Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the adequacy of existing insurance arrangements to cover liabilities arising from the use of autonomous artificial intelligence systems.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

Working closely with the Bank of England, the Financial Conduct Authority and other relevant bodies, the Government continues to monitor the opportunities and risks associated with the increasing use of artificial intelligence (AI) technology across the economy.

The Government's current view is that the existing regulatory framework is well placed to manage the evolving risks associated with AI, while supporting innovation and growth. Firms remain responsible for managing the risks arising from their activities, including the use of AI systems, and insurers continue to assess and price risks in accordance with existing legal and regulatory requirements.

The safe adoption of AI by the financial services sector is a major strategic opportunity, with the potential to power growth across the UK. As set out in the government’s Financial Services Growth and Competitiveness Strategy, the ambition is to make the UK ”the world’s most technologically advanced global financial sector”, leveraging the UK’s dual strengths in FS and AI to drive growth, productivity, and so deliver customer benefit.

Question to the HM Treasury:

To ask His Majesty's Government what is the status of the new Treasury offices being built in Darlington; and whether Treasury officials planned to be based there will be relocated to Manchester.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

The new hub building in Darlington is being delivered by the Government Property Agency and is currently under construction. Once complete in early 2028, it will be the home of more than 1600 civil servants from across multiple departments, including HM Treasury.

HM Treasury’s commitment to at least 335 staff being based in Darlington remains in place, as does the commitment to Darlington being HMT’s second headquarters.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the financial stability risks arising from the increasing use of autonomous artificial intelligence agents in financial markets.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

The Government’s ambition is to make the UK a global leader in AI. Encouraging safe adoption is an essential part of realising that ambition. We will continue to work closely with regulators and industry to ensure innovation proceeds safely and responsibly and that any risks to financial markets are identified and mitigated.

In particular, the Bank of England’s Financial Policy Committee (FPC) is responsible for identifying, monitoring and taking action to remove or reduce systemic risks to the UK financial system. The FPC’s April 2025 Financial Stability in Focus publication set out potential risks to financial stability that could result from increasing AI use, including market related risks, and their response to these.

Question to the HM Treasury:

To ask His Majesty's Government, in light of page 57 of the Annual Report and Accounts of HM Treasury: Year to the 31 March 2026, published on 15 July, how many copies of the book “Can't we just print more money”, are currently owned by HM Treasury.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

HM Treasury does not hold a copy of this book.

Question to the HM Treasury:

To ask His Majesty's Government what plans they have to meet the efficiency savings outlined in the funding package for the Defence Investment Plan.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

Defence will deliver £10.7 billion of efficiencies and savings over the Parliament, including through a reshaped civilian workforce, accelerated use of AI, £1 billion of savings from reduced reliance on consultancies, and rationalisation of the MOD estate. This will be underpinned by a £500m Transformation Fund to deliver productivity improving investments in AI and workforce transformation

The plan will be subject to an annual update to Parliament before summer recess, audited by the NAO, with the first update due by July 2027.

A further breakdown of the Defence Reform and Efficiency Plan can be found on page 73 of the Defence Investment Plan, available on the government website.

Question to the HM Treasury:

To ask His Majesty's Government whether they are planning to increase the Energy Profits Levy.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

The Government introduced a temporary windfall tax, the Energy Profits Levy (EPL), on extraordinary profits from oil and gas companies in 2022. The EPL currently levies 38% tax on profits in addition to the 40% rate of tax in the permanent fiscal regime

The EPL will come to an end either on 31 March 2030 or earlier if the Energy Security Investment Mechanism (ESIM) triggers, and will be replaced by the permanent Oil and Gas Revenue Levy (OGRL) which will become a permanent feature of the tax system and operate only in times of high prices to ensure oil and gas companies continue to pay their fair share of tax.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the level of taxation on working people.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

The Government has made fair and necessary choices on tax so it can deliver on the public’s priorities. Everyone is being asked to contribute to support these goals, but the Government is keeping the contribution from working people as low as possible by ensuring the wealthiest contribute more.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of changing the rates of Capital Gains Tax to move in line with income tax rates; and what assessment they have made of how effective such a change would be.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

Decisions on tax policy are taken by the Chancellor at fiscal events.

