Lucy Rigby
MP for Northampton North · Labour · United Kingdom
“The Prime Minister confirmed earlier today that we will bring the welfare bill down as soon as possible. I am very happy to confirm that. As the Chancellor said yesterday, when it comes to public services we will insist on reform, prioritisation and value for money.”
House of Commons29 October 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“We are reforming welfare, and the Prime Minister has made it clear today— [ Interruption. ] The welfare Budget ballooned under the Conservative party. The Prime Minister has been very clear today that the welfare bill will come down. As I have said, the contrast between our approach and the Conservatives’ could not be clearer.”
House of Commons29 October 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I thank all right hon. and hon. Members for their contributions to this Budget debate. It is an honour to respond on behalf of the Government.”
House of Commons29 October 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Friends the Members for Buckingham and Bletchley (Callum Anderson) and for Blaydon and Consett (Liz Twist), have rightly emphasised the importance of our commitment to fiscal responsibility, which underwrites every promise this Government make to the British people.”
House of Commons29 October 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Member for Arundel and South Downs (Andrew Griffith), with not so much a pinch of salt, but a whole bucket of it, because not only is he the architect of the mini-Budget, but he maintained just a few weeks ago that the mini-Budget, as the Defence Secretary said, contained lots of good things.”
House of Commons29 October 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I can. On that commitment to sound finances, our plan is to double down on the conditions that will allow for the growth that will drive this country’s future prosperity. We are determined that Britain will be an even better place to start a business, to scale it and then to stay.”
House of Commons29 October 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
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“The shadow Minister referred to the new 40% first-year allowance, which is bringing forward relief for the leasing sector and unincorporated businesses, which have historically been carved out of the first-year allowance. In doing so, it allows for immediate relief on a significant amount of their investment from their corporation tax or income tax bill in the year in which they make that investment. As the Chancellor has repeatedly made clear, the fiscal environment is challenging. We cannot make unfunded commitments on tax. The shadow Minister referred earlier to being an adviser to the previous Government, which is not, I suspect, to suggest that he had a role in creating the fiscal environment that we unfortunately inherited from the previous Government. We have heard the calls to expand full expensing to more assets and businesses.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“My hon. Friend makes a very good point. The shadow Minister asked about working with businesses to get the word out. We have been working closely with industry on the expansion to leasing and we are consulting businesses on guidance to ensure that understanding of the new rules is as full as possible. The TIINs beloved of the shadow Minister, we now hear, make it clear that the OBR’s “Economic and fiscal outlook” sets out that the measure is not expected to have significant macroeconomic impacts, and for future investment the present value and cost of capital for businesses that claim the new first-year allowance remains broadly the same following these changes. For all those reasons, I maintain the view that new clause 2 should be rejected. Question put and agreed to. Clause 28 accordingly ordered to stand part of the Bill.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Alongside the 2025 Budget, in which the extension was announced, a policy costings document and a TIIN were published that set out the expected economic, business and other impacts of the changes, including impacts on incentivising businesses to purchase zero emission vehicles. Those documents are of course available online. The Government annually review the rates and thresholds of taxes and reliefs to ensure that they are appropriate and reflect the current state of the economy. For that reason, new clause 3 is unnecessary. I commend clause 30 to the Committee, and ask that new clause 3 be rejected.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Clause 30 will extend the 100% first-year allowance for qualifying expenditure on zero emission cars and plant or machinery for electric vehicle charge points by a further year to April 2027. More specifically, it will extend the availability of these capital allowances to 31 March 2027 for CT purposes and 5 April 2027 for income tax purposes, ensuring that investments in zero emission cars and charge point infrastructure continue to receive the most generous capital allowance treatment. New clause 3 would require the Chancellor to review and report on the impact of the expiry in 2027 of the 100% first-year allowances made under clause 30, including the case for ongoing capital allowance support for zero emission cars and electric vehicle charging points.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Member for Maidenhead that we might go beyond one year, we need to balance support for the industry with the impact on the public finances. In our debate on clause 30, we have had “stop-start”, “accelerate”, “full throttle” and “red light”. I now encourage the Committee to greenlight the clause. Question put and agreed to. Clause 30 accordingly ordered to stand part of the Bill.