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To ask the Secretary of State for Education, whether her department has any plans to A.) cancel B.) pause the accumulation of interest on student loan debts when an individual is unable to work due to ill health.
To ask the Secretary of State for Education, whether her department has any plans to A.) cancel B.) pause the accumulation of interest on student loan debts when an individual is unable to work due to ill health.
To ask the Secretary of State for Education, what estimate she has made of the total value of interest charged above the rate of inflation on Plan 2 student loans since interest was first linked to the Retail Prices Index in March 2012.
To ask the Secretary of State for Education, what estimate she has made of the total value of interest charged above the rate of inflation on Plan 2 student loans since interest was first linked to the Retail Prices Index in March 2012.
To ask the Secretary of State for Education, what assessment she has made of the potential impact of above-inflation student loan interest rates on the incentive for high-earning graduates, including doctors, to remain resident in the UK for tax purposes.
To ask the Secretary of State for Education, what assessment she has made of the potential impact of above-inflation student loan interest rates on the incentive for high-earning graduates, including doctors, to remain resident in the UK for tax purposes.
To ask the Secretary of State for Education, what assessment she has made of the potential impact of interest accruing during maternity leave and periods of part-time work on the loan balances of women graduates with Plan 2 loans.
To ask the Secretary of State for Education, what assessment she has made of the potential impact of interest accruing during maternity leave and periods of part-time work on the loan balances of women graduates with Plan 2 loans.
To ask the Secretary of State for Education, what fiscal assessment her Department has made of a combined student loads package of a higher repayment threshold, interest capped at CPI, and a lower repayment rate.
To ask the Secretary of State for Education, what fiscal assessment her Department has made of a combined student loads package of a higher repayment threshold, interest capped at CPI, and a lower repayment rate.
To ask the Secretary of State for Education, what assessment her Department has made of the potential impact of Plan 2 interest accumulation on funded doctoral researchers.
To ask the Secretary of State for Education, what assessment her Department has made of the potential impact of Plan 2 interest accumulation on funded doctoral researchers.
Answers to frequently asked questions relating to banking, credit, mortgages, investments and financial service fraud.
Answers to frequently asked questions relating to banking, credit, mortgages, investments and financial service fraud.
We recognise the vital role that high street law firms play in serving communities such as Scarborough and Whitby, and I greatly valued the meeting that we had, in which my hon. Friend raised a number of concerns in relation to the consultation that is currently being undertaken, in which we are engaging extensively with stakeholders to ensure that the potential impacts of the proposals—which are targeted, by the way, at access to justice—and all views are carefully considered.
We recognise the vital role that high street law firms play in serving communities such as Scarborough and Whitby, and I greatly valued the meeting that we had, in which my hon. Friend raised a number of concerns in relation to the consultation that is currently being undertaken, in which we are engaging extensively with stakeholders to ensure that the potential impacts of the proposals—which are targeted, by the way, at access to justice—and all views are carefully considered.
I recently met a high street law firm that has offices in Whitby, Scarborough and Filey. As a small company, it worries that the Government’s proposals to take a proportion of the interest earned on client accounts could lead it to shed jobs and, potentially, premises. Will the Minister outline what assessment she has made of the impact of these proposals on the viability of high street solicitors?
I recently met a high street law firm that has offices in Whitby, Scarborough and Filey. As a small company, it worries that the Government’s proposals to take a proportion of the interest earned on client accounts could lead it to shed jobs and, potentially, premises. Will the Minister outline what assessment she has made of the impact of these proposals on the viability of high street solicitors?
I recently met a high street law firm that has offices in Whitby, Scarborough and Filey. As a small company, it worries that the Government’s proposals to take a proportion of the interest earned on client accounts could lead it to shed jobs and, potentially, premises. Will the Minister outline what assessment she has made of the impact of these proposals on the viability of high street solicitors?
We recognise the vital role that high street law firms play in serving communities such as Scarborough and Whitby, and I greatly valued the meeting that we had, in which my hon. Friend raised a number of concerns in relation to the consultation that is currently being undertaken, in which we are engaging extensively with stakeholders to ensure that the potential impacts of the proposals—which are targeted, by the way, at access to justice—and all views are carefully considered.
To ask the Chancellor of the Exchequer, what steps he is taking to reduce the Government’s exposure to volatility in debt interest costs.
To ask the Chancellor of the Exchequer, what steps he is taking to reduce the Government’s exposure to volatility in debt interest costs.
Fiscal discipline is the bedrock of economic stability and national security. The Government will meet the fiscal rules, with a buffer against uncertainty.
HM Treasury and the Debt Management Office manage the Government's financing costs in line with the debt management objective, which is to minimise, over the long term, the costs of meeting the Government's financing needs, taking account of risk. As set out in the Debt Management Report 2026-27, in determining the annual financing remit the Government assesses interest-rate, refinancing and inflation risks, and issues an appropriate balance of conventional and index-linked gilts over a range of maturities.