Question to the HM Treasury:

To ask His Majesty's Government what progress they have made in reforming environmental, social, and governance rules to ensure that they are not used by financial institutions to deny banking services, including loans, to the UK defence sector.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

The government recognises the vital contribution that the UK defence sector makes to national security and has been clear that investing in defence can be consistent with ethical investing and environmental, social and governance principles.

Last year the government laid secondary legislation to bring the provision of Environmental, Social and Governance ratings into scope of the FCA’s rule making powers. This will allow provide greater transparency around ESG ratings methodologies, support greater investor awareness – including for opportunities relating to defence companies.

The upcoming Defence Finance and Investment Strategy will look at how barriers to investment in defence can be removed while making the sector more attractive for private investment, including venture capital, private equity and pension funds.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of (1) the estimated annual volume of cases referred from the Financial Ombudsman Service to the Financial Conduct Authority under the referral mechanism contained in the Financial Services and Markets Bill currently before the House, (2) the Financial Conduct Authority's operational capacity to handle these referrals efficiently, and (3) the overall effect of this process on the timeliness of dispute resolution for consumers.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

The referral mechanism in the Financial Services and Markets Bill is designed to ensure consistent application of the standards set by the Financial Conduct Authority (FCA) in Financial Ombudsman Service (FOS) determinations. It will support the efficient resolution of complex complaints where the FOS considers there is ambiguity in a relevant FCA rule and that is relevant to its determination of a complaint, while preserving the FOS’s ability to resolve the vast majority of complaints without making a referral.

The exact number of referrals will depend on the issues which arise in FOS casework and the extent to which it considers these raise ambiguity or wider implications for financial services firms and consumers. The Government expects that there may be relatively more referrals initially, which will then reduce as clarifications are provided by the FCA – with only a very small proportion of cases being referred even in the early stages.

To prepare for the changes, the FCA and the FOS are operating a trial version of the referral mechanism, which is limited to issues with wider implications. Since July 2025, when they updated their Memorandum of Understanding to agree the trial version, the FOS has made three referrals to the FCA. While the Government would expect more referrals once the new framework covering ambiguity is in place, this supports an assessment that overall volumes will be manageable.

The Bill allows HM Treasury to specify further conditions that must be met for the FOS to make a referral through a statutory instrument. This will allow the Government to address any potential issues that arise during implementation, including making sure that the volume of referrals remains reasonable and supports efficient resolution of cases.

The Bill provides for HM Treasury to set in regulations a timeframe for the FCA to respond to a referral to avoid unnecessary delays. The Government’s consultation response, published on 16 March 2026, confirms its intention is to set this timeframe at 30 days in most cases.

Question to the HM Treasury:

To ask His Majesty's Government how many P85 forms were submitted to HMRC in each month from July 2024 to June 2026.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

The table below shows the number of P85 forms submitted to HMRC electronically from June 2024 to May 2026:

Figures are rounded to 100. Counts of submitted P85 forms in September 2024 and April 2026 are labelled as [x] due to incomplete data.

Individuals can use the online system to submit a digital P85 or fill in a paper form and submit it by post. The counts provided in the table above are for digital forms only. Postal form data for this period is not available. Data for June 2026 is not yet available.

P85 forms are submitted by taxpayers who are not intending to submit a self-assessment tax return. Individuals who file through Self-Assessment do not need to submit a P85 form.

Question to the HM Treasury:

To ask His Majesty's Government what in-person discussions they have had with businesses in the tourism sector to discuss the tourism tax.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

At Budget, the Government published a consultation so that the public, businesses, and local government could shape the design of a visitor levy. The consultation has now closed, and a response will be published in due course.  The Government has engaged with businesses in the tourism sector throughout this process, including through in-person discussions.

