Written questions by Hollinrake.

Pursuant to the Answer of 20 March 2026 to Question 119948 on Cryptocurrencies, whether her Department holds information on whether the Tether cryptocurrency is being used to make political donations into the UK from abroad.

HMT Treasury does not collect or hold information on the use of specific cryptoassets in political donations. Oversight of political donations rests with the Electoral Commission.

What assessment she has made of the potential impact of recent changes to the treatment of pensions within inheritance tax on the adequacy of the current timeframe for the payment of inheritance tax.

The changes to the inheritance tax treatment of pensions are consistent with the process which already exists for administering estates and paying any tax due. Personal representatives are already responsible for administering the rest of the estate, including non-discretionary pension schemes which are already in scope of inheritance tax. The Government recognises the general difficulties that some personal representatives may face in paying the inheritance tax due and already offers several payment options to help.

When she intends to publish an answer to Question 113817, tabled on 20 February 2026, on Public Houses: Business Rates.

I refer the Hon Member to the answer given to Question UIN113817 on 1 April 2026.

Whether she has made an assessment of the potential implications for her policies of changes in Montenegro's money laundering legislation.

The Government is committed to protecting the UK’s financial system and identifying risks to our system. The National Risk Assessment for money laundering and terrorist financing was published in July 2025 and assessed international risks the UK faces, including risks linked to the Western Balkan region.The National Risk Assessment provides up-to-date risk information to enable the UK public and private sector to respond to evolving threats. The Government intends to develop a new public-private strategy focused on anti-money laundering and asset recovery in the coming months to respond to the risks identified.

With reference to page 79 of the Budget Policy Costings 2025, published in November 2025, what assessment her Department has made of the potential impact of the reduction of the Cash ISA limit to £12,000 on revenues to the Exchequer, separate to the other measures included in that estimate.

At Autumn Budget 2025, the Government announced that the annual ISA allowance will be kept at £20,000 with the cash ISA limit set at £12,000 from April 2027 for under-65s. This is part of the wider strategy aimed at supporting people to get into investing, including Targeted Support, which will be available from April 2026. In addition, financial services firms will provide new, easily navigable ways for people to find the right UK investment for them. The Government is introducing an age carve out for those aged 65 and above in recognition that they may need more flexibility in how they manage their savings as they approach retirement. Savers over the age of 65 will continue to be able to save up to £20,000 in a cash ISA each year.The Exchequer Impact for the Reduction of the Cash ISA limit to £12,000 for under-65s from April 2027 measure in isolation is: 2026-272027-282028-292029-302030-31Exchequer Impact (£m) 0+5+15+30+45

What her policy is on the annual uprating of fuel duty by inflation.

Rates will only gradually return to early 2022 levels by March 2025. At Budget 2025, the Government extended the 5 pence–per litre cut for a further five months, until the end of August this year. The Government has also cancelled the increase in line with inflation for 2026/27; instead, rates will only gradually return to early 2022 levels by March 2027. The 5p cut was introduced at following Russia’s invasion of Ukraine in 2022, when prices reached a peak of over £1.90 per litre.Since Budget 2024, the Government's decisions to freeze fuel duty will save the average motorist over £90 – or 8-11 pence per litre – compared to the plans inherited from the previous government.

Pursuant to the answer of 21 January 2026 to Question 105914 on Cryptocurrencies, whether the Tether cryptocurrency is audited by any UK body.

HM Treasury is not privy to any information regarding Tether’s auditing arrangements.

What steps her Department is taking to encourage investment in British equities by pension funds.

The government has taken forward an ambitious programme of reforms to boost UK markets, including overhauling the UK listing and prospectus rules to make it easier for firms to raise the capital they need to grow. In addition, the government has taken steps through the measures outlined in the Pensions Investment Review to improve long-term returns to pension savers and support UK growth. These will directly support investment in UK growth markets, including firms quoted on AIM and Acquis.

With reference to page 79 of the HM Budget 2025 Policy Costings, published in November 2025, for what reason the Exchequer Impact of the Cash ISA changes fluctuate from (a) £5 million in 2028-29 to (b) £35 million in 2029-30 to (c) £15 million in 2030-31.

The figures set out on page 79 of the Budget 2025 Policy Costings document reflect the estimated Exchequer impact from a combination of savings tax changes. The savings measures covered are:Making the Help to Save scheme permanent from April 2027,Maintaining the total ISA annual subscription limit at £20,000 with cash limit reduced to £12,000 for under-65s from April 2027,Delaying the ISA digitalisation until April 2028, andMaintaining the ISA subscription limits until 2030/31. The profile of the Exchequer impacts reflects the different commencement dates of these changes, as well as the timing of receipts collected through Self-Assessment.

Through which (a) companies and (b) registries HM Government holds its crypto-assets.

Neither the Treasury nor central Government hold any cryptoassets. However, the Government recognises the transformative potential of cryptoassets and blockchain technologies to drive economic growth in the UK and increase efficiencies across financial markets. We are therefore committed to making the UK a world leading destination for cryptoassets and have taken steps to establish a new financial services regulatory regime for cryptoassets.

If she will publish the Office for Budget Responsibility (OBR) forecasting schedule agreed between the OBR and her Department.

HM Treasury published the Budget Information Security Review on 9 February: https://www.gov.uk/government/publications/budget-information-security-review. The review states that "The OBR will not publish the full forecast timetable ahead of the 2026 Spring Statement. The OBR will consider, ahead of Budget 2026, whether the current approach to publishing the timetable continues to contribute to transparency and stability as was intended when it was implemented in October 2022 following a recommendation by the OBR’s then non-executive directors"

What the target date is for a new chair of the Office for Budget Responsibility to be in post.

