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The fifth and sixth sittings of the Finance (No.2) Bill Public Bill Committee took place on the morning and afternoon of 3 February. During these sessions, the committee considered and passed all clauses from 112 to 279, as well as debating some new clauses that were tabled by the opposition.

On 27 January, the Senedd approved the Welsh government’s final Budget for 2026–27. Plaid Cymru facilitated the passage of the Budget but said they do not ‘endorse’ it, while the Conservatives called it a “roll-over” Budget.

The third and fourth sittings of the Finance (No.2) Bill Public Bill Committee took place on Thursday 29 January, agreeing clauses 55 to 111.

The first two sittings of the Finance (No.2) Bill Public Bill Committee took place on the morning and afternoon of Tuesday 27 January. During these sessions, the committee considered and passed all clauses up to clause 54.

The House of Lords Finance Bill Sub-Committee has published its report on the government’s inheritance tax (IHT) changes, recommending the extension of the six-month IHT payment deadline to 12 months for estates with pension assets or eligible for agricultural and business property reliefs.

The Welsh final Budget 2026-27, published on 20 January, keeps most tax rates unchanged except for a higher Landfill Disposals Tax and a lower standard multiplier for business rates.

On 21 January, MPs discussed the National Insurance Contributions (Employer Pensions Contributions) Bill, which proposes to cap NI relief on pension salary sacrifice at £2,000 a year. Opposition members raised concerns about the Bill’s impact on lower-income workers, small businesses and pension savings.

On 13 January, the House of Commons Treasury Committee questioned senior HMRC officials about the work of the department, covering a wide range of topics including the taxation of the state pension, HMRC’s customer service and digital transformation, tax reliefs, the loan charge and more.

MPs have passed sections of the Finance Bill limiting inheritance tax reliefs and bringing pensions pots within the tax’s scope, as well as raising property, savings and dividend income tax, extending the freeze on income tax thresholds and raising taxes on gambling (a lot) and alcohol (in line with inflation), during debate on 12-13 January 2026.

The final Scottish Budget of the 2021-26 parliamentary session was published on Tuesday this week.