Written questions by Davies.

What estimate her Department has made of the revenues to the Exchequer (a) in total and (b) from each form of tax in (i) 2024-25 and (ii) 2025-26.

HM Revenue & Customs (HMRC) publish tax receipts and National Insurance contributions for the UK each month. This information is publicly available and currently presenting outturn up to January 2025. The OBR publish forecasts for receipts and public spending in their Economic and Fiscal Outlook. The OBR are due to publish their latest outlook for the economy and public finances on 26 March 2025.

With reference to the Autumn Budget 2024, HC 295, if she will list the tax changes that will come into effect on 6 April 2025.

A full list of the tax measures announced at Autumn Budget 2024, including when the measures take effect, can be found in the Overview Of Tax Legislation And Rates on the gov.uk website.

Whether her Department has plans to create a business tax roadmap including taxes such as secondary Class 1 National Insurance Contributions.

The Government published the Corporate Tax Roadmap at Autumn Budget 2024. This Roadmap confirms the major features of the Corporation Tax regime for the duration of this Parliament. The Roadmap reflects the particular importance of Corporation Tax to significant business investment decisions. It also reflects the high appetite for policy stability on Corporation Tax following the considerable changes of approach in recent years. Raising the revenue required to fund public services and restore economic stability meant the Government has had to take difficult decisions on tax, which is why we asked employers to contribute more. The Government recognises the need to protect the smallest employers which is why we have more than doubled the Employment Allowance to £10,500, meaning more than half of businesses with NICs liabilities either gain or see no change next year. Businesses will still be able to claim employer NICs reliefs including those for under 21s and under 25 apprentices, where eligible.

What fiscal steps she is taking to support the purchase of zero-emission and low-emission vehicles.

The Government is fully committed to the transition to electric vehicles. At Autumn Budget 2024, the Government announced £2.3bn of funding for the automotive sector up to 2030 to support the transition to Zero Emission Vehicles. The Government also announced £120m of funding in 2025-26 to support the purchase of new electric vans via the plug-in vehicle grant and to support the manufacture of wheelchair accessible ZEV vehicles. The Government also provides favourable taxation rates. At Autumn Budget the Government announced new Company Car Tax rates for 2028-29 and 2029-30 which will maintain generous incentives to support electric vehicle take-up. More widely, HMG provides a range of measures to support people to transition to Zero Emission Vehicles. For instance, over £200 million for 2025-26 was announced at Budget to accelerate EV chargepoint rollout, including funding to support local authorities to install on-street chargepoints across England.

What estimate she has made of future trends in the level of the (a) State Pension and (b) Income tax personal allowance threshold; and whether her Department forecasts the State Pension to exceed the income tax personal allowance.

The Government is committed to ensuring that older people are able to live with the dignity and respect they deserve, and the State Pension is the foundation of state support for older people. The Government is committed to the Triple Lock for the duration of this parliament, and in April 2025, the basic and new State Pension will increase by 4.1%. This means that pensioners on a full new State Pension will get a boost of £470 to their incomes from April this year. Over the course of this Parliament, the yearly amount of the full new State Pension is currently forecast to go up by around £1,900, based on the Office for Budget Responsibility’s latest forecast. 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.

Whether her Department has plans to align the British Business Bank under the National Wealth Fund.

The National Wealth Fund (NWF) is the UK’s impact investor, mobilising billions of pounds of investment in the UK’s world-leading clean energy and growth industries. The British Business Bank (BBB) continues to be responsible for improving access to finance for SMEs, including new programmes to channel venture investment into the UK’s fastest growing, most innovative companies and closing the scaleup capital gap.The NWF and the BBB work in close partnership to deliver the government’s industrial strategy in line with their respective mandates, maintaining a coordinated and complementary approach to tackling finance gaps and boosting economic growth. The government will continue to review how these institutions operate and interact with the market, government departments and each other to ensure that they are as effective as possible in mobilising private investment and delivering economic growth.

If she will make an estimate of the number of people employed by the National Wealth Fund that previously worked for the UK Infrastructure Bank.

The Chancellor announced at the International Investment Summit on 14th October 2024 that the UK Infrastructure Bank would be transformed into the National Wealth Fund (NWF), This change took effect on that day. All UKIB staff were retained as part of the NWF.To realise its ambition to catalyse more private investment and accelerate investable projects coming to market across the UK, the NWF will be expanding its team based at its headquarters in Leeds.The number of roles at the NWF will be published in the “Staff Report” within the NWF’s Annual Report of Accounts, published following the end of this financial year.

If she will make an estimate of the number of staff within the National Wealth Fund that did not previously work for the UK Infrastructure Bank.

The Chancellor announced at the International Investment Summit on 14th October 2024 that the UK Infrastructure Bank would be transformed into the National Wealth Fund (NWF), This change took effect on that day. All UKIB staff were retained as part of the NWF.To realise its ambition to catalyse more private investment and accelerate investable projects coming to market across the UK, the NWF will be expanding its team based at its headquarters in Leeds.The number of roles at the NWF will be published in the “Staff Report” within the NWF’s Annual Report of Accounts, published following the end of this financial year.

