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
Green Party
Adrian Ramsay (Green - Waveney Valley)Green Spokesperson (Treasury)
Liberal Democrat
Charlie Maynard (LD - Witney)Liberal Democrat Spokesperson (Chief Secretary to the Treasury)
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
Lord Livermore (Lab - Life peer)Financial Secretary (HM Treasury)
James Murray (LAB - Ealing North)
Chief Secretary to the Treasury
Lord Stockwood (Lab - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
Torsten Bell (Lab - Swansea West)Parliamentary Secretary (HM Treasury)
Dan Tomlinson (Lab - Chipping Barnet)
Exchequer Secretary (HM Treasury)
Lucy Rigby (Lab - Northampton North)
Economic Secretary (HM Treasury)
05:00
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, pursuant to the Answer of 29 August 2025 to Question 68418 on Business …
Regulation 2 amends the Customs Tariff (Establishment) (EU Exit) Regulations 2020 (S.I. 2020/1430) to refer to a revised “Tariff of …
A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the …
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 Authorise the use of resources for the year ending with 31 March 2026; 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 2025.
This Bill received Royal Assent on 21st July 2025 and was enacted into law.
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).
(12,060 in the last 7 days)
(4,129 in the last 7 days)
(958 in the last 7 days)
(650 in the last 7 days)
(281 in the last 7 days)
(4,129 in the last 7 days)
(134 in the last 7 days)
(72 in the last 7 days)
(172 in the last 7 days)
(650 in the last 7 days)
Petition Closed
Raise the income tax personal allowance from £12,570 to £20,000
Gov Responded - 20 Feb 2025 Debated on - 12 May 2025closed 4 months, 4 weeks ago
Raise the income tax personal allowance from £12570 to £20000. We think this would help low earners to get off benefits and allow pensioners a decent income.
Petition Closed
Don't change inheritance tax relief for working farms
Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025closed 6 months ago
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.
Petition Closed
Don't apply VAT to independent school fees, or remove business rates relief.
Gov Responded - 20 Dec 2024 Debated on - 3 Mar 2025closed 5 months, 2 weeks ago
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 28th October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 9th December 2024
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee: Upcoming Events
Cryptocurrency
18 Nov 2025, 9:45 a.m.
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Treasury Committee - Private Meeting
Budget 2025
19 Nov 2025, 2 p.m.
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Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)At Spring Statement 2025, the government confirmed that ODA budgets across the Spending Review period would be set in cash terms, based on the Office for Budget Responsibility’s spring 2025 forecast of gross national income (GNI). This means the FCDO’s ODA budget will no longer be automatically exposed to the volatility of GNI fluctuations or to ODA spending by other departments, including changes in asylum costs, providing greater predictability.
Chief Secretary to the Treasury
The National Wealth Fund is committed to ensuring the benefits of its investments are felt in all four nations of the UK. It is actively engaging with stakeholders in Wales, including with the Welsh Government and Wales Office, to identify opportunities for investment.
As set out in the Chancellor’s Statement of Strategic Priorities to the National Wealth Fund in March 2025, clean energy and transport are priority sectors, this includes supporting the transition to zero-emission vehicles and associated refuelling infrastructure.
The National Wealth Fund will continue to explore investible propositions that satisfy its investment principles.
Chief Secretary to the Treasury
The £150m government employee exit funding was allocated at Spending Review 2025 across 2025/26 and 2026/27. Information on how much departments have spent will be published in departmental Annual Reports & Accounts.
Chief Secretary to the Treasury
As with all departments, HM Treasury undertook a line-by-line review of all activity within the Department.
Chief Secretary to the Treasury
Mike Wood
(Conservative - Kingswinford and South Staffordshire)
All savings and investments announced at the July statement in 2024 were factored into the departmental budgets. Departments are responsible for managing spend within that budget.
Chief Secretary to the Treasury
This Government has a vision for a strong, resilient, productive steel industry in the UK that is primed for long-term success, driving growth in communities. The NWF will commit at least £5.8 billion over this Parliament to priority sub-sectors, which includes green steel. Businesses seeking the NWF’s finance or support from should contact them directly via their website:
Chief Secretary to the Treasury
As a result of case law developments, the VOA have concluded that, rather than each room within a serviced office being assessed separately, many serviced offices may need to be assessed as a single property, unless clear evidence demonstrates a need to have separate assessments.
