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47417

registered interest
date	07/04/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they or the relevant regulators are examining the impact of high frequency trading on equity markets and financial stability.
tabling member printed	Lord Myners
uin	HL6649
answer	answer is ministerial correction date of answer 14/04/2014 answer text <p>As I set out in my answer of 23 September 2013, the findings of the Foresight project &quot;The Future of Computer Trading in Financial Markets,&quot; led by the Government Office for Science and sponsored by the Treasury, was published in autumn 2012. This study considered, inter alia, the impact of computer trading on the integrity of markets – principally equity markets - and financial stability.</p> answering member printed Lord Deighton question first answered 14/04/2014 12:00:00 answering member 4262 label Biography information for Lord Deighton attachment 1 file name 3515LW.pdf title the future of computer trading in financial market
tabling member	3869 label Biography information for Lord Myners

47439

registered interest
date	07/04/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they have any plans to ensure that newspapers delivered to their readers directly to online tablets or computers are exempt from VAT in the same way as the paper versions.
tabling member printed	Lord Smith of Finsbury
uin	HL6671
answer	answer is ministerial correction date of answer 14/04/2014 answer text <p><strong>The Government has no plans to change the VAT treatment of the sale of digital newspaper products. Legal advice obtained by the Government indicates there is no scope to do so under EU law.</strong></p><p> </p><p><strong>Physical newspapers attract a zero rate of VAT in the UK. The sale of digital newspaper products is classified as electronic services and attracts the standard rate of VAT, in line with EU VAT law. </strong></p><p> </p><p><strong>The application of VAT in the EU, including rates and flexibilities afforded to member states in this regard, is governed by EU law.</strong></p><p> </p><p><strong>The European Commission is taking legal action against France and Luxembourg for applying a reduced rate of VAT to e-books, noting that the provision of e-books is an electronically provided service and as such cannot benefit from a reduced rate.</strong></p><p> </p><p> </p> answering member printed Lord Deighton question first answered 14/04/2014 12:00:00 answering member 4262 label Biography information for Lord Deighton
tabling member	186 label Biography information for Lord Smith of Finsbury

46972

registered interest
date	03/04/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what estimate they have made of the average charge-out rate of pension advisers in calculating the quantity and quality of advice that will be available to people retiring under the new pension arrangements announced in the 2014 Budget.
tabling member printed	Lord Wills
uin	HL6580
answer	answer is ministerial correction date of answer 14/04/2014 answer text <p><strong>At Budget the government announced a new guarantee that everyone with a defined contribution pension will be offered free and impartial face-to-face guidance on their financial choices in retirement when they retire. </strong><strong>The government is consulting on how best to deliver this guidance as part of its consultation</strong><strong>, ‘Flexibility and Choice in Pensions'.</strong></p><p><strong>In addition, the government will work with the FCA to explore the extent to which regulated advice can be made more affordable through more cost effective delivery, such as through the development of online delivery channels. </strong></p><p> </p> answering member printed Lord Deighton question first answered 14/04/2014 12:00:00 answering member 4262 label Biography information for Lord Deighton
tabling member	260 label Biography information for Lord Wills

46973

registered interest
date	03/04/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what new measures they will put in place to protect against the mis-selling of financial advice to people retiring under the new pension arrangements announced in the 2014 Budget.
tabling member printed	Lord Wills
uin	HL6581
answer	answer is ministerial correction date of answer 14/04/2014 answer text <p><strong>Alongside the pensions flexibility announced at Budget, the government announced a new guarantee that everyone with a defined contribution pension will be offered free and impartial face to face guidance on their financial choices in retirement when they retire. </strong><strong>The Government is consulting on how best to deliver this guidance as part of its consultation</strong><strong>, ‘Flexibility and Choice in Pensions'.</strong></p><p> </p><p> </p><p><strong>The guidance will be designed to help consumers navigate the options available and is not intended to replace the services of professional financial advice. The government expects that many consumers will go on to seek further advice and</strong><strong> will ensure that the guidance equips consumers to choose the advisory service that suits their needs.</strong></p><p> </p><p><strong>The government has asked the Financial Conduct Authority (FCA) to coordinate the development of robust standards for this guidance and a framework for monitoring compliance.</strong></p><p> </p><p><strong>Professional financial advice is regulated by the FCA. The FCA's statutory objectives and regulatory powers are geared to protect consumers. The FCA has committed to taking a proactive and interventionist approach to retail conduct regulation.</strong></p><p> </p><p> </p> answering member printed Lord Deighton question first answered 14/04/2014 12:00:00 answering member 4262 label Biography information for Lord Deighton
tabling member	260 label Biography information for Lord Wills