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“On new clause 3, I think I have been as full as I can. The Government annually review the rates and thresholds of taxes and reliefs to ensure that they are appropriate and reflect the current state of the economy. We therefore do not need the review that is suggested in new clause 3. On the broader points made by the shadow Minister, the hon. Member for North West Norfolk, we are, as I say, fully committed to supporting our automotive sector. On the suggestion that we might look further ahead, the Chancellor makes decisions on tax policy at fiscal events in the context of the public finances. My hon. Friend the Member for Banbury is right that support for infrastructure in this area is critical; indeed, that is the wider policy of the Government. On the suggestion from the hon.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“They will do so by preventing some incorrect amounts from occurring and by setting out how to resolve others when they arise. Noting that clause 32 will close a loophole, I commend clauses 31 to 33 to the Committee.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Clause 31 will make changes to clarify the tax treatment of payments made by companies in return for receiving expenditure credits. The changes made by the clause will set out a treatment for companies to follow. Payments made in return for credit must be ignored for corporation tax purposes, both by the surrendering company and by the recipient company. Clauses 32 and 33 will introduce technical amendments to the legislation on video games expenditure credit and audiovisual expenditure credit. The changes made by clause 32 will add a new transitional rule to modify the video games expenditure credit calculation so that it accounts for both European and UK expenditure. The changes made by clause 33 will prevent incorrect amounts from having an impact on the intended generosity of special credit.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“This will affect only games that are already in development and need to switch reliefs. There are no figures available to show the impact on companies; it is normally in the tax line, so it is not treated as taxable by most companies. I think that answers all of his questions. Question put and agreed to. Clause 31 accordingly ordered to stand part of the Bill. Clauses 32 and 33 ordered to stand part of the Bill. Clause 34 R&D undertaken abroad: Chapter 2 relief only Question proposed, That the clause stand part of the Bill.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I wholeheartedly agree with my hon. Friend the Member for Watford about the impact of these measures. In relation to clause 31, if only the shadow Minister, the hon. Member for North West Norfolk, had the TIIN to hand; if he did, he might have been aware that we estimate that the payments for the surrender of expenditure credits will have an impact on roughly 12,000 claimants of R&D expenditure credit, audiovisual expenditure credit and video games expenditure credit. The shadow Minister asked about the impact on video games companies: I think it is fair to say that if a company has a game that switches from the video games tax relief to the video games expenditure credit, it simply needs to make sure that it uses the modified version of step 2 when calculating how much credit it is entitled to.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Clause 34 makes a minor legislative amendment to the R&D tax relief rules to put beyond doubt that the overseas restrictions apply to R&D expenditure credit claimants with a registered office in Northern Ireland. The Government are making this amendment to provide clarity to businesses and ensure that the legislation aligns with the original policy intent of the Finance Act 2025. I commend clause 34 to the Committee.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Clause 35 Restriction of relief on disposals to employee-ownership trusts Question proposed, That the clause stand part of the Bill.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I thank the shadow Minister for his question. The Government are committed to supporting R&D investment across the UK through R&D tax reliefs; they of course play a vital role in supporting the mission to boost economic growth, which he will know is this Government’s No. 1 priority. The legislation clarifies that the rules are the same for all R&D expenditure credit companies across the UK. The overseas restriction was introduced in regulations in 2024 before being included in the Finance Act 2025. It was always intended to apply to R&D expenditure credit claimants across the UK, so the change is purely to clarify the Finance Act 2025 to put that position beyond all doubt. Question put and agreed to. Clause 34 accordingly ordered to stand part of the Bill.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The changes made by clause 35 will restrict the amount of CGT relief available to company owners who dispose of shares to the trustees of an EOT. For disposals on or after 26 November 2025, half of the gain on disposal to the trustees of an EOT will be treated as the disposer’s chargeable gain for CGT purposes, and charged to tax according to the usual applicable rules. The remaining half of the gain will be not charged to tax at the time of disposal. Overall, this means that disposals to an EOT will benefit from a rate of tax that is broadly equivalent to half of the usual rate, which will still constitute an effective incentive to encourage company owners towards employee ownership.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Clause 35 reduces the amount of capital gains tax relief available on disposal of company shares to the trustees of an employee ownership trust. The Government are committed to building on the success of the existing scheme so that the UK remains a leader in the field of employee ownership. However, the Government have to consider the public finances and the important issue of fairness in our tax system. The current regime allows business owners to dispose of valuable shareholdings for significant capital gains without paying any tax at all. The cost of the CGT relief alone reached £600 million in 2021-2022, and forecasts suggest that it could rise to more than 20 times the original costing to £2 billion by 2028-29, if action is not taken.