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
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)
14:15
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask His Majesty's Government what assessment they have made of the merits of proposals to cut VAT for hospitality …
These Regulations amend the Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021 (S.I. 2021/484) to update the auction reserve price …
A Bill to Authorise the use of resources for the years ending with 31 March 2025, 31 March 2026 and …
HM Treasury Commons Appearances
Oral Answers to Questions is a regularly scheduled appearance where the Secretary of State and junior minister will answer at the Dispatch Box questions from backbench MPs
Other Commons Chamber appearances can be:- Urgent Questions where the Speaker has selected a question to which a Minister must reply that day
- Adjornment Debates a 30 minute debate attended by a Minister that concludes the day in Parliament.
- Oral Statements informing the Commons of a significant development, where backbench MP's can then question the Minister making the statement.
Westminster Hall debates are performed in response to backbench MPs or e-petitions asking for a Minister to address a detailed issue
Written Statements are made when a current event is not sufficiently significant to require an Oral Statement, but the House is required to be informed.
Bills currently before Parliament
HM Treasury does not have Bills currently before Parliament
Acts of Parliament created in the 2024 Parliament
A Bill to 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).
(2,113 in the last 7 days)
(1,444 in the last 7 days)
(1,119 in the last 7 days)
(344 in the last 7 days)
(143 in the last 7 days)
(1,444 in the last 7 days)
(52 in the last 7 days)
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(1,119 in the last 7 days)
(2,113 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 8 months, 2 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 9 months, 3 weeks 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 9 months, 1 week 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
9 Mar 2026, 1:30 p.m.
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Treasury Committee - Oral evidence
Spring Statement 2026
10 Mar 2026, 2 p.m.
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Treasury Committee - Oral evidence
Spring Statement 2026
11 Mar 2026, 9:30 a.m.
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Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)Jim McMahon
(Labour (Co-op) - Oldham West, Chadderton and Royton)
The conditions for making an application to pay Capital Gains Tax by instalments are set out within HMRC’s Capital Gains Manual at CG14910, available at GOV.UK. HMRC has confirmed to the employee ownership sector that this guidance applies to disposals to Employee Ownership Trusts, in the same way as for any other disposal.
A Self-Assessment tax return helpsheet on Employee Ownership Trusts will also be made available on GOV.UK from April 2026. This helpsheet will set out the process for applying to pay tax by instalments following disposals to Employee Ownership Trusts.
Exchequer Secretary (HM Treasury)
Jim McMahon
(Labour (Co-op) - Oldham West, Chadderton and Royton)
The conditions for making an application to pay Capital Gains Tax by instalments are set out within HMRC’s Capital Gains Manual at CG14910, available at GOV.UK. HMRC has confirmed to the employee ownership sector that this guidance applies to disposals to Employee Ownership Trusts, in the same way as for any other disposal.
A Self-Assessment tax return helpsheet on Employee Ownership Trusts will also be made available on GOV.UK from April 2026. This helpsheet will set out the process for applying to pay tax by instalments following disposals to Employee Ownership Trusts.
Exchequer Secretary (HM Treasury)
As Local Authorities are not required to report the business rates revenue they raise from different types of properties, the Government does not hold this data.
More broadly, properties that are wholly or mainly used for a charitable purpose benefit from 80% business rates relief. Local Authorities can, at their discretion, top this up to 100% relief from business rates.
Exchequer Secretary (HM Treasury)
Currently, properties which are wholly or mainly used for charitable purposes, including community amateur sports clubs, are eligible for charitable relief, which provides businesses with up to 80% off their business rates bills. Provision of further relief to charitable properties is at the discretion of local authorities.
Exchequer Secretary (HM Treasury)
HMRC recognises that payments to customers are important, therefore claims are processed as priority post. HMRC aims to process 80% of priority post received within 15 working days.
Customer correspondence performance is reported monthly and quarterly through HMRC’s published performance updates at: www.gov.uk/government/collections/hmrc-quarterly-performance-updates.
HMRC continues to invest in automation and to review their internal processes to ensure overpayments relief claims are issued in a timely manner.
