Asked by: Ellie Chowns (Green Party - North Herefordshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to WPQ 80434 answered on 17 October 2025, what assessment she has made of the potential merits of the proposals on the (a) minimum share rule, (b) upper limit on relief and (c) transferrable allowance in that report.
Answered by Dan Tomlinson - 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, and fixing the public finances. 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.
As announced at Budget 2025, any unused £1 million allowance for the 100% rate of agricultural property relief and business property relief will be transferable between spouses and civil partners, including if the first death was before 6 April 2026.
The report by the independent Centre for the Analysis of Taxation (CenTax) sets out its other potential amendments to the policy are not, in its own words, a “silver bullet”. For example, CenTax acknowledge the proposal for a minimum share test is less effective than the Government’s reforms in raising revenue from the wealthiest estates, could be exposed to tax planning opportunities, would not necessarily prevent wealthy individuals buying land for inheritance tax purposes, and would mean double the number of estates being affected by the reforms (and largely estates below £2 million).
Asked by: Victoria Collins (Liberal Democrat - Harpenden and Berkhamsted)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential merits of extending the current six‑month deadline for the payment of Inheritance Tax in cases of administrative delays in the granting of probate.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The deadline for payment of Inheritance Tax (IHT) is the end of the sixth month after the month in which the death occurs. Personal representatives (PRs) are required to make a payment of IHT before applying for probate. This is a longstanding requirement which ensures that the tax due can be collected quickly and efficiently.
HMRC offers several payment options if there are not sufficient liquid funds in the estate to pay IHT before applying for probate, including the Direct Payment Scheme and the option to pay IHT by yearly instalments. For assets which are eligible for payment of IHT by instalments, only the first instalment will be due before PRs can proceed to apply for probate. Further information on IHT payment options is available at: https://www.gov.uk/paying-inheritance-tax
In certain circumstances, PRs may also apply to HMRC to defer payment of the IHT until probate has been granted (a ‘grant on credit’). Once probate has been issued, the PRs will be expected to pay the outstanding tax as soon as possible. Further information on this option is available here: https://www.gov.uk/guidance/applying-for-a-grant-on-credit-for-inheritance-tax
HM Courts & Tribunals Service has invested in more staff, alongside system and process improvements to reduce and maintain lower processing times for probate applications during the last year. The Ministry of Justice publishes regular data on probate timeliness in the quarterly family court statistics bulletin: https://www.gov.uk/government/collections/family-court-statistics-quarterly
Asked by: Bradley Thomas (Conservative - Bromsgrove)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of a 5 pence per litre rise in fuel duty on (a) GDP and (b) levels of employment in the logistics sector.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
At Budget 2025, the Government 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 previous levels. The planned increase in line with inflation for 2026-27 will not take place, with the government increasing fuel duty rates in line with RPI from April 2027. This will save the average van driver £100 next year compared to previous plans, and the average HGV driver more than £800.
The Government considers the impact of fuel duty on the economy, including households and businesses, with decisions on rates made at fiscal events.
Asked by: Afzal Khan (Labour - Manchester Rusholme)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment her Department has made of the cost-of-living pressures facing working people in Greater Manchester.
Answered by James Murray - Chief Secretary to the Treasury
The government is prioritising cutting the cost of living and improving living standards across the UK, including for residents in Greater Manchester. The government recognises that people are still feeling the squeeze on their finances with essential areas such as energy, food and housing remaining too high. That is why we have announced that we are taking around £150 on average off household energy bills, expanding the £150 Warm Home Discount to 6 million lower income households, freezing regulated rail fares and NHS prescription fees for one-year, and extending temporary 5p fuel duty cut until the end of August 2026.
Asked by: Afzal Khan (Labour - Manchester Rusholme)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the disparity between wage growth and increases in living costs in Greater Manchester.
Answered by James Murray - Chief Secretary to the Treasury
Through the growth mission, the government will deliver a milestone of higher living standards in every part of the United Kingdom by the end of the Parliament. The main route to higher living standards is through good, productive jobs, stable employment, and a thriving business environment.
The government is taking action to cut the cost of living and bring down inflation. At the Budget 2025, the government announced that it would deliver a set of measures to remove an average of £150 from household energy bills from April 2026 and would implement a one-year freeze on regulated train fares and prescription charges.
Asked by: Lee Anderson (Reform UK - Ashfield)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she is taking to support older people with the cost of utility bills.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
We’re committed to helping pensioners with the cost of living and ensuring financial security in retirement. The State Pension is the foundation of that support. At Autumn Budget 2025 we announced that, in line with the Government’s commitment to the Triple Lock throughout this parliament, over 12 million pensioners will benefit from a 4.8% increase to their basic or new State Pension in April 2026, increasing their income by up to £575 a year. This follows a substantial increase in 2025/26.
