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1702387

registered interest
date	19/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he is developing economic models to forecast (a) price trends and (b) growth potential in cryptocurrencies.
tabling member constituency	Slough
tabling member printed	Mr Tanmanjeet Singh Dhesi
uin	22784
answer	answer is ministerial correction date of answer 25/04/2024 answer text <p>The Government is not developing economic models to forecast cryptoasset trends. Rather, it uses information from a range of sources to understand broad trends in the market in order to inform policy development.</p><p>In October last year, the Treasury published its final proposals for creating the UK’s financial services regulatory regime for cryptoassets, and is currently working to deliver legislation giving effect to its proposals. As part of this, the government will publish analysis of the impacts of its legislation on cryptoasset businesses in scope of the forthcoming regime in the usual way.</p><p> </p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 25/04/2024 09:27:23 answering member 4639 label Biography information for Bim Afolami
tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi

1702391

registered interest
date	19/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Self-employed: Fines
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether self-employed individuals who file their tax returns late but owe no tax are penalised.
tabling member constituency	Slough
tabling member printed	Mr Tanmanjeet Singh Dhesi
uin	22787
answer	answer is ministerial correction date of answer 25/04/2024 answer text <p>HMRC issues SA tax returns to customers when the information they hold suggests that the customer meets the published criteria for completing one. HMRC often cannot determine someone’s tax liability until they have sent in a tax return, therefore they need the return to establish whether there is tax due or not.​​ Late filing and payment penalties are charged to encourage customers to file on time but we can cancel a customer’s late filing penalty if they have a reasonable excuse. Customers can also ask HMRC to remove them from the SA process for future years if they no longer meet the criteria.​</p><p> </p><p>From October 2011 the penalty legislation changed, from this point the capping of penalties was no longer factored into the calculation and any fixed penalty applied remained at the full amount regardless of liability.</p><p> </p><p>Although no change to the current penalty regime has been announced, Penalty Reform within Making Tax Digital will change the way we calculate penalties for late Submission and late payment of tax. The new legislation will factor in the Liability amount, Filing frequency and length of time outstanding within its penalty calculations.</p><p> </p><p>In reforming late payment and late filing penalties HMRC’s aim is to encourage those who persistently default to comply with their tax obligations rather than penalise those who make occasional errors.</p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston question first answered 25/04/2024 09:29:08 answering member 4407 label Biography information for Nigel Huddleston
tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi

1702111

registered interest
date	18/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Post Offices: Bank Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he plans to hold discussions with representatives of the main banks on the potential merits of agreeing a new banking framework with the Post Office for the period after 2025.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	22517
answer	answer is ministerial correction date of answer 23/04/2024 answer text <p>The Government is supportive of industry initiatives that assist access to in-person banking. These include the Post Office Banking Framework, which allows personal and business customers to carry out everyday banking services at 11,500 Post Office branches across the UK.</p><p>Negotiations between the banking industry and the Post Office regarding any future Banking Framework are commercial discussions and the Government has no role.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 23/04/2024 10:43:36 answering member 4639 label Biography information for Bim Afolami
tabling member	1409 label Biography information for Mr Gregory Campbell

1702296

registered interest
date	18/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	National Insurance Contributions
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what the value was of (a) Class 1 employee, (b) Class 1 employer, (c) Class 2 and (d) Class 4 self-employed National Insurance Contributions receipts in the 2023-24 financial year.
tabling member constituency	Ealing North
tabling member printed	James Murray
uin	22658
answer	answer is ministerial correction date of answer 23/04/2024 answer text <p>The Office for Budget Responsibility publishes forecast levels of National Insurance receipts in their Economic and Fiscal Outlook report.</p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston question first answered 23/04/2024 12:36:25 answering member 4407 label Biography information for Nigel Huddleston
tabling member	4797 label Biography information for James Murray