Exchequer Secretary (HM Treasury)
The Government has defined in guidance which properties will be eligible for the relief announced on 27th January 2026 based on definitions used previously in the business rates system. Individual Local Authorities will need to determine which properties meet these definitions. Some comedy clubs may be eligible for the relief, depending on their specific circumstances.
Properties that are not eligible for this support will still benefit from the wider business rate support package announced at the Budget, worth £4.3 billion over the next three years. The Government is also introducing new permanently lower multipliers for eligible retail, hospitality and leisure properties, which includes comedy venues, gyms and leisure businesses open to the public and with rateable values below £500,000. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down next year. This also means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
Exchequer Secretary (HM Treasury)
The Government has defined in guidance which properties will be eligible for the relief announced on 27th January 2026 based on definitions used previously in the business rates system. Individual Local Authorities will need to determine which properties meet these definitions. Some comedy clubs may be eligible for the relief, depending on their specific circumstances.
Properties that are not eligible for this support will still benefit from the wider business rate support package announced at the Budget, worth £4.3 billion over the next three years. The Government is also introducing new permanently lower multipliers for eligible retail, hospitality and leisure properties, which includes comedy venues, gyms and leisure businesses open to the public and with rateable values below £500,000. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down next year. This also means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
Exchequer Secretary (HM Treasury)
VAT is a broad-based tax on consumption and the 20 per cent standard rate applies to most goods and services. VAT is the UK’s third largest tax, forecast to raise £180 billion in 2025/26. Taxation is a vital source of revenue that helps to fund vital public services including schools and hospitals.
Charities already benefit from a reduced (5%) or zero rate of tax when purchasing some goods and services. More information about VAT relief for charities can be found here: VAT for charities: What qualifies for VAT relief - GOV.UK. The Government has no plans to broaden this list of goods and services to include social media advertising, but takes steps elsewhere in the tax system to ensure that charities receive treatment that takes account of their unique status and invaluable contribution.
Our tax regime for charities, including gift aid and an exemption from paying business rates, is among the most generous of anywhere in the world, with tax reliefs for charities and their donors worth just over £6 billion for the tax year to April 2024.
Exchequer Secretary (HM Treasury)
VAT is a broad-based tax on consumption and the 20 per cent standard rate applies to most goods and services. VAT is the UK’s third largest tax, forecast to raise £180 billion in 2025/26. Taxation is a vital source of revenue that helps to fund vital public services including schools and hospitals.
Charities already benefit from a reduced (5%) or zero rate of tax when purchasing some goods and services. More information about VAT relief for charities can be found here: VAT for charities: What qualifies for VAT relief - GOV.UK. The Government has no plans to broaden this list of goods and services to include social media advertising, but takes steps elsewhere in the tax system to ensure that charities receive treatment that takes account of their unique status and invaluable contribution.
Our tax regime for charities, including gift aid and an exemption from paying business rates, is among the most generous of anywhere in the world, with tax reliefs for charities and their donors worth just over £6 billion for the tax year to April 2024.
Exchequer Secretary (HM Treasury)
Victoria Collins
(Liberal Democrat - Harpenden and Berkhamsted)
The Government recognises the important role the hospitality sector plays both in terms of its economic contribution but also to our culture.
That is why we are delivering a long overdue reform to rebalance the business rates system and support the high street businesses, as promised in our manifesto. We are introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties which are worth nearly £900 million per year and will benefit over 750,000 properties.
This Government has worked closely with the hospitality sector. We announced the first National Licensing Policy Framework and are working to ensure local authorities apply it consistently to ease licensing decisions ‘on the ground’. We have extended opening hours for Home Nations games in the later stages of the Men’s Football World Cup. We will also legislate to increase the number of Temporary Events Notices venues can hold, helping them screen further national moments and host community and cultural events.
In addition, we are more than doubling the Hospitality Support Fund to £10 over three years, ending upward-only rent review clauses and introducing a strong Community Right to Buy.
We will continue to work with the hospitality sector to develop a new cross-government High Streets Strategy to help businesses in Harpenden and Berkhamsted, and across the country, to remain the centre of local communities.
