HM Treasury

In April 2026, the Government will introduce permanently lower business rates multipliers for retail, hospitality, and leisure (RHL) properties with rateable values below £500,000. This permanent tax cut will ensure that eligible properties, including pubs, benefit from much-needed certainty and support. Breweries that are wholly or mainly open to visiting members of the public (for instance, mainly used as a bar or for providing tours to the public) will also benefit from the lower multipliers.

The final design, including the rates, for the new business rates multipliers will be announced at Budget 2025, so that the Government can factor the revaluation outcomes, as well as the broader economic and fiscal context, into decision-making. When the new multipliers are set, HM Treasury intends to publish analysis of the effects of the new multiplier arrangements.

Ahead of the new multipliers being introduced, the Government prevented RHL business rates 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. Under the previous Government, RHL relief was due to end entirely in April 2025, and so by extending it, the Government has saved the average pub, with a ratable value of £16,800, over £3,300.

Everyone should have access to affordable and appropriate products for their financial wellbeing. The government is committed to breaking down barriers to opportunity and ensuring individuals and households have greater financial security.

This is why the government offers several ways to help people save and increase their financial resilience. The overall ISA allowance of £20,000 ensures that savers can put significant sums away in a tax-free savings account. For those who save outside of an ISA, the Personal Savings Allowance provides up to £1,000 of tax-free savings interest for basic rate taxpayers, and £500 for higher rate taxpayers.

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. The scheme is currently available to working individuals in receipt of Universal Credit, ensuring it remains targeted at its intended population.

As announced at Autumn Budget 2025, the government will make the Help to Save scheme permanent and, from April 2028, will expand eligibility to include all Universal Credit claimants who receive the child element, the caring element or both.

The latest National Risk Assessment of Money Laundering and Terrorist Financing, published in July 2025, confirms that Money Service Businesses (MSBs) remain high risk for both money laundering and terrorist financing, unchanged from the 2020 rating. The report can be found here:

National risk assessment of money laundering and terrorist financing 2025 - GOV.UK

The Government recognises the importance of targeting anti-money laundering (AML) activity at the highest-risk sectors as part of a risk-based approach. That is why the latest amendments to the Money Laundering Regulations (MLRs), due to be laid in 2026, will make the MLRs more proportionate and effective by ensuring that so-called ‘Know Your Customer’ requirements on regulated businesses such as MSBs are clearer and more targeted at high-risk activity.

HMRC is the AML supervisor for MSBs. While we cannot comment on individual cases, HMRC provides HM Treasury with data on the number and risk profile of MSBs operating in the UK, as well as information on how it assesses and responds to MSB-related risks. This information is published in HM Treasury’s annual anti-money laundering and counter-terrorist financing supervision report, the latest version of which is available here:

Anti-money laundering and countering the financing of terrorism: Supervision Report 2023-24 - GOV.UK

HMRC also publishes details of penalties it has issued to businesses for non-compliance with the MLRs. The information for the 2024-25 financial year can be found here:

Businesses that have not complied with the money laundering regulations (2024 to 2025) - GOV.UK

According to this data, in 2024-25 16 MSBs were fined a total of £50,276 for failures in: the provision of registration information; notifying HMRC of material change; having the correct policies, controls and procedures; conducting due diligence; record keeping; and providing requested information or documents. HMRC also applies a range of non-financial penalties, including preventing businesses from trading through suspension or cancellation of their supervisory registration, to address risks in its supervised sectors.

The latest National Risk Assessment of Money Laundering and Terrorist Financing, published in July 2025, confirms that Money Service Businesses (MSBs) remain high risk for both money laundering and terrorist financing, unchanged from the 2020 rating. The report can be found here:

National risk assessment of money laundering and terrorist financing 2025 - GOV.UK

The Government recognises the importance of targeting anti-money laundering (AML) activity at the highest-risk sectors as part of a risk-based approach. That is why the latest amendments to the Money Laundering Regulations (MLRs), due to be laid in 2026, will make the MLRs more proportionate and effective by ensuring that so-called ‘Know Your Customer’ requirements on regulated businesses such as MSBs are clearer and more targeted at high-risk activity.