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The Government provide a wide range of loan support for SMEs through the British Business Bank. This includes the start up loans programme and the growth guarantee scheme, the latter of which recently supported over 4,000 businesses and over 65,000 jobs right across the country.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“My hon. Friend is a tireless champion of businesses in Bassetlaw, and I wish her a happy birthday for yesterday. In the recent spending review, the Government extended the growth guarantee scheme, enabling £5 billion-worth of loans over the next four years. This will support businesses like the one she mentioned, and I would be more than happy to meet her to talk about how her constituent might access that support.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The hon. Member may well know that, at the spending review, we increased the financial capacity of the British Business Bank to £25.6 billion. There are a number of ways in which the British Business Bank will support companies like the one she referred to.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“It is absolutely right that we have increased the amount of funding going into the National Wealth Fund. On my hon. Friend’s specific question, my understanding is that we have not set a date, but I am more than happy to write to her with further information—to the extent that it exists.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“On the Government’s policies vis-à-vis businesses as a whole, we support the sort of businesses the hon. Member refers to in a whole range of ways. On businesses in his area, 80% of the recent deployment of the growth guarantee scheme was outside London.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“It is definitely right to say that the FTSE 100 performed strongly in 2025, during which it rose faster than key benchmarks, the United States and the European stock markets, and hit 10,000 points as we entered the new year. The UK is one of the world’s leading global financial hubs, and this Government are committed to the sector’s enduring leadership.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I can confirm that I am indeed hearing that. Last week’s introduction of the new prospectus rules will mean faster execution, reduced complexity and a simplified route to capital raising. Together with the three-year UK listing relief announced at the Budget, these initiatives will make the UK the most attractive destination for companies to start, scale, list and stay.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The entrepreneurship package in the Budget was incredibly important. The aim of that package, which includes the UK listing relief—the three-year stamp duty holiday that I referred to in response to my hon. Friend the Member for Paisley and Renfrewshire North (Alison Taylor)—is designed to make the UK the best place to start, scale and list a company.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I could not disagree more with the shadow Minister. He is constantly talking this country down. The package of reforms that this Government are making to our capital markets are strengthening those markets, and they are beginning to bear fruit.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The hon. Member has referred to the motor finance redress situation. As the House would expect, we are monitoring that very closely, and we want to see the issues resolved in an efficient way that provides certainty for consumers and for firms. As the hon. Member knows, seeking to change the rules on corporation tax would mean deviating from our commitment to certainty and predictability in the tax system, as set out in our corporate tax road map.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The Government of course recognise the importance of in-person banking services and access to cash, as the hon. Member and I have discussed. As she knows, in-person services are provided through traditional bank branches, banking hubs, post offices and other means, and I will continue to monitor the situation. As she knows, I have listened very carefully to her concerns, and I am happy to do so again.”
House of Commons27 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“In conclusion, as I have set out, this regime will raise standards, strengthen consumer protection, help to tackle market abuse and support the responsible growth of the UK’s cryptoasset sector by providing clear and consistent rules. It brings cryptoassets within the robust Financial Services and Markets Act framework while ensuring that the sector has the space and flexibility to innovate. I hope the Committee will join me in supporting this instrument.”
House of Commons20 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The instrument also uses the new designated activities regime to create frameworks governing public offers of qualifying cryptoassets and their admission to trading on relevant platforms and to tackle market abuse in relation to such cryptoassets. As people will have spotted, it also makes consequential amendments to various pieces of legislation to ensure that the regime can operate effectively and to ensure consistency between the cryptoasset regulatory framework and the rules that apply to traditional financial services. The provisions will take effect from 25 October 2027, which will allow the FCA to consult and finalise rules this year, and give at least 12 months for firms to apply for authorisation and the FCA to process applications ahead of the enforcement date.”