Exchequer Secretary (HM Treasury)
Sammy Wilson
(Democratic Unionist Party - East Antrim)
As announced at Budget 2025, the government is considering the feasibility and impacts of including refined products in the Carbon Border Adjustment Mechanism (CBAM) in future.
The government recognises the role that refineries play in energy security and the UK’s industrial base. The Government published a call for evidence (https://www.gov.uk/government/calls-for-evidence/future-of-the-uk-downstream-oil-sector/future-of-the-uk-downstream-oil-sector-call-for-evidence) on the future of the fuel sector on 23rd February 2026 in order to help understand the current state of the refining sector.
Exchequer Secretary (HM Treasury)
Yes - funding allocated to the Listed Places of Worship Grant Scheme in England is treated as comparable expenditure for the purposes of calculating Barnett consequentials for Scotland.
Chief Secretary to the Treasury
The Block Grant Transparency publication breaks down all changes in the Northern Ireland Executives block grant funding from the 2015 Spending Review up to and including Spending Review 2025.
The most recent report was published in October 2025:
Block Grant Transparency: October 2025 - GOV.UK
Chief Secretary to the Treasury
HMRC has worked collaboratively with a broad range of charity sector stakeholders to explore the potential of Future of Gift Aid (FOGA). This work included extensive research and analysis of the implications of FOGA and the effectiveness of the existing Gift Aid system.
HMRC has not made a formal quantitative assessment of the administrative costs to charities arising from the current Gift Aid process. HMRC will continue to engage with the charities sector to improve the way that Gift Aid works through the use of digital technology.
Exchequer Secretary (HM Treasury)
HMRC has worked collaboratively with a broad range of charity sector stakeholders to explore the potential of Future of Gift Aid (FOGA). This work included extensive research and analysis of the implications of FOGA and the effectiveness of the existing Gift Aid system.
HMRC has not made a formal quantitative assessment of the administrative costs to charities arising from the current Gift Aid process. HMRC will continue to engage with the charities sector to improve the way that Gift Aid works through the use of digital technology.
Exchequer Secretary (HM Treasury)
Victoria Collins
(Liberal Democrat - Harpenden and Berkhamsted)
The changes to voluntary National Insurance contributions policy announced at Budget retain routes for individuals living outside of the UK to fill gaps in their NI records by paying Class 3 NICs, which allows individuals to continue to build entitlement to the UK State Pension.
This includes transitional arrangements for existing voluntary Class 2 and 3 customers to not be subject to the new 10-year qualifying conditions.
The removal of access to voluntary Class 2 NICs applies for the 2026/27 tax year onwards, and does not affect the ability of any customer to pay voluntary Class 2 NICs for periods abroad prior to 6 April 2026.
Parliamentary 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). 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 TIIN is available at the following link: https://www.gov.uk/government/publications/changes-to-the-class-1-national-insurance-contributions-secondary-threshold-the-secondary-class-1-national-insurance-contributions-rate-and-the-empl
The Government decided to protect the smallest businesses from the changes to employer NICs by increasing the Employment Allowance from £5,000 to £10,500. This means that this tax 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.
Financial Secretary (HM Treasury)
The Government has announced a £4.3 billion business rates support package to protect ratepayers across all sectors seeing large bill increases. This includes an expanded supporting small business scheme to support ratepayers losing retail, hospitality and leisure (RHL) relief in April 2026.
In addition, the Government is introducing permanently lower tax multipliers for eligible RHL properties. These are worth almost £1 billion per year, and will benefit over 750,000 properties.
On top of this, pubs and live music venues will also benefit from 15% off their new business rates bills, ahead of their bills being frozen in real terms for a further two years.
As a result, over half of ratepayers will see no bill increases next year, including 23% seeing their bills go down. Government support also means that most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest properties.
Financial Secretary (HM Treasury)
This Government is committed to ensuring that every penny of public money is spent wisely, driving out low value spending and ensuring the state becomes more productive.
At Spending Review 2025, the Government announced that it would deliver total annual efficiency gains of almost £14 billion by 2028-29. It published departments’ efficiency targets and plans, allowing external scrutiny and public accountability.