HMRC is the AML supervisor for MSBs. While we cannot comment on individual cases, HMRC provides HM Treasury with data on the number and risk profile of MSBs operating in the UK, as well as information on how it assesses and responds to MSB-related risks. This information is published in HM Treasury’s annual anti-money laundering and counter-terrorist financing supervision report, the latest version of which is available here:

Anti-money laundering and countering the financing of terrorism: Supervision Report 2023-24 - GOV.UK

HMRC also publishes details of penalties it has issued to businesses for non-compliance with the MLRs. The information for the 2024-25 financial year can be found here:

Businesses that have not complied with the money laundering regulations (2024 to 2025) - GOV.UK

According to this data, in 2024-25 16 MSBs were fined a total of £50,276 for failures in: the provision of registration information; notifying HMRC of material change; having the correct policies, controls and procedures; conducting due diligence; record keeping; and providing requested information or documents. HMRC also applies a range of non-financial penalties, including preventing businesses from trading through suspension or cancellation of their supervisory registration, to address risks in its supervised sectors.

The latest National Risk Assessment of Money Laundering and Terrorist Financing, published in July 2025, confirms that Money Service Businesses (MSBs) remain high risk for both money laundering and terrorist financing, unchanged from the 2020 rating. The report can be found here:

National risk assessment of money laundering and terrorist financing 2025 - GOV.UK

The Government recognises the importance of targeting anti-money laundering (AML) activity at the highest-risk sectors as part of a risk-based approach. That is why the latest amendments to the Money Laundering Regulations (MLRs), due to be laid in 2026, will make the MLRs more proportionate and effective by ensuring that so-called ‘Know Your Customer’ requirements on regulated businesses such as MSBs are clearer and more targeted at high-risk activity.

HMRC is the AML supervisor for MSBs. While we cannot comment on individual cases, HMRC provides HM Treasury with data on the number and risk profile of MSBs operating in the UK, as well as information on how it assesses and responds to MSB-related risks. This information is published in HM Treasury’s annual anti-money laundering and counter-terrorist financing supervision report, the latest version of which is available here:

Anti-money laundering and countering the financing of terrorism: Supervision Report 2023-24 - GOV.UK

HMRC also publishes details of penalties it has issued to businesses for non-compliance with the MLRs. The information for the 2024-25 financial year can be found here:

Businesses that have not complied with the money laundering regulations (2024 to 2025) - GOV.UK

According to this data, in 2024-25 16 MSBs were fined a total of £50,276 for failures in: the provision of registration information; notifying HMRC of material change; having the correct policies, controls and procedures; conducting due diligence; record keeping; and providing requested information or documents. HMRC also applies a range of non-financial penalties, including preventing businesses from trading through suspension or cancellation of their supervisory registration, to address risks in its supervised sectors.

The latest National Risk Assessment of Money Laundering and Terrorist Financing, published in July 2025, confirms that Money Service Businesses (MSBs) remain high risk for both money laundering and terrorist financing, unchanged from the 2020 rating. The report can be found here:

National risk assessment of money laundering and terrorist financing 2025 - GOV.UK

The Government recognises the importance of targeting anti-money laundering (AML) activity at the highest-risk sectors as part of a risk-based approach. That is why the latest amendments to the Money Laundering Regulations (MLRs), due to be laid in 2026, will make the MLRs more proportionate and effective by ensuring that so-called ‘Know Your Customer’ requirements on regulated businesses such as MSBs are clearer and more targeted at high-risk activity.

HMRC is the AML supervisor for MSBs. While we cannot comment on individual cases, HMRC provides HM Treasury with data on the number and risk profile of MSBs operating in the UK, as well as information on how it assesses and responds to MSB-related risks. This information is published in HM Treasury’s annual anti-money laundering and counter-terrorist financing supervision report, the latest version of which is available here:

Anti-money laundering and countering the financing of terrorism: Supervision Report 2023-24 - GOV.UK

HMRC also publishes details of penalties it has issued to businesses for non-compliance with the MLRs. The information for the 2024-25 financial year can be found here:

Businesses that have not complied with the money laundering regulations (2024 to 2025) - GOV.UK

According to this data, in 2024-25 16 MSBs were fined a total of £50,276 for failures in: the provision of registration information; notifying HMRC of material change; having the correct policies, controls and procedures; conducting due diligence; record keeping; and providing requested information or documents. HMRC also applies a range of non-financial penalties, including preventing businesses from trading through suspension or cancellation of their supervisory registration, to address risks in its supervised sectors.

