Asked by: Jerome Mayhew (Conservative - Broadland and Fakenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many non-domiciled residents have left the UK since 5 July 2024.
Answered by James Murray - Chief Secretary to the Treasury
The number of non-domiciled residents who have left the UK since 5 July 2024 is not held currently.
The official statistics on non-domiciled taxpayers is the UK are published here:
https://www.gov.uk/government/statistics/statistics-on-non-domiciled-taxpayers-in-the-uk
Asked by: Jerome Mayhew (Conservative - Broadland and Fakenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment her Department has made of the potential impact of ending the non-domiciled tax status on the financial sector.
Answered by James Murray - Chief Secretary to the Treasury
The Government’s priority is improving the UK’s competitiveness internationally and securing economic growth. The non-domicile reforms have been specifically designed to make the UK competitive with a modern, simple tax regime that is also fair. The reforms establish a tax regime for new residents, which is more attractive to new arrivals than the current rules.
As part of the reforms, the Government also wants to incentivise non-domiciled individuals who are not eligible for the new regime to spend and invest their foreign income and gains in the UK. That is why existing and previous users of the remittance basis will be able to take advantage of a three-year Temporary Repatriation Facility (TRF) to bring their offshore funds to the UK at a discounted tax rate.
The Government has also reformed Overseas Workday Relief to ensure the UK remains competitive with other countries that offer similar schemes for talented internationally mobile employees. The Government wants to continue to encourage highly skilled workers to work in the UK and contribute their skills to the workforce, including in the financial services sector.
The Government published a Tax Information and Impact Note for this policy at Autumn Budget 2024. This can be found here:
https://www.gov.uk/government/publications/tax-changes-for-non-uk-domiciled-individuals/reforming-the-taxation-of-non-uk-domiciled-individuals.
Asked by: Jerome Mayhew (Conservative - Broadland and Fakenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent estimate her Department has made of the potential impact of ending the non-domiciled tax status on revenues to the Exchequer.
Answered by James Murray - Chief Secretary to the Treasury
| 2024-25 | 2025-26 | 2026-27 | 2027-28 | 2028-29 | 2029-30 |
Post behavioural Costing £bn | 0.0 | -0.1 | 9.5 | 13.1 | 6.8 | 4.5 |
A supplementary forecast information release around the costings of reforms to the non-domicile regime was published by the Office for Budget Responsibility in January 2025. This costing outlines the certified impact of ending the non-domiciled tax status on revenues to the Exchequer.
https://obr.uk/docs/dlm_uploads/Non-doms-supplementary-release-Jan-2025.pdf
Asked by: Jerome Mayhew (Conservative - Broadland and Fakenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, for what reason there is a surcharge on vehicle tax payments on periods shorter than a year.
Answered by James Murray - Chief Secretary to the Treasury
Vehicle Excise Duty (VED) can be paid annually, or in monthly or 6-monthly instalments. Revenue from motoring taxes helps to fund vital public services and infrastructure, including investment in roads and transport.
The cost to the exchequer is higher when VED is paid monthly or six-monthly, rather than annually, because of lost interest. To reflect this impact on the public finances, monthly and six-monthly payments for vehicle licences include an extra charge to make up for the lost interest.
A six-monthly vehicle licence paid by direct debit is set at 52.5 per cent of the annual rate, and a six-monthly vehicle licence paid by non-direct debit is set at 55 per cent of the annual rate. A monthly vehicle licence paid by direct debit is set at 105 per cent of the annual rate.
As with all taxes, the Government welcomes representations on how the tax system can be improved. The Chancellor makes decisions on tax policy at fiscal events in the context of public finances.
Asked by: Jerome Mayhew (Conservative - Broadland and Fakenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an estimate of the additional unit cost of processing vehicle tax payments on periods shorter than one year.
Answered by James Murray - Chief Secretary to the Treasury
Vehicle Excise Duty (VED) can be paid annually, or in monthly or 6-monthly instalments. Revenue from motoring taxes helps to fund vital public services and infrastructure, including investment in roads and transport.
The cost to the exchequer is higher when VED is paid monthly or six-monthly, rather than annually, because of lost interest. To reflect this impact on the public finances, monthly and six-monthly payments for vehicle licences include an extra charge to make up for the lost interest.
A six-monthly vehicle licence paid by direct debit is set at 52.5 per cent of the annual rate, and a six-monthly vehicle licence paid by non-direct debit is set at 55 per cent of the annual rate. A monthly vehicle licence paid by direct debit is set at 105 per cent of the annual rate.