Question to the HM Treasury:

To ask His Majesty's Government, further to the Written Answer by Lord Livermore on 8 July (HL1794), what is the source of the data provided, including a direct link to where it is published; and what is the quarterly breakdown of the annualised data provided from Q1 2016 to Q1 2026.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

Real household disposable income (RHDI) is reported by the ONS as part of the UK Economic Accounts, available here: UK Economic Accounts - Office for National Statistics. Due to quarterly volatility, RHDI per capita is best suited to annual comparisons. The previous response noted that RHDI per capita was £26,159 in 2019 (Q1 2019 to Q4 2019), compared to £26,187 in the year to Q1 2026 (Q2 2025 to Q1 2026).

The quarterly data is provided in the table below:

Notes on the data: RHDI per capita is calculated by dividing real household disposable income (ONS variable NRJR) by total population (ONS variable EBAQ).

Question to the HM Treasury:

To ask His Majesty's Government whether they will extend non-payment of inheritance tax on personal estates from six to 12 months because of severe delays to the obtaining of probate.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

Inheritance tax is due at the end of the sixth month after the date of death. After this point, late payment interest will begin to accrue on the outstanding tax. The Government has no plans to change the existing, longstanding deadlines.

The most recent Family Court Statistics Bulletin published by the Ministry of Justice shows that probate grants took approximately 5 weeks to be issued after the application was submitted during January to March 2026.

Question to the HM Treasury:

To ask His Majesty's Government what plans, if any, they have to allocate further funding to the Defence Investment Plan.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

The Defence Investment Plan allocates a further £15 billion to defence spending over the next four years, funded by reprioritising public spending, with £10.3 billion already identified and a further £4.7 billion to be confirmed at Budget 2026 in a fair and balanced way. This brings total defence spending to almost £300 billion over the next four years and by 2027-28, the UK will spend 2.7% of Gross Domestic Product (GDP) on core NATO defence spending.

The Government has committed to increasing defence spending to 3% of GDP in the next Parliament, with funding and plans to be set out in due course.

Question to the HM Treasury:

To ask His Majesty's Government whether the £4.7 billion of uncommitted funding in the Defence Investment Plan will be met at the next Budget.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

The Defence Investment Plan allocates a further £15 billion to defence spending over the next four years, funded by reprioritising public spending, with £10.3 billion already identified and a further £4.7 billion to be confirmed at Budget 2026 in a fair and balanced way.

A Defence Investment Plan Funding Explainer can be found on the government website.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the implications of limited access to frontier artificial intelligence models for the competitiveness of the UK's financial services sector.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

The government believes that the safe adoption of artificial intelligence (AI) by the financial services sector is a major strategic opportunity, with the potential to power growth across the UK. As set out in the Financial Services Growth and Competitiveness Strategy, it is the government’s ambition to make the UK ”the world’s most technologically advanced global financial sector”, leveraging our dual strengths in Financial Services (FS) and AI to drive growth and productivity, and deliver consumer benefits.

The FS AI Adoption Plan, authored by the FS AI Champions, Harriet Rees and Rohit Dhawan, is an important step towards achieving that aim, and sets out the next steps for industry, regulators, and government to grasp the opportunities for safe adoption of AI in FS.

The government works closely with the Financial Conduct Authority, the Prudential Regulation Authority, and the AI Safety Institute to monitor developments in AI capability and access across the sector.

The government is aware that access constraints may arise for a number of reasons, however it is not currently concerned about the availability of frontier models for UK FS firms.

The government will continue to monitor this issue and will consider what further steps may be necessary to ensure that the UK financial services sector can access the AI capabilities it needs to remain globally competitive. We are also supporting the UK’s own sovereign AI capabilities through the Sovereign AI Unit backed by £500mn of funding.