46974

registered interest
date	03/04/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what estimate they have made of the impact on public spending as a result of the new pension arrangements announced in the 2014 Budget.
tabling member printed	Lord Wills
uin	HL6582
answer	answer is ministerial correction date of answer 14/04/2014 answer text <p><strong>The impact will depend on how people choose to use their pension savings, which is difficult to predict.</strong><strong> The Government expects any impact to be small in the context of the other pension measures announced in this Parliament – including State Pension age changes, the introduction of the single tier pension and public service pension reform – which are projected to save around £17 billion in 2030 in today's terms. The estimated net fiscal impact of pension changes announced in this Parliament can be found in Chart 1.12 of the Red Book here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293759/37630_Budget_2014_Web_Accessible.pdf</strong></p> answering member printed Lord Deighton question first answered 14/04/2014 12:00:00 answering member 4262 label Biography information for Lord Deighton attachment 1 file name 3467LW.pdf title projected tax ipacts of pension arrangements
tabling member	260 label Biography information for Lord Wills

46991

registered interest
date	03/04/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether HM Revenue and Customs keeps records of the amount of Gift Aid claimed by, or paid to, attractions in respect of qualifying admission fees paid to view charity property; and, if so, in what form the records are kept.
tabling member printed	Lord Lee of Trafford
uin	HL6599
answer	answer is ministerial correction date of answer 14/04/2014 answer text <p>HM Revenue and Customs does not collect information about Gift Aid claimed by, or paid to, charities in respect of admission fees to view charity property, except for charities subject to enquiry. It would be administratively burdensome for charities to routinely provide a detailed breakdown of their income with every Gift Aid claim they make.</p> answering member printed Lord Deighton question first answered 14/04/2014 12:00:00 answering member 4262 label Biography information for Lord Deighton
tabling member	1132 label Biography information for Lord Lee of Trafford

47011

registered interest
date	03/04/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they have commissioned any studies to assess behavioural change consequent upon income and corporate tax changes since 2010.
tabling member printed	Lord Rooker
uin	HL6619
answer	answer is ministerial correction date of answer 14/04/2014 answer text <p>The table below sets out the Corporation Tax rates from 2009-10 to 2014-15.</p><table><tbody><tr><td> </td><td><p><strong>Small Profits Rate </strong></p></td><td><p><strong>Main Rate</strong></p></td></tr><tr><td><p><strong>2009-10 </strong></p></td><td><p>21%</p></td><td><p>28%</p></td></tr><tr><td><p><strong>2010-11 </strong></p></td><td><p>21%</p></td><td><p>28%</p></td></tr><tr><td><p><strong>2011-12 </strong></p></td><td><p>20%</p></td><td><p>26%</p></td></tr><tr><td><p><strong>2012-13 </strong></p></td><td><p>20%</p></td><td><p>24%</p></td></tr><tr><td><p><strong>2013-14</strong></p></td><td><p>20%</p></td><td><p>23%</p></td></tr><tr><td><p><strong>2014-15 </strong></p></td><td><p>20%</p></td><td><p>21%</p></td></tr></tbody></table><p> </p><p>At Budget 2013 it was announced that from 2015-16 the rates would be unified to a single Corporation Tax rate of 20%.</p><p> </p><p>The latest year for which full data is available is 2011-12. Total onshore Corporation Tax liabilities fell slightly from £35.6bn in 2010-11 to £35.4bn in 2011-12. HMRC publishes annual National Statistics on Corporation Tax liabilities. Table 11.1B is attached[1].</p><p> </p><p>The table below sets out the Income Tax rates from 2000-10 to 2014-15.</p><table><tbody><tr><td> </td><td><p><strong>Basic Rate </strong></p></td><td><p><strong>Higher Rate</strong></p></td><td><p><strong>Additional Rate</strong></p></td></tr><tr><td><p><strong>2009-10 </strong></p></td><td><p>20%</p></td><td><p>40%</p></td><td><p>-</p></td></tr><tr><td><p><strong>2010-11 </strong></p></td><td><p>20%</p></td><td><p>40%</p></td><td><p>50%</p></td></tr><tr><td><p><strong>2011-12 </strong></p></td><td><p>20%</p></td><td><p>40%</p></td><td><p>50%</p></td></tr><tr><td><p><strong>2012-13 </strong></p></td><td><p>20%</p></td><td><p>40%</p></td><td><p>50%</p></td></tr><tr><td><p><strong>2013-14</strong></p></td><td><p>20%</p></td><td><p>40%</p></td><td><p>45%</p></td></tr><tr><td><p><strong>2014-15 </strong></p></td><td><p>20%</p></td><td><p>40%</p></td><td><p>45%</p></td></tr></tbody></table><p> </p><p>The Starting Rate of tax for savings is currently 10%. This is applied only to savings income which falls within the starting rate band above the personal allowance.</p><p> </p><p>In 2014-15 the personal allowance is £10,000 and the starting rate band is £2,880. At Budget 2014 the Government announced that from 2015-16 that band would be increased to £5000 and the rate set to 0%.</p><p> </p><p>The latest available income tax liability statistics held by HMRC relate to the tax year 2011-12. These statistics are attached[2].</p><p> </p><p>Other more timely published information is available in tax receipts statistics which are published on a monthly basis and could be considered as a leading indicator of liabilities. These statistics are also attached[3].</p><p> </p><p> </p><p>To estimate the exchequer impact of policy changes it is necessary to estimate the change in tax liabilities after taking into account the behavioural response. At each fiscal event where the tax rates have been changed these estimates have been made and certified by the Office for Budget Responsibility. These estimates are published in table 2.1of the corresponding Budget and Autumn Statement reports.</p><p> </p><p>There are significant behavioural responses associated with changes in the top marginal rate of income tax. The HMRC report ‘The Exchequer effect of the 50 per cent additional rate of income tax'[4] outlines these behavioural responses.</p><p> </p><p>HM Treasury and HMRC jointly published the report ‘Analysis of the dynamic effects of corporation tax reductions' at Autumn Statement 2013[5].</p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p>[1]<a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/256886/table11-1b.pdf" target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/256886/table11-1b.pdf</a></p><p>[2]<a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/277459/Table_2.6.pdf" target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/277459/Table_2.6.pdf</a></p><p>[3]<a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/294267/20140312_Feb_v0.2.pdf" target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/294267/20140312_Feb_v0.2.pdf</a></p><p>[4]<a href="http://www.hmrc.gov.uk/budget2012/excheq-income-tax-2042.pdf" target="_blank">http://www.hmrc.gov.uk/budget2012/excheq-income-tax-2042.pdf</a></p><p>[5]<a href="https://www.gov.uk/government/publications/analysis-of-the-dynamic-effects-of-corporation-tax-reductions" target="_blank">https://www.gov.uk/government/publications/analysis-of-the-dynamic-effects-of-corporation-tax-reductions</a></p><p> </p> answering member printed Lord Deighton grouped question UIN HL6620 question first answered 14/04/2014 12:00:00 answering member 4262 label Biography information for Lord Deighton
tabling member	302 label Biography information for Lord Rooker

