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The House of Lords debated the impact of inheritance tax (IHT) on small farms and family businesses on 12 December, with peers lining up to raise concerns and suggest changes, such as raising the threshold or somehow restricting it to investors. The minister said the government approach was ‘balanced’ and the current unlimited exemption was ‘unsustainable’.

Committee stage of the National Insurance Contributions (Secondary Class 1 Contributions) Bill saw a number of attempts by opposition parties to create exemptions from the employer national insurance increase for businesses including GPs, hospices, universities and nurseries.

MPs debated increases to capital gains tax and energy profits levy rates, to rates of SDLT for purchases of additional dwellings and purchases by companies, and placing VAT on private school fees, during Committee of whole House debate on 10 and 11 December 2024.

A Conservative motion warning that the cutting of agricultural and business property reliefs would “lead to the end of family farming as it has been known” and calling on the government not to implement the changes has been rejected in the House of Commons.

Distortionary taxes, constant tinkering and a failure to build enough social homes were all decried by speakers at a debate hosted by the Chartered Institute of Taxation and Institute for Fiscal Studies.

The Scottish Budget, published on Wednesday this week, offered little in the way of new tax announcements.

On 3 December, the House of Commons debated the National Insurance Contributions (Secondary Class 1 Contributions) Bill which proposes to increase employers’ NICs to 15%, lower the secondary threshold to £5,000 and raise the employment allowance to £10,500. Conservatives and Liberal Democrats strongly opposed the bill, arguing that it would have a damaging impact on small businesses; government ministers disagreed.

HMRC chief executive Sir Jim Harra has apologised for poor HMRC service levels during an evidence session with the House of Commons Public Accounts Committee, but assured MPs that service levels are now “significantly better” and he expects improvements to be sustained next year.

Finance Bill 2024-25 has cleared its first hurdle, being granted a second reading by 332 votes to 176. The Bill scraps the non-dom tax regime, increases capital gains tax and the energy profits levy and places VAT on school fees.

On 25 November, the House of Commons debated the Non-Domestic Rating (Multipliers and Private Schools) Bill which paves the way to rate cuts for qualifying retail, hospitality and leisure properties and increases for properties with the highest rateable values, as well as placing VAT on private school fees. Conservatives and Liberal Democrats opposed the bill.