Asked by: Llinos Medi (Plaid Cymru - Ynys Môn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department is taking to help reduce the time taken to issue remaining (a) Remediable Service Statements and (b) Remedial Pension Saving Statements to people affected by the McCloud remedy.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
The McCloud remedy under the Public Service Pensions and Judicial Offices Act 2022 took effect from October 2023 and will deliver a full remedy to all affected public service pension scheme members. Schemes are currently implementing the remedy. As part of this, all affected members are receiving a remediable service statement setting out the details of their pension entitlements and some members will also receive a Remediable Pension Savings statement in respect of their annual allowance position during the remedy period.
Scheme managers are responsible for supplying members with these statements and for setting out timetables for sending out the remaining statements. HM Treasury encourages schemes to complete this process as quickly as possible and regularly discusses McCloud remedy progress and timetables with responsible authorities, including the Welsh Government, which has responsibility for the Firefighters’ pension scheme in Wales.
Asked by: Llinos Medi (Plaid Cymru - Ynys Môn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent discussions she has had with the Welsh government on the (a) implementation of and (b) planned timelines for the McCloud remedy for public sector pensions in Wales.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
The McCloud remedy under the Public Service Pensions and Judicial Offices Act 2022 took effect from October 2023 and will deliver a full remedy to all affected public service pension scheme members. Schemes are currently implementing the remedy. As part of this, all affected members are receiving a remediable service statement setting out the details of their pension entitlements and some members will also receive a Remediable Pension Savings statement in respect of their annual allowance position during the remedy period.
Scheme managers are responsible for supplying members with these statements and for setting out timetables for sending out the remaining statements. HM Treasury encourages schemes to complete this process as quickly as possible and regularly discusses McCloud remedy progress and timetables with responsible authorities, including the Welsh Government, which has responsibility for the Firefighters’ pension scheme in Wales.
Asked by: Llinos Medi (Plaid Cymru - Ynys Môn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when she plans to issue remaining (a) Remediable Service Statements and (b) Remedial Pension Saving Statements to people affected by the McCloud remedy.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
The McCloud remedy under the Public Service Pensions and Judicial Offices Act 2022 took effect from October 2023 and will deliver a full remedy to all affected public service pension scheme members. Schemes are currently implementing the remedy. As part of this, all affected members are receiving a remediable service statement setting out the details of their pension entitlements and some members will also receive a Remediable Pension Savings statement in respect of their annual allowance position during the remedy period.
Scheme managers are responsible for supplying members with these statements and for setting out timetables for sending out the remaining statements. HM Treasury encourages schemes to complete this process as quickly as possible and regularly discusses McCloud remedy progress and timetables with responsible authorities, including the Welsh Government, which has responsibility for the Firefighters’ pension scheme in Wales.
Asked by: Llinos Medi (Plaid Cymru - Ynys Môn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment her Department has made of the potential impact of the increase in employers' National Insurance contributions on levels of business (a) investment and (b) closures in Wales.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer National Insurance contributions (NICs) announced at Autumn Budget 2024. The TIIN sets out the impact of the policy on the exchequer, the economic impacts of the policy, and the impacts on individuals, businesses, and civil society organisations, as well as an overview of the equality impacts.
The Government decided to protect the smallest businesses from these changes by increasing the Employment Allowance from £5,000 to £10,500. This means that this year, 865,000 employers will pay no NICs at all, and more than half of all employers will either gain or will see no change.
Asked by: Llinos Medi (Plaid Cymru - Ynys Môn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 9 September 2025 to Question 75166 on Crown Estate: Wales, whether (a) the recruitment campaign has begun for a Crown Estate Commissioner with special responsibility for Wales and (b) a specific date for the appointment of that Commissioner has been decided upon.
Answered by James Murray - Chief Secretary to the Treasury
The recruitment campaign started on 16 October and will progress in accordance with the Governance Code for Public Appointments. This is also a Crown appointment and as such the Prime Minister will make a recommendation to His Majesty The King and a Royal Warrant issued.
