3 Mar 2025closes in 1 month
Prevent independent schools from having to pay VAT on fees and incurring business rates as a result of new legislation.
Departmental Select Committee
Treasury Committee
Commons Select Committees are a formally established cross-party group of backbench MPs tasked with holding a Government department to account.
At any time there will be number of ongoing investigations into the work of the Department, or issues which fall within the oversight of the Department. Witnesses can be summoned from within the Government and outside to assist in these inquiries.
Select Committee findings are reported to the Commons, printed, and published on the Parliament website. The government then usually has 60 days to reply to the committee's recommendations.
11 Members of the Treasury Committee
Treasury Committee Member since 9th September 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 9th December 2024
Treasury Committee: Upcoming Events
Finfluencers
30 Apr 2025, 2 p.m.
At 3:00pm: Oral evidence
Steve Smart - Joint Executive Director for Enforcement and Market Oversight at Financial Conduct Authority
Lucy Castledine - Director of Consumer Investments at Financial Conduct Authority
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Treasury Committee - Private Meeting
Lifetime ISA
6 May 2025, 2 p.m.
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Treasury Committee - Private Meeting
7 May 2025, 9:30 a.m.
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Treasury Committee - Oral evidence
AI in financial services
7 May 2025, 2 p.m.
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Treasury Committee - Oral evidence
AI in financial services
7 May 2025, 2 p.m.
At 2:15pm: Oral evidence
Jana Mackintosh - Managing Director, Payments and Innovation at UK Finance
David Otudeko - Interim Director of Insurance at Association of British Insurers (ABI)
Amandeep Luther - Artificial Intelligence lead at Association of Financial Markets in Europe (AFME)
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Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)Resourcing decisions for the next 4 financial years are to be taken at the upcoming Spending Review, with this due for publication in June this year.
At Budget 2024, it was confirmed that the 2025-26 Settlement for HM Treasury ensures that sanctions implementation work will “continue to be supported through the Office of Financial Sanctions Implementation (OFSI)”.
Economic Secretary (HM Treasury)
The Payment Services Regulations 2017 make requirements on UK payment service providers regarding disclosure of fees and charges to the payer where currency conversion is provided as part of a payment transaction. Provisions under the Cross Border Payments Regulation, also contribute to price transparency, with further requirements regarding how foreign exchange costs are communicated before a payment is made.
The Government recognises the importance of transparency of fees and charges in ensuring effective competition between payment service providers. These regulations, amongst other things, are intended to enable consumers to make informed decisions when making use of payment services including where currency conversion is offered as part of a payment transaction.
Financial Secretary (HM Treasury)
From September 2025, childcare entitlements for eligible working parents of children aged from nine months will increase from 15 hours to 30 hours, helping hundreds of thousands of families with the cost of childcare and supporting parents to work. This year alone, we expect to provide over £8 billion for the early years entitlements – which is an additional £2 billion (over 30% increase) compared to 2024. Please note that parents can claim both TFC and DfE childcare entitlements so long as they are eligible.
The government keeps all aspects of childcare policy under review.
Chief Secretary to the Treasury
HMRC no longer produce a breakdown of Child benefit claimed by nationality.
This release was discontinued following user consultation.
The latest publication was in August 2022. Income Tax, National Insurance contributions, Tax Credits and Child Benefit Statistics for Non-UK Nationals: 2019 to 2020 - GOV.UK
Chief Secretary to the Treasury
I refer the honorable member to my response to UIN 40961.
Economic Secretary (HM Treasury)
Seamus Logan
(Scottish National Party - Aberdeenshire North and Moray East)
Relevant departments are currently considering the Committee’s concluding observations in detail. The Government will give written responses to three priority areas that the Committee has identified for specific follow-up by 2027.
The Government will respond to the rest of the recommendations before the UK’s next reporting cycle starts in 2030.
Economic Secretary (HM Treasury)
The Chancellor and the Governor of the Bank of England meet regularly to discuss economic developments and the outlook for the economy.
