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.
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: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.
A Bill to make provision for and in connection with reducing the main rates of primary Class 1 national insurance contributions and Class 4 national insurance contributions.
A Bill to authorise the use of resources for the years ending with 31 March 2023, 31 March 2024 and 31 March 2025; 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 2023 and 31 March 2024.
A Bill to make provision in connection with finance.
A Bill to make provision in connection with finance.
This Bill received Royal Assent on 22nd February 2024 and was enacted into law.
A Bill to make provision for and in connection with reducing the main rates of primary Class 1 national insurance contributions and Class 4 national insurance contributions, and removing the requirement to pay Class 2 national insurance contributions.
This Bill received Royal Assent on 13th December 2023 and was enacted into law.
A Bill to Authorise the use of resources for the year ending with 31 March 2024; 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 2023.
This Bill received Royal Assent on 11th July 2023 and was enacted into law.
A Bill to make provision in connection with finance.
This Bill received Royal Assent on 11th July 2023 and was enacted into law.
A Bill To make provision about the regulation of financial services and markets; and for connected purposes.
This Bill received Royal Assent on 29th June 2023 and was enacted into law.
A Bill to make provision about the UK Infrastructure Bank
This Bill received Royal Assent on 23rd March 2023 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2022, 31 March 2023 and 31 March 2024; 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 2022 and 31 March 2023.
This Bill received Royal Assent on 23rd March 2023 and was enacted into law.
A Bill to reduce for a temporary period the amount of stamp duty land tax chargeable on the acquisition of residential property.
This Bill received Royal Assent on 8th February 2023 and was enacted into law.
A Bill to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance.
This Bill received Royal Assent on 10th January 2023 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2023; to authorise the issue of sums out of the Consolidated Fund for that year; and to appropriate the supply authorised by this Act for that year.
This Bill received Royal Assent on 25th October 2022 and was enacted into law.
A Bill to make provision for and in connection with the repeal of the Health and Social Care Levy Act 2021.
This Bill received Royal Assent on 25th October 2022 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2023; 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 2022
This Bill received Royal Assent on 14th July 2022 and was enacted into law.
A Bill to make provision for, and in connection with, imposing a charge on ring fence profits of companies.
This Bill received Royal Assent on 14th July 2022 and was enacted into law.
A Bill to make provision for and in connection with increasing the thresholds at which primary Class 1 contributions, Class 2 contributions and Class 4 contributions become payable.
This Bill received Royal Assent on 31st March 2022 and was enacted into law.
A Bill to make provision in relation to national insurance contributions.
This Bill received Royal Assent on 14th March 2022 and was enacted into law.
A Bill To Authorise the use of resources for the years ending with 31 March 2021, 31 March 2022 and 31 March 2023; 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 2021 and 31 March 2022.
This Bill received Royal Assent on 14th March 2022 and was enacted into law.
A Bill to make provision about public service pension schemes, including retrospective provision to rectify unlawful discrimination in the way in which existing schemes were restricted under the Public Service Pensions Act 2013 and corresponding Northern Ireland legislation; to make provision for the establishment of new public pension schemes for members of occupational pension schemes of bodies that were brought into public ownership under the Banking (Special Provisions) Act 2008; to make provision about the remuneration and the date of retirement of holders of certain judicial offices; to make provision about judicial service after retirement; and for connected purposes
This Bill received Royal Assent on 10th March 2022 and was enacted into law.
A Bill to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance.
This Bill received Royal Assent on 24th February 2022 and was enacted into law.
A Bill to make provision about the meaning of references to Article 23A benchmarks in contracts and other arrangements; and to make provision about the liability of administrators of Article 23A benchmarks
This Bill received Royal Assent on 15th December 2021 and was enacted into law.
A Bill to make provision imposing a tax (to be known as the health and social care levy), the proceeds of which are payable to the Secretary of State towards the cost of health care and social care, on amounts in respect of which national insurance contributions are, or would be if no restriction by reference to pensionable age were applicable, payable; and for connected purposes.
This Bill received Royal Assent on 20th October 2021 and was enacted into law.
A Bill to provide for the payment out of money provided by Parliament of expenditure incurred by the Treasury for, or in connection with, the payment of compensation to customers of London Capital & Finance plc; provide for the making of loans to the Board of the Pension Protection Fund for the purposes of its fraud compensation functions; and for connected purposes.
This Bill received Royal Assent on 20th October 2021 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2022; 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 2021.
This Bill received Royal Assent on 19th July 2021 and was enacted into law.
A Bill to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance.
This Bill received Royal Assent on 10th June 2021 and was enacted into law.
A Bill to make provision about financial services and markets; to make provision about debt respite schemes; to make provision about Help-to-Save accounts; and for connected purposes.
This Bill received Royal Assent on 29th April 2021 and was enacted into law.
A Bill to make provision increasing the maximum capital of the Contingencies Fund for a temporary period.
This Bill received Royal Assent on 15th March 2021 and was enacted into law.
A Bill to authorise the use of resources for the years ending with 31 March 2019, 31 March 2020, 31 March 2021 and 31 March 2022; to authorise the issue of sums out of the Consolidated Fund for the years ending 31 March 2020, 31 March 2021 and 31 March 2022; and to appropriate the supply authorised by this Act for the years ending with 31 March 2019, 31 March 2020 and 31 March 2021.
This Bill received Royal Assent on 15th March 2021 and was enacted into law.
A Bill to make provision for payments to or in respect of Ministers and holders of Opposition offices on maternity leave.
This Bill received Royal Assent on 1st March 2021 and was enacted into law.
A Bill to make provision (including the imposition and regulation of new duties of customs) in connection with goods in Northern Ireland and their movement into or out of Northern Ireland; to make provision amending certain enactments relating to value added tax, excise duty or insurance premium tax; to make provision in connection with the recovery of unlawful state aid in relation to controlled foreign companies; and for connected purposes.
This Bill received Royal Assent on 17th December 2020 and was enacted into law.
A Bill to make provision to reduce for a temporary period the amount of stamp duty land tax chargeable on the acquisition of residential property.
This Bill received Royal Assent on 22nd July 2020 and was enacted into law.
This Bill received Royal Assent on 22nd July 2020 and was enacted into law.
A Bill to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance.
This Bill received Royal Assent on 22nd July 2020 and was enacted into law.
A Bill to make provision increasing the maximum capital of the Contingencies Fund for a temporary period.
This Bill received Royal Assent on 25th March 2020 and was enacted into law.
A Bill to authorise the use of resources for the years ending with 31 March 2020 and 31 March 2021; 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 year ending with 31 March 2020.
This Bill received Royal Assent on 16th March 2020 and was enacted into law.
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).
Extend the Stamp Duty Holiday for an additional 6 months after 31st March 2021
Gov Responded - 10 Dec 2020Extending the Stamp Duty Holiday for an additional 6 months will assist many buyers who are looking to move to a property that they will not be able to afford otherwise.
This will help to stabilise the housing market
Give all key workers a 100% tax and Nat. Ins. holiday through COVID-19 crisis
Gov Responded - 27 Apr 2020 Debated on - 14 Dec 2020The government is helping private firms to protect jobs by paying up to 80% of staff wages through this crisis. If it can do this why can it not help key workers who will be putting themselves/their families at risk and working extra hard under extremely challenging and unprecedented circumstances.
Introduce charges on carbon emissions to tackle climate crisis and air pollution
Gov Responded - 30 Mar 2021 Debated on - 1 Nov 2021Air pollution kills 64,000 people in the UK every year, yet the Government provides annual fossil fuel subsidies of £10.5 billion, according to the European Commission. To meet UK climate targets, the Government must end this practice and introduce charges on producers of greenhouse gas emissions.
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.
The government’s plan is working, with inflation down and growth forecast to improve. This allowed the government, at Spring Budget 2024, to cut taxes further for working people. These are the most important things that the government can do to support households to save.
At Spring Budget 2024, the Chancellor also set out further measures to support and encourage a savings culture across the UK and increase opportunities for people to save for the longer term. This included launching a consultation to introduce a new UK ISA with a £5,000 allowance for investments in UK assets and funds, in addition to the existing £20,000 ISA allowance, and the launch of British Savings Bonds, delivered through National Savings & Investment.
These measures sit alongside existing policies such as Help to Save, which supports people on low incomes to save, and the Lifetime ISA, which supports people to save for a first home or later life
The retail savings market currently offers a range of options to savers, who can access competitive rates on a variety of instant access and fixed-term products.
As announced at Autumn Statement, the Government will consult on the design of a new framework for encouraging the establishment and growth of captive insurance companies in the UK. The consultation will launch in Spring 2024.
The consultation will test views on proposals to introduce an attractive and competitive new UK captive insurance regime that works for businesses. Key to this will also be proportionate regulation that maintains the UK’s high regulatory standards.
The Treasury will continue to work closely with the independent regulators as it considers the case for a UK captives framework.
HM Treasury works closely with the Financial Conduct Authority (FCA) to ensure that the market works well, competitively and fairly for both firms and consumers, and that the advice being provided is of high quality.
HM Treasury sets the legislative framework for financial services, including financial advice, and regulation of the sector is the responsibility of the independent FCA. Their rules require advice firms to understand the essential facts about their client’s investment objectives, risk tolerance, and ability to bear losses before making a recommendation. The FCA’s Consumer Duty also applies, which requires regulated firms to avoid foreseeable harm and support their customers to pursue their financial objectives.
In 2020, the FCA published an evaluation of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) – significant interventions to improve the quality of financial advice. This found that the reviews enhanced the offering available to consumers and increased trust in the investment industry. It also found a small increase in the number of advisers in the market from approximately 35,000 to 36,400 between 2012 and 2019.
The Government recognises continued concerns regarding the accessibility and cost of advice and has launched a review, alongside the FCA, of the regulatory boundary between financial guidance and financial advice. The review seeks to create a regulatory system where commercially viable, high-quality models of support can emerge for consumers at all life stages. HM Treasury and the FCA published a joint policy paper in December 2023 outlining initial proposals for reform and are currently considering the feedback provided by industry and consumer groups.
HM Treasury works closely with the Financial Conduct Authority (FCA) to ensure that the market works well, competitively and fairly for both firms and consumers, and that the advice being provided is of high quality.
HM Treasury sets the legislative framework for financial services, including financial advice, and regulation of the sector is the responsibility of the independent FCA. Their rules require advice firms to understand the essential facts about their client’s investment objectives, risk tolerance, and ability to bear losses before making a recommendation. The FCA’s Consumer Duty also applies, which requires regulated firms to avoid foreseeable harm and support their customers to pursue their financial objectives.
In 2020, the FCA published an evaluation of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) – significant interventions to improve the quality of financial advice. This found that the reviews enhanced the offering available to consumers and increased trust in the investment industry. It also found a small increase in the number of advisers in the market from approximately 35,000 to 36,400 between 2012 and 2019.
The Government recognises continued concerns regarding the accessibility and cost of advice and has launched a review, alongside the FCA, of the regulatory boundary between financial guidance and financial advice. The review seeks to create a regulatory system where commercially viable, high-quality models of support can emerge for consumers at all life stages. HM Treasury and the FCA published a joint policy paper in December 2023 outlining initial proposals for reform and are currently considering the feedback provided by industry and consumer groups.
HM Treasury works closely with the Financial Conduct Authority (FCA) to ensure that the market works well, competitively and fairly for both firms and consumers, and that the advice being provided is of high quality.
HM Treasury sets the legislative framework for financial services, including financial advice, and regulation of the sector is the responsibility of the independent FCA. Their rules require advice firms to understand the essential facts about their client’s investment objectives, risk tolerance, and ability to bear losses before making a recommendation. The FCA’s Consumer Duty also applies, which requires regulated firms to avoid foreseeable harm and support their customers to pursue their financial objectives.
In 2020, the FCA published an evaluation of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) – significant interventions to improve the quality of financial advice. This found that the reviews enhanced the offering available to consumers and increased trust in the investment industry. It also found a small increase in the number of advisers in the market from approximately 35,000 to 36,400 between 2012 and 2019.
The Government recognises continued concerns regarding the accessibility and cost of advice and has launched a review, alongside the FCA, of the regulatory boundary between financial guidance and financial advice. The review seeks to create a regulatory system where commercially viable, high-quality models of support can emerge for consumers at all life stages. HM Treasury and the FCA published a joint policy paper in December 2023 outlining initial proposals for reform and are currently considering the feedback provided by industry and consumer groups.
HM Treasury works closely with the Financial Conduct Authority (FCA) to ensure that the market works well, competitively and fairly for both firms and consumers, and that the advice being provided is of high quality.
HM Treasury sets the legislative framework for financial services, including financial advice, and regulation of the sector is the responsibility of the independent FCA. Their rules require advice firms to understand the essential facts about their client’s investment objectives, risk tolerance, and ability to bear losses before making a recommendation. The FCA’s Consumer Duty also applies, which requires regulated firms to avoid foreseeable harm and support their customers to pursue their financial objectives.
In 2020, the FCA published an evaluation of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) – significant interventions to improve the quality of financial advice. This found that the reviews enhanced the offering available to consumers and increased trust in the investment industry. It also found a small increase in the number of advisers in the market from approximately 35,000 to 36,400 between 2012 and 2019.
The Government recognises continued concerns regarding the accessibility and cost of advice and has launched a review, alongside the FCA, of the regulatory boundary between financial guidance and financial advice. The review seeks to create a regulatory system where commercially viable, high-quality models of support can emerge for consumers at all life stages. HM Treasury and the FCA published a joint policy paper in December 2023 outlining initial proposals for reform and are currently considering the feedback provided by industry and consumer groups.
I refer the right hon. Member for Barking to the answer I gave on 11 March 2024 to Question UIN 16576 .
I refer the hon. Member for Hendon to the answer given on 8 February 2024 to Question UIN 12466.
The Office for National Statistics (ONS) publish experimental statistics which show the inflation experienced by households across the income distribution:
The Government believes the double taxation of work is unfair. That is why we’ve cut 4p from employee NICs in the last six months which will mean the average worker receives a tax cut worth £900 this coming year and why we are committed to ending this unfairness.
Cutting NICs rates does not affect anyone’s entitlement to the State Pension or contributory benefits.
The Government believes the double taxation of work is unfair. That is why we’ve cut 4p from employee NICs in the last six months which will mean the average worker receives a tax cut worth £900 this coming year and why we are committed to ending this unfairness.
Cutting NICs rates does not affect anyone’s entitlement to the State Pension or contributory benefits.
The Government believes the double taxation of work is unfair. That is why we’ve cut 4p from employee NICs in the last six months which will mean the average worker receives a tax cut worth £900 this coming year and why we are committed to ending this unfairness.
Cutting NICs rates does not affect anyone’s entitlement to the State Pension or contributory benefits.
The Government publishes on GOV.UK details of the cost of overseas Ministerial travel, including costs of travel, and on other costs (visas, accommodation, meals).
But as has been the case under successive administrations, the Government does not publish granular detail on Ministers’ travel at home or abroad.
The proceeds from the sale of Chelsea FC are currently frozen in a UK bank account while independent experts establish a foundation to manage and distribute the money. A licence from the Office of Financial Sanctions Implementation will then be needed to move the funds to the foundation. We are working hard to reach an arrangement that delivers this money to humanitarian causes in Ukraine as quickly as possible.
The government is delivering its plan for growth and is backing British businesses.
The IMF forecasts that the UK will have the third fastest cumulative growth in the G7 during 2024-2028.Therefore, with the economy beginning to turn a corner, we are now able to make responsible tax cuts to boost growth while meeting the fiscal rules to ensure sustainable public finances. This includes cutting the employee main rate of National Insurance to 8% which, will make an average worker on £35,400 over £900 a year better off than before. This means more money in people’s pockets, helping to increase disposable income and consumer confidence.
Government continues to back retailers. At Autumn Statement 2023 we extended Retail, Hospitality and Leisure relief for 2024-5, a tax cut worth £2.4 billion, and froze the small business multiplier for a fourth consecutive year. At Spring Budget 2024, the government went further still by supporting small retailers by increasing the VAT registration threshold to £90,000 and extending the Recovery Loan Scheme, now the Growth Guarantee Scheme.
Combined, these measures will place more money in people’s pockets, boost consumer confidence, and help strengthen the UK’s retail sector.
The UK Internal Market Scheme (UKIMS) replaced the UK Trader Scheme on 30 September 2023, allowing a much wider range of businesses to move goods into Northern Ireland under the existing ‘not at risk’ arrangements, with over 3,000 new businesses now authorised.
From 30 September 2024, these traders will also be able to benefit from the new simplified processes for UK internal market movements which will scrap burdensome supplementary declarations and use a much shorter, simpler dataset containing standard commercial information.
The specific information to be provided in respect of UKIMS authorisation is set out on GOV.UK[1].
[1] https://www.gov.uk/guidance/apply-for-authorisation-for-the-uk-internal-market-scheme-if-you-bring-goods-into-northern-ireland
The UK Internal Market Scheme (UKIMS) replaced the UK Trader Scheme on 30 September 2023, allowing a much wider range of businesses to move goods into Northern Ireland under the existing ‘not at risk’ arrangements, with over 3,000 new businesses now authorised.
From 30 September 2024, these traders will also be able to benefit from the new simplified processes for UK internal market movements which will scrap burdensome supplementary declarations and use a much shorter, simpler dataset containing standard commercial information.
The specific information to be provided in respect of UKIMS authorisation is set out on GOV.UK[1].
[1] https://www.gov.uk/guidance/apply-for-authorisation-for-the-uk-internal-market-scheme-if-you-bring-goods-into-northern-ireland
HMRC Datalab have provided 106 projects access to de-identified HMRC data for research purposes, since 2012.
The Government understands that being unable to switch your mortgage can be extremely stressful. Alongside the Financial Conduct Authority and industry, we have shown we are willing to act through the introduction of a ‘modified affordability assessment’, which removes the regulatory barriers that prevented some customers, who otherwise may have been able to switch, from accessing new products. We are also regularly in contact with key stakeholders, including recently with the UK Mortgage Prisoners campaign group.
The Government remains committed to this issue and will continue to work with industry and wider stakeholders to determine if there are proposals that will meaningly benefit affected borrowers and be fair to other borrowers in the wider market.
The Government understands that being unable to switch your mortgage can be extremely stressful. Alongside the Financial Conduct Authority and industry, we have shown we are willing to act through the introduction of a ‘modified affordability assessment’, which removes the regulatory barriers that prevented some customers, who otherwise may have been able to switch, from accessing new products. We are also regularly in contact with key stakeholders, including recently with the UK Mortgage Prisoners campaign group.
The Government remains committed to this issue and will continue to work with industry and wider stakeholders to determine if there are proposals that will meaningly benefit affected borrowers and be fair to other borrowers in the wider market.
The Government and NHS England have been working closely together on plans to improve productivity following the publication of the Long Term Workforce Plan last summer, including on the announcement last week of £3.4bn additional investment allowing the NHS to commit to a significant increase in productivity growth.
This investment will continue to remain subject to close work between Government and NHS, recognising its importance for ensuring the NHS’s sustainability and ability to deliver better outcomes for patients.
To support delivery of the productivity programme, Spring Budget also highlighted that an external expert advisory panel will be convened to ensure that technological and digital transformation plans have the support and challenge to deliver on its goals, with NHS England also starting reporting against new productivity metrics regularly from the second half of 2024-25. Further detail will be set out in due course
The Chancellor and Chief Secretary hold regular discussions with Cabinet colleagues on spending priorities for fiscal events.
Local councils play an essential role in the fabric of our country – providing services which we all rely on and supporting some of the most vulnerable people in our communities.
That is why the final Local Government Finance Settlement for 2024-25 makes available up to £64.7 billion in total for local authorities in England, which includes the £600 million of additional measures that was announced on 24 January in response to representations from local government stakeholders. This is an increase in overall Core Spending Power of 7.5%, or up to £4.5 billion, on 2023-24, an above-inflation increase.
The Government is continuing to support all councils by providing a sector-wide Funding Guarantee, ensuring all local authorities see a minimum 4% increase in Core Spending Power before local council tax decisions.
The Chancellor and Chief Secretary hold regular discussions with Cabinet colleagues on spending priorities for fiscal events.
The government has now made available up to £8.6bn in additional funding over this financial year and next to support adult social care and discharge. This includes £500m announced in January which has specifically been made available to support local authorities with the cost of social care in 2024-25 in response to representations from local government stakeholders. This funding will enable local authorities to buy more care packages, help people leave hospital on time, improve workforce recruitment and retention, and reduce waiting times for care.
The Chancellor and Chief Secretary hold regular discussions with Cabinet colleagues on spending priorities for fiscal events.
Spring Budget 2024 committed to an initial £105 million over the next four years towards a wave of 15 special free schools. This will create over 2,000 additional high-quality places across England for children with special educational needs and disabilities (SEND).
In the 2024/25 financial year, high needs revenue funding is rising to over £10.5 billion, an increase of over 60% from 2019/20. We also published the SEND and alternative provision improvement plan last year, which set out our plans to reform the system so that children and young people with SEND will get high-quality, early support wherever they live in the country.
It is expected that 28,000 fewer businesses will need to be VAT registered in 2024 to 2025, and 14,000 fewer on average from 2024 to 2025 to 2028 to 2029.
This information can be found in HM Revenue & Customs’ publication: ‘VAT: increasing the registration and deregistration thresholds’, published 7 March 2024.
The Government is taking steps to strengthen capital markets, boost savings, increase pension fund transparency and facilitate investment in UK companies. Building on the announcements at Mansion House and Autumn Statement, at Spring Budget the Chancellor announced further measures incentivise pension funds to invest in the UK.
This includes introducing new requirements for DC and local government pension funds to disclose publicly their level of international and UK equity investments, and DC funds will be required to compare their performance against their largest competitors. We will then consider what further action should be taken if we are not on a positive trajectory.
These measures are to ensure that pension managers are focused on securing good returns for savers, rather than focused on driving down management fees at the expense of long-term performance.
The government published detail on the Public Sector Productivity Programme in the Spring Budget. This included the announcement of £4.2 billion to drive productivity in the NHS and the wider public sector, and a separate document, Seizing the Opportunity, that outlined work to date across government to improve efficiency and productivity in counter-fraud, procurement, project management, asset management and digital transformation.
The UK’s legislative framework for payment services, including cross-border payments, places various disclosure requirements on payment firms. This includes the ability to opt out of disclosures for certain corporates, where both parties agree.
This legislation derives from EU law, which will be replaced under the government’s Smarter Regulatory Framework programme. Under this, it is intended that government legislation will set the framework within which the regulators will operate. In general, firm-facing requirements, such as these cross-border disclosures, will be determined by the relevant regulator (in this case, the FCA).
HM Treasury received a total of 137 voluntary donations for a total of £4,111,587.79 from January 2003 up to 13th March 2024. The breakdown for each year is in the table below.