At the Budget in November 2025, the Government committed to going further on efficiency and savings by delivering an additional £2.8 billion savings in 2028-29 and £5 billion by 2030-31. Alongside this, the Chief Secretary to the Treasury is leading a suite of reviews to drive value for money across government spending.
The Government has recently published an updated Green Book, the UK government guidance on appraisal and value for money. It has also started to publish business cases for major projects, meaning the public can be confident that taxpayers’ money is being spent on projects that deliver best possible value.
Financial Secretary (HM Treasury)
As required by the Sovereign Grant Act 2011, the next review of the Sovereign Grant will take place this year. In addition, the Government has committed to bring forward legislation to reset the Grant to a lower level from 2027-28 once Buckingham Palace reservicing works are completed.
Financial Secretary (HM Treasury)
The government does not comment on individual firms’ commercial activities.
In 2024, the government delivered the Public Offers and Admissions to Trading Regulations which enabled the Financial Conduct Authority (FCA) to reform the UK Prospectus Regime to make it simpler and more effective. This new regime took effect on 19 January 2026, and will give investors access to better quality information to support their investment decisions.
The regulations also created a new regulated activity of operating a Public Offer Platform (POP). Companies seeking to make public offers of securities outside a public market to a broad investor base, where the value exceeds £5 million, will now need to do so via a POP, ensuring investors receive better information about their investments.
Economic Secretary (HM Treasury)
The government does not comment on individual firms’ commercial activities.
In 2024, the government delivered the Public Offers and Admissions to Trading Regulations which enabled the Financial Conduct Authority (FCA) to reform the UK Prospectus Regime to make it simpler and more effective. This new regime took effect on 19 January 2026, and will give investors access to better quality information to support their investment decisions.
The regulations also created a new regulated activity of operating a Public Offer Platform (POP). Companies seeking to make public offers of securities outside a public market to a broad investor base, where the value exceeds £5 million, will now need to do so via a POP, ensuring investors receive better information about their investments.
Economic Secretary (HM Treasury)
The Government recognises the importance of ensuring that the cost of accepting payments, including cards, is fair to all parties, and that our payment systems work for all.
The Payment Systems Regulator (PSR), the UK’s economic regulator for payments, has recently concluded two market reviews into card fees to assess if increases in prices are fair and reflect a market that is operating well. The PSR is now considering its next steps, including remedies designed to increase the transparency of scheme and processing fees.
https://www.psr.org.uk/our-work/market-reviews/
There are a number of fees that can be placed on merchants, including interchange fees which are governed by the Interchange Fee Regulations 2015 (IFR). The IFR caps the fees that are paid by a merchant (or trader) to the card user’s bank. The caps are currently set at 0.2% for every transaction using a debit card, and 0.3% for credit card transactions.
The Government is also committed to ensuring that payment options remain affordable and accessible for small businesses, including through measures that promote competition and reduce unnecessary costs. The National Payments Vision, published in November 2024, sets out the Government’s ambitions for a trusted, world-leading payments ecosystem delivered on next generation technology, where consumers and businesses have a choice of payment methods to meet their needs.
This included the ambition for seamless account-to-account payments to be developed as a ubiquitous payment method – enabling consumers to pay digitally for goods and services in shops and online, without using a card. This would provide greater choice to consumers and merchants in how they make and receive payments, which in turn is likely to spur innovation and downward competitive pressure on the cost of payments.
Economic Secretary (HM Treasury)
The Government recognises the importance of ensuring that the cost of accepting payments, including cards, is fair to all parties, and that our payment systems work for all.
The Payment Systems Regulator (PSR), the UK’s economic regulator for payments, has recently concluded two market reviews into card fees to assess if increases in prices are fair and reflect a market that is operating well. The PSR is now considering its next steps, including remedies designed to increase the transparency of scheme and processing fees.
https://www.psr.org.uk/our-work/market-reviews/
There are a number of fees that can be placed on merchants, including interchange fees which are governed by the Interchange Fee Regulations 2015 (IFR). The IFR caps the fees that are paid by a merchant (or trader) to the card user’s bank. The caps are currently set at 0.2% for every transaction using a debit card, and 0.3% for credit card transactions.