Growth is the number one mission of this government and is how we will get people into good jobs, drive higher living standards, and increase productivity across the country.
At Mansion House in November 2024 the Chancellor issued new growth-focused remit letters to the Bank of England’s Monetary Policy Committee, Financial Policy Committee, and Prudential Regulation Committee. These letters made clear that the Chancellor expects them to fully support this government’s ambitions on economic growth.
Economic Secretary (HM Treasury)
To deliver our manifesto pledge, we intend to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties, with rateable values below £500,000, from 2026-27.
This tax cut must be sustainably funded, and so we intend to apply a higher rate from 2026-27 on the most valuable properties - those with a rateable value of £500,000 and above, representing less than one percent of all properties.
The Spring Statement confirmed the spending envelope for phase 2 of the spending review. We will consider the full range of priorities and pressures facing departments in the round, when setting these budgets.
Exchequer Secretary (HM Treasury)
We are creating a fairer business rates system that protects the high street, supports investment, and is fit for the 21st century.
As set out at Autumn Budget 2024, the Government is committed to protecting the smallest properties by freezing the small business multiplier in 2025-26 and protecting over a million properties from inflationary bill increases. In addition, over a third of properties (more than 700,000) already pay no business rates as they receive 100 per cent Small Business Rate Relief, with an additional c.60,000 benefiting from reduced bills as this relief tapers.
To deliver our manifesto pledge, we also intend to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties, with rateable values below £500,000, from 2026-27.
Ahead of these changes being made, the Government recognises that businesses will need support in 2025-26 and has prevented the current RHL relief from ending in April 2025, extending it for one year at 40 per cent up to a cash cap of £110,000 per business. Without any Government intervention, RHL relief would have ended entirely in April 2025, creating a cliff-edge for businesses.
Exchequer Secretary (HM Treasury)
As set out in the Policy Costings document, published at Spring Statement, the costing is calculated by applying the levy rates to forecasted leviable Gross Gambling Yields for each licence type using data from the Gambling Commission Industry Statistics. This gives the total yield from the Gambling Levy itself; all of which goes directly to the Gambling Commission.
However, the costing also accounts for a behavioural response to the measure whereby the Levy is expected to slightly reduce betting and gaming duty receipts; as is standard, the costing for the Gambling Levy shows the net impact on overall government receipts, including this behavioural adjustment.
Because of this behavioural impact on betting and gaming duty receipts, the total additional funding forecast to be received by the Gambling Commission in the forecast period is slightly larger than the net revenue figure resulting from the announcement of the Gambling Levy.
Exchequer Secretary (HM Treasury)
The provision of asylum support, including accommodation, is the responsibility of the Home Office, not of local authorities. Local authorities do not provide any funding for asylum support. The Home Office’s total expenditure on asylum accommodation in 2024-25 will be confirmed in its Annual Report and Accounts in due course.
Chief Secretary to the Treasury
The Government is committed to supporting veterans and their families access financial support available to them such as Tax- Free Childcare. Tax-Free Childcare aims to support working parents with the cost of childcare, including veterans, to work, return to work and work more when they want or need to.
To be eligible, a parent and their partner (if they have one) must expect to earn at least the National Minimum or National Living wage for 16 hours a week on average and each earn no more than £100,000 per year. A parent may still be eligible if they are not currently working but their partner is and they are in receipt of Incapacity Benefit, or Severe Disablement Allowance, or Carer’s Allowance or Contribution-based Employment and Support Allowance.
HMRC promotes Tax-Free Childcare through a range of channels including GOV.UK and the Childcare Choices website. More information on the scheme is also available on the British Army’s website, through targeted campaigns to childcare providers/parents and by the service charity sector such as Help for Heroes listed in the MoD’s Service Leavers’ Guide. These efforts ensure veterans are signposted to the childcare support available to them after military service.
Chief Secretary to the Treasury
As published in March, New approach to ensure regulators and regulation support growth set out reforms across the regulatory landscape. These focused on tackling complexity and the burden of regulation, reducing uncertainty, and shifting excessive risk aversion in the regulatory system. Many of these reforms pertain to all UK regulators.