47012

registered interest
date	03/04/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether there is any evidence that income tax and corporate tax revenues have increased as the rates of income and corporate taxes have decreased since 2010.
tabling member printed	Lord Rooker
uin	HL6620
answer	answer is ministerial correction date of answer 14/04/2014 answer text <p>The table below sets out the Corporation Tax rates from 2009-10 to 2014-15.</p><table><tbody><tr><td> </td><td><p><strong>Small Profits Rate </strong></p></td><td><p><strong>Main Rate</strong></p></td></tr><tr><td><p><strong>2009-10 </strong></p></td><td><p>21%</p></td><td><p>28%</p></td></tr><tr><td><p><strong>2010-11 </strong></p></td><td><p>21%</p></td><td><p>28%</p></td></tr><tr><td><p><strong>2011-12 </strong></p></td><td><p>20%</p></td><td><p>26%</p></td></tr><tr><td><p><strong>2012-13 </strong></p></td><td><p>20%</p></td><td><p>24%</p></td></tr><tr><td><p><strong>2013-14</strong></p></td><td><p>20%</p></td><td><p>23%</p></td></tr><tr><td><p><strong>2014-15 </strong></p></td><td><p>20%</p></td><td><p>21%</p></td></tr></tbody></table><p> </p><p>At Budget 2013 it was announced that from 2015-16 the rates would be unified to a single Corporation Tax rate of 20%.</p><p> </p><p>The latest year for which full data is available is 2011-12. Total onshore Corporation Tax liabilities fell slightly from £35.6bn in 2010-11 to £35.4bn in 2011-12. HMRC publishes annual National Statistics on Corporation Tax liabilities. Table 11.1B is attached[1].</p><p> </p><p>The table below sets out the Income Tax rates from 2000-10 to 2014-15.</p><table><tbody><tr><td> </td><td><p><strong>Basic Rate </strong></p></td><td><p><strong>Higher Rate</strong></p></td><td><p><strong>Additional Rate</strong></p></td></tr><tr><td><p><strong>2009-10 </strong></p></td><td><p>20%</p></td><td><p>40%</p></td><td><p>-</p></td></tr><tr><td><p><strong>2010-11 </strong></p></td><td><p>20%</p></td><td><p>40%</p></td><td><p>50%</p></td></tr><tr><td><p><strong>2011-12 </strong></p></td><td><p>20%</p></td><td><p>40%</p></td><td><p>50%</p></td></tr><tr><td><p><strong>2012-13 </strong></p></td><td><p>20%</p></td><td><p>40%</p></td><td><p>50%</p></td></tr><tr><td><p><strong>2013-14</strong></p></td><td><p>20%</p></td><td><p>40%</p></td><td><p>45%</p></td></tr><tr><td><p><strong>2014-15 </strong></p></td><td><p>20%</p></td><td><p>40%</p></td><td><p>45%</p></td></tr></tbody></table><p> </p><p>The Starting Rate of tax for savings is currently 10%. This is applied only to savings income which falls within the starting rate band above the personal allowance.</p><p> </p><p>In 2014-15 the personal allowance is £10,000 and the starting rate band is £2,880. At Budget 2014 the Government announced that from 2015-16 that band would be increased to £5000 and the rate set to 0%.</p><p> </p><p>The latest available income tax liability statistics held by HMRC relate to the tax year 2011-12. These statistics are attached[2].</p><p> </p><p>Other more timely published information is available in tax receipts statistics which are published on a monthly basis and could be considered as a leading indicator of liabilities. These statistics are also attached[3].</p><p> </p><p> </p><p>To estimate the exchequer impact of policy changes it is necessary to estimate the change in tax liabilities after taking into account the behavioural response. At each fiscal event where the tax rates have been changed these estimates have been made and certified by the Office for Budget Responsibility. These estimates are published in table 2.1of the corresponding Budget and Autumn Statement reports.</p><p> </p><p>There are significant behavioural responses associated with changes in the top marginal rate of income tax. The HMRC report ‘The Exchequer effect of the 50 per cent additional rate of income tax'[4] outlines these behavioural responses.