The Government is also committed to ensuring that payment options remain affordable and accessible for small businesses, including through measures that promote competition and reduce unnecessary costs. The National Payments Vision, published in November 2024, sets out the Government’s ambitions for a trusted, world-leading payments ecosystem delivered on next generation technology, where consumers and businesses have a choice of payment methods to meet their needs.
This included the ambition for seamless account-to-account payments to be developed as a ubiquitous payment method – enabling consumers to pay digitally for goods and services in shops and online, without using a card. This would provide greater choice to consumers and merchants in how they make and receive payments, which in turn is likely to spur innovation and downward competitive pressure on the cost of payments.
Economic Secretary (HM Treasury)
The Government recognises the importance of ensuring that the cost of accepting payments, including cards, is fair to all parties, and that our payment systems work for all.
The Payment Systems Regulator (PSR), the UK’s economic regulator for payments, has recently concluded two market reviews into card fees to assess if increases in prices are fair and reflect a market that is operating well. The PSR is now considering its next steps, including remedies designed to increase the transparency of scheme and processing fees.
https://www.psr.org.uk/our-work/market-reviews/
There are a number of fees that can be placed on merchants, including interchange fees which are governed by the Interchange Fee Regulations 2015 (IFR). The IFR caps the fees that are paid by a merchant (or trader) to the card user’s bank. The caps are currently set at 0.2% for every transaction using a debit card, and 0.3% for credit card transactions.
The Government is also committed to ensuring that payment options remain affordable and accessible for small businesses, including through measures that promote competition and reduce unnecessary costs. The National Payments Vision, published in November 2024, sets out the Government’s ambitions for a trusted, world-leading payments ecosystem delivered on next generation technology, where consumers and businesses have a choice of payment methods to meet their needs.
This included the ambition for seamless account-to-account payments to be developed as a ubiquitous payment method – enabling consumers to pay digitally for goods and services in shops and online, without using a card. This would provide greater choice to consumers and merchants in how they make and receive payments, which in turn is likely to spur innovation and downward competitive pressure on the cost of payments.
Economic Secretary (HM Treasury)
The Government expects motorists to be treated fairly when making insurance claims. FCA rules require that insurer’s communications with consumers, including during the claims process, are clear, fair and not misleading. The process by which customers are referred outside their primary insurer—such as to accident management companies—is already subject to FCA regulation.
The FCA, working with other regulators, has taken coordinated action against misleading advertising and poor practices by some Claims Management Companies operating in this area. Treasury Ministers meet the FCA regularly to discuss issues across the full range of its responsibilities.
Economic Secretary (HM Treasury)
The Government recognises the significant contribution made by hospitality businesses to economic growth and social life in the UK.
VAT is the UK’s third largest tax, forecast to raise £180 billion in 2025/26. Tax breaks reduce the revenue available for vital public services and must represent value for money for the taxpayer.
HMRC estimates that the cost of reducing the 20 per cent Standard Rate of VAT on all accommodation and food and beverage services to 10 per cent would be in 2026-27 £10.5 billion.
Financial Secretary (HM Treasury)
The Government will consult on the High Value Council Tax Surcharge in due course.
Financial Secretary (HM Treasury)
The government recognises the importance of ensuring that all areas have strategies in place, and can drive forward improvements in transport, skills and infrastructure. Areas not part of a combined authority still receive investment in skills, transport and infrastructure, and are required to produce the relevant strategies.
In addition, for those areas which want greater devolution without being part of a Combined Authority, the government has invited them to bring forward with their neighbours an expression of interest for a Foundation Strategic Authority.
Chief Secretary to the Treasury
The government recognises the importance of ensuring that all areas have strategies in place, and can drive forward improvements in transport, skills and infrastructure. Areas not part of a combined authority still receive investment in skills, transport and infrastructure, and are required to produce the relevant strategies.
In addition, for those areas which want greater devolution without being part of a Combined Authority, the government has invited them to bring forward with their neighbours an expression of interest for a Foundation Strategic Authority.