Each serviced office is looked at on a case-by-case basis, and the VOA are addressing properties where they have received legal advice, or where unit of assessment issues are brought to its attention.
The VOA will continue to monitor legal developments and update its approach as needed.
Exchequer Secretary (HM Treasury)
HMRC does not hold aggregate data on the taxes paid by migrants who have arrived in the UK within the last 10 years.
HMRC does hold data on the nationality reported by individuals at the point of National Insurance number registration, for adult National Insurance number registrations. This data is used to produce statistics on UK payrolled employments by nationality, region, industry, age and sex.
UK public spending covers a wide range of areas, including public services and infrastructure that are public goods. All groups in society benefit from these areas of public spending. In addition, some public provision is at a family or household level. It is therefore not possible to distinguish spending per person between migrant and non-migrants
Exchequer Secretary (HM Treasury)
HMRC has undertaken detailed assessments of the potential impact of Making Tax Digital (MTD) for Income Tax on compliance costs and administrative requirements across different taxpayer groups, including seasonal workers, self-employed individuals, small businesses, and landlords. The latest published assessment is available at:
HMRC has worked to ensure that MTD for Income Tax works well for all kinds of businesses. In-year, quarterly updates are not like full tax returns.
They are simple, unadjusted summaries of income and expenditure, acting as a snapshot of quarterly trading activity. They will be populated automatically through software and can be submitted easily. This process has been designed to be simple for users and quick to complete.
Quarterly updates reduce the risk of error by moving record-keeping closer to real time. They also make preparing the tax return easier, as much information is already captured and categorised. Updates can help inform estimates of tax liability and prompts to help taxpayers get their tax right.
The Government has taken steps to minimise costs to businesses resulting from MTD, including work with the software industry to ensure free software is available for those with simple affairs.
Following MTD’s introduction in April 2026, HMRC will support MTD users with fully-trained advisers in sufficient numbers to manage anticipated demand.
In advance of MTD’s rollout, nearly 5,000 volunteers have signed up to test the service. HMRC’s dedicated teams are working to ensure the new systems and processes operate as planned and the right guidance and training is in place for both advisors and users.
As a major government programme, HMRC routinely evaluates MTD’s value for money in line with mandatory Government Major Project Portfolio (GMPP) requirements, which include demonstrating affordability, cost-effectiveness, and delivery of benefits throughout its lifecycle to ensure efficient use of public funds. The latest assessment is at:
Making Tax Digital Programme Accounting Officer Assessment (updated) - GOV.UK
Exchequer Secretary (HM Treasury)
HMRC has undertaken detailed assessments of the potential impact of Making Tax Digital (MTD) for Income Tax on compliance costs and administrative requirements across different taxpayer groups, including seasonal workers, self-employed individuals, small businesses, and landlords. The latest published assessment is available at:
HMRC has worked to ensure that MTD for Income Tax works well for all kinds of businesses. In-year, quarterly updates are not like full tax returns.
They are simple, unadjusted summaries of income and expenditure, acting as a snapshot of quarterly trading activity. They will be populated automatically through software and can be submitted easily. This process has been designed to be simple for users and quick to complete.
Quarterly updates reduce the risk of error by moving record-keeping closer to real time. They also make preparing the tax return easier, as much information is already captured and categorised. Updates can help inform estimates of tax liability and prompts to help taxpayers get their tax right.
The Government has taken steps to minimise costs to businesses resulting from MTD, including work with the software industry to ensure free software is available for those with simple affairs.
Following MTD’s introduction in April 2026, HMRC will support MTD users with fully-trained advisers in sufficient numbers to manage anticipated demand.
In advance of MTD’s rollout, nearly 5,000 volunteers have signed up to test the service. HMRC’s dedicated teams are working to ensure the new systems and processes operate as planned and the right guidance and training is in place for both advisors and users.