To ask the Chancellor of the Exchequer, what comparative assessment his Department has made of the potential financial impact of index-linked government debt interest payments relative to baseline spending on core emergency and criminal justice services.
To ask the Chancellor of the Exchequer, what comparative assessment his Department has made of the potential financial impact of index-linked government debt interest payments relative to baseline spending on core emergency and criminal justice services.
The Chancellor has been clear that fiscal discipline is his first priority. The fiscal rules keep debt on a sustainable path while allowing borrowing for investment.
Forecasts are produced independently by the Office for Budget Responsibility (OBR). The OBR’s most recent forecasts, including for debt interest costs, are available in the March 2026 Economic and Fiscal Outlook linked here: https://obr.uk/efo/economic-and-fiscal-outlook-march-2026/
Departmental budgets for the Ministry of Defence, Home Office and Ministry of Justice are available in Public Expenditure Statistical Analyses (PESA) 2026, which is published here: https://www.gov.uk/government/statistics/public-expenditure-statistical-analyses-2026
To ask the Chancellor of the Exchequer, what total expenditure HM Treasury projects for public sector net debt interest payments in the current financial year; and how that expenditure compares to the combined annual budgets allocated to the Ministry of Defence, the police service, and HM Prison and Probation Service.
To ask the Chancellor of the Exchequer, what total expenditure HM Treasury projects for public sector net debt interest payments in the current financial year; and how that expenditure compares to the combined annual budgets allocated to the Ministry of Defence, the police service, and HM Prison and Probation Service.
The Chancellor has been clear that fiscal discipline is his first priority. The fiscal rules keep debt on a sustainable path while allowing borrowing for investment.
Forecasts are produced independently by the Office for Budget Responsibility (OBR). The OBR’s most recent forecasts, including for debt interest costs, are available in the March 2026 Economic and Fiscal Outlook linked here: https://obr.uk/efo/economic-and-fiscal-outlook-march-2026/
Departmental budgets for the Ministry of Defence, Home Office and Ministry of Justice are available in Public Expenditure Statistical Analyses (PESA) 2026, which is published here: https://www.gov.uk/government/statistics/public-expenditure-statistical-analyses-2026
To ask His Majesty's Government what revenue HMRC has received from late payment interest in each of the past five financial years, broken down by tax head; and, for each tax head, what proportion that revenue represented of total receipts in the corresponding year
To ask His Majesty's Government what revenue HMRC has received from late payment interest in each of the past five financial years, broken down by tax head; and, for each tax head, what proportion that revenue represented of total receipts in the corresponding year
HM Revenue and Customs does not hold a central dataset that identifies how many instances of Late Payment Interest (LPI) have been charged for all tax heads.
For some tax heads, such as Income Tax Self Assessment, it would be possible to produce such figures, but due to the disproportionate cost to the taxpayer, it is not possible to answer this question. This cost represents the time it would take an analyst to extract, combine, analyse and quality assure the data.
For other tax heads, even with additional time and resource, it would not be possible to isolate how many instances of LPI have been charged, due to the way that data is stored for those tax heads.
To ask His Majesty's Government how many instances of late payment interest were charged by HMRC in each of the past five financial years, broken down by tax head; and what the year-on-year change in the number of such instances was for each tax head.
To ask His Majesty's Government how many instances of late payment interest were charged by HMRC in each of the past five financial years, broken down by tax head; and what the year-on-year change in the number of such instances was for each tax head.
HM Revenue and Customs does not hold a central dataset that identifies how many instances of Late Payment Interest (LPI) have been charged for all tax heads.
For some tax heads, such as Income Tax Self Assessment, it would be possible to produce such figures, but due to the disproportionate cost to the taxpayer, it is not possible to answer this question. This cost represents the time it would take an analyst to extract, combine, analyse and quality assure the data.
For other tax heads, even with additional time and resource, it would not be possible to isolate how many instances of LPI have been charged, due to the way that data is stored for those tax heads.
To ask His Majesty's Government what assessment they have made of the effectiveness of increasing the HMRC late-payment interest rate from Bank Rate plus 2.5% to Bank Rate plus 4% from 6 April 2025 in reducing the incidence of late payment of tax; and whether they will publish any analysis...
To ask His Majesty's Government what assessment they have made of the effectiveness of increasing the HMRC late-payment interest rate from Bank Rate plus 2.5% to Bank Rate plus 4% from 6 April 2025 in reducing the incidence of late payment of tax; and whether they will publish any analysis...
As announced at the Budget in 2024, HMRC amended legislation to increase the late payment interest rate by 1.5 percentage points (ppts). This changed interest rates from Bank of England base rate + 2.5 ppts to base rate + 4 ppts.
This change took effect as HMRC’s current interest was low when compared to commercially available short-term borrowing. This creates unfairness between those who pay on time and those who choose not to, using HMRC as a form of cheap lending.
The measure aimed to address this by bringing HMRC’s rates closer to those commercially available. The late payment interest rate increase was made to encourage taxpayers to pay on time, help raise vital revenue for public services, and ensure fairness for those who pay on time.