Chief Secretary to the Treasury
The government has consulted extensively with stakeholders about plans to require the registration of tax advisers who interact with HMRC on behalf of their clients.
This includes the 2024 consultation ‘Raising standards in the tax advice market: strengthening the regulatory framework and improving registration’ and a technical consultation on draft legislation published in summer 2025.
HMRC will continue to work with the industry ahead of implementation and consider concerns raised by stakeholder groups, including conveyancers.
HMRC has released a tax information and impact note on GOV.UK. The note details how the measure is expected to affect businesses that provide professional tax services and interact with HMRC on behalf of their clients.
Exchequer Secretary (HM Treasury)
This would be a significant change, as National Insurance contributions (NICs) and Income Tax work quite differently at present.
NICs are charged on earnings on a per-employment, per-pay period basis, whereas Income Tax is an annual tax, and takes into account an individual’s total, cumulative earnings over the year. NICs also come with specific benefits e.g. State Pension, Jobseeker’s Allowance (JSA), Maternity Allowance, and Bereavement benefits. This is in line with NICs’ role as a social security contribution, into which contributions are made from people’s earnings while in work to support them when they are out of work. NICs are currently not payable by those over State Pension age. As such, amalgamating NICs into, or even bringing them closer into line with, income tax would come with major transitional costs and considerations
The Office of Tax Simplification (OTS) considered this in 2016 in its report on 'Closer alignment of Income Tax and National Insurance', which sets out their analysis on the range of challenges that would need to be taken into consideration before proceeding with such a radical reform as well as indications of potential winners and losers from closer alignment.
Exchequer Secretary (HM Treasury)
This would be a significant change, as National Insurance contributions (NICs) and Income Tax work quite differently at present.
NICs are charged on earnings on a per-employment, per-pay period basis, whereas Income Tax is an annual tax, and takes into account an individual’s total, cumulative earnings over the year. NICs also come with specific benefits e.g. State Pension, Jobseeker’s Allowance (JSA), Maternity Allowance, and Bereavement benefits. This is in line with NICs’ role as a social security contribution, into which contributions are made from people’s earnings while in work to support them when they are out of work. NICs are currently not payable by those over State Pension age. As such, amalgamating NICs into, or even bringing them closer into line with, income tax would come with major transitional costs and considerations
The Office of Tax Simplification (OTS) considered this in 2016 in its report on 'Closer alignment of Income Tax and National Insurance', which sets out their analysis on the range of challenges that would need to be taken into consideration before proceeding with such a radical reform as well as indications of potential winners and losers from closer alignment.
Exchequer Secretary (HM Treasury)
The Government recognises the vital role that hairdressing salons play in communities and the wider economy.
An individual's employment status is determined by the facts and circumstances of the engagement between the worker and engager. This is based on case law. The Government recognises that firms in the hair and beauty sector operate under different business models.
The Government has taken steps to support small businesses. To protect the smallest businesses from changes to employer National Insurance Contributions (NICs) made at Autumn Budget 2024, the Government increased 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.
The Government is also supporting small businesses to grow. At Budget, the Government announced the extension of Small Business Rates Relief (SBRR) so that businesses opening second premises can retain their SBRR for three years, tripling the current allowance.
The Government keeps all areas of the tax system under review. Any changes to the tax system are announced as part of the annual Budget process.
Exchequer Secretary (HM Treasury)
The Valuation Office Agency's guidance will be published when the Rating List is compiled on 1 April 2026.
Exchequer Secretary (HM Treasury)
The Government cannot comment on the bills of individual ratepayers.
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.
While rateable values have increased, the multipliers rates have decreased, meaning, from April, all ratepayers will face a lower multiplier than they do now, including those paying the high-value multiplier. The Government recognises that this does not necessarily mean a lower bill for everyone which is why, 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.
This support package includes a redesigned transitional relief scheme, which caps bill increases over the next 3 years. Compared to the 2023 transitional relief scheme, the redesigned scheme will provide more support for properties paying higher tax rates (such as the new high-value multiplier), including airports, hotels and key Industrial Strategy properties, who are facing large increases and are important for growth in the UK.
