Asked by: Valerie Vaz (Labour - Walsall and Bloxwich)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has assessed the potential impact of the proposed changes to business rates on small independent bookshops.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since the pandemic, which has led to significant increases in rateable values for some properties as they recover from the pandemic.
To respond to those who are seeing large increases, Government has already acted to limit increases in bills, announcing a support package worth £4.3 billion package at the Budget.
The Government is also introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £1 billion per year and will benefit over 750,000 properties.
The Government published information on the effects of the changes to business rates made at Budget 2025 here: Effects of the business rates retail, hospitality and leisure multipliers and high-value multiplier - GOV.UK
Asked by: Valerie Vaz (Labour - Walsall and Bloxwich)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the proposed changes to the retail business rates multiplier on the non-domestic rating valuation of different retail property types.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The Government is introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £1 billion per year, and will benefit over 750,000 properties.
We are paying for this through higher rates on the top one per cent of most expensive properties. This includes many large distribution warehouses, such as those used by online giants. The high value multiplier is 33% more than the multiplier for small RHL properties.
Asked by: Valerie Vaz (Labour - Walsall and Bloxwich)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 4 December 2023 to Question 4137 on Child Trust Fund: Walsall South, what assessment he has made of the reasons for which Child Trust Funds have not been claimed.
Answered by Bim Afolami
There could be several reasons why matured Child Trust Fund (CTF) accounts have not been accessed by those who are entitled to the funds. The National Audit Office in its report titled Investigation into Child Trust Funds published in March 2023 (www.nao.org.uk/reports/investigation-into-child-trust-funds/) considers some of these.
Primary responsibility for communicating with account holders and their registered contact (usually a parent) lies with the CTF account providers. The government is committed to helping people identify and access the savings they are entitled to and continues to explore new routes to reunite young people with their matured CTFs.
HMRC actively engages with the industry, other government departments, organisations such as the Money and Pensions Service, and youth focused charities to raise awareness of CTFs amongst young people. HMRC also issues a range of communications and provides resources for key intermediaries such as the University and Colleges Admissions Service, who have greater influence and visibility amongst the CTF audience.
Asked by: Valerie Vaz (Labour - Walsall and Bloxwich)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate he has made of the number of Child Trust Fund accounts (a) created and (b) claimed by 18-21 year olds in Walsall South constituency.
Answered by Bim Afolami
Information on Child Trust Funds are available in HMRC’s Annual Savings Statistics. https://www.gov.uk/government/statistics/annual-savings-statistics-2023
A geographical and age breakdown of the data for open accounts and matured accounts that have been claimed could only be provided at a disproportionate cost.
Asked by: Valerie Vaz (Labour - Walsall and Bloxwich)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department is taking steps to review mileage allowance rates to reflect increases in the cost of (a) living and (b) fuel.
Answered by James Cartlidge - Shadow Secretary of State for Defence
Approved Mileage Allowance Payments (AMAPs) are used by employers for administrative ease as a means of reimbursing an employee’s expenses for business mileage in their private vehicle.
Like all taxes and allowances, the Government keeps the AMAP rate under review.