House of Commons20 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The instrument amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 to do two principal things: first, to define the categories of cryptoasset that will be in scope of the regime; secondly, to define the new activities that will be regulated. Generally, firms undertaking those activities in the UK or for UK consumers must be authorised by the FCA or risk committing a criminal offence. The new activities are: issuing qualifying stablecoin in the UK; safeguarding qualifying cryptoassets and relevant specified investment cryptoassets; operating a qualifying cryptoasset trading platform; dealing in qualifying cryptoassets as principal or agent, or arranging deals in qualifying cryptoassets; and qualifying cryptoasset staking.”
House of Commons20 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Previous intervention in this space has focused on addressing the most urgent risks first, namely money laundering and misleading financial promotions. However, as it stands, most cryptoasset activities are not subject to broader financial services regulation covering matters such as conduct and prudential requirements. Consumers and industry have long called for clear and comprehensive oversight of cryptoassets in the UK, and the Treasury first consulted on these proposals in 2023 under the previous Government. In October 2024, this Government committed to implementing a regime largely in line with the consultation proposals. The instrument before us today delivers on that commitment.”
House of Commons20 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I beg to move, That the Committee has considered the draft Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025. This statutory instrument delivers a comprehensive regime for the regulation of cryptoassets within the Financial Services and Markets Act 2000 framework, meaning that cryptoassets will be regulated under the same architecture as other financial services. Coupled with the rules being prepared by the Financial Conduct Authority, the regime will protect consumers and give technology and financial services firms the certainty they need to invest and grow in the UK. There is a general trend towards more people investing in cryptoassets in the UK; as they become more intertwined with traditional financial services, it is critical that we offer appropriate protection and get our approach to regulation right.”
House of Commons20 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“We all want this to go right, and I certainly do not want there to be anything that subsequently becomes an issue. I am not sure that there is at this point but, as I say, while I note his support in principle, I would nevertheless be more than happy to talk to him at a mutually convenient time, and for him to bring in the experts that he referred to. We can then hopefully persuade him that this is completely kosher as it is, or he can tell us why he does not think that that is the case. That is a meeting that I am more than happy to have. I am grateful to members of the Committee for their consideration of this SI, and I hope they will join me in supporting these measures. Question put and agreed to.”
House of Commons20 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“An awful lot of work will be done on that over the course of this year, because, as the shadow EST rightly refers to, the UK is a leader in payments innovation, and stablecoin is a key piece of that. There are other pieces of the stablecoin picture; as I am sure the hon. Gentleman knows, the Bank is currently consulting on a systemic stablecoin. Quite what will constitute “systemic” is yet to be defined, so that remains an area in which the industry is, understandably, looking for answers. As I said, the Bank’s consultation is open, and the FCA is also consulting on the detailed rules that will underpin this regime. I note, and very much welcome, the shadow EST’s support in principle for these measures. It is critical that we make sure that every single i is dotted and every t is crossed.”
House of Commons20 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The shadow Economic Secretary rightly refers to qualifying stablecoins as a definition being a subset of qualifying cryptoassets. He also recognises that this SI aims to bring the issuance of stablecoin within the FCA’s perimeter, which I distinguish from using stablecoin as a method of payment. Again, I think we are on the same page in relation to that. There is a deliberate carve-out for stablecoin payment activities in this SI, because we have carved out any transaction for the purposes of the supply of goods or services. The intention is to deal with the use of stablecoins as a method of payment in the context of the upcoming payments strategy.”
House of Commons20 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I am grateful to the whole Committee for their consideration of this matter—in particular the shadow Economic Secretary to the Treasury, the hon. Member for Wyre Forest (Mark Garnier). I share his vital commitment to continuous innovation in financial services. I would argue that what has made London and our financial services hub as world-leading as we are is our continuous embracing of innovation—he went quite some way back with coffee shops. I also share his view that the next stage of innovation, which is critical to embrace, concerns stablecoin, digital assets and tokenisation much more broadly. It is fair to say that we are coming at this from the same place. With regard to stablecoin specifically, we wholeheartedly agree on the potential of stablecoin to play a really significant role in both retail and wholesale payments.”