Question to the HM Treasury:

To ask His Majesty's Government, in light of the statement in paragraph 3.53 and footnote 54 in the report by the Office of Budget Responsibility (OBR), Fiscal risks and sustainability – July 2026, published on 7 July, on what basis the OBR stated that HM Treasury confirmed to the OBR their policy on increasing the state pension age to 68 in 2037-39; whether they intend to raise the state pension age to 68 in 2037-39 rather than as set out in current legislation; and whether they will publish the communications between HM Treasury and the OBR which informed this statement.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

The legislated timetable for the State Pension age to rise to 68 is between 2044 and 2046. The previous government publicly committed to raising the State Pension age to 68 between 2037 and 2039, and the OBR has reflected that position since 2018

In July 2025, the government announced the launch of the third review of the State Pension age, which is required by legislation. This statutory review is considering whether the rules around pensionable age are appropriate, taking into account latest life expectancy data and other relevant factors and evidence. This review is ongoing. The Government cannot pre-empt the outcome of the State Pension age Review.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the effect of the decline in UK birth rates on levels of pension spending.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

The Office for Budget Responsibility (OBR) is the Government's official forecaster responsible for assessing the UK economic and fiscal outlook. Its annual publication the Fiscal Risks and Sustainability (FRS) report incorporates biennial long-term projections

The OBR has noted that demographic change can affect future spending and revenues, including the pressures that demographic changes create on state pension spending

The Government keeps these issues under review as part of its wider consideration of the public finances. In July 2025, the Government announced the launch of the Third State Pension age review to consider whether the rules around pensionable age are appropriate, based on the latest life expectancy data and other evidence. The review is ongoing.

Question to the HM Treasury:

To ask His Majesty's Government, further to the reply by Lord Livermore on 14 July (HL Deb col 562), what legal advice they have received on the compatibility of a revised UK-EU Trade and Cooperation Agreement with the UK's obligations under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and UK-US Economic Prosperity Deal.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

The UK and EU are committed to building a closer relationship and are negotiating agreements that will boost trade, enhance energy security and create opportunities for young people. The government takes all its international partnerships seriously and will ensure that UK-EU agreements are consistent with the UK’s wider international obligations.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the use of artificial intelligence by the Financial Conduct Authority to support the handling of supervisory cases.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

The FCA is operationally independent of government, and as such the government has not made an assessment of its use of artificial intelligence (AI). The FCA is accountable to the government and Parliament for the exercise of its functions.

The government is committed to the safe and responsible adoption of AI across the economy, and welcomes regulators considering how they can use AI in a way that improves efficiency, while keeping human judgement central to decision-making.

Question to the HM Treasury:

To ask His Majesty's Government, following National Savings and Investment (NS&I) notifying the Treasury in December 2025 of a failure to comprehensively trace accounts for some customers who died what assessment they have made of whether there are wider systemic problems in NS&I account management.

Answered by Lord Pitt-Watson - 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.

Question to the HM Treasury:

To ask His Majesty's Government why duty-free allowances between the Netherlands and Northern Ireland differ from duty-free allowances between the rest of the EU and Northern Ireland.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

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.

Question to the HM Treasury:

To ask His Majesty's Government to ask His Majesty’s Government how many (1) desks, and (2) civil servants, are assigned to the HM Revenue and Customs office at 1 Horse Guards Road.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

HMRC does not have any desks or civil servants assigned to 1 Horse Guards Road.

Question to the HM Treasury:

To ask His Majesty's Government why there is a change in duty free allowances between the Netherlands and Northern Ireland.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

There have been no changes to duty free allowances between the Netherlands and Northern Ireland.

Question to the HM Treasury:

To ask His Majesty's Government what is the tax cost of train operators using red diesel instead of paying full fuel tax.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

Qualifying locomotives for passenger and freight trains, and rail maintenance vehicles can use red diesel for propulsion. The Treasury does not hold information on the cost of rebated fuel used specifically by train operators.

To assist the Noble Lord, I can point to the most relevant published statistics available. HMRC’s non-structural tax reliefs publication sets out the overall estimated Exchequer cost of the rebate for red diesel (and kerosene used as fuel in an engine), while DESNZ’s Digest of UK Energy Statistics provides data on petroleum products consumed by the rail sector.