The latest National Risk Assessment of Money Laundering and Terrorist Financing, published in July 2025, confirms that Money Service Businesses (MSBs) remain high risk for both money laundering and terrorist financing, unchanged from the 2020 rating. The report can be found here:

National risk assessment of money laundering and terrorist financing 2025 - GOV.UK

The Government recognises the importance of targeting anti-money laundering (AML) activity at the highest-risk sectors as part of a risk-based approach. That is why the latest amendments to the Money Laundering Regulations (MLRs), due to be laid in 2026, will make the MLRs more proportionate and effective by ensuring that so-called ‘Know Your Customer’ requirements on regulated businesses such as MSBs are clearer and more targeted at high-risk activity.

HMRC is the AML supervisor for MSBs. While we cannot comment on individual cases, HMRC provides HM Treasury with data on the number and risk profile of MSBs operating in the UK, as well as information on how it assesses and responds to MSB-related risks. This information is published in HM Treasury’s annual anti-money laundering and counter-terrorist financing supervision report, the latest version of which is available here:

Anti-money laundering and countering the financing of terrorism: Supervision Report 2023-24 - GOV.UK

HMRC also publishes details of penalties it has issued to businesses for non-compliance with the MLRs. The information for the 2024-25 financial year can be found here:

Businesses that have not complied with the money laundering regulations (2024 to 2025) - GOV.UK

According to this data, in 2024-25 16 MSBs were fined a total of £50,276 for failures in: the provision of registration information; notifying HMRC of material change; having the correct policies, controls and procedures; conducting due diligence; record keeping; and providing requested information or documents. HMRC also applies a range of non-financial penalties, including preventing businesses from trading through suspension or cancellation of their supervisory registration, to address risks in its supervised sectors.

ISAs incentivise saving and investment by providing generous tax advantages to individual taxpayers. Individuals can save up to £20,000 into an ISA each year, and any savings income received within an ISA is tax free. In addition, due to the Personal Savings Allowance and the Starting Rate for Savings, in 2025-26 around 85 per cent of people with savings income will pay no tax on that income.

This policy will affect those aged under 65 from April 2027, but the overall Individual Savings Accounts (ISAs) limit will remain at £20,000 for all savers when the annual Cash ISA limit is set at £12,000. Savers can still use stocks and shares ISAs beyond the £12,000 up to £20,000. It will not affect existing cash ISA savings.

A policy costing note for the package of measures was published alongside the Budget, including the changes to the ISA regime. Following a technical consultation, new ISA regulations will be laid, and a Tax Impact and Information Note will be published in the spring.

After around 800,000 savers aged 65 and above are carved-out, these changes will affect around 16% of Cash ISA subscribers, and around 12% of all ISA subscribers. This means around 1.3 million people are impacted by these changes.

The Government recognises that affordable and responsible credit can help households manage unexpected costs and cash flow.

In November, we published the Financial Inclusion Strategy, developed with consumer groups and industry. The Strategy includes a pilot scheme for small sum lending and measures to strengthen the community finance sector, including encouraging partnerships with mainstream financial firms.

We will continue to work closely with stakeholders to implement the Strategy and improve access to affordable credit.

The Breathing Space Scheme gives debtors the space to engage with professional debt advice, or to receive crisis treatment for a mental health condition.

A standard breathing space provides people in problem debt with protections from creditor enforcement action for a period of 60 days. It can only be started if a regulated debt adviser assesses the individual to be eligible and that a breathing space would be appropriate for them. This includes ensuring the individual has not been in a standard breathing space in the last 12 months.