The Pension Credit Standard Minimum Guarantee will increase by 4.8% in April 2026, from £227.10 to £238 a week for a single pensioner and from £346.60 to £363.25 a week for a couple, protecting the income of the poorest pensioners. Those in receipt of Pension Credit will also automatically receive the Cold Weather Payment alongside other benefits
The Winter Fuel Payment will benefit over three quarters of pensioners for the duration of this parliament, targeting help to those on lower and middle incomes while ensuring fairness for pensioners and taxpayers
To reduce cost of living pressures immediately, the Budget removed around £150 on average off household energy bills from April 2026 by ending the Energy Company Obligation and taking some of the expensive legacy levies off bills
The Government knows that more needs to be done to support vulnerable households struggling with their energy bills. That's why we are expanding the Warm Home Discount to around an additional 2.7 million households. From this winter, around 6 million low-income households will receive the £150 support to help with their energy bill costs.
We are also providing support for low-income households through our Warm Homes Plan which will support investment in insulation and low carbon heating – upgrading millions of homes over this Parliament. At the recent Budget, we announced £1.5 billion in new funding to support households facing fuel poverty.
Asked by: Lee Anderson (Reform UK - Ashfield)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent estimate she has made of the number of older people unable to pay utility bills.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
We’re committed to helping pensioners with the cost of living and ensuring financial security in retirement. The State Pension is the foundation of that support. At Autumn Budget 2025 we announced that, in line with the Government’s commitment to the Triple Lock throughout this parliament, over 12 million pensioners will benefit from a 4.8% increase to their basic or new State Pension in April 2026, increasing their income by up to £575 a year. This follows a substantial increase in 2025/26.
The Pension Credit Standard Minimum Guarantee will increase by 4.8% in April 2026, from £227.10 to £238 a week for a single pensioner and from £346.60 to £363.25 a week for a couple, protecting the income of the poorest pensioners. Those in receipt of Pension Credit will also automatically receive the Cold Weather Payment alongside other benefits
The Winter Fuel Payment will benefit over three quarters of pensioners for the duration of this parliament, targeting help to those on lower and middle incomes while ensuring fairness for pensioners and taxpayers
To reduce cost of living pressures immediately, the Budget removed around £150 on average off household energy bills from April 2026 by ending the Energy Company Obligation and taking some of the expensive legacy levies off bills
The Government knows that more needs to be done to support vulnerable households struggling with their energy bills. That's why we are expanding the Warm Home Discount to around an additional 2.7 million households. From this winter, around 6 million low-income households will receive the £150 support to help with their energy bill costs.
We are also providing support for low-income households through our Warm Homes Plan which will support investment in insulation and low carbon heating – upgrading millions of homes over this Parliament. At the recent Budget, we announced £1.5 billion in new funding to support households facing fuel poverty.
Asked by: Gregory Campbell (Democratic Unionist Party - East Londonderry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps are being taken to inform young adults whose matured Child Trust Fund monies have not been claimed.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government is committed to reuniting all young adults with their Child Trust Funds (CTF). HMRC works with CTF providers, industry representatives and others to enable account owners to be aware of and trace their accounts.
For example, HMRC has partnered with the University and Colleges Admissions Service to encourage awareness among student peer groups. HMRC issues a range of communications such as the recent press release published on Gov.uk - www.gov.uk/government/news/savings-stash-worth-thousands-waiting-for-758000-young-people.
HMRC also provides a free tracing tool on Gov.uk to help people find their CTF provider (www.gov.uk/child-trust-funds/find-a-child-trust-fund) and has also provided a link to The Share Foundation’s CTF account tracing service on Gov.uk, providing an additional way for young people to trace their accounts.
Asked by: Gareth Thomas (Labour (Co-op) - Harrow West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many complaints the a) Financial Ombudsman Service, b) Financial Conduct Authority and c) Prudential Regulation Authority received about i) the cost of loans to SMEs, ii) debt recovery behaviour by those offering to lend to SMEs and iii) fees charged by lenders when lending to SMEs in each of the last three years for which data is available.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
I refer my honourable friend to the answers I provided on the topic of SME lending on 23 October.
Complaints are the remit of the Financial Ombudsman Service (FOS), which publishes regular data on complaint trends. In its latest quarterly report, it noted that complaints about unaffordable lending had halved, though this figure does not distinguish between household and business credit, and complaint patterns can fluctuate each quarter. Over the past five years, credit card complaints have consistently ranked among the top five issues, while business lending has generated relatively few FOS disputes compared to personal and household credit.
The Bank of England’s ‘Bankstats’ data tracks business and household credit, including average interest rates for SMEs. As of 31 August 2025, the average rate for new SME loans from UK banks is 6.35%, reflecting a decline in line with base rate reductions.
Asked by: Calum Miller (Liberal Democrat - Bicester and Woodstock)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the Office of Financial Sanctions Implementation has investigated (a) Photovolt Development Partners and (b) Cranssetta Investments Ltd regarding sanctions against the (i) Russian Federation and (ii) named Russian individuals.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
OFSI does not generally comment on specific cases or confirm if particular companies are or have been subject to investigation beyond the publishing of public enforcement actions such as a monetary penalty.
OFSI is committed to ensuring that sanctions are robustly enforced and potential breaches are investigated and appropriate action taken.
If somebody has evidence or information of activity that contravenes UK financial sanctions, this should be reported to OFSI immediately using the reporting form available on GOV.UK.