As a major government programme, HMRC routinely evaluates MTD’s value for money in line with mandatory Government Major Project Portfolio (GMPP) requirements, which include demonstrating affordability, cost-effectiveness, and delivery of benefits throughout its lifecycle to ensure efficient use of public funds. The latest assessment is at:
Making Tax Digital Programme Accounting Officer Assessment (updated) - GOV.UK
Exchequer Secretary (HM Treasury)
HMRC has undertaken detailed assessments of the potential impact of Making Tax Digital (MTD) for Income Tax on compliance costs and administrative requirements across different taxpayer groups, including seasonal workers, self-employed individuals, small businesses, and landlords. The latest published assessment is available at:
HMRC has worked to ensure that MTD for Income Tax works well for all kinds of businesses. In-year, quarterly updates are not like full tax returns.
They are simple, unadjusted summaries of income and expenditure, acting as a snapshot of quarterly trading activity. They will be populated automatically through software and can be submitted easily. This process has been designed to be simple for users and quick to complete.
Quarterly updates reduce the risk of error by moving record-keeping closer to real time. They also make preparing the tax return easier, as much information is already captured and categorised. Updates can help inform estimates of tax liability and prompts to help taxpayers get their tax right.
The Government has taken steps to minimise costs to businesses resulting from MTD, including work with the software industry to ensure free software is available for those with simple affairs.
Following MTD’s introduction in April 2026, HMRC will support MTD users with fully-trained advisers in sufficient numbers to manage anticipated demand.
In advance of MTD’s rollout, nearly 5,000 volunteers have signed up to test the service. HMRC’s dedicated teams are working to ensure the new systems and processes operate as planned and the right guidance and training is in place for both advisors and users.
As a major government programme, HMRC routinely evaluates MTD’s value for money in line with mandatory Government Major Project Portfolio (GMPP) requirements, which include demonstrating affordability, cost-effectiveness, and delivery of benefits throughout its lifecycle to ensure efficient use of public funds. The latest assessment is at:
Making Tax Digital Programme Accounting Officer Assessment (updated) - GOV.UK
Exchequer Secretary (HM Treasury)
HMRC has undertaken detailed assessments of the potential impact of Making Tax Digital (MTD) for Income Tax on compliance costs and administrative requirements across different taxpayer groups, including seasonal workers, self-employed individuals, small businesses, and landlords. The latest published assessment is available at:
HMRC has worked to ensure that MTD for Income Tax works well for all kinds of businesses. In-year, quarterly updates are not like full tax returns.
They are simple, unadjusted summaries of income and expenditure, acting as a snapshot of quarterly trading activity. They will be populated automatically through software and can be submitted easily. This process has been designed to be simple for users and quick to complete.
Quarterly updates reduce the risk of error by moving record-keeping closer to real time. They also make preparing the tax return easier, as much information is already captured and categorised. Updates can help inform estimates of tax liability and prompts to help taxpayers get their tax right.
The Government has taken steps to minimise costs to businesses resulting from MTD, including work with the software industry to ensure free software is available for those with simple affairs.
Following MTD’s introduction in April 2026, HMRC will support MTD users with fully-trained advisers in sufficient numbers to manage anticipated demand.
In advance of MTD’s rollout, nearly 5,000 volunteers have signed up to test the service. HMRC’s dedicated teams are working to ensure the new systems and processes operate as planned and the right guidance and training is in place for both advisors and users.
As a major government programme, HMRC routinely evaluates MTD’s value for money in line with mandatory Government Major Project Portfolio (GMPP) requirements, which include demonstrating affordability, cost-effectiveness, and delivery of benefits throughout its lifecycle to ensure efficient use of public funds. The latest assessment is at:
Making Tax Digital Programme Accounting Officer Assessment (updated) - GOV.UK
Exchequer Secretary (HM Treasury)
With a VAT registration threshold of £90,000, the UK’s threshold is higher than any EU country and the joint highest in the OECD.
The Government’s approach to the VAT threshold aims to balance potential impacts on small businesses, including their growth and financial sustainability, the economy as a whole, and tax revenues.
Exchequer Secretary (HM Treasury)
With a VAT registration threshold of £90,000, the UK’s threshold is higher than any EU country and the joint highest in the OECD.
The Government’s approach to the VAT threshold aims to balance potential impacts on small businesses, including their growth and financial sustainability, the economy as a whole, and tax revenues.
Exchequer Secretary (HM Treasury)
With a VAT registration threshold of £90,000, the UK’s threshold is higher than any EU country and the joint highest in the OECD.