Although these publications do not provide a separate official estimate for train operators, they provide the best available published information on the overall cost of the relief and the scale of rail-sector fuel use.

Question to the HM Treasury:

To ask His Majesty's Government, further to the Written Answer by Lord Livermore on 13 July (HL1420), whether they will now answer the question put, namely what estimate they have made of the revenue implications of levying capital gains tax at the same rate as income tax.

Answered by Lord Pitt-Watson - 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.

Question to the HM Treasury:

To ask His Majesty's Government what is the annual VAT loss from zero-rating rail fares.

Answered by Lord Pitt-Watson - 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.

^[1] Tax reliefs - GOV.UK

Question to the HM Treasury:

To ask His Majesty's Government what differences, if any, there are between duty-free allowances between the Netherlands and Northern Ireland and between the Netherlands and the rest of the UK.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

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.

Question to the HM Treasury:

To ask His Majesty's Government which categories of low-value imports moving from Great Britain to Northern Ireland (1) will not face EU duties, (2) will be subject to EU duties, and (3) will be subject to any bureaucratic procedure which is not in place for movements between the regions and nations elsewhere in the United Kingdom.

Answered by Lord Pitt-Watson - 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.

Question to the HM Treasury:

To ask His Majesty's Government, further to the Written Answer by the Exchequer Secretary to the Treasury on 22 June (HC9337), what specific policies or announcements that were trailed or announced to the media prior to the ministerial statement on the Budget 2025 that were not otherwise accompanied by a formal statement to Parliament when they were made to the media.

Answered by Lord Pitt-Watson - 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.

Question to the HM Treasury:

To ask His Majesty's Government whether they plan to increase the higher rate of income tax to 50 per cent; and, if so, what estimate they have made of the revenue implications of increasing that rate.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

The Government remains committed to its manifesto which pledged to protect working people by not increasing rates of income tax.

HM Revenue and Customs regularly publishes estimates of the effects of illustrative tax changes on tax receipts. The most recent update from June 2025, is available at: https://www.gov.uk/government/statistics/direct-effects-of-illustrative-tax-changes

Question to the HM Treasury:

To ask His Majesty's Government whether they intend to proceed with the introduction of Electric Vehicle Excise Duty in April 2028; and what assessment they have made of its impact on rural motorists, disabled motorists and those without access to off-street charging.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

As announced at Autumn Budget 2025, Electric Vehicle Excise Duty (eVED) will be introduced from April 2028. Drivers of electric and plug-in hybrid cars will pay for their mileage alongside their existing Vehicle Excise Duty (VED).

The Government has carefully considered the impact of eVED on rural motorists, disabled motorists and those without access to off-street charging. The Government has confirmed eVED should apply to these groups on a consistent basis, as it is designed to mirror the contribution made by drivers of petrol and diesel vehicles through fuel duty, from which these groups are not exempt.

While those living in rural areas tend to drive more than those in urban areas, they are also significantly more likely to have access to lower-cost home charging. According to 2025 Department for Transport survey data, 84% of rural electric vehicle drivers have access to a dedicated home charger.

Support for disabled motorists continues to be available through existing schemes. Individuals in receipt of the higher rate mobility component of disability benefits, including Personal Independence Payment (PIP), qualify for a VED exemption. A 50 per cent reduction in VED is also available to those in receipt of the standard rate mobility component of disability benefits.

Question to the HM Treasury:

To ask His Majesty's Government what consideration they have given to providing business rates relief for recording studios.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

New multipliers for retail, hospitality, and leisure (RHL) were announced at Budget 2024. Government has been clear that the intention was for their scope to broadly reflect the scope of the RHL relief, which was centred around RHL properties that are “reasonably accessible to visiting members of the public”. As recording studios are not generally open to members of the public, they were unlikely to be receiving RHL relief.