</p><p> </p><p>HM Treasury and HMRC jointly published the report ‘Analysis of the dynamic effects of corporation tax reductions' at Autumn Statement 2013[5].</p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p>[1]<a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/256886/table11-1b.pdf" target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/256886/table11-1b.pdf</a></p><p>[2]<a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/277459/Table_2.6.pdf" target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/277459/Table_2.6.pdf</a></p><p>[3]<a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/294267/20140312_Feb_v0.2.pdf" target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/294267/20140312_Feb_v0.2.pdf</a></p><p>[4]<a href="http://www.hmrc.gov.uk/budget2012/excheq-income-tax-2042.pdf" target="_blank">http://www.hmrc.gov.uk/budget2012/excheq-income-tax-2042.pdf</a></p><p>[5]<a href="https://www.gov.uk/government/publications/analysis-of-the-dynamic-effects-of-corporation-tax-reductions" target="_blank">https://www.gov.uk/government/publications/analysis-of-the-dynamic-effects-of-corporation-tax-reductions</a></p><p> </p> answering member printed Lord Deighton grouped question UIN HL6619 question first answered 14/04/2014 12:00:00 answering member 4262 label Biography information for Lord Deighton
tabling member	302 label Biography information for Lord Rooker

46401

registered interest
date	01/04/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government on how many occasions an action under the Proceeds of Crime Act 2002 has also been investigated by HM Revenue and Customs to ensure that tax has been paid by the individuals concerned.
tabling member printed	Lord Mendelsohn
uin	HL6498
answer	answer is ministerial correction date of answer 14/04/2014 answer text <p>Actions under the Proceeds of Crime Act (2002) (POCA) could include a variety of different provisions within the Act. For instance, the use of POCA investigative powers, a prosecution for a POCA money laundering offence, the use of criminal confiscation following conviction, the use of POCA civil recovery procedures or financial intelligence received by way of the Suspicious Activity Reporting (SAR) regime.</p><p> </p><p>Where a law enforcement agency has suspicions of tax evasion it is up to that agency to refer the matter to HMRC to review and investigate as appropriate, using civil or criminal powers. HMRC does not keep a record of how many such referrals are made to them.</p><p> </p><p>Where HMRC is the investigating agency conducting the POCA actions, they routinely also assess the correct tax position and seek to recover outstanding amounts</p><p> </p> answering member printed Lord Deighton question first answered 14/04/2014 12:00:00 answering member 4262 label Biography information for Lord Deighton
tabling member	4286 label Biography information for Lord Mendelsohn

46408

registered interest
date	01/04/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether the external law firm appointed by the Financial Conduct Authority (FCA) to review its handling of its announcement on closed life funds is independent of the FCA and the firms covered by the FCA investigation.
tabling member printed	Lord Myners
uin	HL6505
answer	answer is ministerial correction date of answer 14/04/2014 answer text <p>The Financial Conduct Authority (FCA) have announced that the FCA Non-Executive Directors have appointed Simon Davis, a senior commercial litigation partner at Clifford Chance, to conduct an independent inquiry into the handling of the FCA's announcement of proposed supervisory work on the fair treatment of long standing customers in life insurance.</p> answering member printed Lord Deighton question first answered 14/04/2014 12:00:00 answering member 4262 label Biography information for Lord Deighton
tabling member	3869 label Biography information for Lord Myners