Exchequer Secretary (HM Treasury)
Guidance on whether you need to register as a tax adviser is available here: https://www.gov.uk/guidance/check-if-and-when-you-need-to-register-as-a-tax-adviser-with-hmrc
Exchequer Secretary (HM Treasury)
Most unused pension funds and death benefits payable from a pension will form part of a person’s estate for inheritance tax purposes from 6 April 2027. This removes distortions resulting from changes that have been made to pensions tax policy over the last decade, which have led to some pensions being openly used and marketed as a tax planning vehicle to transfer wealth, rather than as a way to fund retirement. These reforms also remove inconsistencies in the inheritance tax treatment of different types of pensions
The Government will continue to incentivise pension savings for their intended purpose of funding retirement, with ongoing tax reliefs on both contributions into pensions and on the growth of funds held within a pension scheme. Pensions continue to benefit from very significant tax benefits, with gross income tax and National Insurance contributions relief costing £78.2 billion in 2023-24. It is therefore crucial to ensure that tax reliefs on pensions are being used for their intended purpose – to encourage saving for retirement and later life – rather than for passing on wealth free of inheritance tax
Estates will continue to benefit from the normal nil-rate bands, reliefs, and exemptions available. For example, the nil-rate bands mean an estate can pass on up to £1 million with no inheritance tax liability and the general rules mean any transfers, including the payment of death benefits, to a spouse or civil partner are fully exempt from inheritance tax. More than 90 per cent of UK estates will continue to have no inheritance tax liability in 2030-31 following these changes and the reforms will only affect a minority of those with inheritable pension wealth
As is standard practice, the costing and the assessment of the number of estates expected to be impacted by the reforms take account of the forecasts for changes in asset values. For example, pension wealth is grown over time using the equity prices determinant from the Office for Budget Responsibility’s (OBR) economic forecast. The OBR published detailed information on 30 January 2025 and this is available at https://obr.uk/docs/dlm_uploads/IHT-on-pensions-supplementary-release-Jan-2025.pdf.
Exchequer Secretary (HM Treasury)
Most unused pension funds and death benefits payable from a pension will form part of a person’s estate for inheritance tax purposes from 6 April 2027. This removes distortions resulting from changes that have been made to pensions tax policy over the last decade, which have led to some pensions being openly used and marketed as a tax planning vehicle to transfer wealth, rather than as a way to fund retirement. These reforms also remove inconsistencies in the inheritance tax treatment of different types of pensions
The Government will continue to incentivise pension savings for their intended purpose of funding retirement, with ongoing tax reliefs on both contributions into pensions and on the growth of funds held within a pension scheme. Pensions continue to benefit from very significant tax benefits, with gross income tax and National Insurance contributions relief costing £78.2 billion in 2023-24. It is therefore crucial to ensure that tax reliefs on pensions are being used for their intended purpose – to encourage saving for retirement and later life – rather than for passing on wealth free of inheritance tax
Estates will continue to benefit from the normal nil-rate bands, reliefs, and exemptions available. For example, the nil-rate bands mean an estate can pass on up to £1 million with no inheritance tax liability and the general rules mean any transfers, including the payment of death benefits, to a spouse or civil partner are fully exempt from inheritance tax. More than 90 per cent of UK estates will continue to have no inheritance tax liability in 2030-31 following these changes and the reforms will only affect a minority of those with inheritable pension wealth
As is standard practice, the costing and the assessment of the number of estates expected to be impacted by the reforms take account of the forecasts for changes in asset values. For example, pension wealth is grown over time using the equity prices determinant from the Office for Budget Responsibility’s (OBR) economic forecast. The OBR published detailed information on 30 January 2025 and this is available at https://obr.uk/docs/dlm_uploads/IHT-on-pensions-supplementary-release-Jan-2025.pdf.
Exchequer Secretary (HM Treasury)
Ministers in HM Treasury have regular discussions with officials, external experts and ministerial colleagues on a range of issues, including national security, defence and resilience. This includes attending and speaking at public and sector events.