In recognition of the impact of the 2026 revaluation on bills, the Government introduced a support package worth £4.3 billion at Budget 2025 to protect ratepayers against large overnight increases in bills. Additionally, many recording studios are also likely to benefit from Small Business Rates Relief (SBRR). SBRR is available to businesses with a single property below a set rateable value. Eligible properties under £12,000 receive 100 per cent relief, which means around a third of properties in England pay no business rates at all. Tapered support is available to properties valued between £12,000 and £15,000.

Question to the HM Treasury:

To ask His Majesty's Government whether they plan to increase taxes on vapes, smoking, gambling, alcohol and food; and, if so, what estimate they have made of the revenue implications of increasing those taxes.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

Decisions on taxes are taken at the Budget by the Chancellor.

Tax changes announced at Budget are accompanied by a Tax Information and Impact Note which sets out the expected revenue impact.

Question to the HM Treasury:

To ask His Majesty's Government what estimate they have made of the revenue implications of implementing the overnight visitors levy nationally.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

The revenue implications of the English levy will largely be determined by local decisions. Local leaders will decide whether to implement a levy and, if so, consult with local businesses and their communities on specific proposals.

Question to the HM Treasury:

To ask His Majesty's Government, further to the Written Answer by Lord Livermore on 13 July (HL1420), what estimate they have made of the revenue implications of levying Capital Gains Tax at the same rate as Income Tax.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

The Government does not comment on tax speculation. Decisions on tax policy are taken by the Chancellor at the Budget.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the number of pensioners with income at or near the level of the state pension who are now liable for income tax as a result of the freeze in personal allowance thresholds.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

The number of individual income taxpayers over State Pension Age can be seen in the table below^[1]:

The previous Conservative Government made the decision to maintain income tax thresholds at their current levels from April 2021 until April 2028 and this is reflected in the numbers.

The current Government has set out that individuals whose only income is the basic or new State Pension, without increments, will not pay income tax over this Parliament. Further details on this will follow.

^[1] Income Tax liabilities statistics: tax year 2022 to 2023 to tax year 2025 to 2026 - GOV.UK

Question to the HM Treasury:

To ask His Majesty's Government, in light of the announcement by the Prime Minister's Office of 21 July, New PM cuts tax on household electricity bills to give breathing space on cost of living, what assessment they have made of how cutting VAT on electricity bills will be funded after this financial year.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

The Government has announced a cut in VAT on electricity bills to give millions of households breathing space on the cost of living.

These changes to VAT apply and are funded for this winter (from 1 October 2026 to 31 March 2027).

Any further decisions will be taken at the Budget alongside an OBR forecast, and will be consistent with the Government’s fiscal rules.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the implications for electricity prices in Northern Ireland of the decision to disapply VAT on domestic electricity bills for six months.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

The Government has announced a cut in VAT on electricity bills to give millions of households breathing space on the cost of living. These changes to VAT apply and are funded for this winter (from 1 October 2026 to 31 March 2027).

The Windsor Framework provides the legal basis and mechanism for changes to VAT on goods in Northern Ireland, and the Government has begun discussions about with the European Union on applying this mechanism for these changes.

To ensure that households in Northern Ireland receive the same support as quickly as the rest of the UK, the Northern Ireland Executive will receive comparable funding to enable it to support households in Northern Ireland with the cost of living this winter.

Question to the HM Treasury:

To ask His Majesty's Government how residents in Northern Ireland will receive the VAT cut on electricity bills announced by the Prime Minister on 21 July.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

The Government has announced a cut in VAT on electricity bills to give millions of households breathing space on the cost of living. These changes to VAT apply and are funded for this winter (from 1 October 2026 to 31 March 2027).

The Windsor Framework provides the legal basis and mechanism for changes to VAT on goods in Northern Ireland, and the Government has begun discussions about with the European Union on applying this mechanism for these changes.

To ensure that households in Northern Ireland receive the same support as quickly as the rest of the UK, the Northern Ireland Executive will receive comparable funding to enable it to support households in Northern Ireland with the cost of living this winter.

