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1300694

registered interest
date	09/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Institutions: Disclosure of Information
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps his Department has taken to ensure that banks, building societies and other financial institutions report accurate financial data to HMRC; and what redress is available in the event of financial institutions’ non-compliance.
tabling member constituency	Coventry South
tabling member printed	Zarah Sultana
uin	165686
answer	answer is ministerial correction date of answer 17/03/2021 answer text <p>Banks, building societies and other financial institutions are required to provide a variety of information returns to HM Revenue and Customs (HMRC) on an accurate and timely basis. They are subject to HMRC’s usual compliance processes and if the information provided is late or found to be inaccurate following a compliance check, the taxpayer may be subject to penalties.</p><p> </p><p>The UK’s largest businesses, which includes many financial institutions, are subject to an enhanced risk review, as part of HMRC’s Business Risk Review process.</p><p> </p><p>In addition to this, over 98% of banks and building societies are signatories to the Code of Practice on Taxation for Banks. Their commitments under the Code include complying with their tax obligations, which include providing accurate information to HMRC, as well as maintaining a transparent relationship with HMRC. If a signatory is found to be in breach of these commitments, HMRC are able to disclose this, naming the bank in their annual report on the Code.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 17/03/2021 13:52:45 answering member 3991 label Biography information for Jesse Norman
tabling member	4786 label Biography information for Zarah Sultana

1300767

registered interest
date	09/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Freeports: Yorkshire and the Humber
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether the Humber Freeport bid included commitments to maintain existing collective bargaining agreements with trade unions organising seafarers working on merchant ships working from Hull port; and if he will place a copy of that bid in the Library.
tabling member constituency	Kingston upon Hull East
tabling member printed	Karl Turner
uin	165510
answer	answer is ministerial correction date of answer 15/03/2021 answer text <p>The government is pleased to have announced the locations of 8 new English Freeports at Budget. The Ministry for Housing, Communities &amp; Local Government will shortly publish the rationale behind the selection of these Freeport locations according to the process laid out in the Prospectus.</p><p> </p><p>Successful bidders will be confirmed subject to a business case review, agreement of governance arrangements, and the fulfilment of the appropriate authorisations.</p><p> </p><p>Freeports are not deregulatory and the government will ensure that the UK’s high standards with respect to workers’ rights will not be compromised.</p> answering member constituency North East Cambridgeshire answering member printed Steve Barclay grouped question UIN 165511 question first answered 15/03/2021 10:36:57 answering member 4095 label Biography information for Steve Barclay
tabling member	4030 label Biography information for Karl Turner

1300768

registered interest
date	09/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Freeports
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will take steps to consult trade unions on (a) employment rights and (b) governance structures before the eight Freeports announced in the Budget statement on 3 March 2021 begin operating.
tabling member constituency	Kingston upon Hull East
tabling member printed	Karl Turner
uin	165511
answer	answer is ministerial correction date of answer 15/03/2021 answer text <p>The government is pleased to have announced the locations of 8 new English Freeports at Budget. The Ministry for Housing, Communities &amp; Local Government will shortly publish the rationale behind the selection of these Freeport locations according to the process laid out in the Prospectus.</p><p> </p><p>Successful bidders will be confirmed subject to a business case review, agreement of governance arrangements, and the fulfilment of the appropriate authorisations.</p><p> </p><p>Freeports are not deregulatory and the government will ensure that the UK’s high standards with respect to workers’ rights will not be compromised.</p> answering member constituency North East Cambridgeshire answering member printed Steve Barclay grouped question UIN 165510 question first answered 15/03/2021 10:36:57 answering member 4095 label Biography information for Steve Barclay
tabling member	4030 label Biography information for Karl Turner

1300776

registered interest
date	09/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Freeports: Yorkshire and the Humber
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions he has had with the Secretary of State for Education on the potential effect of the Humber Freeport on the availability of seafarer apprenticeships in (a) Hull and (b) the Humber region.
tabling member constituency	Kingston upon Hull West and Hessle
tabling member printed	Emma Hardy
uin	165656
answer	answer is ministerial correction date of answer 15/03/2021 answer text <p>The Chancellor has not met with the Secretary of State for Education to discuss Freeports since the bidding process closed on the 5 February, in line with the government’s commitment to the fair, open and transparent assessment process outlined in the Bidding Prospectus.</p><p> </p><p>Our focus has been on getting places to send us their bids and proposals, rather than second-guessing what they will do. The government will continue to work with successful bidders to help them achieve their objectives, across a variety of sectors.</p><p><strong> </strong></p> answering member constituency North East Cambridgeshire answering member printed Steve Barclay question first answered 15/03/2021 10:38:50 answering member 4095 label Biography information for Steve Barclay
tabling member	4645 label Biography information for Emma Hardy