The Government’s approach to the VAT threshold aims to balance potential impacts on small businesses, including their growth and financial sustainability, the economy as a whole, and tax revenues.
Exchequer Secretary (HM Treasury)
With a VAT registration threshold of £90,000, the UK’s threshold is higher than any EU country and the joint highest in the OECD.
The Government’s approach to the VAT threshold aims to balance potential impacts on small businesses, including their growth and financial sustainability, the economy as a whole, and tax revenues.
Exchequer Secretary (HM Treasury)
Making Tax Digital (MTD) modernises the tax system and will help businesses and landlords keep on top of their tax affairs. It places small businesses on a more digital footing helping to reduce errors and making annual tax returns easier.
HMRC has published evaluation of the wider benefits of MTD for VAT, which is already in place for over 2m users. This found users experienced a range of benefits including increased confidence in managing their VAT. Many experienced time savings, estimated at 26–40 hours per business per year freeing up resources for core business activities, and supporting their productivity and growth.
This research can be found at:
Exchequer Secretary (HM Treasury)
The government recently consulted on proposals to reform Landfill
Tax following a call for evidence in 2021 under the previous government, to ensure the regime remains effective in encouraging waste to be diverted away from landfill and to support the government’s circular economy objectives. The consultation closed on 28 July and the government is considering responses and will set out next steps in due course.
As part of the consultation, the Government has received a wide range of views from stakeholders, including representatives from the titanium dioxide production sector.
Exchequer Secretary (HM Treasury)
The Government published its most recent National Risk Assessment for money laundering and terrorist financing in July 2025, which included an assessment of risks for property developers.
While property developers more generally are not in scope of the Money Laundering Regulations, the regulations do apply to estate agencies, and to property developers that make their sales via a separate legal entity. Other property developers fall in scope of the regulations via their financial services and products. The scope of the Money Laundering Regulations is set to ensure that those sectors most at risk of being abused to facilitate money laundering have appropriate, risk-based controls in place to protect themselves, while avoiding undue burdens on businesses and customers.
The Government intends to develop a new public-private strategy focused on anti-money laundering and asset recovery in the coming months. This will respond to the risks identified in the National Risk Assessment, including consideration of whether any further measures are needed to address vulnerabilities in higher risk sectors.
Financial Secretary (HM Treasury)
Monetary policy is the responsibility of the Monetary Policy Committee (MPC) at the Bank of England. Operationally independent monetary policy is a vital part of the government’s macroeconomic policy framework, supporting the UK’s resilience to risks and reflecting best practice across the world and all G7 countries. The government is fully committed to the operational independence of the MPC.
Financial Secretary (HM Treasury)
UK customs commodity codes are matched to the EU’s, to enable the Windsor Framework in NI and facilitate trade with the EU. However, other mechanisms can be used to provide different tariff treatment for goods. If businesses would like to propose a lower rate of duty on a product, they can make a duty suspension application to the Department for Business and Trade.
Exchequer Secretary (HM Treasury)
The UK’s Tariff schedule, known as the UK Global Tariff (UKGT), adheres to global classification standards. We continue to monitor the UKGT to ensure our Most Favoured Nation tariff schedule functions as effectively as possible, supports domestic priorities, and provides a stable operating environment for businesses.
Businesses are welcome to request partial or full liberalisation of the import duty applied to the products under this commodity code, including textile footwear and textile-based safety equipment, either through the online feedback form or the next business suspensions window.
There will be further opportunities to apply for tariff suspensions in due course. Further information, including dates of the application window, guidance, and methods to apply, will be announced on GOV.UK.
Exchequer Secretary (HM Treasury)
The Government recognises the significant contribution made by hospitality businesses to economic growth and social life in the UK.
VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services. VAT is the UK's second largest tax, forecast to raise £180 billion in 2025/26.
Where restaurants incur VAT in producing the food they sell, this can be claimed back in the normal way, provided that they are registered for VAT. Businesses with a turnover below the £90,000 per year threshold may choose not to register for VAT, in which case they do not charge VAT on their sales and cannot reclaim it on their input costs.
HMRC estimate that the cost of a 5 per cent reduced rate for accommodation, hospitality and tourist attractions would be around £13 billion this financial year. If the scope were also to include alcoholic beverages, the cost would be approximately £3 billion greater.