In recognition of the link between mental health and problem debt, eligible individuals receiving mental health crisis treatment can access a mental health crisis breathing space (MHCBS) which provides the same protections from creditor enforcement for the duration of the individual’s crisis treatment. A MHCBS can only be started if an Approved Mental Health Professional confirms that the individual is receiving mental health crisis treatment. The debt adviser must also seek confirmation from a nominated point of contact every 30 days that the individual is still receiving eligible mental health crisis treatment in order for the individual to continue to receive the moratorium’s protections.

HM Treasury does not issue guidance to police forces on the handling of alleged abuse or fraudulent use of the Breathing Space scheme. However, HM Treasury does provide guidance for creditors. This outlines that where a creditor considers that an individual or a specific debt does not qualify for a breathing space, or that the debtor has enough funds to repay their debts, they can ask the debt advice provider to conduct a review within 20 days of the breathing space starting. Creditors also have the right to apply to a court at any time for permission to take enforcement action in relation to a debt included in a breathing space.

The Government keeps the scheme under review to ensure it is operating as intended.

The Breathing Space Scheme gives debtors the space to engage with professional debt advice, or to receive crisis treatment for a mental health condition.

A standard breathing space provides people in problem debt with protections from creditor enforcement action for a period of 60 days. It can only be started if a regulated debt adviser assesses the individual to be eligible and that a breathing space would be appropriate for them. This includes ensuring the individual has not been in a standard breathing space in the last 12 months.

In recognition of the link between mental health and problem debt, eligible individuals receiving mental health crisis treatment can access a mental health crisis breathing space (MHCBS) which provides the same protections from creditor enforcement for the duration of the individual’s crisis treatment. A MHCBS can only be started if an Approved Mental Health Professional confirms that the individual is receiving mental health crisis treatment. The debt adviser must also seek confirmation from a nominated point of contact every 30 days that the individual is still receiving eligible mental health crisis treatment in order for the individual to continue to receive the moratorium’s protections.

HM Treasury does not issue guidance to police forces on the handling of alleged abuse or fraudulent use of the Breathing Space scheme. However, HM Treasury does provide guidance for creditors. This outlines that where a creditor considers that an individual or a specific debt does not qualify for a breathing space, or that the debtor has enough funds to repay their debts, they can ask the debt advice provider to conduct a review within 20 days of the breathing space starting. Creditors also have the right to apply to a court at any time for permission to take enforcement action in relation to a debt included in a breathing space.

The Government keeps the scheme under review to ensure it is operating as intended.

The Breathing Space Scheme gives debtors the space to engage with professional debt advice, or to receive crisis treatment for a mental health condition.

A standard breathing space provides people in problem debt with protections from creditor enforcement action for a period of 60 days. It can only be started if a regulated debt adviser assesses the individual to be eligible and that a breathing space would be appropriate for them. This includes ensuring the individual has not been in a standard breathing space in the last 12 months.

In recognition of the link between mental health and problem debt, eligible individuals receiving mental health crisis treatment can access a mental health crisis breathing space (MHCBS) which provides the same protections from creditor enforcement for the duration of the individual’s crisis treatment. A MHCBS can only be started if an Approved Mental Health Professional confirms that the individual is receiving mental health crisis treatment. The debt adviser must also seek confirmation from a nominated point of contact every 30 days that the individual is still receiving eligible mental health crisis treatment in order for the individual to continue to receive the moratorium’s protections.

HM Treasury does not issue guidance to police forces on the handling of alleged abuse or fraudulent use of the Breathing Space scheme. However, HM Treasury does provide guidance for creditors. This outlines that where a creditor considers that an individual or a specific debt does not qualify for a breathing space, or that the debtor has enough funds to repay their debts, they can ask the debt advice provider to conduct a review within 20 days of the breathing space starting. Creditors also have the right to apply to a court at any time for permission to take enforcement action in relation to a debt included in a breathing space.

The Government keeps the scheme under review to ensure it is operating as intended.

