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
Liberal Democrat
Charlie Maynard (LD - Witney)Liberal Democrat Spokesperson (Chief Secretary to the Treasury)
Green Party
Ellie Chowns (Green - North Herefordshire)Green Spokesperson (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Richard Fuller (Con - North Bedfordshire)Shadow Chief Secretary to the Treasury
Baroness Neville-Rolfe (Con - Life peer)
Shadow Minister (Treasury)
Lord Altrincham (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
Emma Reynolds (Lab - Wycombe)Chief Secretary to the Treasury
James Murray (LAB - Ealing North)
Financial Secretary to the Treasury and Paymaster General
Parliamentary Under-Secretaries of State
Torsten Bell (Lab - Swansea West)Parliamentary Secretary (HM Treasury)
Lucy Rigby (Lab - Northampton North)
Economic Secretary (HM Treasury)
Lord Pitt-Watson (Lab - Life peer)
Parliamentary Secretary (HM Treasury)
Written Statements
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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, further to the Written Answer by the Exchequer Secretary to the Treasury on 22 June …
These Regulations amend Schedule 20 to the Finance Act 2026, which sets out exceptions from the requirement for tax advisers …
A Bill to authorise the use of resources for the year ending with 31 March 2027; to authorise both the …
HM Treasury Commons Appearances
Oral Answers to Questions is a regularly scheduled appearance where the Secretary of State and junior minister will answer at the Dispatch Box questions from backbench MPs
Other Commons Chamber appearances can be:- Urgent Questions where the Speaker has selected a question to which a Minister must reply that day
- Adjornment Debates a 30 minute debate attended by a Minister that concludes the day in Parliament.
- Oral Statements informing the Commons of a significant development, where backbench MP's can then question the Minister making the statement.
Westminster Hall debates are performed in response to backbench MPs or e-petitions asking for a Minister to address a detailed issue
Written Statements are made when a current event is not sufficiently significant to require an Oral Statement, but the House is required to be informed.
Bills currently before Parliament
HM Treasury does not have Bills currently before Parliament
Acts of Parliament created in the 2024 Parliament
A Bill to authorise the use of resources for the year ending with 31 March 2027; 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 2026.
This Bill received Royal Assent on 15th July 2026 and was enacted into law.
A Bill to Increase the rate of electricity generator levy and mileage amounts relating to income tax and to provide for temporary rates of vehicle excise duty for goods vehicles.
This Bill received Royal Assent on 15th July 2026 and was enacted into law.
A Bill to Make provision to amend section 4 of the Social Security Contributions and Benefits Act 1992, and section 4 of the Social Security Contributions and Benefits (Northern Ireland) Act 1992, so that amounts of salary sacrificed for employer pensions contributions pursuant to optional remuneration arrangements are liable to national insurance contributions.
This Bill received Royal Assent on 29th April 2026 and was enacted into law.
A Bill to make provision in connection with finance.
This Bill received Royal Assent on 18th March 2026 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2025, 31 March 2026 and 31 March 2027; 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 2025 and 31 March 2026.
This Bill received Royal Assent on 18th March 2026 and was enacted into law.
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).
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Petition Closed
Raise the income tax personal allowance from £12,570 to £20,000
Gov Responded - 20 Feb 2025 Debated on - 12 May 2025closed 1 year, 1 month 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 1 year, 2 months ago
We think that changing inheritance tax relief for agricultural land will devastate farms nationwide, forcing families to sell land and assets just to stay on their property. We urge the government to keep the current exemptions for working farms.
Petition Closed
Introduce new tax code for state pensioners with double the personal allowance
Gov Responded - 9 Dec 2025closed 3 months, 4 weeks ago
We want the government to introduce a new tax code for state pensioners, set at double the basic threshold. If this was implemented, pensioners would receive a higher tax-exempt limit, but wealthier pensioners would still pay tax.
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 22nd June 2026
Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)Lord Weir of Ballyholme
(Democratic Unionist Party - Life peer)
There are no duty free allowances between any member state of the EU and Northern Ireland. Travellers can bring in for their personal use an unlimited quantity of goods from any EU member state into Northern Ireland without paying UK duties and taxes on arrival.
For goods brought into Great Britain from a member state of the EU by a traveller for their personal use, duty free allowances apply.
Parliamentary Secretary (HM Treasury)
Lord Weir of Ballyholme
(Democratic Unionist Party - Life peer)
There have been no changes to duty free allowances between the Netherlands and Northern Ireland.
Parliamentary Secretary (HM Treasury)
Lord Weir of Ballyholme
(Democratic Unionist Party - Life peer)
Duty free allowances do not apply for travellers from the EU arriving in Northern Ireland. The enforcement controls required at the border to facilitate such allowances would run counter to the shared ambitions of the UK and the EU set out in the Windsor Framework and the principle of the frictionless movement of people and goods between Northern Ireland and Ireland.
Travellers from the Netherlands to Northern Ireland are not treated differently to travellers arriving in Northern Ireland from any other member state.
Travellers can bring in for their personal use an unlimited quantity of goods from any EU member state into Northern Ireland without paying UK duties and taxes on arrival.
Parliamentary Secretary (HM Treasury)
HMRC does not have any desks or civil servants assigned to 1 Horse Guards Road.
Parliamentary Secretary (HM Treasury)
The Government does not comment on tax speculation outside of fiscal events. The Government keeps the tax system under review, and decisions on tax policy are taken by the Chancellor at a fiscal event.
Parliamentary Secretary (HM Treasury)
HMRC’s published statistics on the cost of tax reliefs[1] provide an estimate of the cost of the VAT Zero Rate for domestic passenger transport of £5.8 billion in 2025-26. This includes other public transport such as buses; a breakdown for rail fares is not available.
Parliamentary Secretary (HM Treasury)
The Government is committed to minimising the impact of the EU’s removal of its low value import (LVI) relief for businesses and consumers in Northern Ireland.
LVIs that are considered ‘not at risk’ will not face the new EU customs duty on LVI goods. As a result of the Windsor Framework arrangements, we estimate that c.99% of parcel movements into Northern Ireland, including low value imports, fall into this ‘not at risk’ category.
A small number of LVIs may be considered ‘at risk’ and subject to the applicable rate of EU duty. This will include business to consumer parcels that are not eligible to move under the UK Carrier Scheme, such as goods subject to sanctions, and business parcels that are not eligible to benefit from the UK Internal Market Scheme. In these cases, businesses can continue to claim waivers or reliefs through the usual means.
The processes for moving goods into Northern Ireland and the facilitations under the Windsor Framework are unaffected by the EU’s change to Low Value Imports.
Parliamentary Secretary (HM Treasury)
There are occasions where the Government will trail and/or announce policy ahead of a Budget to provide context and help the public understand major fiscal events.
Consistent with the Macpherson Principles, the Civil Service Code, The Ministerial Code and the Special Advisers’ Code, any such communications are tightly controlled, respect Parliament, and protect market sensitive information.
Parliamentary Secretary (HM Treasury)
As outlined in the written ministerial statement (HLWS1491) on 27 March 2026, we appointed Sir Jim Harra, former HMRC First Permanent Secretary, to take over as Chief Executive of NS&I on an interim basis, to provide a fresh start for NS&I’s next phase of development.
NS&I is also part-way through delivering its Business Transformation Programme which aims to modernise NS&I’s operations and systems. NS&I and HMT will consider the lessons learned from this operational error, alongside those identified by the National Audit Office and Public Accounts Committee on programme delivery, to strengthen how NS&I works with its outsourced delivery partners going forward.
Parliamentary Secretary (HM Treasury)
The Office for Budget Responsibility’s Fiscal Risks and Sustainability Report (FRS) 2026 confirms the need to boost growth and maintain sustainable public finances. A written ministerial statement (HLWS199) was published on 7 July alongside the publication of the FRS, setting out the actions the government is taking to reduce the deficit and ensure long-term sustainability.[1]
[1] Fiscal Risks and Sustainability Report 2026 – Written Ministerial Statement, UK Parliament, 7th July 2026.
Parliamentary Secretary (HM Treasury)
The government has already started reforming the Business Rates system. At Budget, the government introduced new permanently lower multipliers for eligible retail, hospitality and leisure properties. These new multipliers are worth nearly £1 billion per year and benefit over 750,000 properties.
The government is paying for this through a high-value multiplier on the top one per cent of most expensive properties. This includes many large distribution warehouses, such as those used by online giants. The high-value multiplier is 33 per cent more than the multiplier for small RHL properties.
This is in addition to the support package, worth £4.3 billion, that the government introduced at Budget to protect ratepayers seeing large overnight increases in bills. As a result, over half of ratepayers see no bill increases in 2026/27, including 23 per cent whose bills go down
In addition, the government has announced that pubs, clubs and live music venues will benefit from 20% relief from April 2027 on top of the 15% relief and 2-year real-terms freeze in bills announced earlier this year.
Regarding a tax levied on online sales, while tax policy is kept under review, evidence received from a consultation in spring 2022 under the previous Government on the case for an Online Sales Tax suggested that such a tax would have been extremely complex to design and implement and create undue administrative burden for businesses. This included challenges of defining the boundaries between online and in-store retail, including ‘Click and Collect’ orders. Stakeholders also expected it would lead to higher prices for consumers.
Parliamentary Secretary (HM Treasury)
On 26 March 2026, the Minister for Pensions confirmed to Parliament that NS&I had identified an issue where the estates of deceased customers were not always repaid money from all of their accounts following a bereavement claim. These errors happened because the search process used when handling a bereavement claim failed to identify all NS&I products. The issue has been resolved for current and new bereavement claims and robust measures have been introduced to ensure this does not happen again.
Working with external consultants, NS&I reviewed 34 million customer records to identify its tracing issue. On 19 May 2026, the Minister for Pensions updated Parliament that the remediation population was estimated at up to 34,000 cases with a total value of £367 million. HM Treasury is working closely with NS&I to progress the remediation scheme, which is planned to conclude by mid-2027.
NS&I published a delivery plan that it will follow to ensure proactive, timely contact and will publish an update on progress against this plan on a quarterly basis.
NS&I announced it would seek to proactively reunite estates with combined deposits or holdings of £10 or more, providing compensatory interest of at least the Bank of England plus one percentage point rate, or any higher contractual interest accrued under the products’ terms and conditions, in line with Financial Ombudsman Service guidance.
Parliamentary Secretary (HM Treasury)
The current UK property taxes are an important source of revenue for both the Exchequer and Local Authorities. They raise over £75 billion each year to help pay for essential public services. Any reforms to the property tax system would need to carefully consider positive or negative implications for the Exchequer, Local Government finances, taxpayers and the wider economy. The government keeps all taxes under review.
Parliamentary Secretary (HM Treasury)
Local Authorities already retain a significant share of business rates income. At Autumn Budget 2025, the government extended existing 100% business rates retention pilots in Cornwall, the West of England, and Liverpool City Region for a further three years, to 2028-29. The government is also developing further proposals for fiscal devolution for Mayoral Strategic Authorities. Further details will be set out through the fiscal devolution roadmap at Autumn Budget 2026.
Parliamentary Secretary (HM Treasury)
The Office for Budget Responsibility’s Fiscal Risks and Sustainability Report (FRS) 2026 confirms the need to boost growth and maintain sustainable public finances. A written ministerial statement (HLWS199) was published on 7 July alongside the publication of the FRS, setting out the actions the government is taking to reduce the deficit and ensure long-term sustainability.[1]
[1] https://questions-statements.parliament.uk/written-statements/detail/2026-07-07/hlws199 UK Parliament, 7 July 2026.
Parliamentary Secretary (HM Treasury)
As set out in the Defence Investment Plan, the UK and France stand ready to deploy the wider Multinational Military Mission to support freedom of navigation in the Strait of Hormuz.
Chief Secretary to the Treasury
HM Treasury and its Arm's Length Bodies comply with their obligations under the Public Sector Equality Duty (PSED) in the Equality Act 2010 and carefully consider the implications of policy and other decisions for those sharing protected characteristics. HMT’s approach to PSED compliance is set out on the following gov.uk page: Equality and diversity - HM Treasury - GOV.UK.
2 FTE posts provide support, guidance and training to colleagues across the Treasury on fulfilling their legal responsibilities under the PSED. The information on equivalent FTE posts for the Arm's Length Bodies is not held centrally by HM Treasury.
Ensuring that decisions taken are PSED compliant, including through the provision of well-evidenced advice to Ministers, is the responsibility of the relevant members of staff and teams working on those issues. Accordingly, the Department does not maintain centrally held records of staffing, costs or outputs attributable solely to PSED compliance. HM Treasury also does not hold corresponding information for its Arm's Length Bodies and seeking to obtain it would involve a disproportionate cost.
Access to Work is an important programme that supports many people to start and stay in work. We are committed to ensuring it can respond to demand. That is why we announced in May that we would recruit and train 480 additional staff to speed up decisions and tackle the existing backlog by September 2027. That is a 72.5% increase to the existing 658 staff already working on Access to Work.
Access to Work is funded within DWP’s Departmental Expenditure Limit (DEL) to support effective management of expenditure. Annually Managed Expenditure (AME) is generally reserved for spending that is particularly volatile or cannot reasonably be managed within departmental DEL budgets.
Parliamentary Secretary (HM Treasury)
We received responses to the Call for Evidence on Business Rates and Investment, from a range of organisations including Business Representative Organisations, Local Authorities, Retail, Hospitality and Leisure businesses and other sectors.
We are carefully considering representations we’ve received, and a Government response to the Call for Evidence will be published in due course.
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
Mayors will decide whether to introduce a levy and, if so, will consult on specific proposals, including how revenue will be used to support growth. This will help them to find an appropriate balance between supporting local economic priorities, including tourism, ensuring a levy is affordable, and providing stability and certainty for businesses. Impacts will depend on local decisions and we expect Mayors to publish a summary of the consultation results and their response, including a final prospectus, and an impact assessment.
Please see the table below for the number of agency staff at HM Treasury over the past five financial years. These figures represent year-end headcount, defined as the number of agency workers in post during March of each financial year.
Financial Year | Count of Agency Staff |
2025-26 | 15 |
2024-25 | 11 |
2023-24 | 11 |
2022-23 | 4 |
2021-22 | 7 |
In England & Wales, the Independent Office for Police Conduct (IOPC) has the authority to investigate the most serious complaints and conduct matters in connection with the enforcement activities of HMRC. The statutory requirement for HMRC to refer such matters and oversight from the IOPC is governed by the Revenue and Customs (Complaints and Misconduct) Regulations 2010.
In Scotland, there is similar oversight of alleged criminal conduct by a HMRC officer under agreement with the Crown Office and Procurator Fiscal Service. This includes the requirement to refer certain serious allegations to the Police Investigations & Review Commissioner who carry out a similar oversight role in Scotland.
In Northern Ireland HMRC is seeking oversight of HMRC enforcement activities from the Police Ombudsman for Northern Ireland following enabling legislation that was secured in March 2026.
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
The Government consulted extensively on reform of the anti-money laundering and counter-terrorist financing (AML/CTF) supervision regime, including with representatives of the legal sector from across the UK. The Financial Conduct Authority (FCA) is well placed to undertake this role, with extensive existing AML/CTF expertise and oversight of legal and accountancy sector supervision through its Office for Professional Body Anti-Money Laundering Supervision (OPBAS).
The Government will ensure successful implementation by providing funding from the Economic Crime (Anti Money Laundering) Levy (ECL) and is working closely with the FCA to ensure it further develops the capability and sector-specific expertise required. The FCA will consult on its future fee arrangements as implementation progresses.
The Government consulted extensively on reform of the anti-money laundering and counter-terrorist financing (AML/CTF) supervision regime, including with representatives of the legal sector from across the UK. The Financial Conduct Authority (FCA) is well placed to undertake this role, with extensive existing AML/CTF expertise and oversight of legal and accountancy sector supervision through its Office for Professional Body Anti-Money Laundering Supervision (OPBAS).
The Government will ensure successful implementation by providing funding from the Economic Crime (Anti Money Laundering) Levy (ECL) and is working closely with the FCA to ensure it further develops the capability and sector-specific expertise required. The FCA will consult on its future fee arrangements as implementation progresses.
Andrew Bowie
(Conservative - West Aberdeenshire and Kincardine)
The Government consulted extensively on reform of the anti-money laundering and counter-terrorist financing (AML/CTF) supervision regime, including with representatives of the legal sector from across the UK. The Financial Conduct Authority (FCA) is well placed to undertake this role, with extensive existing AML/CTF expertise and oversight of legal and accountancy sector supervision through its Office for Professional Body Anti-Money Laundering Supervision (OPBAS).
The Government will ensure successful implementation by providing funding from the Economic Crime (Anti Money Laundering) Levy (ECL) and is working closely with the FCA to ensure it further develops the capability and sector-specific expertise required. The FCA will consult on its future fee arrangements as implementation progresses.
The Government consulted extensively on reform of the anti-money laundering and counter-terrorist financing (AML/CTF) supervision regime, including with representatives of the legal sector from across the UK. The Financial Conduct Authority (FCA) is well placed to undertake this role, with extensive existing AML/CTF expertise and oversight of legal and accountancy sector supervision through its Office for Professional Body Anti-Money Laundering Supervision (OPBAS).
The Government will ensure successful implementation by providing funding from the Economic Crime (Anti Money Laundering) Levy (ECL) and is working closely with the FCA to ensure it further develops the capability and sector-specific expertise required. The FCA will consult on its future fee arrangements as implementation progresses.
The Government consulted extensively on reform of the anti-money laundering and counter-terrorist financing (AML/CTF) supervision regime, including with representatives of the legal sector from across the UK. The Financial Conduct Authority (FCA) is well placed to undertake this role, with extensive existing AML/CTF expertise and oversight of legal and accountancy sector supervision through its Office for Professional Body Anti-Money Laundering Supervision (OPBAS).
The Government will ensure successful implementation by providing funding from the Economic Crime (Anti Money Laundering) Levy (ECL) and is working closely with the FCA to ensure it further develops the capability and sector-specific expertise required. The FCA will consult on its future fee arrangements as implementation progresses.
Neil Coyle
(Labour - Bermondsey and Old Southwark)
The Government has not made an assessment of the total monetary value of insurance company deductions from business interruption insurance payouts.
The Supreme Court published its final judgment in the FCA’s Business Interruption Insurance test case in 2021. At the time of the judgment, the FCA set out its expectation that insurers should communicate to all impacted policyholders what the judgment meant for their claim and should move quickly to resolve claims as determined by the judgment.
The FCA court case did not cover all potential issues with business interruption policies. The FCA has been clear that, in the event of further court rulings, insurers will need to consider carefully how the rulings impact claims they have already decided.
The FCA is continuing to supervise firms to ensure they are meeting their expectations and has robust powers to take action where necessary.
The Government has not made an assessment of the total monetary value of insurance company deductions from business interruption insurance payouts.
The Supreme Court published its final judgment in the FCA’s Business Interruption Insurance test case in 2021. At the time of the judgment, the FCA set out its expectation that insurers should communicate to all impacted policyholders what the judgment meant for their claim and should move quickly to resolve claims as determined by the judgment.
The FCA court case did not cover all potential issues with business interruption policies. The FCA has been clear that, in the event of further court rulings, insurers will need to consider carefully how the rulings impact claims they have already decided.
The FCA is continuing to supervise firms to ensure they are meeting their expectations and has robust powers to take action where necessary.
Reform of the UK’s anti-money laundering and counter-terrorist financing (AML/CTF) supervision regime will improve the effectiveness and consistency of supervision that regulated firms receive. It will not change the underlying obligations firms must meet under the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017.
While AML/CTF regulation is reserved in the UK, the Government and FCA recognise Scotland's distinct legal framework and will continue engaging with Scottish stakeholders to ensure implementation is proportionate, compatible and minimises unnecessary regulatory burdens such as dual regulation.
The Financial Services and Markets Bill currently before Parliament will pave the way for AML/CTF supervision reform, with full implementation due to be brought in though subsequent changes to secondary legislation.
Reform of the UK’s anti-money laundering and counter-terrorist financing (AML/CTF) supervision regime will improve the effectiveness and consistency of supervision that regulated firms receive. It will not change the underlying obligations firms must meet under the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017.
While AML/CTF regulation is reserved in the UK, the Government and FCA recognise Scotland's distinct legal framework and will continue engaging with Scottish stakeholders to ensure implementation is proportionate, compatible and minimises unnecessary regulatory burdens such as dual regulation.
The Financial Services and Markets Bill currently before Parliament will pave the way for AML/CTF supervision reform, with full implementation due to be brought in though subsequent changes to secondary legislation.
Reform of the UK’s anti-money laundering and counter-terrorist financing (AML/CTF) supervision regime will improve the effectiveness and consistency of supervision that regulated firms receive. It will not change the underlying obligations firms must meet under the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017.
While AML/CTF regulation is reserved in the UK, the Government and FCA recognise Scotland's distinct legal framework and will continue engaging with Scottish stakeholders to ensure implementation is proportionate, compatible and minimises unnecessary regulatory burdens such as dual regulation.
The Financial Services and Markets Bill currently before Parliament will pave the way for AML/CTF supervision reform, with full implementation due to be brought in though subsequent changes to secondary legislation.
Reform of the UK’s anti-money laundering and counter-terrorist financing (AML/CTF) supervision regime will improve the effectiveness and consistency of supervision that regulated firms receive. It will not change the underlying obligations firms must meet under the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017.
While AML/CTF regulation is reserved in the UK, the Government and FCA recognise Scotland's distinct legal framework and will continue engaging with Scottish stakeholders to ensure implementation is proportionate, compatible and minimises unnecessary regulatory burdens such as dual regulation.
The Financial Services and Markets Bill currently before Parliament will pave the way for AML/CTF supervision reform, with full implementation due to be brought in though subsequent changes to secondary legislation.
Further detail on the methodology and assumptions used to produce the fiscal impact of the measure can be found in the OBR’s “Supplementary forecast information on salary-sacrifice pension contributions” publication, which includes breakdowns of the costing pre- and post-behaviour and by employer/employee National Insurance.
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office (VO), and the multiplier values, which are set by the Government.
At the Budget, the VO announced updated property values from the 2026 revaluation. This revaluation is the first since the pandemic, which has led to significant increases in rateable values for some properties.
In recognition of the impact of the revaluation on bills, the Government has introduced a support package worth £4.3 billion, to protect against ratepayers seeing large overnight increases in bills.
The Government has also introduced new permanently lower multipliers for eligible retail, hospitality and leisure (RHL) properties. These new multipliers are worth nearly £1 billion per year and benefit over 750,000 properties.
Recognising the value they bring and the challenges they face, in addition to the support announced at Budget, the Government has introduced a 1-year 15 per cent relief for all pubs and live music venues in 2026/27. For the following two years, their bills will then be frozen in real terms.
The Government recognises that hotels have expressed concerns about how they are valued for business rates. Hotels valuations are undertaken in a different way to some other sectors. The methodology used is well established, but, as with pubs, the Government has announced it will review the way hotels are valued to ensure it accurately reflects the rental value for these sectors.
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
Stamp Duty Land Tax (SDLT) continues to be an important source of Government revenue, raising around £14 billion each year to help pay for the essential services the Government provides. Abolishing SDLT in any region of the country would be likely to have a significant cost to the Exchequer.
Most owners looking to downsize are likely to have equity in their current property and are already exempt from Capital Gains Tax on any gain made on their main residence through Private Residence Relief. For most of those looking to downsize, the SDLT due on the property they are moving into will be small, and, in many cases, lower than estate agent’s fees.
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
Evidence gathering within HMRC criminal investigations is subject to strict legal and procedural requirements as set out in legislation and related Codes of Practice and is in line with the standards expected across the Criminal Justice System.
Decisions to instigate criminal proceedings are made by an independent prosecuting authority following an assessment of the evidential sufficiency in the case.
HMRC's forensic activities are undertaken in accordance with relevant legislation, the Criminal Procedure Rules and the principles of the Forensic Science Regulator's Code of Practice. Accredited forensic activities meet the relevant requirements, including ISO/IEC 17025. For forensic activities pending accreditation, appropriate mitigations, quality controls and documented procedures are in place to ensure the work is carried out to the same forensic standards and remains auditable, reproducible and capable of independent review.
HMRC keeps its procedures and controls under regular review to ensure legal compliance and best practice. Amendments and updates will be applied following internal assurance activity conducted to ensure HMRC delivers to a constant standard. Changes may also be made following case feedback from either the Tax Tribunal or Criminal Courts.
The use of criminal powers by HMRC is routinely subject to external scrutiny. The HMRC's criminal investigation powers and safeguards at 2.2 Oversight of communication data powers and 2.3 External safeguards on the use of HMRC’s criminal investigation powers set out this external oversight.
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
Evidence gathering within HMRC criminal investigations is subject to strict legal and procedural requirements as set out in legislation and related Codes of Practice and is in line with the standards expected across the Criminal Justice System.
Decisions to instigate criminal proceedings are made by an independent prosecuting authority following an assessment of the evidential sufficiency in the case.
HMRC's forensic activities are undertaken in accordance with relevant legislation, the Criminal Procedure Rules and the principles of the Forensic Science Regulator's Code of Practice. Accredited forensic activities meet the relevant requirements, including ISO/IEC 17025. For forensic activities pending accreditation, appropriate mitigations, quality controls and documented procedures are in place to ensure the work is carried out to the same forensic standards and remains auditable, reproducible and capable of independent review.
HMRC keeps its procedures and controls under regular review to ensure legal compliance and best practice. Amendments and updates will be applied following internal assurance activity conducted to ensure HMRC delivers to a constant standard. Changes may also be made following case feedback from either the Tax Tribunal or Criminal Courts.
The use of criminal powers by HMRC is routinely subject to external scrutiny. The HMRC's criminal investigation powers and safeguards at 2.2 Oversight of communication data powers and 2.3 External safeguards on the use of HMRC’s criminal investigation powers set out this external oversight.
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
There are established processes in place for the declaration and management of interests held by ministers and senior civil servants, which ensure that steps are taken to avoid a conflict of interest or manage the perception of a conflict.
a) Information about the ministers’ interests can be found in List of Ministers’ Interests, which is published quarterly.
b) In line with the guidance in the Government’s Financial Reporting Manual, details of the interests held by members of HM Treasury’s Executive Management board that may conflict with their management responsibilities are published in the department’s Annual Report and Accounts.
Data on the specific number of individual mitigation measures put in place across all senior officials is held within confidential records and localised systems. To extract and aggregate a precise historical count of individual mitigations since 1 June 2024 could only be achieved at disproportionate cost.
Economic Secretary (HM Treasury)
The Defence Investment Plan is backed by nearly £300bn of investment of the next four years, meaning the UK will now spend 2.7% of GDP on core NATO defence spending by 2027-28. Funding and plans for increasing defence spending to 3% of GDP in the next Parliament will be set out at the next spending review, where defence will be the number one priority
Alongside NATO allies, the UK has committed to reach 3.5% of GDP on defence spending by 2035, meeting its obligations to the Defence Investment Pledge. All allies will review trajectory and spend in 2029, when NATO next reviews its capability plans.
Economic Secretary (HM Treasury)
As set out in the answer to Question 101771, the Chancellor pays full council tax on the flat above 10 Downing Street as her primary residence.
Economic Secretary (HM Treasury)
The Government is introducing Vaping Products Duty and the Vaping Duty Stamps scheme to make vaping less accessible to young people and non-smokers, while raising revenue to support vital public services, including the NHS and smoking cessation initiatives. The Vaping Duty Stamps scheme will provide HMRC with greater oversight of the vaping market and strengthen its ability to target fraud and criminality.
HMRC remains confident that both the Vaping Products Duty and the Vaping Duty Stamps scheme will go live on 1 October 2026.
However, recognising industry feedback that some businesses may struggle to implement all of the changes required by then, HMRC has recently decided to extend the "transitional stamp" arrangements of the scheme for an additional three months.
This means businesses who are not ready to use the full digital features of the scheme can instead use a highly secure stamp without digital elements until the end of the year. This will support legitimate businesses to meet their legal requirements. The full digital scheme will be in operation for businesses who are ready to integrate with it.
Every new vaping product must be duty paid and must carry either a transitional stamp or a digitally enhanced stamp from 1 October.
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
The Government has introduced a support package worth £4.3 billion, to protect against ratepayers seeing large overnight increases in bills.
In addition, the Government has introduced new permanently lower multipliers for eligible retail, hospitality and leisure (RHL) properties. These new multipliers are worth nearly £1 billion per year and benefit over 750,000 properties.
On top of this, pubs and live music venues also benefit from 15% off their new business rates bills this year. Bills will then be frozen in real terms for a further two years.
Three-quarters of pubs will see bills flat or falling in April. The new relief is worth £1,650 for the average pub this year. As a sector pubs will pay 8% less in business rates in 2029 than they did in 2025/2026.
Pubs in rural areas may also benefit from either Rural Rate Relief or Small Business Rate Relief (SBRR). Rural Rate Relief aims to ensure that key amenities are available and community assets are protected in rural areas. It provides 100% rate relief for properties that are based in eligible rural areas with populations below 3,000. Around a third of properties in England pay no business rates because of SBRR.
The Government has also committed to review the methodologies by which pubs are valued for business rates.
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
Both HM Treasury Ministers and officials continue to engage closely with the flexible workspace sector.
The Valuation Office (VO) is responsible for valuing non-domestic property for business rates purposes. They are required to maintain accurate rating lists in England and to carry out valuations impartially and in line with relevant legislation and caselaw.
At this time, there is no sector-wide review of serviced office assessments underway. The VO is addressing properties where they have received legal advice, or where unit of assessment issues are brought to its attention.
Where the VO is required to determine the unit of assessment, it does so on a case-by-case basis, with all facts being considered. Reviewing a small number of cases will help clarify the application of legislation on serviced offices and the VO will continue to monitor legal developments and update its approach as needed.
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
This Government is committed to improving the quality and sustainability of our housing stock, through improvements such as low carbon heating, insulation, solar panels, and batteries.
Installations of qualifying energy-saving materials (ESMs) in residential accommodation and buildings used solely for a charitable purpose benefit from a temporary VAT zero rate until March 2027, after which they will revert to the reduced rate of VAT at five per cent. This support – worth over £1 billion – will aid households and charities in improving the energy efficiency of their buildings, help to reduce carbon emissions, and ultimately help us to reach our ambitious Net Zero by 2050 target.
The temporary zero rate of VAT for ESMs took effect on 1 April 2022. The scope of the zero rate was extended on 1 February 2024. On both occasions, the Government published Tax Information and Impact Notes detailing the expected impacts of these policy changes. These documents can be found at the following links:
The Value Added Tax (Installation of Energy-Saving Materials) Order 2022 - GOV.UK
Extension of VAT energy-saving materials relief - GOV.UK
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
The Motability Scheme provides a vital lifeline to those who need it, however it historically benefitted from tax breaks which supported provision beyond the scheme’s core objectives, such as the lease of luxury cars. That is why at Budget 2025 the Government made tax changes to the scheme to ensure it delivers fairness for the taxpayer.
Prior to Budget 2025, the Government engaged closely with the Motability Foundation to ensure the Scheme would continue to provide access to transport for its customers, including the provision of a range of affordable vehicles which suit customers’ varying needs. This means customers are still able to access a range of vehicles using only their disability benefit, in line with pre-Budget provision. Additionally, vehicles designed or substantially and permanently adapted for wheelchair and stretcher users were not impacted by tax changes.
The Government consulted closely with the Motability Foundation charity to understand in depth how tax changes would impact the Motability Scheme and their customers. Our assessment of these impacts has been published on GOV.UK and can be found here: Motability Scheme: reforming tax reliefs - GOV.UK.
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
Since the legislative changes introduced on 1 April 2023, the Valuation Office (VO), which is part of HMRC, has seen a sustained increase in case volumes.
The VO are working hard to bring response times down and clear cases within 90 days. Additional resources have been allocated to self-catering cases, including the centralisation of the team to improve efficiency and processing times. The VO have also dedicated resources to look at the most challenging cases and requests where customers are experiencing financial hardship. Additionally, as part of HMRC’s Transformation Roadmap update 2026 The VO have pledged to reduce the average time for the VO to make a decision on self-catering properties to one month by October 2027
The VO is responsible for assessing properties for Council Tax and business rates purposes, whereas local councils are responsible for billing. As this is devolved to the Welsh Government, it would be for their Ministers to comment on any impact made on the amount of Council Tax that has been collected.
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
Since the legislative changes introduced on 1 April 2023, the Valuation Office (VO), which is part of HMRC, has seen a sustained increase in case volumes.
The VO are working hard to bring response times down and clear cases within 90 days. Additional resources have been allocated to self-catering cases, including the centralisation of the team to improve efficiency and processing times. The VO have also dedicated resources to look at the most challenging cases and requests where customers are experiencing financial hardship. Additionally, as part of HMRC’s Transformation Roadmap update 2026 The VO have pledged to reduce the average time for the VO to make a decision on self-catering properties to one month by October 2027
The VO is responsible for assessing properties for Council Tax and business rates purposes, whereas local councils are responsible for billing. As this is devolved to the Welsh Government, it would be for their Ministers to comment on any impact made on the amount of Council Tax that has been collected.
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
The guidance referred to sets out how pubs were to be valued for the previous valuation exercise which took place under the previous government, with valuation date of April 2024. This government is reviewing the methodology used to calculate rateable values for pubs.
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)