This action plan also included specific, pro-growth commitments from a range of key regulators which operate across the economy and also support sectors in the Industrial Strategy. We will continue to work with all regulators to promote investment, accelerate innovation, and deliver better outcomes.
Chief Secretary to the Treasury
HMRC publishes the number of income tax payers by age. An estimate of the number of individuals of state pension age who are income taxpayers in financial year 2024/25 can be found in Table 2.1 of the income tax statistics and distributions collection published on 27 June 2024. This document is available here:
Table 2.1 Number of individual Income Tax payers - GOV.UK
From the above an estimated 8.51 million state pension age individuals paid tax in financial year 2024/25.
Data on individuals paying income tax in future years will be published in the usual way.
Exchequer Secretary (HM Treasury)
HMRC publishes the number of income tax payers by age. An estimate of the number of individuals of state pension age who are income taxpayers in financial year 2024/25 can be found in Table 2.1 of the income tax statistics and distributions collection published on 27 June 2024. This document is available here:
Table 2.1 Number of individual Income Tax payers - GOV.UK
From the above an estimated 8.51 million state pension age individuals paid tax in financial year 2024/25.
Data on individuals paying income tax in future years will be published in the usual way.
Exchequer Secretary (HM Treasury)
At Autumn Budget, the Government announced new Company Car Tax rates for the years 2028-29 and 2029-30, which increase for both electric vehicles (EVs) and petrol/diesel vehicles, while still maintaining generous incentives to support EV take-up.
The Tax Information and Impact Note (TIIN) published alongside Budget set out the expected economic, equalities and other impacts, and highlighted that overall the measure was expected to encourage the take-up of zero emission vehicles.
The Government recognises that the Company Car Tax regime and the salary sacrifice exemption for ultra-low and zero emission vehicles continues to play an important role in the EV transition. The Government needs to balance these incentives against responsible management of public finances to ensure we have sufficient revenue to fund essential public services. A company car is a valuable benefit and therefore needs to be taxed appropriately.
Exchequer Secretary (HM Treasury)
At Autumn Budget, the Government announced new Company Car Tax rates for the years 2028-29 and 2029-30, which increase for both electric vehicles (EVs) and petrol/diesel vehicles, while still maintaining generous incentives to support EV take-up.
The Tax Information and Impact Note (TIIN) published alongside Budget set out the expected economic, equalities and other impacts, and highlighted that overall the measure was expected to encourage the take-up of zero emission vehicles.
The Government recognises that the Company Car Tax regime and the salary sacrifice exemption for ultra-low and zero emission vehicles continues to play an important role in the EV transition. The Government needs to balance these incentives against responsible management of public finances to ensure we have sufficient revenue to fund essential public services. A company car is a valuable benefit and therefore needs to be taxed appropriately.
Exchequer Secretary (HM Treasury)
The government is committed to helping people start or stay in work, while protecting those who cannot work due to ill health. At Spring Statement 2025, as part of the Pathways to Work Green Paper, the Chancellor announced investment from 2026-27 in crucial employment, health, and skills support of up to an additional £1 billion a year by 2029-30.
Additionally, in November the government published the Get Britain Working White Paper, backed by £240m funding, which set out its strategy to tackle the root causes of economic inactivity, support people into good work and help people progress in work.
The Office for Budget Responsibility’s March 2025 forecast expects that unemployment will remain low by historical standards. In line with its mandate as set out in law, the OBR does not produce forecasts at a sub-national level.
Exchequer Secretary (HM Treasury)
HM Treasury releases a quarterly record of Ministers’ meetings with external individuals and organisations. This can be found online: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel
At the Autumn Budget, the Government published the Transforming Business Rates Discussion Paper, which sets out priority areas for reform. This paper invited stakeholders to help co-design a fairer business rates system that supports investment and is fit for the 21st century.
On 17 February the Government published a ‘forward look’ of the expected timeline for reforms announced at Autumn Budget 2024, and how stakeholders should engage the Government. This will be updated when further information is available.
