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1168280

registered interest
date	19/12/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will review the lending requirements for mortgages to ensure the affordability of rents and repayments in relation to the current salary multiplier requirement.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	84
answer	answer is ministerial correction date of answer 13/01/2020 answer text <p>The Financial Conduct Authority’s (FCA) ‘Mortgage Market Review’ regulations are based on the principle that mortgages should only be advanced where there is a reasonable expectation that borrowers can repay. To provide new mortgage loans, all lenders must conduct an affordability assessment which includes a robust income and expenditure analysis, and the lender must obtain evidence of that income to support this assessment. Lenders must also comply with rules set by the Financial Policy Committee (FPC) at the Bank of England, intended to manage financial stability risks from the housing market, including a limit of 15% of new lending above 4.5 Loan-to-Income (LTI), and a stress test for loans at 3% above the Standard Variable Rate.</p><p> </p><p>Both the FCA and the Bank of England keep their mortgage market regulations under review to ensure that they meet their objectives. In May 2016 the FCA conducted a review of the MMR, finding that the regulations had been implemented as desired protecting consumers without unduly restricting the availability of credit. The FCA’s Mortgages Market Study of March 2019 also found that the market is working well for consumers. The FPC most recently reviewed their housing tools in December 2019 in their Financial Stability Report, including the 4.5 LTI cap, finding that they have had a positive impact in upholding strong underwriting standards to prevent an increase in the number of highly indebted households, whilst having only a limited impact on mortgage availability.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/01/2020 14:25:40 answering member 4051 label Biography information for John Glen
tabling member	4006 label Biography information for Dr Matthew Offord

1168287

registered interest
date	19/12/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Off-payroll Working
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when the proposed review of the changes to IR35 will (a) begin and (b) conclude.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	85
answer	answer is ministerial correction date of answer 13/01/2020 answer text <p>The Chancellor has commissioned a review of the off-payroll working rules reform (IR35). As set out at Budget 2018, the reform is due to be extended to all sectors from April 2020. The review was announced on 7 January and will focus on the implementation of the reform, including gathering evidence on the experiences of individuals and businesses. The review will consider whether there are any further steps the Government can take to ensure the smooth and successful implementation of the forthcoming reforms. The review will conclude in mid-February.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 13/01/2020 16:57:58 answering member 3991 label Biography information for Jesse Norman
tabling member	4006 label Biography information for Dr Matthew Offord

1168323

registered interest
date	19/12/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Off-payroll Working
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he is taking to (a) review the proposed changes to IR35 and (b) support people who are self-employed.
tabling member constituency	Sittingbourne and Sheppey
tabling member printed	Gordon Henderson
uin	102
answer	answer is ministerial correction date of answer 13/01/2020 answer text <p>The Chancellor has commissioned a review of the off-payroll working rules reform (IR35). As set out at Budget 2018, the reform is due to be extended to all sectors from April 2020. The review will focus on the implementation of the reform, and consider whether there are any further steps the Government can take to ensure the smooth and successful implementation of the upcoming reforms. The off-payroll working rules do not affect the self-employed; part of the review will consider whether this is clearly understood by businesses in their implementation of the reforms. In parallel to the review, HMRC will be stepping up their efforts to support individuals and businesses in preparing for these changes and raising awareness of the reform.</p><p> </p><p>The Government is committed to supporting self-employed professionals and consultants. From April 2019, the UK will have increased its Personal Allowance by over 90% in less than a decade. The self-employed have also been given access to the full rate of the new State Pension, worth over £2,000 a year more to a self-employed individual than under the previous system.</p><p> </p><p>Budget 2018 announced that the Government is extending the New Enterprise Allowance, to help people start a business; introducing a £10m pilot to support self-employed training; and equalising the treatment of all self-employed people with respect to the Universal Credit Minimum Income Floor.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 13/01/2020 16:56:29 answering member 3991 label Biography information for Jesse Norman
tabling member	4050 label Biography information for Gordon Henderson

1168342

registered interest
date	19/12/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Equitable Life Assurance Society
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps his Department is taking to support people affected by the closure of Equitable Life.
tabling member constituency	Portsmouth South
tabling member printed	Mr Stephen Morgan
uin	203
answer	answer is ministerial correction date of answer 13/01/2020 answer text <p>After nearly 5 years of operation which saw over £1 billion paid to nearly 1 million affected policyholders, the Equitable Life Payment Scheme closed to claims in 2015. Further guidance on the status of the Payment Scheme after closure is available at <a href="https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme" target="_blank">https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme</a>. There are no plans to reopen the Payment Scheme or review the funding allocation made to it.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/01/2020 15:01:38 answering member 4051 label Biography information for John Glen
tabling member	4653 label Biography information for Stephen Morgan

1168343

registered interest
date	19/12/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pension Funds: Closures
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps the Government has taken to prevent the closure of pension companies since the closure of Equitable Life.
tabling member constituency	Portsmouth South
tabling member printed	Mr Stephen Morgan
uin	204
answer	answer is ministerial correction date of answer 13/01/2020 answer text <p>The Government implemented a new solvency regime, set out in the Solvency II Directive, which came into force on 1 January 2016. This risk-based regulatory system, under which UK insurance companies are regulated, was developed by the European Commission over approximately 15 years with input from the UK Government, regulators and industry.</p><p> </p><p>The Prudential Regulation Authority, the regulatory arm of the Bank of England, supervises UK insurance firms and groups under Solvency II. It has statutory objectives to promote the safety and soundness of the firms it regulates and contribute to securing an appropriate degree of protection for policyholders under the Financial Services and Markets Act 2000 (sections 2b and 2c).</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/01/2020 14:59:05 answering member 4051 label Biography information for John Glen
tabling member	4653 label Biography information for Stephen Morgan