The Chancellor engages regularly with the OBR’s Budget Responsibility Committee (BRC), including its Chair, in preparation for fiscal events. The OBR publishes a log of its contact, including with the Chancellor, in the Foreword of the Economic and Fiscal Outlook (EFO).

On Wednesday 26 November, Richard Hughes wrote to the Chancellor to apologise for the early release of the OBR’s Economic and Fiscal Outlook and to announce an investigation into the incident.

Richard Hughes resigned as Chair of the OBR on 1 December and the Chancellor wrote to thank him for his dedicated public service and leadership of the OBR over the last 5 years.

These letters are published on the OBR website and on gov.uk, respectively.

Richard Hughes resigned as Chair of the OBR on 1 December and the Chancellor wrote to thank him for his dedicated public service and leadership of the OBR over the last 5 years.

These letters are published on the OBR website and on gov.uk, respectively.

The government is committed to securing the long-term future of the aviation sector in the UK and recognises the benefits of the connectivity it creates between the UK and the rest of the world.

At Budget 2025, the government announced it will uprate APD rates in line with RPI from 1 April 2027 and rounded to the nearest penny. This constitutes a real terms freeze meaning passengers will pay the same in today’s prices.

As set out in the OBR forecast in March, passenger numbers are expected to exceed pre-pandemic levels in the coming year, and are expected to be around 10% higher than 2024-25 once new APD rates are implemented in 2026-27.

The government is committed to securing the long-term future of the aviation sector in the UK and recognises the benefits of the connectivity it creates between the UK and the rest of the world.

At Budget 2025, the government announced it will uprate APD rates in line with RPI from 1 April 2027 and rounded to the nearest penny. This constitutes a real terms freeze meaning passengers will pay the same in today’s prices.

As set out in the OBR forecast in March, passenger numbers are expected to exceed pre-pandemic levels in the coming year, and are expected to be around 10% higher than 2024-25 once new APD rates are implemented in 2026-27.

The Government has carefully assessed the cumulative impacts of measures announced over recent Budgets on businesses and households. Taken together, these measures raise revenue to support the public finances in a fair way, whilst providing targeted support. The Government recognises that recent policy changes will have combined effects on some businesses. Where changes are made, relevant assessments and impact notes are published to inform stakeholders. The Treasury continues to engage with affected sectors to understand the challenges they face and to ensure the UK remains a competitive place to do business. We will continue to monitor the situation closely and keep our policy approach under review, with future tax decisions taken at fiscal events under the normal process.

Pump prices are at their lowest levels since 2021, before Russia’s illegal invasion of Ukraine led to soaring prices and the introduction of a temporary 5p cut in fuel duty. At Budget 2025, the Government therefore announced continued support for people and businesses by extending the temporary 5p fuel duty cut until the end of August 2026. Rates will then gradually return to early 2022 levels. The planned increase in line with inflation for 2026-27 will not take place, with the government uprating fuel duty rates by RPI from April 2027. This will save the average car driver £49 next year compared to previous plans.

The Office for Budget Responsibility (OBR) set out the impact of policy measures on inflation in its Autumn Budget 2025 forecast, including fuel duty policy. The OBR forecast the fuel duty freeze extension will reduce CPI inflation by 0.13 percentage points in 2026/27.

The Chancellor asked departments to prioritise reducing inflation when developing policies for the Budget, ensuring decisions support stability and long-term growth. Considering all policies, including the impact of the fuel duty decision, the OBR expect Budget measures to reduce CPI inflation by 0.4 percentage points in 2026/27.

The Government considers the impact of fuel duty on the economy, including households and businesses, with decisions on rates made at fiscal events.

Excise duty is due on excise goods due to be consumed in the UK. There are no plans to allow individuals moving from one part of the UK to another to purchase duty free goods.

Passengers travelling from Northern Ireland to a place outside the UK and the EU are entitled to purchase duty free goods in the same way as passengers travelling from Great Britain to a place outside the UK. Duty free shopping between Northern Ireland and the EU would require the application of personal allowances, to prevent the uncontrolled flow of tax-free goods into either Northern Ireland or the EU. The enforcement controls required for this would run counter to the shared ambitions of the UK and the EU set out in the Windsor Framework and the principle of the frictionless movement of people and goods between Northern Ireland and Ireland.