In the summer, the Government will publish an interim report that sets out a clear direction of travel for the business rates system, with further policy detail to follow at Autumn Budget 2025.
Exchequer Secretary (HM Treasury)
HM Treasury releases a quarterly record of Ministers’ meetings with external individuals and organisations. This can be found online: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel
At the Autumn Budget, the Government published the Transforming Business Rates Discussion Paper, which sets out priority areas for reform. This paper invited stakeholders to help co-design a fairer business rates system that supports investment and is fit for the 21st century.
On 17 February the Government published a ‘forward look’ of the expected timeline for reforms announced at Autumn Budget 2024, and how stakeholders should engage the Government. This will be updated when further information is available.
In the summer, the Government will publish an interim report that sets out a clear direction of travel for the business rates system, with further policy detail to follow at Autumn Budget 2025.
Exchequer Secretary (HM Treasury)
The amount of income tax a student pays depends upon their total taxable income, including employment income. The standard income tax personal allowance for the 2025 to 2026 tax year is £12,570, which means that most students do not pay tax on the first £12,570 of their total taxable income.
HM Revenue and Customs (HMRC) does not hold data in its income tax accounting systems that identifies students.
Students pay income tax through the PAYE system or through a Self Assessment tax return. After the end of the tax year, HMRC carry out an end of year reconciliation on all customers in PAYE in order to identify any overpayments or underpayments. Where tax has been overpaid, this will be automatically repaid to individuals, including students.
For individuals, including students, who submit a Self Assessment tax return, HMRC will process the return and any overpaid tax will automatically be repaid to the individual. Where an individual files their Self Assessment return online, they can request a repayment through their HMRC online account.
Exchequer Secretary (HM Treasury)
HMRC have not made an estimate of (a) tax contributions made and (b) services used by foreign nationals in the last 12 months.
HMRC previously published Income Tax, NICs, tax credits and Child Benefit statistics for non-UK nationals. This release was discontinued following user consultation.
HMRC currently publish UK payrolled employments by nationality, region, industry, age and sex.
Exchequer Secretary (HM Treasury)
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the National Insurance Contributions Bill containing the changes to employer NICs. The TIIN sets out the impact of the policy on the exchequer, the economic impacts of the policy, and the impacts on individuals, businesses, and civil society organisations, as well as an overview of the equality impacts.
The Office for Budget Responsibility also published an Economic and Fiscal Outlook (EFO) in October 2024, which set out the impacts of changes to Employer NICs, including the expected economic and labour market impacts.
The Government is providing support for departments and other public sector employers for additional employer NICs costs only. This funding is being allocated to departments, with the Barnett formula applying in the usual way.
Exchequer Secretary (HM Treasury)
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the National Insurance Contributions Bill containing the changes to employer NICs. The TIIN sets out the impact of the policy on the exchequer, the economic impacts of the policy, and the impacts on individuals, businesses, and civil society organisations, as well as an overview of the equality impacts.
The Office for Budget Responsibility also published an Economic and Fiscal Outlook (EFO) in October 2024, which set out the impacts of changes to Employer NICs, including the expected economic and labour market impacts.
The Government is providing support for departments and other public sector employers for additional employer NICs costs only. This funding is being allocated to departments, with the Barnett formula applying in the usual way.
Exchequer Secretary (HM Treasury)
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the National Insurance Contributions Bill containing the changes to employer NICs. The TIIN sets out the impact of the policy on the exchequer, the economic impacts of the policy, and the impacts on individuals, businesses, and civil society organisations, as well as an overview of the equality impacts.
The Office for Budget Responsibility also published an Economic and Fiscal Outlook (EFO) in October 2024, which set out the impacts of changes to Employer NICs, including the expected economic and labour market impacts.
The Government is providing support for departments and other public sector employers for additional employer NICs costs only. This funding is being allocated to departments, with the Barnett formula applying in the usual way.
