Asked by: Sarah Gibson (Liberal Democrat - Chippenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential merits of increasing the (a) Plastic Packaging Tax rate and (b) recycled content requirement to promote domestic recycling.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The Plastic Packaging Tax was introduced in April 2022 under the previous government and provides a price incentive for businesses to use recycled plastic in the manufacture of plastic packaging – thereby stimulating the collection and recycling of plastic waste.
All tax rates and thresholds are reviewed at fiscal events.
Asked by: Sarah Gibson (Liberal Democrat - Chippenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential merits of fiscal incentives to encourage capital investment in (a) hydrogen and (b) fuel cell manufacturing facilities.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The Chancellor of the Exchequer is supporting a range of incentives to encourage capital investment in hydrogen. The Government has awarded contracts to 11 projects through the first hydrogen allocation round and £500mn was allocated for the development of the first hydrogen transport and storage network through the spending review.
At Spring Statement 2025, the government committed to removing Climate Change Levy costs from electricity used in electrolysis to produce hydrogen. This will lower costs and support the growth of low carbon hydrogen production, which will play an important role in decarbonising hard-to-electrify industrial sectors.
UK Export Finance also aims to deliver £10bn in clean growth financing by 2029; DRIVE35, the government’s programme of capital and R&D funding for the automotive industry, will provide £2.5bn for zero-emission vehicle manufacturing, including fuel cells; and the Aerospace Technology Institute Programme offers grants to UK fuel cell manufacturers investing in UK-based research and development.
Asked by: Sarah Gibson (Liberal Democrat - Chippenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate her Department has made of the (a) staffing, (b) system, (c) compliance and (d) other costs of (i) implementing and (ii) administering the proposed changes to Agricultural Property Relief and Business Property Relief; and if she will take steps to publish an estimate prior to the reforms taking effect in April 2026.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
I refer to the answer given on 5 September 2025 at UIN 70546 :
https://questions-statements.parliament.uk/written-questions/detail/2025-08-29/70546
Asked by: Sarah Gibson (Liberal Democrat - Chippenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of the adequacy of (a) funding and (b) resourcing for the Financial Conduct Authority for effective regulation of the cryptoasset sector.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
Since January 2020, certain cryptoasset firms have been required to register with the Financial Conduct Authority (FCA) under the UK’s Money Laundering and Terrorist Financing Regulations (MLRs). To date, 51 cryptoasset firms have been registered with the FCA under the MLRs and there are 49 firms with current registration.
On 29 April, HM Treasury published draft legislation for a comprehensive financial services regulatory regime for cryptoassets that will protect consumers while supporting growth by giving industry the certainty it needs to invest in the UK. The Government is seeking to bring forward final legislation before the end of the year.
The FCA is operationally independent from Government and is a self-financing organisation funded via a levy on financial services firms. Any costs incurred under the forthcoming cryptoasset regulatory regime will therefore be recovered by the FCA through authorisation fees and the annual levy.
Asked by: Sarah Gibson (Liberal Democrat - Chippenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent steps her Department has taken to strengthen consumer protection in relation to investments in unbacked cryptocurrencies.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
Since January 2020, certain cryptoasset firms have been required to register with the Financial Conduct Authority (FCA) under the UK’s Money Laundering and Terrorist Financing Regulations (MLRs). To date, 51 cryptoasset firms have been registered with the FCA under the MLRs and there are 49 firms with current registration.
On 29 April, HM Treasury published draft legislation for a comprehensive financial services regulatory regime for cryptoassets that will protect consumers while supporting growth by giving industry the certainty it needs to invest in the UK. The Government is seeking to bring forward final legislation before the end of the year.
The FCA is operationally independent from Government and is a self-financing organisation funded via a levy on financial services firms. Any costs incurred under the forthcoming cryptoasset regulatory regime will therefore be recovered by the FCA through authorisation fees and the annual levy.