More broadly, as announced at Autumn Budget 2024, the Government will introduce permanently lower business rates multipliers for retail, hospitality, and leisure properties with rateable values below £500,000 from 2026/27. This permanent tax cut will ensure they benefit from much-needed certainty and support.
Exchequer Secretary (HM Treasury)
The government recently consulted on proposals to reform Landfill
Tax following a call for evidence in 2021 under the previous government, to ensure the regime remains effective in encouraging waste to be diverted away from landfill and to support the government’s circular economy objectives. The consultation closed on 28 July and the government is considering responses and will set out next steps in due course.
As part of the consultation, the Government has received a wide range of views from stakeholders, including representatives from the mineral products and aggregates sector.
Exchequer Secretary (HM Treasury)
The government recently consulted on proposals to reform Landfill
Tax following a call for evidence in 2021 under the previous government, to ensure the regime remains effective in encouraging waste to be diverted away from landfill and to support the government’s circular economy objectives. The consultation closed on 28 July and the government is considering responses and will set out next steps in due course.
As part of the consultation, the Government has received a wide range of views from stakeholders, including representatives from the mineral products and aggregates sector.
Exchequer Secretary (HM Treasury)
The government recently consulted on proposals to reform Landfill
Tax following a call for evidence in 2021 under the previous government, to ensure the regime remains effective in encouraging waste to be diverted away from landfill and to support the government’s circular economy objectives. The consultation closed on 28 July and the government is considering responses and will set out next steps in due course.
As part of the consultation, the Government has received a wide range of views from stakeholders, including representatives from the mineral products and aggregates sector.
Exchequer Secretary (HM Treasury)
The government recently consulted on proposals to reform Landfill
Tax following a call for evidence in 2021 under the previous government, to ensure the regime remains effective in encouraging waste to be diverted away from landfill and to support the government’s circular economy objectives. The consultation closed on 28 July and the government is considering responses and will set out next steps in due course.
As part of the consultation, the Government has received a wide range of views from stakeholders, including representatives from the mineral products and aggregates sector.
Exchequer Secretary (HM Treasury)
The government recently consulted on proposals to reform Landfill
Tax following a call for evidence in 2021 under the previous government, to ensure the regime remains effective in encouraging waste to be diverted away from landfill and to support the government’s circular economy objectives. The consultation closed on 28 July and the government is considering responses and will set out next steps in due course.
As part of the consultation, the Government has received a wide range of views from stakeholders, including representatives from the mineral products and aggregates sector.
Exchequer Secretary (HM Treasury)
The government recently consulted on proposals to reform Landfill
Tax following a call for evidence in 2021 under the previous government, to ensure the regime remains effective in encouraging waste to be diverted away from landfill and to support the government’s circular economy objectives. The consultation closed on 28 July and the government is considering responses and will set out next steps in due course.
As part of the consultation, the Government has received a wide range of views from stakeholders, including representatives from the mineral products and aggregates sector.
Exchequer Secretary (HM Treasury)
The proposed changes to the Soft Drinks Industry Levy were subject to the ‘Strengthening the Soft Drinks Industry Levy’ consultation, which was open from 28 April to 21 July 2025. An assessment of economic and other impacts is included as part of this consultation document. This is available at
https://www.gov.uk/government/consultations/strengthening-the-soft-drinks-industry-levy.
The Government is considering the consultation responses, including those providing evidence of the potential impacts on growth and investment, prior to making a decision at Budget. If the Government decides to make changes to the levy, it will publish an updated assessment of the confirmed policy’s impacts.
Exchequer Secretary (HM Treasury)
At Autumn Budget 2024, the Government announced continued support for people and businesses by extending the temporary 5p fuel duty cut and cancelling the planned increase in line with inflation for 2025/26. The temporary 5p cut is scheduled to expire in March 2026. The Government considers the impact of fuel duty on the economy, including households and businesses, with decisions on rates made at fiscal events.
Exchequer Secretary (HM Treasury)
Data sharing between HMRC and other departments is considered on a case-by-case basis, to comply with HMRC’s obligations under its duty of confidentiality and other information law, including the UK GDPR.
