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1304420
registered interest false more like this
date less than 2021-03-19more like thismore than 2021-03-19
answering body
Department for Business, Energy and Industrial Strategy more like this
answering dept id 201 more like this
answering dept short name Business, Energy and Industrial Strategy more like this
answering dept sort name Business, Energy and Industrial Strategy more like this
hansard heading Company Accounts more like this
house id 2 more like this
legislature
25277
pref label House of Lords remove filter
question text To ask Her Majesty's Government which (1) sections of the Companies Act 2006, or (2) regulations made under that Act, outline (a) the accounting treatment, and (b) the disclosure requirements, for finance secured through reverse factoring. more like this
tabling member printed
Lord Sikka more like this
uin HL14423 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2021-03-31more like thismore than 2021-03-31
answer text <p>The Companies Act 2006 does not include specific requirements for finance secured through reverse factoring. However, section 393 places a requirement on directors that the accounts must provide a true and fair view of the assets, liabilities, financial position and profit or loss of a company or group. This places a responsibility to provide such information as is necessary to ensure that requirement is met, including where reverse factoring is used in supply chain arrangements.</p><p> </p><p>The correct accounting treatment for reverse factoring is dependent on the terms and conditions of the factoring arrangement in place. The International Financial Reporting Standards (IFRS) Interpretations Committee and the Financial Reporting Council (FRC) have both issued guidance addressing the accounting standards requirements for reverse factoring, including guidance on additional disclosures. Copies of the guidance are attached below. The International Accounting Standards Board is also considering whether to add a project on reverse factoring to its agenda, as part of their responsibility for issuing International Financial Reporting Standards.</p>
answering member printed Lord Callanan more like this
attachment
1
file name supply-chain-financing-arrangements-reverse-factoring-december-2020.pdf more like this
title Supply Chain Financing Arrangements—Reverse Factor more like this
2
file name Disclosures-on-the-sources-and-uses-of-cash-Final.pdf more like this
title Disclosures on the sources and uses of cash more like this
question first answered
less than 2021-03-31T13:57:56.25Zmore like thismore than 2021-03-31T13:57:56.25Z
answering member
4336
label Biography information for Lord Callanan more like this
tabling member
4885
label Biography information for Lord Sikka more like this
1086396
registered interest false more like this
date less than 2019-03-11more like thismore than 2019-03-11
answering body
Cabinet Office more like this
answering dept id 53 more like this
answering dept short name Cabinet Office more like this
answering dept sort name Cabinet Office more like this
hansard heading Political Parties: Finance more like this
house id 2 more like this
legislature
25277
pref label House of Lords remove filter
question text To ask Her Majesty's Government what plans they have to restrict donations to political parties from people living in tax havens and paying lower rates of tax than donors to political parties who pay full rates of tax. more like this
tabling member printed
Lord Rennard more like this
uin HL14423 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-03-18more like thismore than 2019-03-18
answer text <p>The Coalition Government took the decision not to implement the 2009 legislation, as it was not deemed to be workable</p><p><br>During the passage of the 2009 Act, the Electoral Commission raised concerns about the legislation (further to Official Report, House of Commons, 15 October 2009, Col. 998W), and in 2013, the Electoral Commission also flagged issues about the tax status declaration requirements. The Labour Government conceded that the provisions could not be commenced at that time “due to their complex nature” (as outlined in the answer of Official Report, House of Commons, 10 March 2010, Col. 5MC)</p><p><br>The UK has a robust legal framework in place that bans foreign donations.</p><p><br>There is a long-standing principle – as originally recommended by the Committee on Standards in Public Life in 1998 – that permissible donors are those on the UK electoral register, and this includes UK citizens who are registered overseas electors. Companies wishing to make donations must be UK-registered and carrying on business in the UK</p><p><br>If a British citizen is able to vote in an election for a political party, they should also be able to donate to that political party, subject to the requirements for transparency on donations. Supporting a political party is part of the democratic process, and is an expression of freedom of association</p><p><br>Since the adoption of universal suffrage, taxation has never been the basis of enfranchisement in the UK. Those who do not pay income tax, such as those earning less than the tax-free personal allowance, rightly remain entitled to vote. Similarly, full-time students are legally exempt from paying council tax, but still have the right to vote in local elections</p><p><br>More broadly, since 2010, the Government has taken action to sanction and deter those involved in offshore evasion, including creating a new criminal offence for serious offshore evasion, and introducing penalties for those who deliberately help others to evade tax offshore. The Government has introduced over 100 new measures to tackle tax avoidance, evasion and non-compliance.</p>
answering member printed Lord Young of Cookham more like this
grouped question UIN
HL14419 more like this
HL14422 more like this
question first answered
less than 2019-03-18T12:45:10.617Zmore like thismore than 2019-03-18T12:45:10.617Z
answering member
57
label Biography information for Lord Young of Cookham more like this
tabling member
2484
label Biography information for Lord Rennard more like this