Every parliamentary written question tabled by Bradley Thomas this session, with the full answer and department. Back to the MP page.
Showing 21–25 of 25 · Treasury
Whether her Department plans to increase the Income Tax Personal Allowance.
At our first Budget, we decided not to extend the freeze - implemented by the previous Government - on the Personal Allowance. As a result, the Personal Allowance will rise with inflation from April 2028.
What assessment her Department has made of the potential merits of business rate reform to incentivise retail business investment in (a) Bromsgrove constituency and (b) across the United Kingdom.
The Government is creating a fairer business rates system that protects the high street, supports investment, and is fit for the 21st century. At Autumn Budget 2024, we made the first step with the announcement of permanently lower tax rates for the Retail, Hospitality and Leisure properties with rateable values below £500,000 from 2026-27. The Discussion Paper published at Budget sets out priority areas for reform and invites businesses to have a conversation with government about transforming the business rates system over the course of this Parliament, including how to incentivise investment.
What assessment she has made of the potential impact of changes made to the level of employer National Insurance contributions at the Autumn Budget 2024 on hospitality businesses in Bromsgrove.
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer NICs. 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. Estimates of the impact on businesses in Bromsgrove from changes to Employer NICs announced at Autumn Budget 2024 are not available.
What estimate she has made of the number of retail businesses operating as a front for money laundering.
The 2020 National Risk Assessment on Money Laundering and Terrorist Financing found that cash-based money laundering risks remain high, often involving cash-intensive businesses such as retail used to mask criminal sources of wealth. The Treasury collaborates closely with law enforcement to track criminal trends and allocate resources to address the most significant threats. An updated National Risk Assessment on Money Laundering and Terrorist Financing, covering cash-based money laundering risks, will be published later this year.
What assessment she made of the potential impact of increases in employer National Insurance contributions on charities prior the the announcement of the Autumn Budget 2024.
In order to repair the public finances and help raise the revenue required to increase funding for public services, the Government has taken the difficult decision to increase employer National Insurance.HMRC has published a Tax Information and Impact Note that covers the impact of employer NICs changes.The Government has protected the smallest businesses and charities from the impact of the increase to Employer National Insurance by increasing the Employment Allowance from £5,000 to £10,500, which means that 865,000 employers will pay no NICs at all next year; more than half of employers will see no change or will gain overall from this package, and all eligible employers will be able to employ up to four full-time workers on the National Living Wage and pay no employer NICs.More broadly, within the tax system, we provide support to charities through a range of reliefs and exemptions, including reliefs for charitable giving, with more than £6 billion in charitable reliefs provided to charities, CASCs and their donors in 2023 to 2024.