HMRC supports other government departments in their awards and appointments processes by providing advice on potential tax risks, by reference to a low, medium or high rating. HMRC discloses this information as it supports its functions, including the collection and management of tax.
Details of Memoranda of Understanding (“MOU”) HMRC has with other government departments for these purposes can be found here: https://www.gov.uk/government/collections/hmrc-awards-and-appointments. The published MOUs explain the legal basis for disclosure.
The MOUs are clear that data must not be shared other than for the purpose set out in the MOU and that data may only be shared with individuals/teams explicitly named in the MOU.
There is no specific data sharing agreement between HMRC and the Independent Adviser on Ministerial Standards.
Exchequer Secretary (HM Treasury)
At Autumn Budget 2024, the Government announced continued support for people and businesses by extending the temporary 5p fuel duty cut and cancelling the planned increase in line with inflation for 2025/26. The temporary 5p cut is scheduled to expire in March 2026. The Government considers representations from a wide variety of stakeholders, with decisions on rates made at fiscal events.
Exchequer Secretary (HM Treasury)
A Transitional Tax-Free Amount Certificate (TTFAC) is an official document issued by a pension scheme provider or insurer. It confirms the actual amount of tax-free lump sums an individual received before 6 April 2024, when the Lifetime Allowance was abolished.
Since the Lifetime Allowance was abolished, a standard calculation is used to establish an individual’s remaining tax-free allowances, unless an application for a TTFAC has been made. The standard calculation assumes that 25% of all benefits taken before April 2024 were tax-free.
This assumption can disadvantage individuals who:
• Took less than 25% tax-free cash,
• Waived their tax-free lump sum entitlement, or
• Had complex arrangements or protections.
The TTFAC allows individuals who are disadvantaged by the standard calculation to evidence the actual tax-free amount they took, potentially increasing their remaining tax-free allowances to better reflect the position they were in prior to the abolition of the Lifetime Allowance.
Parliamentary Secretary (HM Treasury)
The Government supports the creative industries, including orchestras, through funding and through the tax system. Specifically in respect of orchestras, Orchestra Tax Relief provides tax relief on production costs and provided £33 million of support in 2022-23.
When considering changes to tax reliefs, the Government takes into account a wide range of factors including costs, complexity, and fairness.
Announcements on tax are made at fiscal events in the context of the overall public finances.
Exchequer Secretary (HM Treasury)
The Chancellor of the Exchequer and the department have not held any receptions in the offices of consultant lobbying firms since 4 July 2024.
Exchequer Secretary (HM Treasury)
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer National Insurance contributions (NICs) announced at Autumn Budget 2024. 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.
Exchequer Secretary (HM Treasury)
The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, fixing the public finances, and funding public services. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free.
The Government will invest more than £2.7 billion a year in sustainable farming and nature recovery from 2026-27 until 2028-29. This includes the largest financial investment into nature-friendly farming ever.
Exchequer Secretary (HM Treasury)
The Help to Save scheme supports financial resilience for working people on low incomes by encouraging consistent, long-term saving and helping them build a financial buffer to plan and prepare for the future.
In April 2025, the government widened the eligibility criteria for the Help to Save scheme to all Universal Credit claimants in work, rather than only those earning above a specified threshold. This expansion means around 550,000 additional people can benefit from the scheme, increasing the eligible population to approximately 3 million.
The government recognises that further groups may also benefit from Help to Save. Any future changes would need to be carefully assessed to ensure the scheme continues to be well targeted and deliverable.
The government has recently consulted on reforms to the delivery of Help to Save after 2027 and we continue to engage with a range of third-party financial institutions, including credit unions, as part of this process.
Economic Secretary (HM Treasury)
The Help to Save scheme supports financial resilience for working people on low incomes by encouraging consistent, long-term saving and helping them build a financial buffer to plan and prepare for the future.
In April 2025, the government widened the eligibility criteria for the Help to Save scheme to all Universal Credit claimants in work, rather than only those earning above a specified threshold. This expansion means around 550,000 additional people can benefit from the scheme, increasing the eligible population to approximately 3 million.
The government recognises that further groups may also benefit from Help to Save. Any future changes would need to be carefully assessed to ensure the scheme continues to be well targeted and deliverable.
The government has recently consulted on reforms to the delivery of Help to Save after 2027 and we continue to engage with a range of third-party financial institutions, including credit unions, as part of this process.