Exchequer Secretary (HM Treasury)
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the National Insurance Contributions Bill containing the changes to employer NICs. The TIIN sets out the impact of the policy on the exchequer, the economic impacts of the policy, and the impacts on individuals, businesses, and civil society organisations, as well as an overview of the equality impacts.
The Office for Budget Responsibility also published an Economic and Fiscal Outlook (EFO) in October 2024, which set out the impacts of changes to Employer NICs, including the expected economic and labour market impacts.
The Government is providing support for departments and other public sector employers for additional employer NICs costs only. This funding is being allocated to departments, with the Barnett formula applying in the usual way.
Exchequer Secretary (HM Treasury)
VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services. VAT is also the UK’s second largest tax, forecast to raise £180 billion in 2025/26.
Tax breaks reduce the revenue available for vital public services and must represent value for money for the taxpayer. Exceptions to the standard rate have always been limited and balanced against affordability considerations.
Exchequer Secretary (HM Treasury)
The new International Sustainability Standards Board (ISSB) Standards, so called S1 and S2, are designed to replace the Taskforce for Climate-related Financial Disclosure (TCFD) framework.
These are disclosure standards that ask firms to disclose financially material climate related risks to their business. The objective of these is to provide investors with consistent, comparable and reliable information about companies' sustainability-related risks and opportunities. These standards are designed to enhance transparency and do not dictate how a company should invest. They do not prevent or impose restrictions on investment in specific sectors, including defence or the Trident nuclear deterrent.
The previous government committed to establishing a framework to assess the suitability of ISSB Standards for endorsement in the UK. A Technical Advisory Committee of external experts have conducted a detailed assessment of the ISSB’s inaugural standards, and this process has now concluded. The government aims to consult on the UK Sustainability Reporting Standards (UK SRS) shortly, after which point they will be made available for use later in 2025.
Economic Secretary (HM Treasury)
The Government will continue to bear in mind businesses’ views of this threshold. At £90,000, the UK has a higher VAT registration threshold than any EU Member State and the second highest in the OECD. This keeps the majority of UK businesses out of VAT altogether. The Government will continue to bear in mind businesses’ views of this threshold.
Exchequer Secretary (HM Treasury)
The UK is tackling profit shifting and multinational tax avoidance through measures including Corporate Interest Restriction, Country by Country Reporting, and the Global Minimum Tax. The most recent Finance Bill, introduced by this Government, put legislation in place to ensure the Global Minimum Tax operates effectively.
Exchequer Secretary (HM Treasury)
HM Treasury has a headcount of 2 staff who have (i) equality, (ii) diversity, (iii) inclusion, (iv) gender, (v) LGBT or (vi) race in their job title.
HMRC has a headcount of 12 staff who have (i) equality, (ii) diversity, (iii) inclusion, (iv) gender, (v) LGBT and (vi) race in their job title
Exchequer Secretary (HM Treasury)
At Autumn Budget the Government announced it was freezing the small businesses multiplier for 2025-26, and extending the retail, hospitality and leisure (RHL) business rates relief for 1-year at 40% (up to a cash cap of £110,000 per business). This means over a million properties will be protected from inflationary increases. In summer, the Government will publish an interim report that sets out a clear direction of travel for the business rates system, with further policy detail to follow at Autumn Budget 2025.
On energy prices, the Government supports businesses with electricity costs through the British Industrial Energy Supercharger. This is targeted towards businesses that are simultaneously more exposed to competition through trade and more impacted by higher energy prices. Currently the scheme saves businesses approximately 34% on electricity costs.
The Bank of England has responsibility for sustainably returning inflation to the 2% target, and the Government is supporting them to control inflation by reducing borrowing year on year from 2025-26 and meeting the fiscal rules.
Exchequer Secretary (HM Treasury)
The OBR’s most recent forecast of tax revenues from the oil and gas sector is available at the following link: https://obr.uk/efo/economic-and-fiscal-outlook-march-2025/.