House of Commons20 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Clause 66 makes some consequential amendments to the Inheritance Tax Act 1984 to ensure that the existing exemption for spouses and civil partners and the treatment of payments to charities continue to apply. Clause 67 changes the income tax rules for pensions to provide for the payment of inheritance tax, including in respect of direct payment by pension schemes. Clause 68 ensures that the changes take effect from 6 April 2027. These clauses ensure that pensions are used, as I have said, for their core intended purpose, rather than as a vehicle for passing on wealth free of inheritance tax. They also remove long-standing inconsistencies and deliver on the Government’s promise to this country to build a stronger and fairer economy.”
House of Commons13 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“By contrast, some pension schemes are non-discretionary, and these are subject to inheritance tax under existing rules. The changes made by clause 63 mean that most unused pension funds and death benefits payable from a pension will form part of a person’s estate for inheritance tax purposes from 6 April 2027. Clause 64 ensures that personal representatives are responsible for paying any inheritance tax due. Clause 65 means that personal representatives will be able to request that the pension scheme administrator withhold paying a proportion of benefits where certain conditions are met. It also allows both personal representatives and pension beneficiaries to make pension scheme administrators pay inheritance tax due on pensions directly to His Majesty’s Revenue and Customs—again, provided certain conditions are met.”
House of Commons13 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Changes to pensions tax policy by the previous Government over the last decade led to pensions being used, and increasingly marketed, as tax planning vehicles to transfer wealth, rather than holding true to pensions’ primary purpose, which is of course to provide a way to fund retirement. As hon. Members will know, there are also long-standing inconsistencies in the inheritance tax treatment of different types of pensions. Most UK-registered pension schemes are discretionary, meaning members can nominate whom they would like to receive death benefits, but the scheme trustees are not obliged to follow members’ wishes. Under existing rules, any unused pension funds and death benefits from discretionary schemes are not subject to inheritance tax.”
House of Commons13 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The pensions clauses will ensure that generous tax reliefs continue to support the core purpose of pensions, which is to help people to save for retirement. They address long-standing inconsistencies, and will ensure that pensions are not used primarily as a vehicle for passing on wealth free of inheritance tax, but instead continue to protect the vast majority of estates and maintain strong incentives to save. I turn to clauses 63 to 68. Pensions enjoy significant tax benefits, with gross income tax and national insurance contributions relief costing £78.2 billion in 2023-24. It is therefore crucial to ensure that these reliefs are used for their intended purpose, which is to encourage saving for retirement and later life.”
House of Commons13 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“This Government wholeheartedly reject those failed approaches and choose a different path, one of fiscal responsibility and one that will strengthen our economy so that it delivers for people throughout the country. Today the Committee will consider a further set of important and targeted measures relating to pensions, gambling duties and alcohol duty, which reflect this Government’s commitment to a tax system that is fair, modern, and aligned with the realities of today’s economy. Our approach to changes in gambling taxation is fair and proportionate, as the Committee will hear later this afternoon, and, as my right hon. Friend the Chancellor explained in her Budget statement, those reforms will contribute significantly to the Government’s efforts to lift an additional 450,000 children out of poverty.”
House of Commons13 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“It is a pleasure to open this second day of our Committee stage debate. Yesterday the Exchequer Secretary to the Treasury, my hon. Friend the Member for Chipping Barnet (Dan Tomlinson), explained how the Bill gives effect to a Budget that took fair and responsible decisions to stabilise and strengthen the public finances, address the cost of living and renew our public services. We are clear about the fact that we will not repeat the mistakes of the last Government. That means no return to austerity and no completely irresponsible unfunded spending commitments, both of which, unfortunately, were features of the Conservatives’ time in power.”
House of Commons13 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“It sets out the impact on individuals, and accounts for the impact on personal representatives. As hon. Members know, the Government keep all tax policies under review through the monitoring of returns and communication with representative bodies and taxpayer groups. A review within six months of the policy taking effect on 6 April 2027 is not practical, not least because the data relating to inheritance tax in 2027-28 will not be fully available until the summer of 2030. That is the normal timescale, and it operates because tax liabilities data is available only with a long lag, partly because the filing of the relevant inheritance tax accounts is due 12 months after a death. For those reasons, new clause 18 should be rejected.”