As announced at the Budget, the government will ease the administrative burden for pensioners whose sole income is the basic or new State Pension without any increments so that they do not have to pay small amounts of tax via Simple Assessment from 2027-28.

As announced at Budget 2025, the Government is introducing Electric Vehicle Excise Duty (eVED) from April 2028, a new mileage charge for electric and plug-in hybrid cars, recognising that EVs contribute to congestion and wear and tear on the roads but pay no equivalent to fuel duty.

When eVED takes effect in April 2028, eVED rates will be set at 3p per mile for electric vehicles, which is half the equivalent fuel duty rate paid by the average petrol/diesel driver, ensuring that driving an electric vehicle continues to be an attractive choice for consumers. The rate will be set at 1.5p per mile for plug-in hybrids, recognising that they will continue to pay fuel duty on miles driven in petrol mode. An average EV driver driving 8,000 miles per year will pay around £240 per year or £20 per month.

As set out by the OBR, the estimated net impact of eVED and other Budget measures, including the ECG and ECS, is 120,000 fewer new EV sales across the forecast period. This is against a baseline which assumes EV sales more than triple from 2025-26 levels by 2030-31, which means the net impact of eVED represents only 2% of total new EV sales in the period.

The Government has set out expected impacts from eVED and other Budget measures in the Budget 2025 Policy Costings document at GOV.UK: https://assets.publishing.service.gov.uk/media/692872fd2a37784b16ecf676/Budget_2025-Policy_Costings.pdf

As announced at Budget 2025, the Government is introducing Electric Vehicle Excise Duty (eVED) from April 2028, a new mileage charge for electric and plug-in hybrid cars, recognising that EVs contribute to congestion and wear and tear on the roads but pay no equivalent to fuel duty.

When eVED takes effect in April 2028, eVED rates will be set at 3p per mile for electric vehicles, which is half the equivalent fuel duty rate paid by the average petrol/diesel driver, ensuring that driving an electric vehicle continues to be an attractive choice for consumers. The rate will be set at 1.5p per mile for plug-in hybrids, recognising that they will continue to pay fuel duty on miles driven in petrol mode. An average EV driver driving 8,000 miles per year will pay around £240 per year or £20 per month.

As set out by the OBR, the estimated net impact of eVED and other Budget measures, including the ECG and ECS, is 120,000 fewer new EV sales across the forecast period. This is against a baseline which assumes EV sales more than triple from 2025-26 levels by 2030-31, which means the net impact of eVED represents only 2% of total new EV sales in the period.

The Government has set out expected impacts from eVED and other Budget measures in the Budget 2025 Policy Costings document at GOV.UK: https://assets.publishing.service.gov.uk/media/692872fd2a37784b16ecf676/Budget_2025-Policy_Costings.pdf

Air Passenger Duty (APD) applies to airlines, not individual passengers, and is the principal tax on the aviation sector. It is expected to raise £4.7 billion in 2025-26 and it aims to ensure that airlines make a fair contribution to the public finances, particularly given that tickets are VAT free and aviation fuel incurs no duty. The distance-based band structure ensures that those who travel furthest, and in the greatest comfort, incur a greater tax liability.

Children under 16 years old on the date of the flight, and in the lowest class of travel, are exempt from APD. This means that no APD will be paid on that passenger by the airline to the UK government. If children under 16 years old are travelling in any other class (such as premium economy) or in business jets, they are not exempt. Children under 2 years old without a seat are exempt from Air Passenger Duty for all classes of travel.

As announced at Budget 2025, the Government is introducing Electric Vehicle Excise Duty (eVED) from April 2028, a new mileage charge for electric and plug-in hybrid cars, recognising that EVs contribute to congestion and wear and tear on the roads but pay no equivalent to fuel duty.