As with all taxes, the Government welcomes representations on how the tax system can be improved. The Chancellor makes decisions on tax policy at fiscal events in the context of public finances.
Asked by: Jerome Mayhew (Conservative - Broadland and Fakenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what evidence she has seen of financial services regulators adapting their approach as a result of the secondary objective on international competitiveness and economic growth.
Answered by Tulip Siddiq
Effective, proportionate regulation is key to a thriving UK economy and delivering the government’s mission to drive the inclusive growth and international competitiveness of the UK’s financial services sector. The government is working closely with the regulators to deliver the government’s vision for the sector, and ministers meet with the FCA and PRA regularly to engage on this.
The government is required to write to the Prudential Regulation Committee and the FCA at least once in each Parliament, making recommendations about aspects of economic policy they should have regard to as they consider the advancement of the PRA’s and FCA’s objectives and the discharge of their duties. These letters must be laid before Parliament and published.
The FCA and PRA are required to report to the Treasury on how they have advanced their competitiveness and growth objectives. They published the first reports in July, which set out how they have begun to adapt their approach in light of the new objectives. The reports can be found here:
The Chief Executive of the FCA and the Chief Executive of the PRA have recently given speeches setting out more details on how they are implementing the new objectives. These can be found here:
The government will continue to work closely with the FCA and PRA to ensure they continue to embed these secondary objectives, in support of the government’s wider growth mission.
Asked by: Jerome Mayhew (Conservative - Broadland and Fakenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she is taking to ensure that financial services regulators fulfil their obligations under their secondary objective on international competitiveness and economic growth.
Answered by Tulip Siddiq
Effective, proportionate regulation is key to a thriving UK economy and delivering the government’s mission to drive the inclusive growth and international competitiveness of the UK’s financial services sector. The government is working closely with the regulators to deliver the government’s vision for the sector, and ministers meet with the FCA and PRA regularly to engage on this.
The government is required to write to the Prudential Regulation Committee and the FCA at least once in each Parliament, making recommendations about aspects of economic policy they should have regard to as they consider the advancement of the PRA’s and FCA’s objectives and the discharge of their duties. These letters must be laid before Parliament and published.
The FCA and PRA are required to report to the Treasury on how they have advanced their competitiveness and growth objectives. They published the first reports in July, which set out how they have begun to adapt their approach in light of the new objectives. The reports can be found here:
The Chief Executive of the FCA and the Chief Executive of the PRA have recently given speeches setting out more details on how they are implementing the new objectives. These can be found here:
The government will continue to work closely with the FCA and PRA to ensure they continue to embed these secondary objectives, in support of the government’s wider growth mission.
Asked by: Jerome Mayhew (Conservative - Broadland and Fakenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate she has made of the burden of business rates on small and medium-sized businesses.
Answered by James Murray - Chief Secretary to the Treasury
Recent trends in the rate of the business rates multiplier can be found at:
https://www.gov.uk/calculate-your-business-rates.
A number of reliefs are available to support businesses with their business rate liabilities. The eligibility criteria for them can be found on GOV.Uk. This includes the Small Business Rate Relief (SBRR) which provides 100% rate relief for eligible properties with rateable values below £12,000 with tapered relief available for eligible properties with rateable values between £12,000 and £15,000. SBRR means that over a third of the smallest non-domestic properties in England pay no business rates.
I am unable to comment on the Welsh business rates system, as business rates is a devolved policy area which means this is a matter for the Welsh government.
Asked by: Jerome Mayhew (Conservative - Broadland and Fakenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of trends in the level of the rate of the business rates multiplier in (a) England and (b) Wales.
Answered by James Murray - Chief Secretary to the Treasury
Recent trends in the rate of the business rates multiplier can be found at:
https://www.gov.uk/calculate-your-business-rates.
A number of reliefs are available to support businesses with their business rate liabilities. The eligibility criteria for them can be found on GOV.Uk. This includes the Small Business Rate Relief (SBRR) which provides 100% rate relief for eligible properties with rateable values below £12,000 with tapered relief available for eligible properties with rateable values between £12,000 and £15,000. SBRR means that over a third of the smallest non-domestic properties in England pay no business rates.
I am unable to comment on the Welsh business rates system, as business rates is a devolved policy area which means this is a matter for the Welsh government.
Asked by: Jerome Mayhew (Conservative - Broadland and Fakenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when her Department plans to publish a business tax roadmap.
Answered by James Murray - Chief Secretary to the Treasury
The Government will outline a tax roadmap for business at the Budget to offer the certainty that encourages investment and gives business the confidence to grow, including our commitment to cap corporation tax at 25% for the duration of this Parliament and to retain full expensing.