1300808

registered interest
date	09/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bounce Back Loan Scheme
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment his Department had made of the potential merits of extending the zero interest period for Bounce Back Loans from 12 months to 18 months to allow for all covid-19 lockdown restrictions to have been lifted before the first businesses must begin paying interest.
tabling member constituency	York Outer
tabling member printed	Julian Sturdy
uin	165518
answer	answer is ministerial correction date of answer 16/03/2021 answer text <p>Under the Bounce Back Loan scheme, no repayments are due from the borrower for the first 12 months of the loan, giving businesses the breathing space they need during this difficult time. In addition, the Government covers the first 12 months of interest payments charged to the business by the lender.</p><p> </p><p>In order to give businesses further support and flexibility in making their repayments, the Chancellor has announced “Pay as You Grow” (PAYG) options. Under Pay as You Grow, following the end of the 12-month payment-free period, businesses can pause their repayments for six months – the interest in this case will accrue to the borrower, for payment later. This means that businesses can opt not to make any repayments on their Bounce Back loan for up to 18 months after they received the loan. Borrowers will also have the option to move temporarily to interest-only payments for periods of up to six months (an option which they can use up to three times), and to extend the term of their loan from six to ten years, reducing their monthly payments by almost half.</p><p> </p><p>Together, the 12-month payment holiday and interest-free period for borrowers, along with the PAYG options, form part of the Government’s unprecedented support package for businesses to protect jobs - including paying wages through the furlough schemes and self-employed support payments, generous grants, tax deferrals.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/03/2021 09:21:16 answering member 4051 label Biography information for John Glen
tabling member	4079 label Biography information for Julian Sturdy

1300824

registered interest
date	09/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Conduct Authority: Disclosure of Information
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what plans he has to ensure that the (a) Financial Conduct Authority (FCA) and (b) Financial Services Compensation Scheme (FSCS) (i) make consumers aware of FCA Comp rule 7.4.1, (ii) do not financially disadvantage consumers by not disclosing that rule and (iii) compensate consumers in the event that they are financially disadvantaged as a result of not disclosing that rule.
tabling member constituency	Dumfriesshire, Clydesdale and Tweeddale
tabling member printed	David Mundell
uin	165461
answer	answer is ministerial correction date of answer 16/03/2021 answer text The Financial Services Compensation Scheme (FSCS) seeks to recover some or all of the cost of compensation from financial firms that have failed. This benefits both the levy payers that fund the FSCS, and claimants who have been already been paid compensation by the FSCS but still have uncompensated losses. Since the start of the 2015-16 financial year, the FSCS has recovered more than £280mn from failed firms.<p> </p><p>The Financial Conduct Authority’s (FCA) Compensation Manual, which sets out the rules regarding the FSCS’s duty to seek recoveries, is published and accessible to consumers on the FCA’s website. The FSCS also publishes information for consumers about its approach to recoveries on its website.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/03/2021 09:19:31 answering member 4051 label Biography information for John Glen
tabling member	1512 label Biography information for David Mundell

1300867

registered interest
date	09/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Self-employment Income Support Scheme
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, for what reasons businesses eligible for the fifth self-employed grant announced in Budget 2021 will be eligible to claim the equivalent of 80 per cent of three months average trading profits capped at £7,500 when the grant period covers five months from May to September; and what plans he has to help meet lost income for the remaining two months.
tabling member constituency	Brighton, Pavilion
tabling member printed	Caroline Lucas
uin	165488
answer	answer is ministerial correction date of answer 17/03/2021 answer text <p>The Government announced at Budget 2021 that the Self-Employment Income Support Scheme (SEISS) will continue until September, with a fourth and a final fifth grant. The fourth SEISS grant, available to claim from late April, will be worth 80% of average trading profits, paid out in a single instalment covering three months’ worth of annual profits, and capped at £7,500 in total. Further details of the fifth SEISS grant will be published in due course.</p><p> </p><p>Grants are now based on 2019-20  tax returns which is the most up to date information HMRC holds for self-employed individuals. This means that the Government is now in a position to provide support to hundreds of thousands of newly eligible self-employed individuals.</p><p>Using these returns requires time to deliver, due to the increased population and new data. Guidance on how to claim the fourth grant will be available in due course.</p><p> </p><p>The SEISS and the Coronavirus Job Retention Scheme (CJRS) are very different schemes. The CJRS pays for hours which are not worked, while SEISS claimants can work while claiming. Furthermore, as the Chancellor announced, employers will be required to contribute to CJRS payments as the economy reopens.  The SEISS is not intended to provide a month-by-month replacement of income. Due to the volatility of self-employed income and the lack of granular data that HMRC hold on self-employed trading profits, precise mapping of income replacement month by month is not possible. Instead, the SEISS provides a lump sum payment to support eligible self-employed individuals whose businesses have been affected by coronavirus.</p><p> </p><p>The SEISS is just one part of a wider package of support for the self-employed. The temporary £20 per week increase to the Universal Credit standard allowance has been extended for six months, and the suspension of the Minimum Income Floor for three months, to the end of July 2021, so that where self-employed claimants' earnings have fallen significantly, their Universal Credit award will have increased to reflect their lower earnings. In addition, they may also have access to other elements of the package, including Restart Grants, the Recovery Loan scheme, business rates relief, and other business support schemes.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 165489 question first answered 17/03/2021 13:42:45 answering member 3991 label Biography information for Jesse Norman
tabling member	3930 label Biography information for Caroline Lucas