Chief Secretary to the Treasury
Exchequer Secretary (HM Treasury)
We hold the below information on officials holding professional accountancy qualifications. In each of the below years, there were at least:
2022 – 28 officials
2023 – 42 officials
2024 – 38 officials
2025 – 43 officials
holding professional accountancy qualifications.
Currently, there are 53 officials in the department holding a professional accountancy qualification.
Economic Secretary (HM Treasury)
Cabinet Office have set out the expectation that all duty bearers, including Departments and arm’s-length bodies, follow the law as clarified by the Supreme Court ruling and seek specialist legal advice where necessary. The Prime Minister has underlined this recently. The Equality and Human Rights Commission has submitted a draft Code of Practice on services, public functions and associations to Ministers, and Cabinet Office are reviewing it with the care it deserves. This will provide further guidance to duty bearers.
Economic Secretary (HM Treasury)
The Government is committed to tackling fraud, a key aspect in ensuring that the UK is a strong place for investment.
As detailed in Economic Crime Plan 2023-2026, the Government is working to strengthen international standards and build partnerships with overseas financial centres to reduce the threat international illicit finance, including fraud, poses to the UK. Agencies including HMRC, the Serious Fraud Office, and the National Crime Agency collaborate with overseas partners on this.
The upcoming Fraud Strategy will detail the Government’s plans to prevent fraud and protect the public beyond 2026.
Economic Secretary (HM Treasury)
Further Education (FE) funding is vital to ensure people are being trained in the skills they need to thrive in the modern labour market. The 2025 Spending Review provided an additional £1.2 billion per year by 2028-29 for skills and £1.7 billion of capital funding to help colleges maintain the condition of their estate. In addition, the Government is providing £375 million of capital investment to support the FE system to accommodate increasing student numbers.
For their non-business activity, FE colleges are unable to reclaim VAT incurred. We operate VAT refund schemes for schools and academies which are designed variously to ensure that VAT is not a burden on local taxation, and that academies are not disincentivised to leave LA control. FE colleges do not meet the criteria for either scheme.
In relation to business activity, FE colleges enjoy an exemption from VAT which means that they do not have to charge VAT to students but cannot recover it either.
Exchequer Secretary (HM Treasury)
The changes to SDIL announced at Budget 2025 were confirmed following extensive industry engagement through the ‘Strengthening the Soft Drinks Industry Levy’ consultation, which was open from 28 April to 21 July 2025. Representations from businesses, and the trade bodies representing them, were received and considered as part of this process.
On 25 November 2025, the government published its summary of responses to the consultation. An assessment of impacts – including economic impacts for businesses – of the announced policy changes can be found within the Summary of Responses document here:
https://www.gov.uk/government/consultations/strengthening-the-soft-drinks-industry-levy/outcome/strengthening-the-soft-drinks-industry-levy-summary-of-responses#assessment-of-impacts
Exchequer Secretary (HM Treasury)
Gregory Campbell
(Democratic Unionist Party - East Londonderry)
The Strategic Plan sets out the National Wealth Fund’s ambition to accelerate place-based investment across all four nations of the UK. It has a dedicated director based in Northern Ireland, and opened a Belfast office in December 2024.
The National Wealth Fund is already investing in Northern Ireland, for example in rural broadband development
Chief Secretary to the Treasury
The Chancellor considers a wide range of impacts when taking decisions on tax policy. At Budget 2025, the Government announced that the 5p cut in fuel duty would be extended until the end of August 2026, with rates then gradually returning to March 2022 levels by March 2027. The planned increase in line with inflation for 2026/27 will also not take place, with RPI uprating resuming from 2027/28 onwards.
The Government’s decision on fuel duty will save the average car driver £49 in 2026/27. Those driving more than average, which includes drivers in rural communities, will generally experience larger savings.
The Rural Fuel Duty Relief Scheme provides a 5p per litre reduction to motorists buying fuel in certain areas. The areas included in the scheme demonstrate certain characteristics such as: pump prices much higher than the UK average; remoteness leading to high fuel transport costs from refinery to filling station; and relatively low sales meaning that retailers cannot benefit from bulk discounts.
Exchequer Secretary (HM Treasury)