HM Treasury launched a competitive external recruitment campaign for a new Chair of the Office for Budget Responsibility (OBR) on 20 February. The intention is that a new Chair is in post by the Budget later this year. While the Chair’s post is vacant, the two current members of the Budget Responsibility Committee, Professor David Miles and Tom Josephs, will lead the OBR.

Pursuant to the Answer of 21 January 2026 to Question 105915 on Katie Martin, for what reason she is unpaid; and how many and what proportion of (a) female and (b) male advisers to her Department are unpaid.

Katie Martin is a Business Adviser to the Chancellor, appointed as a Direct Ministerial Appointment. Direct Ministerial Appointments are generally unpaid, reflecting their part-time, advisory nature. HM Treasury currently has nine unpaid Direct Ministerial Appointments: three are held by women and six by men (37.5% and 62.5% respectively). HM Treasury also has two paid Direct Ministerial Appointments, one held by a woman and one held by a man.

With reference to the Memorandum of Understanding: accessing HMRC information to assist honours committees in making recommendations about awarding honours to individuals, between Cabinet Office and HMRC, what were the conclusions of the review that took place on 12 June 2025.

The Memorandum of Understanding (MoU) agreed between HMRC and the Cabinet Office on 19 October 2023 sets out the arrangements under which HMRC may disclose information to support the honours process. A review of the operation of the MoU took place on 29 November 2024 as part of routine governance activity. The review concluded that the arrangements continued to operate as intended and it did not result in any material changes. As the arrangements were unchanged, no further review was carried out on 12 June 2025. The MoU remains in force until 12 June 2027. Any future updates would be reflected in a revised agreement when agreed and published.

Whether HMRC has issued guidance on (a) whether improper payments made to public officials are taxable for (i) Income Tax and (ii) National Insurance and (b) in what circumstances enforcement action should be taken to recover unpaid tax.

The income tax and National Insurance Contributions status of any payment made to an employee or a public official will depend on the specific facts and circumstances. Generally, where a payment is received because of a person’s employment or public office, it should be taxed as employment income. Payments may still be taxable, even if not treated as employment income.HMRC will take action to recover unpaid tax and National Insurance Contributions, where it is appropriate to do so.

Whether the Valuation Office Agency plans to amend rateable values for rural pubs in the context of proposed changes to drink driving thresholds.

Rateable values represent the annual rent a property could reasonably have been expected to achieve at the Antecedent Valuation Date (AVD), reflecting market evidence at that point in time. For the current 2023 rateable values the AVD is 1 April 2021, and for the 2026 revaluation, it is 1 April 2024.The Government will launch a review on how pubs are valued for business rates.

Whether she has made an assessment of the potential cumulative impact of changes to (a) the Minimum Wage, (b) employer National Insurance, (c) Business Rates and (d) lack of uprating to VAT thresholds on micro-businesses in the hospitality sector since July 2024.

The Government recognises the important contribution that micro-businesses in the hospitality sector make to local communities, the high street and the wider economy. The potential impacts of changes on this sector are carefully considered as part of policy development. The Government considers the impact of tax measures on these businesses. Where changes are made, relevant impact notes and assessments are published at fiscal events and otherwise as necessary, in line with the Government’s usual practice. The Treasury also engages regularly with the hospitality sector. To protect the smallest businesses from changes to employer National Insurance Contributions (NICs) made at Autumn Budget 2024, the Government increased the Employment Allowance from £5,000 to £10,500. This means that this 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. The Government is also supporting small businesses to grow. At Budget, the Government announced the extension of Small Business Rates Relief (SBRR) so that businesses opening second premises can retain their SBRR for three years, tripling the current allowance. The Government continues to provide targeted support to the hospitality sector through the tax system and other policies and keeps all areas of the tax system under review, with future decisions taken at fiscal events under the normal process.

Pursuant to the Answer of 9 February 2026 to Question 110416 on Government Departments: Publicity, whether there are plans for (a) HM Treasury or (b) HMRC to remove the HM reference in its public branding.

There are no plans for either HM Treasury or HMRC to remove the “HM” reference from their public branding.

What data the Financial Conduct Authority holds on the number of Covid Business Interruption claims that were reopened or reassessed by insurers following post-Test Case court judgments.

The Financial Conduct Authority (FCA), as the independent regulator for financial services, sets the conduct standards required of insurance firms. The FCA has made clear its expectation that insurers carefully consider how new legal rulings affect claims they have already decided. It is for the FCA to supervise firms and, if necessary, take action against those that do not comply with its rules. The FCA has robust powers to take action where it deems appropriate. The FCA’s 23 January letter (available online at: https://www.fca.org.uk/publication/correspondence/fca-response-insurance-open-letter.pdf) stated that the FCA stopped publishing business interruption claims data in March 2023. Questions about data held by the FCA can be addressed directly to the FCA.

How many (a) Valuation Office Agency and (b) HMRC staff by FTE are assigned to equality, diversity and inclusion roles.

(a) The Valuation Office Agency has 1 Full‑Time Equivalent staff assigned to equality, diversity and inclusion roles. (b) HMRC has 23.95 Full‑Time Equivalent staff assigned to equality, diversity and inclusion roles. Note: This reflects the PQ’s requirement for FTE only.