1300868

registered interest
date	09/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Self-employment Income Support Scheme
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps the Government is taking to provide financial support for people potentially eligible for the Self-Employed Income Support Scheme (SEISS) prior to being able to make a claim to either the fourth or fifth SEISS grants; and for what reasons that scheme does not deliver parity with the Coronavirus Job Retention Scheme with regard to the payment schedule.
tabling member constituency	Brighton, Pavilion
tabling member printed	Caroline Lucas
uin	165489
answer	answer is ministerial correction date of answer 17/03/2021 answer text <p>The Government announced at Budget 2021 that the Self-Employment Income Support Scheme (SEISS) will continue until September, with a fourth and a final fifth grant. The fourth SEISS grant, available to claim from late April, will be worth 80% of average trading profits, paid out in a single instalment covering three months’ worth of annual profits, and capped at £7,500 in total. Further details of the fifth SEISS grant will be published in due course.</p><p> </p><p>Grants are now based on 2019-20  tax returns which is the most up to date information HMRC holds for self-employed individuals. This means that the Government is now in a position to provide support to hundreds of thousands of newly eligible self-employed individuals.</p><p>Using these returns requires time to deliver, due to the increased population and new data. Guidance on how to claim the fourth grant will be available in due course.</p><p> </p><p>The SEISS and the Coronavirus Job Retention Scheme (CJRS) are very different schemes. The CJRS pays for hours which are not worked, while SEISS claimants can work while claiming. Furthermore, as the Chancellor announced, employers will be required to contribute to CJRS payments as the economy reopens.  The SEISS is not intended to provide a month-by-month replacement of income. Due to the volatility of self-employed income and the lack of granular data that HMRC hold on self-employed trading profits, precise mapping of income replacement month by month is not possible. Instead, the SEISS provides a lump sum payment to support eligible self-employed individuals whose businesses have been affected by coronavirus.</p><p> </p><p>The SEISS is just one part of a wider package of support for the self-employed. The temporary £20 per week increase to the Universal Credit standard allowance has been extended for six months, and the suspension of the Minimum Income Floor for three months, to the end of July 2021, so that where self-employed claimants' earnings have fallen significantly, their Universal Credit award will have increased to reflect their lower earnings. In addition, they may also have access to other elements of the package, including Restart Grants, the Recovery Loan scheme, business rates relief, and other business support schemes.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 165488 question first answered 17/03/2021 13:42:45 answering member 3991 label Biography information for Jesse Norman
tabling member	3930 label Biography information for Caroline Lucas

1300885

registered interest
date	09/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Freeports: Employment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will publish the estimates that his Department uses for the number of new jobs that will be created in each year to 2025 at each of the freeport locations announced in Budget 2021.
tabling member constituency	Easington
tabling member printed	Grahame Morris
uin	165497
answer	answer is ministerial correction date of answer 15/03/2021 answer text <p>Our focus has been on getting places to send us their bids and proposals, rather than second-guessing what they will do. The modelling we have done to support that process remains sensitive at this point and liable to change significantly now the locations have been announced.</p> answering member constituency North East Cambridgeshire answering member printed Steve Barclay question first answered 15/03/2021 14:48:06 answering member 4095 label Biography information for Steve Barclay
tabling member	3973 label Biography information for Grahame Morris

1300937

registered interest
date	09/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bradford and Bingley: Investment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, pursuant to the answer of 9 March 2021 of Question 160588 on Bradford & Bingley: Investment, if he will ensure Bradford & Bingley shareholders at the time it was taken into public hands receive a share of the profits that have been generated to the public purse by Bradford & Bingley since it was taken into public ownership.
tabling member constituency	Shipley
tabling member printed	Philip Davies
uin	165482
answer	answer is ministerial correction date of answer 17/03/2021 answer text <p>Following the nationalisation of Bradford &amp; Bingley (B&amp;B) in 2008, the then government made the Bradford &amp; Bingley plc Compensation Scheme Order, which provided that former shareholders should receive compensation in line with their value immediately before the government stepped in.</p><p> </p><p>On 5 July 2010, Peter Clokey published his independent valuation establishing that the shares of B&amp;B had no value at the time of nationalisation, and shareholders would have received nothing had the bank been allowed to fail. No compensation was therefore found to be payable to former shareholders.</p><p> </p><p>This has been tested in the Courts and the government considers the matter closed.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 17/03/2021 16:26:37 answering member 4051 label Biography information for John Glen
tabling member	1565 label Biography information for Sir Philip Davies