Calendar year | No. of donations | Value of donations |
2003 | 4 | £3,103.00 |
2004 | 7 | £97,518.13 |
2005 | 1 | £5.00 |
2006 | 7 | £821,669.41 |
2007 | 3 | £4,270.66 |
2008 | 4 | £5,411.17 |
2009 | 7 | £452,208.81 |
2010 | 7 | £972,621.71 |
2011 | 7 | £60,657.19 |
2012 | 1 | £670.00 |
2013 | 1 | £99,423.00 |
2014 | 0 | - |
2015 | 0 | - |
2016 | 2 | £47,078.41 |
2017 | 3 | £92,847.53 |
2018 | 1 | £800.00 |
2019 | 3 | £65,000.00 |
2020 | 1 | £1,193,875.76 |
2021 | 10 | £13,334.00 |
2022 | 29 | £150,120.55 |
2023 | 38 | £28,212.26 |
2024 (to 13th Mar) | 1 | £2,761.20 |
TOTAL | 137 | £4,111,587.79 |
Proposals for a Vaping Products Duty which will come in force from October 2026 are set out in the consultation here: https://www.gov.uk/government/consultations/vaping-products-duty-consultation
These include measures to tackle non-compliance, including:
HMRC will collaborate and share intelligence with agencies such as Border Force and Trading Standards, who will have enhanced their capabilities around vaping by the time the duty is introduced.
HMRC also intends to recruit operational staff to enforce the duty, integrating with existing tobacco compliance teams and building on HMRC’s recent success in driving down the tobacco tax gap. This success includes reducing the illicit trade for hand-rolling tobacco from 65.2% in 2005 to 33.5% in 2021/22 and for cigarettes from 16.9% to 11% over the same period.
Treasury ministers and officials regularly engage with the Department of Health and Social Care on a variety of issues, including alcohol policy.
The Treasury also engaged extensively with external stakeholders and other Government departments, including the Department of Health and Social Care, as part of the policy development and delivery process for the new alcohol reforms.
The Government has delivered on its commitment to review the outdated and complex alcohol duty system and introduced the biggest reform of alcohol duties for over 140 years. From 1 August 2023, all alcoholic products are now taxed by strength.
As with all taxes, the Government keeps the Expensive Car Supplement under review, and any changes will be announced at a future fiscal event.
The arrangements in Northern Ireland under the Windsor Framework guarantee Northern Ireland’s position within the UK’s VAT area. The freedoms secured under the Windsor Framework have already delivered benefits for NI people and businesses, including the application of zero rates on the installation of energy-saving materials and the UK-wide application of the changes agreed at Autumn Statement 2023, such as the removal of VAT on period underwear. All the VAT and excise measures announced at Spring Budget 2024 apply UK-wide.
As announced at Spring Budget, the Government will launch the consultation on the impacts of the July 2023 High Court ruling in Uber Britannia Ltd v Sefton MBC in April.
The government is committed to ensuring people have the opportunity to invest in a diverse range of investment types through their ISAs. As announced at Autumn Statement 2023 and confirmed at Spring Budget 2024, this includes certain fractional share contracts.
The government is working as quickly as possible to bring forward legislation to include certain fractional share contracts in ISAs by the end of the summer following detailed engagement with industry and the FCA.
The government is also consulting on the design and implementation of the UK ISA, including eligible investments, and welcomes responses from stakeholders before the deadline of 6th June.
The government is committed to ensuring people have the opportunity to invest in a diverse range of investment types through their ISAs. As announced at Autumn Statement 2023 and confirmed at Spring Budget 2024, this includes certain fractional share contracts.
The government is working as quickly as possible to bring forward legislation to include certain fractional share contracts in ISAs by the end of the summer following detailed engagement with industry and the FCA.
The government is also consulting on the design and implementation of the UK ISA, including eligible investments, and welcomes responses from stakeholders before the deadline of 6th June.
The government is committed to ensuring people have the opportunity to invest in a diverse range of investment types through their ISAs. As announced at Autumn Statement 2023 and confirmed at Spring Budget 2024, this includes certain fractional share contracts.
The government is working as quickly as possible to bring forward legislation to include certain fractional share contracts in ISAs by the end of the summer following detailed engagement with industry and the FCA.
The government is also consulting on the design and implementation of the UK ISA, including eligible investments, and welcomes responses from stakeholders before the deadline of 6th June.