1701831

registered interest
date	17/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Climate Change: Finance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department has had discussions with the Bank of England on incorporating the impact of climate change in inflation modelling.
tabling member constituency	Norwich South
tabling member printed	Clive Lewis
uin	22346
answer	answer is ministerial correction date of answer 23/04/2024 answer text <p>The Treasury meet with the Bank of England regularly to discuss their assessment of the economy, inflation and the impact of shocks and structural trends, including climate change.</p><p>The Office for Budget Responsibility (OBR) is the government’s official forecaster. They published their latest assessment of the economic and fiscal outlook (EFO) which includes inflation on 6th March. The Fiscal risks and sustainability report, published in July 2023, included discussion of the long-term impact of climate change on the fiscal position.</p><p>The Bank of England has operational independence over monetary policy and publishes its own forecasts, including for inflation, in its quarterly Monetary Policy Report.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 23/04/2024 10:47:12 answering member 4639 label Biography information for Bim Afolami
tabling member	4500 label Biography information for Clive Lewis

1701912

registered interest
date	17/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	UK Trade with EU: Exports
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential economic impact of the European Commission’s customs reform proposals of 17 May 2023 on exporters to the EU.
tabling member constituency	Harrow West
tabling member printed	Gareth Thomas
uin	22217
answer	answer is ministerial correction date of answer 23/04/2024 answer text <p>The Government has been engaging with the European Commission including through the UK/EU annual Trade Specialised Committee on Customs Cooperation and Rules of Origin.</p><p> </p><p>The EU has expressed the need for consultation with the UK to take into account potential implications for Northern Ireland.</p><p> </p><p>The Government published an Explanatory Memorandum in August 2023 setting out relevant considerations in relation to the EU’s proposed reforms. As the reforms develop, we will continue to monitor the progress and to assess any potential impacts on UK businesses.</p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston grouped question UIN 22218 22219 question first answered 23/04/2024 12:34:09 answering member 4407 label Biography information for Nigel Huddleston
tabling member	177 label Biography information for Gareth Thomas

1701913

registered interest
date	17/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	UK Trade with EU: Northern Ireland
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential economic impact of the European Commission’s proposals on EU customs reform of 17 May 2023 on Northern Ireland, in the context of the Windsor Framework.
tabling member constituency	Harrow West
tabling member printed	Gareth Thomas
uin	22218
answer	answer is ministerial correction date of answer 23/04/2024 answer text <p>The Government has been engaging with the European Commission including through the UK/EU annual Trade Specialised Committee on Customs Cooperation and Rules of Origin.</p><p> </p><p>The EU has expressed the need for consultation with the UK to take into account potential implications for Northern Ireland.</p><p> </p><p>The Government published an Explanatory Memorandum in August 2023 setting out relevant considerations in relation to the EU’s proposed reforms. As the reforms develop, we will continue to monitor the progress and to assess any potential impacts on UK businesses.</p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston grouped question UIN 22217 22219 question first answered 23/04/2024 12:34:09 answering member 4407 label Biography information for Nigel Huddleston
tabling member	177 label Biography information for Gareth Thomas

1701914

registered interest
date	17/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	UK Trade with EU: Exports
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has had discussions with her relevant EU counterparts on the potential impact of the European Commission’s customs reform proposal of 17 May 2023 on exporters.
tabling member constituency	Harrow West
tabling member printed	Gareth Thomas
uin	22219
answer	answer is ministerial correction date of answer 23/04/2024 answer text <p>The Government has been engaging with the European Commission including through the UK/EU annual Trade Specialised Committee on Customs Cooperation and Rules of Origin.</p><p> </p><p>The EU has expressed the need for consultation with the UK to take into account potential implications for Northern Ireland.</p><p> </p><p>The Government published an Explanatory Memorandum in August 2023 setting out relevant considerations in relation to the EU’s proposed reforms. As the reforms develop, we will continue to monitor the progress and to assess any potential impacts on UK businesses.</p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston grouped question UIN 22217 22218 question first answered 23/04/2024 12:34:09 answering member 4407 label Biography information for Nigel Huddleston
tabling member	177 label Biography information for Gareth Thomas