Asked by: Peter Bedford (Conservative - Mid Leicestershire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of increasing the Personal Allowance threshold from £12,570.
Answered by James Murray - Chief Secretary to the Treasury
The previous Government made the decision to freeze the income tax Personal Allowance at its current level of £12,570 until April 2028. At our first Budget, we decided not to extend the freeze on personal tax thresholds meaning they will rise with inflation from April 2028
Asked by: Peter Bedford (Conservative - Mid Leicestershire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will take steps to support businesses in Mid Leicestershire constituency with changes to employer National Insurance contributions.
Answered by James Murray - Chief Secretary to the Treasury
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 next 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.
Businesses will still be able to claim employer NICs reliefs including those for under-21s and under-25 apprentices.
Asked by: Peter Bedford (Conservative - Mid Leicestershire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of increasing the Protected Savings threshold from £85,000.
Answered by Tulip Siddiq
Deposits held by UK banks, building societies and credit unions that are authorised by the Prudential Regulation Authority (PRA) are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000, with joint accounts protected up to £170,000.
The PRA sets this limit and is required to review it every five years, with its next review due by 2025 at the latest. Any changes to the limit must be approved by HM Treasury and the government would expect to carefully consider any potential changes proposed by the PRA.
Asked by: Peter Bedford (Conservative - Mid Leicestershire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many employee settlement agreements there were in her Department in each year since 2020; and what the total value of such agreements is.
Answered by James Murray - Chief Secretary to the Treasury
In each year since 2020, HM Treasury signed zero settlement agreements.
Asked by: Peter Bedford (Conservative - Mid Leicestershire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an estimate of the revenue to the public purse from reducing the top rate of tax relief on pension contributions to 30%.
Answered by Tulip Siddiq
The Government does not publish such estimates.