1168365

registered interest
date	19/12/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Dividend Tax Credit
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many tax credit overpayments were made in each of the last 12 months; and what the average repayment was.
tabling member constituency	Oxford East
tabling member printed	Anneliese Dodds
uin	222
answer	answer is ministerial correction date of answer 07/01/2020 answer text <p>Overpayments are a feature of the annualized tax credits system. Figures for the value of overpayments relating to 2019-20 tax credits awards will not be known until all awards have been finalised in January 2021. <br></p><p>The most recent estimate of overpayments relates to the 2017-18 award year and can be found in the following publication.</p><p> </p><p><a href="https://www.gov.uk/government/statistics/child-and-working-tax-credits-statistics-finalised-annual-awards-supplement-on-payments-2017-to-2018" target="_blank">https://www.gov.uk/government/statistics/child-and-working-tax-credits-statistics-finalised-annual-awards-supplement-on-payments-2017-to-2018</a></p><p> </p><p>In this year, 1.45 million tax credits awards had an overpayment at the point of finalisation. The total value of overpayments was £1.55 billion.</p><p>Estimates of the average value of repayments in each of the last 12 months are not readily available. Tax credits repayments are repaid through a number of routes, including through the Universal Credit (UC) system. Information on the monthly value of all these repayments could only be collected at disproportionate cost.</p><p> </p><p>For the year 2017/18, HMRC received repayments of £1.29bn. These repayments were made on overpayments from all previous award years. On top of this, £188m of tax credits overpayments transferred to DWP as customers migrated to UC.</p> answering member constituency Richmond (Yorks) answering member printed Rishi Sunak question first answered 07/01/2020 10:33:42 answering member 4483 label Biography information for Rishi Sunak
tabling member	4657 label Biography information for Anneliese Dodds

1168470

registered interest
date	19/12/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Disguised Remuneration Loan Charge Review
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will publish Sir Amyas Morse's review of the Loan Charge on 8 January 2020; and if he will make an oral statement on that day.
tabling member constituency	Wycombe
tabling member printed	Mr Steve Baker
uin	105
answer	answer is ministerial correction date of answer 07/01/2020 answer text <p>The Government published Sir Amyas Morse’s independent review of the Loan Charge on 20 December, alongside the Government’s response to his recommendations. The Government welcomes Sir Amyas’ recognition that disguised remuneration schemes are a form of tax avoidance and that action was needed to tackle their use. However, the Government recognises concerns raised by the Review about the design of the Loan Charge and the impact on those liable to pay it and is therefore accepting all but one of the Review’s recommendations. The Government will ensure taxpayers have sufficient time to consider the impact of these changes on their tax position and individuals can now defer submitting their tax return and paying their Loan Charge liability until 30 September 2020, without incurring any penalties or interest.</p><p> </p><p> </p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 106 question first answered 07/01/2020 16:36:10 answering member 3991 label Biography information for Jesse Norman
tabling member	4064 label Biography information for Mr Steve Baker

1168471

registered interest
date	19/12/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Tax Avoidance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make it his policy to delay the Loan Charge payment deadline of 31 January 2020 until after he has made an assessment of Sir Amyas Morse's review of the Loan Charge; and if he will make a statement.
tabling member constituency	Wycombe
tabling member printed	Mr Steve Baker
uin	106
answer	answer is ministerial correction date of answer 07/01/2020 answer text <p>The Government published Sir Amyas Morse’s independent review of the Loan Charge on 20 December, alongside the Government’s response to his recommendations. The Government welcomes Sir Amyas’ recognition that disguised remuneration schemes are a form of tax avoidance and that action was needed to tackle their use. However, the Government recognises concerns raised by the Review about the design of the Loan Charge and the impact on those liable to pay it and is therefore accepting all but one of the Review’s recommendations. The Government will ensure taxpayers have sufficient time to consider the impact of these changes on their tax position and individuals can now defer submitting their tax return and paying their Loan Charge liability until 30 September 2020, without incurring any penalties or interest.</p><p> </p><p> </p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 105 question first answered 07/01/2020 16:36:10 answering member 3991 label Biography information for Jesse Norman
tabling member	4064 label Biography information for Mr Steve Baker

1168495

registered interest
date	19/12/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Public Sector: Redundancy Pay
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when the £95,000 cap on public sector exit payments is planned to come into force; what the timeframe is for the publication of the Government response to the consultation on the draft regulations that closed on 3 July 2019; and if he will make a statement.
tabling member constituency	Christchurch
tabling member printed	Sir Christopher Chope
uin	34
answer	answer is ministerial correction date of answer 07/01/2020 answer text <p>The government is currently considering responses to the consultation and will publish its response in due course. Once the government response has been published, regulations are required to be laid before Parliament for approval through the affirmative procedure to bring the cap into force.</p> answering member constituency Richmond (Yorks) answering member printed Rishi Sunak question first answered 07/01/2020 10:26:22 answering member 4483 label Biography information for Rishi Sunak
tabling member	242 label Biography information for Sir Christopher Chope

1168554

registered interest
date	19/12/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Exchange Rates
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to require that all currency conversion rates should be expressed as a percentage mark-up on the interbank rate applying at the time of the conversion after Brexit.
tabling member printed	Lord Birt
uin	HL12
answer	answer is ministerial correction date of answer 07/01/2020 answer text <p>HM Treasury does not publish or set the format for the presentation of exchange rate data.</p><p><strong> </strong></p> answering member printed The Earl of Courtown question first answered 07/01/2020 16:54:46 answering member 3359 label Biography information for The Earl of Courtown
tabling member	2533 label Biography information for Lord Birt