The Government has set out the expected impacts, including Exchequer impacts and behavioural changes, from eVED and other Budget measures in the Budget 2025 Policy Costings document at GOV.UK: https://assets.publishing.service.gov.uk/media/692872fd2a37784b16ecf676/Budget_2025-Policy_Costings.pdf

As announced at Budget 2025, the Government is introducing Electric Vehicle Excise Duty (eVED) from April 2028, a new mileage charge for electric and plug-in hybrid cars, recognising that EVs contribute to congestion and wear and tear on the roads but pay no equivalent to fuel duty.

The Government has set out the expected impacts, including Exchequer impacts and behavioural changes, from eVED and other Budget measures in the Budget 2025 Policy Costings document at GOV.UK: https://assets.publishing.service.gov.uk/media/692872fd2a37784b16ecf676/Budget_2025-Policy_Costings.pdf

The Government intends to create a fair tax system whilst ensuring that driving an electric vehicle (EV) remains an attractive choice for consumers; the transition to EVs is essential to meeting Net Zero targets.

As announced at Budget 2025, the Government is introducing Electric Vehicle Excise Duty (eVED) from April 2028. The rate of eVED for EVs will be half of the equivalent fuel duty rate paid by the average petrol/diesel driver, ensuring that EVs are cheaper to own and run for the majority of EV drivers. The Government is also providing generous additional support to incentivise the use of electric vehicles, including £1.3 billion of additional funding for the Electric Car Grant (ECG) and increasing the VED Expensive Car Supplement (ECS) threshold to £50,000 for EVs.

As set out by the OBR, the estimated net impact of eVED and other Budget measures, including the ECG and ECS, is 120,000 fewer new EV sales across the forecast period. This is against a baseline which assumes EV sales more than triple from 2025-26 levels by 2030-31, which means the net impact of eVED represents only 2% of total new EV sales in the period.

The Government has set out expected impacts from eVED and other Budget measures in the Budget 2025 Policy Costings document at GOV.UK: https://assets.publishing.service.gov.uk/media/692872fd2a37784b16ecf676/Budget_2025-Policy_Costings.pdf

The Government intends to create a fair tax system whilst ensuring that driving an electric vehicle (EV) remains an attractive choice for consumers; the transition to EVs is essential to meeting Net Zero targets.

As announced at Budget 2025, the Government is introducing Electric Vehicle Excise Duty (eVED) from April 2028. The rate of eVED for EVs will be half of the equivalent fuel duty rate paid by the average petrol/diesel driver, ensuring that EVs are cheaper to own and run for the majority of EV drivers. The Government is also providing generous additional support to incentivise the use of electric vehicles, including £1.3 billion of additional funding for the Electric Car Grant (ECG) and increasing the VED Expensive Car Supplement (ECS) threshold to £50,000 for EVs.

As set out by the OBR, the estimated net impact of eVED and other Budget measures, including the ECG and ECS, is 120,000 fewer new EV sales across the forecast period. This is against a baseline which assumes EV sales more than triple from 2025-26 levels by 2030-31, which means the net impact of eVED represents only 2% of total new EV sales in the period.

The Government has set out expected impacts from eVED and other Budget measures in the Budget 2025 Policy Costings document at GOV.UK: https://assets.publishing.service.gov.uk/media/692872fd2a37784b16ecf676/Budget_2025-Policy_Costings.pdf

The Government has announced powers for Mayors to introduce a visitor levy on short-term overnight accommodation in their region, to drive economic growth including through support for the local visitor economy, if they so choose.

We have published a consultation running until 18 February 2026, so that the public, businesses, and local government can shape the design of the power to introduce a levy that will be devolved to local leaders.

The precise design and scope of the power for Mayors to introduce a visitor levy is still under development and the Government welcomes engagement from the hospitality sector in developing this power through the consultation process.

The Government has announced powers for Mayors to introduce a visitor levy on short-term overnight accommodation in their region, to drive economic growth including through support for the local visitor economy, if they so choose.

We have published a consultation running until 18 February 2026, so that the public, businesses, and local government can shape the design of the power to introduce a levy that will be devolved to local leaders.

The precise design and scope of the power for Mayors to introduce a visitor levy is still under development and the Government welcomes engagement from the hospitality sector in developing this power through the consultation process.

HMRC publishes its call waiting times on GOV.UK:

https://www.gov.uk/government/collections/hmrc-quarterly-performance-updates

Improving day-to-day performance is a key priority for HMRC.

In 2024-25, HMRC handled 71.5% of adviser attempts across their helplines and had an average call answer time of 18 minutes 38 seconds. This year (April – September 2025), HMRC have handled 83.8% of adviser attempts and average call wait times have decreased to 13 minutes 30 seconds.

HMRC are taking steps to make sure more of their services are digital. HMRC online services and the HMRC app are convenient to access and receive high customer satisfaction ratings. As more people use HMRC online services, advisers are freed up to support those with more complex queries and those who are digitally excluded.

The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.

At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties. To support with bill increases, at the Budget, the Government introduced a support package worth £4.3 billion over the next three years to protect ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.

More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto. The Government is doing this by introducing permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties.

The new RHL tax rates replace the temporary RHL relief that has been winding down since COVID. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.

The new RHL tax rates will be 5p below the national tax rates. Making the RHL tax rates even lower would have led to a higher tax rate for high-value properties.

The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.

At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties. To support with bill increases, at the Budget, the Government introduced a support package worth £4.3 billion over the next three years to protect ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.

More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto. The Government is doing this by introducing permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties.

The new RHL tax rates replace the temporary RHL relief that has been winding down since COVID. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.

The new RHL tax rates will be 5p below the national tax rates. Making the RHL tax rates even lower would have led to a higher tax rate for high-value properties.

The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.

At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.

More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto.

The Government is doing this by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, including pubs. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties.

The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.

The Call for Evidence published at Budget seeks further evidence on the role business rates and reliefs play in investment, including Empty Property Relief.

The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.

At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.

More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto.

The Government is doing this by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, including pubs. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties.

The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.

The Call for Evidence published at Budget seeks further evidence on the role business rates and reliefs play in investment, including Empty Property Relief.

The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.

At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.

More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto.

The Government is doing this by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, including pubs. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties.

The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.

The Call for Evidence published at Budget seeks further evidence on the role business rates and reliefs play in investment, including Empty Property Relief.

The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.

At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.

More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto.

The Government is doing this by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, including pubs. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties.

The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.

The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.

At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.

More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto.

The Government is doing this by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, including pubs. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties.

The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.

The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.

At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.

More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto.

The Government is doing this by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, including pubs. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties.

The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.

The recruitment campaign launched on 16 October with a view to making an appointment by early 2026. It closed to new applications on 12 November and continues to progress in accordance with the Governance Code for Public Appointments.

The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.

At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties, including those in the hospitality and leisure sectors as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.

For the pubs sector, the increase in rateable values will be 30%, which combined with the loss of the temporary RHL relief would lead to an increase in total bills paid by the sector of 45%. However, due to government intervention, the sector’s total bill will only increase by 4% next year.

More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto.

The Government is doing this by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, including pubs. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties.

The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.

The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.

At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties, including those in the hospitality and leisure sectors as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.

For the pubs sector, the increase in rateable values will be 30%, which combined with the loss of the temporary RHL relief would lead to an increase in total bills paid by the sector of 45%. However, due to government intervention, the sector’s total bill will only increase by 4% next year.

More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto.

The Government is doing this by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, including pubs. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties.

The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.

The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.

At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties, including those in the hospitality and leisure sectors as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.

For the pubs sector, the increase in rateable values will be 30%, which combined with the loss of the temporary RHL relief would lead to an increase in total bills paid by the sector of 45%. However, due to government intervention, the sector’s total bill will only increase by 4% next year.

More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto.

The Government is doing this by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, including pubs. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties.

The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.

The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.

At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties, including those in the hospitality and leisure sectors as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.

For the pubs sector, the increase in rateable values will be 30%, which combined with the loss of the temporary RHL relief would lead to an increase in total bills paid by the sector of 45%. However, due to government intervention, the sector’s total bill will only increase by 4% next year.

More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto.

The Government is doing this by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, including pubs. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties.

The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.