Economic Secretary (HM Treasury)
According to Section 11 of the Credit Unions Act 1979, credit unions are able to lend to other credit unions.
Credit unions are regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) in a way that ensures the stability and soundness of the sector. The PRA and FCA are independent regulators and take decisions on the regulation of credit unions in line with their statutory objectives.
Economic Secretary (HM Treasury)
The suffering endured by all those impacted by infected blood is profound, and we remain committed to ensuring that justice is not only delivered but reflected in the way compensation is treated.
We recognise that this is a sensitive issue. We are considering whether further steps are needed in relation to IHT relief. However, it is important that we take the time to consider all aspects thoroughly to ensure any solution is both fair and effective.
Exchequer Secretary (HM Treasury)
Claire Hanna
(Social Democratic & Labour Party - Belfast South and Mid Down)
The suffering endured by all those impacted by infected blood is profound, and we remain committed to ensuring that justice is not only delivered but reflected in the way compensation is treated.
We recognise that this is a sensitive issue. We are considering whether further steps are needed in relation to IHT relief. However, it is important that we take the time to consider all aspects thoroughly to ensure any solution is both fair and effective.
Exchequer Secretary (HM Treasury)
The Deposit Returns Scheme (DRS) will launch in the UK in October 2027, introducing mandatory refundable deposits on drinks containers with the aim of increasing recycling.
VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services. VAT is the UK’s third largest tax, forecast to raise £180 billion in 2025/26. Exceptions to the standard rate have always been limited and balanced against affordability considerations.
The previous administration legislated for a simplification to the normal VAT rules so that VAT will only be accounted for on unredeemed deposits rather than on a deposit at the point of sale.
We remain committed to supporting the circular economy through successful implementation of the DRS, and we are keen to ensure that VAT is not a barrier to its effective operation. We are continuing to consider how best to achieve this while maintaining the integrity of the tax and will provide clarity on the VAT treatment of unreturned deposits as soon as possible.
Exchequer Secretary (HM Treasury)
The OBR is the government’s official economic and fiscal forecaster. Box 4.5 of the OBR’s published Economic and Fiscal Outlook in March 2024 sets out estimated impacts of migration on the fiscal forecast.
The OBR will produce updated economic and fiscal forecasts in its Economic and Fiscal Outlook, which will be published alongside the Budget on 26 November.
Chief Secretary to the Treasury
The Office for Value for Money's (OVfM) has successfully delivered on its remit, including working with departments to identify credible plans to deliver almost £14 billion of efficiencies per year by 2028-29 as well as wider reforms to improve value for money across government. Its functions will be embedded within the Treasury, leaving a legacy of value for money improvements across the public sector.
The OVfM's budget and total spend for 2024-25 is set out in HM Treasury’s 2024-25 Annual Report and Accounts (ARA). The OVfM's outturn cost for 2025-26 will be published in HM Treasury's 2025-26 ARA.
Chief Secretary to the Treasury
HM Revenue & Customs (HMRC) is consistently exceeding its service standards of processing over 80% of inheritance tax returns for estates within 15 working days. Once these returns have been processed, most customers will be able to pay any inheritance tax due on time and proceed to apply for probate.
The inheritance tax helpline is also meeting HMRC’s telephony service levels by handling over 85% of customer calls to advisers.
HMRC has also increased numbers deployed to wider inheritance tax work to meet the service standard.
The government announced at Autumn Budget 2024 that it is investing in digitalising the inheritance tax service from 2027-28 to provide a modern, easy-to-use system, making returns and paying tax simpler and quicker.
Financial Secretary (HM Treasury)
The Government annually reviews the rates and thresholds of taxes and reliefs to ensure that they are appropriate and reflect the current state of the economy. The Chancellor makes decisions on tax policy at fiscal events in the context of the public finances.
Exchequer Secretary (HM Treasury)
The Treasury occupy three sites: Horse Guards Road in London, Feethams House in Darlington, and Rosebery Court in Norwich. These premises are managed by the Government Property Agency, who have responsibility for the facilities management across all locations.
The Treasury does not own any vehicles.
Information relating to arms-length-bodies is not held centrally.
Exchequer Secretary (HM Treasury)