Asked by: Llinos Medi (Plaid Cymru - Ynys Môn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 9 September 2025 to Question 75165 on Crown Estate: Wales, if he will publish the full minutes of the meeting between the Financial Secretary to the Treasury, the Welsh Government's Cabinet Secretary for Finance and the Welsh Government's Cabinet Secretary for Economy, Energy and Planning on 10 September 2025.
Answered by James Murray - Chief Secretary to the Treasury
It would not be appropriate to share the minutes of this meeting as it would inhibit open and frank discussion in the development of government policy.
Asked by: Llinos Medi (Plaid Cymru - Ynys Môn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has had discussions with the Welsh Government on the potential impact of proposed reforms to Business Property Relief and Agricultural Property Relief on the housebuilding sector in Wales.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The UK Government has discussions with the Welsh Government on a range of issues and I refer the Honourable Member to the answer given to UIN 75735.
Asked by: Llinos Medi (Plaid Cymru - Ynys Môn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions her Department has had with representatives of family-run construction companies on the potential workforce and skills implications of proposed reforms to business property relief and agricultural property relief.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The Government has received representations, including from the construction and plant hire sector, about the reforms to both agricultural property relief and business property relief.
The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, fixing the public finances, and funding public services. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free.
Information from claims is not recorded to enable regional or national breakdowns of the number of estates expected to be affected. However, the Government has set out that the reforms are expected to result in up to 520 estates across the UK claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data.
The Government has also set out that around 1,500 estates across the UK only claiming business property relief are expected to pay more inheritance tax in 2026-27, with around 1,000 of these expected to only hold shares designated as “not listed” on the markets of recognised stock exchanges, such as the Alternative Investment Market. The remaining 500 estates will include business assets from sectors across the economy that are eligible for business property relief. These reforms mean that around three-quarters of estates claiming business property relief in 2026-27 (excluding those estates only holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27.
The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The independent Office for Budget Responsibility certified this costing at Autumn Budget 2024 and it does not expect the reforms to have a significant macroeconomic impact.
Asked by: Llinos Medi (Plaid Cymru - Ynys Môn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate she has made of the potential impact of business property relief and agricultural property relief reforms on local investment levels among small and medium-sized construction firms that form part of local supply chains.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The Government has received representations, including from the construction and plant hire sector, about the reforms to both agricultural property relief and business property relief.
The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, fixing the public finances, and funding public services. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free.
Information from claims is not recorded to enable regional or national breakdowns of the number of estates expected to be affected. However, the Government has set out that the reforms are expected to result in up to 520 estates across the UK claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data.
The Government has also set out that around 1,500 estates across the UK only claiming business property relief are expected to pay more inheritance tax in 2026-27, with around 1,000 of these expected to only hold shares designated as “not listed” on the markets of recognised stock exchanges, such as the Alternative Investment Market. The remaining 500 estates will include business assets from sectors across the economy that are eligible for business property relief. These reforms mean that around three-quarters of estates claiming business property relief in 2026-27 (excluding those estates only holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27.
The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The independent Office for Budget Responsibility certified this costing at Autumn Budget 2024 and it does not expect the reforms to have a significant macroeconomic impact.
Asked by: Llinos Medi (Plaid Cymru - Ynys Môn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential impact of proposed reforms to business property relief and agricultural property relief on the availability of full-time equivalent jobs in Wales.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The Government has received representations, including from the construction and plant hire sector, about the reforms to both agricultural property relief and business property relief.
The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, fixing the public finances, and funding public services. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free.
Information from claims is not recorded to enable regional or national breakdowns of the number of estates expected to be affected. However, the Government has set out that the reforms are expected to result in up to 520 estates across the UK claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data.
The Government has also set out that around 1,500 estates across the UK only claiming business property relief are expected to pay more inheritance tax in 2026-27, with around 1,000 of these expected to only hold shares designated as “not listed” on the markets of recognised stock exchanges, such as the Alternative Investment Market. The remaining 500 estates will include business assets from sectors across the economy that are eligible for business property relief. These reforms mean that around three-quarters of estates claiming business property relief in 2026-27 (excluding those estates only holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27.
The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The independent Office for Budget Responsibility certified this costing at Autumn Budget 2024 and it does not expect the reforms to have a significant macroeconomic impact.