Similarly, where data is available, estimates of the cost of tax reliefs applicable to the oil and gas sector are at the following link: https://www.gov.uk/government/collections/tax-relief-statistics. This publication contains non-disclosive estimates of the number of claimants for each relief. The UK does not give any subsidies to fossil fuel companies in line with the International Energy Agency’s definition of a fossil fuel subsidy.
A predictable and stable fiscal regime is essential to create the right conditions for investment and to protect jobs in the North Sea. On 5 March 2025, the government published a consultation https://www.gov.uk/government/consultations/oil-and-gas-price-mechanism-consultation setting out options for the design of a new permanent oil and gas price mechanism to respond to future oil and gas price shocks, which will replace the Energy Profits Levy (EPL) when that ends in 2030 or earlier if the EPL’s price floor is triggered.
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 Autumn Budget 2024, we took the first step with the announcement of permanently lower tax rates for the Retail, Hospitality and Leisure properties (RHL) with rateable values below £500,000 from 2026-27.
Ahead of these changes being made, the Government recognises that businesses will need support in 2025-26. Without any Government intervention, RHL relief would have ended entirely in April 2025, creating a cliff-edge for businesses. Instead, the Government has decided to offer a 40 per cent discount to RHL properties up to a cash cap of £110,0000 per business in 2025-26 and frozen the small business multiplier.
Exchequer Secretary (HM Treasury)
VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services. VAT is also the UK’s second largest tax, forecast to raise £180 billion in 2025/26.
Tax breaks reduce the revenue available for vital public services and must represent value for money for the taxpayer. Exceptions to the standard rate have always been limited and balanced against affordability considerations.
Exchequer Secretary (HM Treasury)
VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services. VAT is also the UK’s second largest tax, forecast to raise £180 billion in 2025/26.
Tax breaks reduce the revenue available for vital public services and must represent value for money for the taxpayer. Exceptions to the standard rate have always been limited and balanced against affordability considerations.
Exchequer Secretary (HM Treasury)
VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services. VAT is also the UK’s second largest tax, forecast to raise £180 billion in 2025/26.
Tax breaks reduce the revenue available for vital public services and must represent value for money for the taxpayer. Exceptions to the standard rate have always been limited and balanced against affordability considerations.
Exchequer Secretary (HM Treasury)
Additional funding to support schools with NICs costs will be allocated through the NICs grant in 2025-26. Schools will have flexibility over how they use this grant funding to meet their costs, including those relating to supply teachers.
Exchequer Secretary (HM Treasury)
Private hire vehicle services provided by VAT-registered businesses are, and always have been, subject to the standard rate of VAT (20%).
The Government is carefully considering the wide range of views shared through last year's consultation on the VAT Treatment of Private Hire Vehicles.
Exchequer Secretary (HM Treasury)
HM Treasury has not taken any formal disciplinary action against any of its civil servants for plagiarism or making factually incorrect statements in a CV or a job application in the last 12 months.
Exchequer Secretary (HM Treasury)
HMRC publishes data on the number of customers in Time to Pay (TTP) arrangements as part of its quarterly performance updates, which can be found here: www.gov.uk/government/collections/hmrc-quarterly-performance-updates
Over 90% of TTP arrangements are completed successfully. There is a variety of reasons why a TTP arrangement might end before the agreed period; for example, a customer may fail to make their payments on time, the customer may pay the debt in full, or they may ask HMRC to “renegotiate” the TTP to include new liabilities becoming due or to reflect a change in circumstances. HMRC’s systems do not hold data on how many TTPs have specifically been “terminated” or “renegotiated”. “Renegotiated” TTPs are included in the overall published TTP figures.
Extracting the relevant information to confirm how many complaints HMRC has received about “terminated” or “renegotiated” TTPs since July 2024, broken down by individuals and businesses, would exceed the disproportionate cost threshold for Written Parliamentary Questions.
Exchequer Secretary (HM Treasury)
In 2020, the previous Government announced that the red diesel entitlement would be withdrawn from most sectors from April 2022. However, farmers retained the entitlement to use red diesel for agricultural machinery.