What information her Department holds on the total cost of the rebranding of the National Wealth Fund.

The Chancellor announced at the International Investment Summit on 14th October 2024 that the UK Infrastructure Bank (UKIB) would be transformed into the National Wealth Fund (NWF), building on UKIB’s expertise and leadership to go further to catalyse more private investment.Processes relating to the rebranding to the NWF were managed and carried out by the NWF and were conducted within the NWF’s existing departmental budgets.

Which news services her Department holds subscriptions to.

The Department holds subscriptions to the following news services:Dow Jones FactivaTimesTelegraphThe IndependentThe GuardianThe SunDaily ExpressDaily Mail/Mail on Sunday + Daily Mail PlusDaily MirrorDaily StarFinancial TimesPoliticsHomeBloomberg OnlineBloomberg Tax OnlineThe EconomistThe SpectatorNew StatesmanReutersYorkshire PostPress Association MediapointCision (press cuttings company)

With reference to her Department's policy paper entitled Capital Gains Tax: Rates of tax — carried interest, published on 30 October 2024, what the evidential basis is for the cost of implementing a one year increase to Capital Gains Tax.

The published operational costs represent a high-level cost estimate for the changes required to HMRC IT systems to deliver this policy change which follow a recognised standard methodology. HMRC do not provide detailed costs related to policy changes. Separately, the revenue impacts of the changes to the rates of Capital Gains Tax (CGT) on carried interest from 6 April 2025 are included in the costings published in the main Autumn Budget 2024 document. The CGT changes are the first step of a reform package that will put the tax treatment of carried interest on a fairer and sustainable footing, while preserving the competitiveness of the UK as a fund management fund. From 6 April 2026, the carried interest tax regime will move fully across to the Income Tax framework; this will be legislated in a future Finance Bill, which the House will have the opportunity to consider.

With reference to paragraph 5.76 of the Autumn Budget 2024, HC 295, published on 30 October 2024, when the next bi-annual fiscal forum with the Oil and Gas sector will take place; where that forum will take place; and who will attend on behalf of the Government.

The government is committed to maintaining an open and constructive dialogue with the oil and gas sector to support our energy security and ensure the sector plays its role in our clean energy ambitions. In line with this I will chair the next Oil and Gas Fiscal Forum in the first quarter of next year. The date and location of the forum has not yet been confirmed.

Pursuant to the Answer of 18 November 2024 to Question 13623 on Agriculture: Inheritance Tax, what data her Department holds on the impact of reforms to (a) agricultural property relief and (b) business property relief on tenant farmers.

The Government has published information about the reforms to agricultural property relief and business property relief. In addition to the information highlighted in the Answer of 18 November 2024 to Question 13623 on Agriculture: Inheritance Tax, the Chancellor of the Exchequer provided further data in her recent letter to the Chair of the Treasury Select Committee. The letter is available at committees.parliament.uk/publications/45691/documents/226235/default/. The Government has held meetings with a range of stakeholders, including the Tenant Farmers Association.

With reference to her Department's policy paper entitled Summary of reforms to agricultural property relief and business property relief, published on 30 October 2024, whether he has made an assessment of the number of farmers that will exit the sector as a result of this change.

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms, and further explanatory information at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief. Around 500 estates across the UK are expected to be affected each year from 2026-27. In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

With reference to paragraph 2.51 of the Autumn Budget 2024, published on 30 October, whether (a) non-residential agricultural buildings, (b) farm vehicles, (c) farm tools, (d) livestock and (e) chemicals and fertiliser stock are included in the valuation of an estate and its assets.

I can confirm that (a) non-residential agricultural buildings, (b) farm vehicles, (c) farm tools, (d) livestock and (e) chemicals and fertiliser stock are all included in the valuation of the agricultural and business assets of an estate.

With reference to her Department's policy paper entitled Summary of reforms to agricultural property relief and business property relief, published on 30 October 2024, what assessment he has made of the impact of this change on tenant farmers.

The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms, and further explanatory information at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief. Around 500 estates across the UK are expected to be affected each year from 2026-27. In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.

With reference to page 41 of her Department's document entitled Autumn Budget 2024, Policy Costings, published on 30 October 2024, what the evidential basis is for the Exchequer impact of changes to agricultural property relief and business property relief being £495 million in 2027-28; and what the split is between the two reliefs.

The costing methodology for reforming agricultural property relief and business property relief from 6 April 2026 by maintaining 100% relief for the first £1m of combined assets and 50% relief thereafter, and 50% relief for “not listed” shares on the markets of a recognised stock exchange is published in the Autumn Budget 2024 Policy Costing Document on page 41:https://assets.publishing.service.gov.uk/media/6721d2c54da1c0d41942a8d2/Policy_Costing_Document_-_Autumn_Budget_2024.pdf.