These changes took effect from 6 April 2025 and are applied where interest is charged to existing and new tax debts owed to HMRC.
This measure encourages people to pay the outstanding tax they owe, increasing incentives to engage with HMRC and make payment arrangements, as well as complying to avoid late payment penalties.
There is no proposal to publish any analysis or evidence as HMRC continues to keep its interest rates under review.
To ask His Majesty's Government what assessment they have made of the extent to which late-payment interest on Corporation Tax arises (1) from differences between estimated and final tax liabilities, including in businesses with complex or evolving tax positions such as those undertaking significant investment or research and development activity,...
To ask His Majesty's Government what assessment they have made of the extent to which late-payment interest on Corporation Tax arises (1) from differences between estimated and final tax liabilities, including in businesses with complex or evolving tax positions such as those undertaking significant investment or research and development activity,...
HMRC does not routinely collect or publish data on the extent to which Corporation Tax late-payment interest arises from differences between estimated and final tax liabilities, as opposed to late payment behaviour. No specific assessment has therefore been made of the relative contribution of these factors.
Interest on tax paid late is not a penalty but rather designed to both compensate the Exchequer for late payment and to provide a measure of fairness to those taxpayers that pay what is due on time.
The Government recognises that some businesses may face greater uncertainty when estimating their final Corporation Tax liability. The Corporation Tax regime has nevertheless operated successfully for many years using broadly consistent interest rules.
HMRC keeps all aspects of the tax administration framework under review. In doing so, it is mindful of the need to avoid unnecessary complexity and to ensure that rules work effectively across the wide range of businesses that make up the Corporation Tax population. HMRC has not identified evidence that introducing different late-payment interest regimes for particular sectors, activities or business types would improve fairness or deliver better overall outcomes. The Government therefore continues to apply a broadly consistent approach across taxpayers while keeping the operation of the regime under review.
My honourable friend the Exchequer Secretary to the Treasury (Dan Tomlinson) has today made the following Written Ministerial Statement.
The government is today publishing draft legislation ahead of inclusion in the next Finance Bill. This allows for technical consultation on the application of tax policy in legislation. The government is also...
My honourable friend the Exchequer Secretary to the Treasury (Dan Tomlinson) has today made the following Written Ministerial Statement.
The government is today publishing draft legislation ahead of inclusion in the next Finance Bill. This allows for technical consultation on the application of tax policy in legislation. The government is also...
The government is today publishing draft legislation ahead of inclusion in the next Finance Bill. This allows for technical consultation on the application of tax policy in legislation. The government is also publishing some new consultations and a number of responses to consultations on tax policy which have concluded.
The...
The government is today publishing draft legislation ahead of inclusion in the next Finance Bill. This allows for technical consultation on the application of tax policy in legislation. The government is also publishing some new consultations and a number of responses to consultations on tax policy which have concluded.
The...
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the difference between the interest rates charged by HMRC on late tax payments and the interest rates paid by HMRC on tax refunds owed on taxpayers.
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the difference between the interest rates charged by HMRC on late tax payments and the interest rates paid by HMRC on tax refunds owed on taxpayers.
HMRC treats interest in line with other tax authorities and financial institutions by having a differential between the interest it pays, and the interest charged. This differential is currently 5ppt, with both Repayment Interest and Late Repayment Interest linked to the Bank of England base rate that reflects wider economic conditions and gives transparency for those tracking its rates.
In setting rates, HMRC weighs up various factors to provide transparency and ensure fairness for those who do pay on time, the cost to the public purse of delayed payment, and increasing the tax debt.
The differential between late payment and repayment rates supports appropriate compliance incentives within the tax system. This makes sure that HMRC does not become the lender of first preference to some customers, impairing its ability to efficiently collect taxes and fund public services.
This also ensures taxpayers do not benefit from delaying payment by effectively borrowing from HMRC at lower rates than are available through commercial short‑term lending. It also avoids creating incentives to overstate tax to secure a financial return compared with commercial savings rates.
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact methodology used to set interest rates on tax underpayments and repayments on levels of parity between taxpayers and HMRC.
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact methodology used to set interest rates on tax underpayments and repayments on levels of parity between taxpayers and HMRC.
HMRC treats interest in line with other tax authorities and financial institutions by having a differential between the interest it pays, and the interest charged. This differential is currently 5ppt, with both Repayment Interest and Late Repayment Interest linked to the Bank of England base rate that reflects wider economic conditions and gives transparency for those tracking its rates.
In setting rates, HMRC weighs up various factors to provide transparency and ensure fairness for those who do pay on time, the cost to the public purse of delayed payment, and increasing the tax debt.
The differential between late payment and repayment rates supports appropriate compliance incentives within the tax system. This makes sure that HMRC does not become the lender of first preference to some customers, impairing its ability to efficiently collect taxes and fund public services.
This also ensures taxpayers do not benefit from delaying payment by effectively borrowing from HMRC at lower rates than are available through commercial short‑term lending. It also avoids creating incentives to overstate tax to secure a financial return compared with commercial savings rates.