Question to the HM Treasury:

To ask His Majesty's Government, in light of the announcement by the Prime Minister's Office of 21 July, New PM cuts tax on household electricity bills to give breathing space on cost of living, whether the cut in VAT on electricity bills will last for one year.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

The Government has announced a cut in VAT on electricity bills to give millions of households breathing space on the cost of living.

These changes to VAT apply and are funded for this winter (from 1 October 2026 to 31 March 2027).

Any further decisions will be taken at the Budget alongside an OBR forecast, and will be consistent with the Government’s fiscal rules.

Question to the HM Treasury:

To ask His Majesty's Government what discussions they have had, if any, with the EU to ensure that Northern Ireland can benefit from cuts to VAT in fuel, energy, or other utilities bills on the same basis as the rest of the UK.

Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)

I refer the Noble Lord to the answer given on 5th August 2026 to UIN HL2396.

We ask HM Treasury to create a Strategic Cryptocurrency Reserve using cryptocurrency, such as Bitcoin, lawfully confiscated, forfeited, or already held by the state, rather than automatically selling it. We think it could strengthen long term fiscal resilience and UK digital competitiveness by 2030.

Impose a temporary 1% tax on the annual salaries of all working individuals for one year. The revenue would go solely to funding improvements in the UK’s military capabilities.

UK government classifies bottled water akin to soft drinks, subjecting it to Value Added Tax (VAT). Meanwhile, tap water is considered essential to life, and is exempt from VAT.

We believe small businesses are struggling to grow with the current threshold and many businesses are worse off when registering for VAT as you need to make significantly more than the current £90,000 to see the benefits.

Abandon planned reduction of the Cash ISA annual subscription limit from £20,000 to £12,000 and associated measures. We believe these changes add complexity, reduce ISA clarity, and do little to improve financial education or encourage informed investing.

The Government plans to charge 22% tax on interest paid for cash held within stocks and shares ISA, to stop savers trying to circumvent the new rules on ISA savings that limit cash savings to £12,000. OAPs are exempt from the limit and we believe they should be exempt from the tax.

We want the Government to reform the taxation system, replacing forms of taxation such as Capital Gains Tax, VAT, Stamp Duty, Inheritance Tax, Business Rates, National Insurance & Council Tax, with a simple universal tax on income with the primary aim being to make tax simpler & fairer.

Make the 20% income tax rate apply to everyone, from the lowest paid to the richest, on all earned income above the basic tax-free allowance. We want no higher tax rates, no exceptions & no loopholes or tax breaks so that tax is unavoidable & easy to understand & in our view fair for everyone.

Found: from Session 2024-26 and the Second and Third reports from Session 2026-27 CP 1649 July 2026 HM Treasury

Found: from Session 2024-26 and the Second and Third reports from Session 2026-27 CP 1649 July 2026 HM Treasury

Found: from Session 2024-26 and the Second and Third reports from Session 2026-27 CP 1649 July 2026 HM Treasury

Found: from Session 2024-26 and the Second and Third reports from Session 2026-27 CP 1649 July 2026 HM Treasury

Found: from Session 2024-26 and the Second and Third reports from Session 2026-27 CP 1649 July 2026 HM Treasury

Found: Include maintenance, replacement and end-of-life impacts within carbon assessments. 29.Review HM Treasury

Found: • HM Treasury has started to review the audit process of smaller bodies, and this could impact some

Found: 049] Karbon Homes [AHO 050] VIVID [AHO 051] VIVID Shared Owners Network [AHO 052] MHCLG and HM Treasury

Found: Accounts Committee, Fifty-Fourth Report of Session 2024–26, Afghanistan Response Route, HC 1391 9 HM Treasury

Found: Services and Markets Bill Congratulations on your appointment as Parliamentary Secretary in HM Treasury

Found: 2024/25, Commons Library briefing CBP- 10094, section 2 6 HC Deb 21 May 2025 cc1016-1018 7 See HM Treasury

Found: 26 disclosures Work in progress Scheduled: Autumn 2026 Departments: Cross-government, HM Treasury

Found: govuk-template--rebranded" lang="en">