At Autumn Budget 2024, the Government extended the temporary 5p fuel duty cut and cancelled the planned inflation increase for 2025-26, maintaining the red diesel rate at the levels set in March 2022 at 10.18p per litre.
Exchequer Secretary (HM Treasury)
Ministers are employees for the purposes of Income Tax and National Insurance Contributions.
The normal rules for employment-related benefits apply to employment-related gifts, as set out in HMRC’s guidance at www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim20020
There is an exemption for small gifts costing a total of £250 or less per year to provide, HMRC guidance can be found at https://www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim21715
Exchequer Secretary (HM Treasury)
The venture capital schemes, including the Enterprise Investment Scheme (EIS), are intended to incentivise investment into early-stage, higher-risk companies that are seeking to make profit, and to grow and develop their businesses. To ensure that the schemes are targeted at higher risk companies which face the greatest difficulties in accessing finance, and to provide value for money to UK taxpayers, certain lower-risk activities are excluded, including the leasing of land.
The Government supports community investment in other ways. For example, the Community Investment Tax Relief (CITR) stimulates private investment in disadvantaged communities. It provides a tax incentive to individuals and companies that invest in accredited Community Development Financial Institutions (CDFIs), which in turn invest in enterprises located in or serving those communities. In 2022/23, CITR accredited CDFIs raised over £11m of investment and made 355 loans worth over £20m to enterprises located in disadvantaged communities.
Exchequer Secretary (HM Treasury)
The Valuation Office Agency (VOA) has not made a general assessment on the potential impact on a dwelling’s capital value from a pylon being erected within 500 metres of a dwelling.
If the VOA receives a proposal seeking a change in the Valuation List citing the erection of a pylon in the locality, the Listing Officer will assess any valuation impact always having regard to the specific facts of the case. This will include the characteristics of the dwelling, the position of the pylon, and features of the surrounding area. The Listing Officer would then determine whether the changed physical state of the locality would have affected the dwelling’s value at the relevant valuation date. The valuation date for England is 1 April 1991, and for Wales is 1 April 2003.
Exchequer Secretary (HM Treasury)
The Government has taken necessary decisions to fix the public finances and create long-term stability in which businesses can invest and thrive.
The Government decided to protect the smallest businesses from the changes to Employer NICs announced at the last Budget by increasing the Employment Allowance from £5,000 to £10,500. This means that this year, 865,000 employers will pay no NICs at all, and more than half of all employers will either gain or will see no change. It means employers will be able to employ up to four full-time workers on the National Living Wage without paying employer NICs.
Exchequer Secretary (HM Treasury)
Education services supplied by an “eligible body” are exempt from VAT. For VAT purposes, an “eligible body” broadly refers to most regulated, publicly funded, or not-for-profit education providers. This means no VAT is charged on supplies of education made by further education colleges, nor are further education colleges able to recover the VAT they have incurred on their expenditure.
The Government is not currently planning to introduce a VAT refund scheme for further education institutions.
Exchequer Secretary (HM Treasury)
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer NICs. The TIIN sets out the impact of the policy on the exchequer, the economic impacts of the policy, and the impacts on individuals, businesses and civil society organisations, as well as an overview of the equality impacts.
The Government decided to protect the smallest businesses from these changes by increasing the Employment Allowance from £5,000 to £10,500. This means that this year, 865,000 employers will pay no NICs at all, and more than half of all employers will either gain or will see no change. It means employers will be able to employ up to four full-time workers on the National Living Wage without paying employer NICs.
Businesses will still be able to claim employer NICs reliefs including those for under-21s and under-25 apprentices.
Exchequer Secretary (HM Treasury)
The Local Government Finance (Wales) Act 2024 states that the Welsh Ministers can specify, in an order, the date by which listing officers must send a copy of the proposed valuation list to their billing authorities. If the Welsh Ministers do not make such an order, the deadline will be the 1 September before the date on which the list is to be compiled.
Therefore, for a compiled list date of 1 April 2028, the proposed valuation list would be made available on or before 1 September 2027.
Exchequer Secretary (HM Treasury)