Asked by: Sarah Gibson (Liberal Democrat - Chippenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what data her Department holds on the number of UK-based firms registered with the Financial Conduct Authority to provide cryptoasset services.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
Since January 2020, certain cryptoasset firms have been required to register with the Financial Conduct Authority (FCA) under the UK’s Money Laundering and Terrorist Financing Regulations (MLRs). To date, 51 cryptoasset firms have been registered with the FCA under the MLRs and there are 49 firms with current registration.
On 29 April, HM Treasury published draft legislation for a comprehensive financial services regulatory regime for cryptoassets that will protect consumers while supporting growth by giving industry the certainty it needs to invest in the UK. The Government is seeking to bring forward final legislation before the end of the year.
The FCA is operationally independent from Government and is a self-financing organisation funded via a levy on financial services firms. Any costs incurred under the forthcoming cryptoasset regulatory regime will therefore be recovered by the FCA through authorisation fees and the annual levy.
Asked by: Sarah Gibson (Liberal Democrat - Chippenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department is taking to reduce the tax gap.
Answered by James Murray - Chief Secretary to the Treasury
At the Budget last autumn, the Government introduced the most ambitious package ever to close the tax gap, ensuring more individuals and businesses pay the taxes they owe and raising £6.5 bn in additional tax revenue per year by 2029-2030. At the Spring Statement, the Government built on this and announced a package of measures to further close the tax gap and raise over £1 billion more.
The announcements since the start of this Government will see 5,500 more compliance officers, alongside 2400 staff in HMRC’s debt management teams to ensure those who can afford to pay their tax debts do so.
The Government is also delivering on its commitments to prosecute more tax fraudsters, to introduce a new HMRC reward scheme for informants, to tackle ‘phoenixism’, and to overhaul HMRC’s approach to offshore tax non-compliance. The Government has also set out its plans to go further in the future to make it easier for taxpayers to pay the right tax through a modern and digital tax system.
Asked by: Sarah Gibson (Liberal Democrat - Chippenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential cost to the public purse of not insuring Government debt repayments against inflation.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The government’s financing strategy is designed to align with the Debt Management Objective, which is to minimise over the long term, the cost of meeting the Government’s financing needs, taking account of risk, while ensuring that debt management policy is consistent with the aims of monetary policy. To meet its financing requirement for each financial year, the government issues an appropriate balance of conventional and index-linked gilts over a range of maturities. Issuing index-linked gilts has historically brought cost advantages for the government due to strong investor demand and has historically helped to underscore the credibility of the government’s commitment to low and stable inflation. As set out in HM Treasury’s Debt Management Report 2025-26, analysis by the Debt Management Office shows that, for gilts that matured since their introduction in 1981 but prior to January 2025, the government generated direct savings of around £90.8 billion in total from the issuance of index-linked gilts if valued at maturity, or £184.7 billion in 2025 terms.
Asked by: Sarah Gibson (Liberal Democrat - Chippenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department holds data on the tax gap disaggregated by (a) local authority and (b) parliamentary constituency.
Answered by James Murray - Chief Secretary to the Treasury
HM Revenue and Customs (HMRC) estimates the size of the tax gap, which is the difference between the amount of tax that should, in theory, be paid to HMRC, and what is actually paid. The tax gap statistics and details of the estimate methodologies are published annually and are available at: Measuring tax gaps 2024 edition: tax gap estimates for 2022 to 2023 - GOV.UK.
HMRC does not estimate the tax gap by local authority or by parliamentary constituency.
Asked by: Sarah Gibson (Liberal Democrat - Chippenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment she has made of the potential impact of changes to Agricultural Property Relief and Business Property Relief at the Autumn Budget on elderly farmers.
Answered by James Murray - Chief Secretary to the Treasury
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, and fixing the public finances in a fair way. 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.
The reforms announced by the Government are expected to result in up to around 520 estates claiming agricultural 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.