House of Commons13 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“We are not allowing them to function as a tax-free vehicle for the transfer of wealth. Generous tax relief for retirement saving is preserved. The clauses ensure that pension wealth is treated fairly and consistently for inheritance tax purposes. They protect ordinary families, with more than 90% of estates still paying no inheritance tax at all each year after the changes. Let me turn to the non-Government amendments in this group. New clause 18 would require the Treasury to review the effects of the changes to pension tax policy, including their impacts on individuals, administrators and behaviour. A report would need to be laid in Parliament no later than six months from when the Act comes into force. This new clause is not necessary. The Government have published a tax information and impact note on the changes in the normal way.”
House of Commons13 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I thank hon. Members for their contributions to the debate on this group of clauses. Before I respond to the specific points that have been raised, I will reflect briefly on the core purpose of the Bill. The Bill contains fair and necessary reforms to the tax system, which unfortunately have been ducked for far too long. They will help to strengthen our economy for the long term, ensuring that we can cut the cost of living and inflation, and restore our public services and the public finances to health. The Tories and Reform—who are increasingly indistinguishable, it might be said—have already set out their choice: a return to the chaos and instability of the past. That approach failed before, and we are not going back. The clauses in this group restore pensions to their core and intended purpose, which is funding retirement.”
House of Commons13 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“In the Budget, the Chancellor made it clear that changes to gambling taxation are fair, proportionate and for a purpose, as they will directly contribute to lifting an additional 450,000 children out of poverty. This Government are very proud of that. Unfortunately, the Opposition showed little regard for child poverty when they were in government, and it is entirely in character, albeit no less shocking, that they oppose this Government’s changes and would increase child poverty as a result. Reform UK is even more brazen.”
House of Commons13 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“At the same time, evidence of gambling-related harms has become even clearer. The estimated cost to the Government and society of gambling-related harms in England alone is between £1.05 billion and £1.77 billion a year. NHS figures show that over 40% of gamblers using online slots, bingo or casino games are considered to be at risk, compared with less than 15% of those betting in person on horseracing. Referrals for gambling addition have risen sharply—NHS England has doubled the number of clinics for problem gambling. I am grateful for representations from so many MPs and campaigners on this matter, alongside those with constituencies where horseracing plays an important role in the community and, indeed, the local economy.”
House of Commons13 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Clauses 83 to 85 and schedule 13 make changes to the gambling duties regime, to better reflect the modern gambling market and to raise more than £1 billion a year to support the lifting of the two-child benefit cap. I will first speak briefly to the broader context of the package, and I will then turn to each clause. Gambling is a significant part of the UK economy, generating an annual gross gambling yield of around £16.8 billion in 2025, according to figures from the Gambling Commission. The industry has changed markedly in recent years, while the duty system has not changed since 2019. Most notably, there has been a structural shift from in-person to online gambling. Between 2015 and 2025, remote gambling grew by 80%, while land-based gambling has declined by 10%.”
House of Commons13 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The tax changes in the Bill disincentivise the most harmful forms of gambling. We have also introduced a statutory levy to pay for the prevention of some of those harms arising in the first place, and of treatment, and my hon. Friend makes an excellent point.”
House of Commons13 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“My hon. Friend makes a good point. NHS figures show that over 40% of gamblers who use online slots, bingo and casino games are considered at risk, compared with less than 15% of those who bet in person on horseracing, so that is an important contrast, and the NHS figures bear that out. Reform UK’s position on the two-child cap is even more brazen. The party went into the election promising to scrap the two-child limit but has now abandoned that position, and its Members will be traipsing through the Division Lobby with their ideological bedfellows, the Conservatives. Indeed, on any given day it is hard to keep track of who is supposed to be sitting on the Conservative Benches, and who has moved to the Reform Bench.”
House of Commons13 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“This Government know the importance of bingo halls in our communities, and we are proud to back them with this tax change.”
House of Commons13 January 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