Oral Answers to Questions
Debate between Greg Smith and James Murray(1 week, 5 days ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Greg Smith (Mid Buckinghamshire) (Con)
The Financial Secretary to the Treasury and Paymaster General (James Murray)
As part of the £600 million package the Government announced in May, there will be no rise in fuel duty this year. This means that the temporary 5p cut will be extended till the end of the year, providing certainty to motorists. In total, the decisions taken since the 2024 general election to freeze fuel duty save motorists 11p per litre, or £120 per year for the average car, compared with the plans inherited from the previous Government.
Greg Smith
I cannot believe the Minister just said he wanted to give families breathing space when the RAC Foundation has found that, since fuel prices increased due to international issues earlier this year, the Treasury has raked in £1 billion extra from the VAT on fuel. How can it possibly be fair on motorists or give them any breathing space whatsoever to carry on with another fuel duty hike in January?
James Murray
The hon. Gentleman is right to point to the fact that international events have an impact on prices here at home. We did not want to get involved in that conflict, unlike the Conservative party. None the less, we are impacted by it, and the right thing for us to do as a Government is to make sure we are providing breathing space for families as we weather international events.
Oral Answers to Questions
Debate between Greg Smith and James Murray(1 year, 2 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Greg Smith (Mid Buckinghamshire) (Con)
A recent freedom of information request has revealed that, for a number of schemes, HMRC has settled with large corporations for just 15% of what was owed. With the loan charge review ongoing, does the Chancellor agree with me that individuals should be treated no differently from the large corporations for which this precedent has been set?
James Murray
I thank the hon. Gentleman for his question; he has engaged with me about the loan charge previously. As he knows, there is an independent review of the loan charge at the moment, and I think it is important that I as a Minister do not comment on that. Let the independent reviewer complete his work and report back to us as a Government.
Farming and Inheritance Tax
Debate between Greg Smith and James Murray(1 year, 9 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Greg Smith (Mid Buckinghamshire) (Con)
At Treasury questions yesterday, I raised with the hon. Gentleman the case of Upper Peppershill farm in Long Crendon, a small 380-acre arable farm in my constituency, which the shadow Secretary of State and the Leader of the Opposition visited a few weeks ago. The family have calculated that if they borrow the money to pay this new tax, it will take them 40 years to pay it back. What does the Minister say to the Seed family in Long Crendon about the tax bill they face?
James Murray
It is not appropriate for me, as a Minister, to give specific tax advice to one family, but I will talk about the general principles behind our reform. In fact, I was about to begin setting out some of the detail of our policy.
Oral Answers to Questions
Debate between Greg Smith and James Murray(1 year, 9 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Greg Smith (Mid Buckinghamshire) (Con)
The owners of a 380-acre farm in my constituency have worked out that they would have to spend 40 years paying back the money that they would have to borrow because of the changes to agricultural property relief. When will the Chancellor start listening to farmers rather than hiding behind Treasury figures?
James Murray
We are taking an approach that balances significant tax relief for family farms with the need to fix the public finances in as fair a way as possible. The hon. Gentleman will have seen the data that the Treasury has put out, based on claims data from His Majesty’s Revenue and Customs. It shows how few farms will in fact be affected. The measures are a fair and balanced way to fix the public finances, which we desperately needed to do given our inheritance from the Conservative Government.