The government is committed to ensuring people have the opportunity to invest in a diverse range of investment types through their ISAs. As announced at Autumn Statement 2023 and confirmed at Spring Budget 2024, this includes certain fractional share contracts.
The government is working as quickly as possible to bring forward legislation to include certain fractional share contracts in ISAs by the end of the summer following detailed engagement with industry and the FCA.
The government is also consulting on the design and implementation of the UK ISA, including eligible investments, and welcomes responses from stakeholders before the deadline of 6th June.
HMRC publish R&D statistics annually, the latest publication can be found on Gov.uk at Research and Development Tax Credits Statistics: September 2023.
HMRC publish R&D statistics annually, the latest publication can be found on Gov.uk at Research and Development Tax Credits Statistics: September 2023.
HMRC publish R&D statistics annually, the latest publication can be found on Gov.uk at Research and Development Tax Credits Statistics: September 2023.
In May 2022, the Court of Appeal confirmed that HMRC could use provisions in tax legislation (section 684(7A)(b) of the Income Tax (Earnings and Pensions) Act 2003). HMRC is using these provisions in line with the Court of Appeal judgment.
The Government has received representations about s684(7A)(b) from several Members on behalf of their constituents, as well as the All Party Parliamentary Group on the Loan Charge and Taxpayer Fairness.
From April 2025, the government will abolish the current tax regime for non-UK domiciled individuals, or non-doms, and get rid of the outdated concept of domicile in the tax system, replacing this with a modern, simpler, fairer and competitive residence-based regime.
The government will also move to a residence-based regime for Inheritance Tax (IHT) and will consult in due course on the best way to achieve this. No changes to IHT will take effect before April 2025.
Further information can be found in the published technical note: https://www.gov.uk/government/publications/changes-to-the-taxation-of-non-uk-domiciled-individuals.
The Government believes the double taxation of work is unfair. That is why we’ve cut 4p from employee NICs in the last six months which will mean the average worker receives a tax cut worth £900 this coming year and why we are committed to ending this unfairness.
Cutting NICs rates does not affect anyone’s entitlement to the State Pension or contributory benefits.
The Government believes the double taxation of work is unfair. That is why we’ve cut 4p from employee NICs in the last six months which will mean the average worker receives a tax cut worth £900 this coming year and why we are committed to ending this unfairness.
Cutting NICs rates does not affect anyone’s entitlement to the State Pension or contributory benefits.
The Government believes the double taxation of work is unfair. That is why we’ve cut 4p from employee NICs in the last six months which will mean the average worker receives a tax cut worth £900 this coming year and why we are committed to ending this unfairness.
Cutting NICs rates does not affect anyone’s entitlement to the State Pension or contributory benefits.
The Government believes the double taxation of work is unfair. That is why we’ve cut 4p from employee NICs in the last six months which will mean the average worker receives a tax cut worth £900 this coming year and why we are committed to ending this unfairness.
Cutting NICs rates does not affect anyone’s entitlement to the State Pension or contributory benefits.
At Spring Budget 2024, the government announced that Landfill Tax rates in England and Northern Ireland will be adjusted from 1 April 2025. This will restore their value following a period of high inflation which was not foreseen by the OBR when rates were pre-announced.
The government remains committed to tackling waste crime which is a blight on local communities, harms the environment and undermines legitimate businesses operating in the sector.
The government agreed with the Public Accounts Committee’s recommendation that the current ongoing review of Landfill Tax takes account of incentives to commit waste crime. Alongside this, DEFRA has announced the introduction of digital waste tracking from 2025 and reform of the licensing system, whilst multi-agency enforcement action through the Joint Unit for Waste Crime continues to disrupt criminal activity in the sector.
In December 2023, HMRC wrote a letter to the chair of the Committee of Public Accounts with the latest information on HMRC’s compliance activity on the COVID-19 support schemes up to the end of September 2023, when the Taxpayer’s Protection Taskforce transitioned into business-as-usual.