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1716972

registered interest
date	09/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Money
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he plans to bring forward legislative proposals to reinforce the status of cash as legal tender.
tabling member constituency	Slough
tabling member printed	Mr Tanmanjeet Singh Dhesi
uin	25536
answer	answer is ministerial correction date of answer 17/05/2024 answer text <p>The forms of payment that are accepted should remain the choice of individual businesses , based on their consideration of factors such as customer preference and cost.</p><p>Nevertheless, the Government recognises that cash continues to be used by millions of people across the UK. The Financial Services and Markets Act 2023 established a new legislative framework to protect access to cash for consumers and businesses.</p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston question first answered 17/05/2024 12:27:02 answering member 4407 label Biography information for Nigel Huddleston
tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi

1716974

registered interest
date	09/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Small Businesses: Money
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he plans to take to support small businesses with cash banking, in the context of closures of physical banks.
tabling member constituency	Slough
tabling member printed	Mr Tanmanjeet Singh Dhesi
uin	25537
answer	answer is ministerial correction date of answer 17/05/2024 answer text <p>In recognition that cash continues to be used by millions of people across the UK, including those in vulnerable circumstances, the government legislated through the Financial Services and Markets Act 2023 to establish a new legislative framework to protect access to cash. This establishes the Financial Conduct Authority (FCA) as the lead regulator for access to cash and provides it with responsibility and powers to seek to ensure reasonable provision of cash withdrawal and deposit facilities.</p><p> </p><p>Following this legislation, the government published a <a href="https://www.gov.uk/government/publications/cash-access-policy-statement/cash-access-policy-statement" target="_blank">Cash Access Policy Statement</a>. This set out that the vast majority of people should be no further than 1 mile from access to cash deposit and withdrawal services in predominately urban areas, and no further than 3 miles in predominately rural areas. The FCA is required to have regard to this statement when exercising its access to cash powers.</p><p> </p><p>The government considers that this legislation will support businesses to continue accepting cash by ensuring they have reasonable access to deposit facilities.</p><p> </p><p>The FCA recently held a consultation on its proposed regulatory approach: <a href="https://www.fca.org.uk/news/press-releases/fca-sets-out-new-rules-maintain-access-cash-increasingly-digital-world#:~:text=Under%20the%20FCA's%20proposals%2C%20designated,act%20to%20address%20these%20needs." target="_blank">FCA Access to Cash Consultation</a>. The FCA is currently considering feedback and expects to publish its final rules in the third quarter of this year.</p><p> </p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston grouped question UIN 25538 question first answered 17/05/2024 12:25:07 answering member 4407 label Biography information for Nigel Huddleston
tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi

1716975

registered interest
date	09/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cash Dispensing
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he plans to take legislative steps to help ensure public access to cash.
tabling member constituency	Slough
tabling member printed	Mr Tanmanjeet Singh Dhesi
uin	25538
answer	answer is ministerial correction date of answer 17/05/2024 answer text <p>In recognition that cash continues to be used by millions of people across the UK, including those in vulnerable circumstances, the government legislated through the Financial Services and Markets Act 2023 to establish a new legislative framework to protect access to cash. This establishes the Financial Conduct Authority (FCA) as the lead regulator for access to cash and provides it with responsibility and powers to seek to ensure reasonable provision of cash withdrawal and deposit facilities.</p><p> </p><p>Following this legislation, the government published a <a href="https://www.gov.uk/government/publications/cash-access-policy-statement/cash-access-policy-statement" target="_blank">Cash Access Policy Statement</a>. This set out that the vast majority of people should be no further than 1 mile from access to cash deposit and withdrawal services in predominately urban areas, and no further than 3 miles in predominately rural areas. The FCA is required to have regard to this statement when exercising its access to cash powers.</p><p> </p><p>The government considers that this legislation will support businesses to continue accepting cash by ensuring they have reasonable access to deposit facilities.</p><p> </p><p>The FCA recently held a consultation on its proposed regulatory approach: <a href="https://www.fca.org.uk/news/press-releases/fca-sets-out-new-rules-maintain-access-cash-increasingly-digital-world#:~:text=Under%20the%20FCA's%20proposals%2C%20designated,act%20to%20address%20these%20needs." target="_blank">FCA Access to Cash Consultation</a>. The FCA is currently considering feedback and expects to publish its final rules in the third quarter of this year.</p><p> </p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston grouped question UIN 25537 question first answered 17/05/2024 12:25:07 answering member 4407 label Biography information for Nigel Huddleston
tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi

1714636

registered interest
date	29/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Tobacco: Smuggling
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 with local authorities to help tackle the illicit tobacco trade.
tabling member constituency	Slough
tabling member printed	Mr Tanmanjeet Singh Dhesi
uin	24094
answer	answer is ministerial correction date of answer 08/05/2024 answer text <p>In January 2021 HMRC and National Trading Standards launched Operation CeCe. This joint initiative builds on decades of partnership working with local Trading Standards Officers.</p><p> </p><p>This supports them to undertake enforcement activity including the sharing of information and intelligence to target and seize illegal tobacco, disruption of the illicit tobacco market and prevention of fraud in their area. In its first two years of operation more than 28 million cigarettes and nearly 8 tonnes of illicit hand rolling-tobacco were seized.</p><p> </p><p>In January this year, HMRC published a new Illicit Tobacco Strategy ‘Stubbing out the problem’. The Strategy sets out how HMRC intends to build on the success of Operation CeCe by increasing the level of funding available to Trading Standards so that it can have an even greater impact in tackling the illicit tobacco trade.</p> answering member constituency Grantham and Stamford answering member printed Gareth Davies question first answered 08/05/2024 10:28:34 answering member 4850 label Biography information for Gareth Davies
tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi

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

1701803

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	Cryptocurrencies and Blockchain
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 support innovation in blockchain and cryptocurrency technologies while ensuring robust consumer protections.
tabling member constituency	Slough
tabling member printed	Mr Tanmanjeet Singh Dhesi
uin	22363
answer	answer is ministerial correction date of answer 23/04/2024 answer text <ol><li>The government is committed to creating a regulatory environment in the UK where firms can innovate, while crucially maintaining financial stability and clear regulatory standards.</li><li>In line with this, the government has already brought cryptoassets into regulation for anti-money laundering and counter-terrorist financing, and financial promotions.</li><li>As a result, the Financial Conduct Authority now regulates and supervises qualifying cryptoasset promotions, with the aim of improving consumers’ understanding of the risks and benefits associated with cryptoasset investments, and ensuring that cryptoasset promotions are held to the same high standards as for broader financial services.</li><li>In October last year, the Treasury published its final proposals for creating the UK’s financial services regulatory regime for cryptoassets.</li></ol> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 22360 22361 22362 22364 question first answered 23/04/2024 11:17:55 answering member 4639 label Biography information for Bim Afolami
tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi

1701819

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	Technology: New Businesses
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what incentives are available to encourage growth strategies among UK tech firms; and whether he plans to take steps to help increase the number of high-value tech companies based in the UK.
tabling member constituency	Slough
tabling member printed	Mr Tanmanjeet Singh Dhesi
uin	22367
answer	answer is ministerial correction date of answer 24/04/2024 answer text <p>The government is backing British business to drive long-term economic growth by tackling barriers to investment, cutting taxes and rewarding work, and by supporting the priority growth sectors, including digital technology, which are helping to turn the UK into the world’s next Silicon Valley. The UK has Europe’s leading tech ecosystem, valued at over $1trillion, and the government is acting to create the best environment for our most innovative tech companies to start, scale and stay in the UK. This includes making over £3.5 billion of public investment in the AI ecosystem since 2014, extending the sunset clause for the Enterprise Investment Scheme and the Venture Capital Trust scheme to 6 April 2035, making changes to simplify and improve R&amp;D tax reliefs, extending the British Business Bank’s Future Fund: Breakthrough investment programme, and implementing the measures the Chancellor announced at last year’s Mansion House speech to reform the pensions market to unlock investment into high growth sectors and generate increased returns for savers.</p> answering member constituency Grantham and Stamford answering member printed Gareth Davies question first answered 24/04/2024 14:26:40 answering member 4850 label Biography information for Gareth Davies
tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi

1701889

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	Self-employed: Self-assessment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department is taking steps to support self-employed individuals who may struggle to file their tax returns on time due to economic difficulties; and whether he has made a recent assessment of the potential merits of reforming the penalty system.
tabling member constituency	Slough
tabling member printed	Mr Tanmanjeet Singh Dhesi
uin	22372
answer	answer is ministerial correction date of answer 24/04/2024 answer text <p>HMRC is committed to helping all taxpayers pay their taxes and urges anyone having difficulty to make contact as soon as possible. Time to Pay arrangements are available for taxpayers who cannot afford to make full payment of their tax when it is due. Also, a Budget Payment Plan service allows Self Assessment taxpayers to make advance payments. HMRC has recently published YouTube videos on GOV.UK to help the self-employed, including one about ‘How to budget for your Self-Assessment tax bill if you’re self-employed’.</p><p> </p><p>In Spring 2021 the government announced a new points-based penalty regime for regular tax return submission obligations, to replace existing penalties for VAT and Self Assessment. The new approach is fairer, with financial penalties arising only when the failure is consistent. For Self Assessment taxpayers, reformed penalties will begin when they join the Making Tax Digital (MTD) service for Self Assessment from April 2026 onwards.</p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston question first answered 24/04/2024 08:45:29 answering member 4407 label Biography information for Nigel Huddleston
tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi

1701575

registered interest
date	16/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Motor Vehicles: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has plans to use revenue raised through the increase in car tax from 1 April 2024 to support (a) public transport and (b) environmental initiatives.
tabling member constituency	Slough
tabling member printed	Mr Tanmanjeet Singh Dhesi
uin	22111
answer	answer is ministerial correction date of answer 24/04/2024 answer text <p>The Consolidated Fund receives the proceeds of Vehicle Excise Duty (VED) and most other tax revenues. VED is being reinvested into the English road network between 2020-2025 to fund road enhancement projects. The Government uses the tax system to encourage the uptake of cars with low carbon dioxide (CO2) emissions to help meet our legally binding climate change targets.</p><p> </p> answering member constituency Grantham and Stamford answering member printed Gareth Davies question first answered 24/04/2024 14:20:15 answering member 4850 label Biography information for Gareth Davies
tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi