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855460

	registered interest
	date	05/03/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Small Businesses: Taxation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what measures they are taking to make it easier for small businesses to navigate complex and expensive tax procedures; and how they plan to increase awareness of tax relief schemes amongst small businesses.
	tabling member printed	Lord Taylor of Warwick
	uin	HL6066
	answer	answer is ministerial correction date of answer 19/03/2018 answer text <p>The government is committed to having a tax system that is simple to understand and easy to comply with. Autumn Budget 2017 took a number of practical steps to simplify the tax rules for small businesses including:</p><p> </p><ul><li><p>Extending the option of using mileage rates to property businesses; and</p></li><li><p>Ending receipt checking on subsistence costs when employees are reimbursed using benchmark scale rates.</p><p>These measures build on action taken since 2010 including:</p></li><li><p>Establishing the Office of Tax Simplification and then putting it on a permanent, statutory basis so that it can provide independent advice on simplifying the tax system; and</p></li><li><p>Implementing over 200 of the OTS’s recommendations since 2010. This includes simplifying employee benefits and expenses saving employers an estimated £25 million per annum.</p><p> </p><p>The government also takes action where appropriate to raise awareness of reliefs which support small businesses. For example, at Autumn Budget 2017 the Government announced an R&amp;D tax credits awareness campaign directed primarily towards Small and Medium Enterprises.</p></li></ul> answering member printed Lord Bates question first answered 19/03/2018 14:50:24 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick

864520

	registered interest
	date	15/03/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Foreign Companies: USA
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of the impact of taxing the revenue from large United States technology companies operating and investing in the UK, and in particular, on investment by such companies in the UK.
	tabling member printed	Lord Taylor of Warwick
	uin	HL6421
	answer	answer is ministerial correction date of answer 29/03/2018 answer text <p>The government has set out its receptiveness to exploring interim measures with like-minded countries, such as a tax on revenues, to tax certain digital businesses which generate value from UK users. Any such tax would be designed to compensate for unrecognised user-created value pending wider reform of the international corporate tax system. The effects of any such tax would depend on its scope, rate and detailed design.</p> answering member printed Lord Bates question first answered 29/03/2018 14:41:50 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick

864521

	registered interest
	date	15/03/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cash Dispensing
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of the effect of LINK’s proposed cut in ATM funding, with particular regard to the impact on local high streets.
	tabling member printed	Lord Taylor of Warwick
	uin	HL6422
	answer	answer is ministerial correction date of answer 29/03/2018 answer text <p>The Government recognises that widespread free access to cash remains extremely important to the day-to-day lives of many consumers and businesses in the UK. Government has been engaging and will continue to engage with the regulators and industry, including LINK, to ensure that it is maintained.</p><p>The Government established the Payment Systems Regulator (PSR) in 2015 with a statutory objective to ensure that the UK’s payment systems work in the interests of their users.</p><p>As part of this, the PSR is monitoring developments within ATM provision. The PSR recently commissioned work to understand the impact on the provision of free-to-use ATMs that a reduction in interchange fees may have. They have also set out three requirements of LINK: that LINK must maintain the current geographical spread of ATMs; that any changes made to interchange fees must be incremental to allow LINK to monitor the impact and take action if the impact is not as expected; and for a greater focus on LINK’s financial inclusion programme, to continue to fill gaps in the network. The PSR has committed to using its powers to act should LINK behave in a way that conflicts with its statutory objectives. The PSR has recently published a summary of their work to date, which can be found on their website.</p><p>Following the publication of these three criteria, LINK committed to maintaining an extensive network of free-to-use cash machines, and to ensuring that the present geographical spread of ATMs is maintained. To do this, LINK will bolster its Financial Inclusion Programme, which ensures the provision of ATMs in certain areas where demand would not otherwise make one viable. LINK will also protect all free-to-use ATMs which are a kilometre or more from the next nearest free-to-use ATM, and ensure that any community that loses ATM access because of a branch closure has a free ATM provided.</p><p>Furthermore, LINK will do an annual review the impact of the interchange fee reduction as it is phased in over the next four years. In addition, LINK will set up publicly available monitoring on its website of every area of the country showing free ATM availability, and highlight any areas where free ATM availability is lost.</p> answering member printed Lord Bates question first answered 29/03/2018 14:23:59 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick

873046

	registered interest
	date	27/03/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Technology
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what steps they are taking to ensure that the UK continues to be a global leader in the financial technology sector; and how they are attracting new firms to that sector.
	tabling member printed	Lord Taylor of Warwick
	uin	HL6725
	answer	answer is ministerial correction date of answer 06/04/2018 answer text <p>The government is taking significant steps to ensure that the UK continues to be a global leader in financial technology.</p><p> </p><p>For example, Open Banking, launched in January through a managed roll-out, is a radical intervention, driven by government, that will allow consumers and SMEs to access a range of new and innovative products that better meet their needs by providing third party providers with secure access to their current accounts. Open Banking uses standardised Application Programming Interfaces (APIs), making it easier and cheaper for Fintech firms to deploy their products.</p><p> </p><p>The government has also recently launched a Fintech Sector Strategy, setting out the action the government has taken to make the UK the best place to grow a Fintech business, and further interventions in partnership with the regulators and industry to help maintain this position. For instance, the Strategy includes pilot schemes to help new fintech firms (and the financial services industry more widely) comply with regulations by building software which would automatically ensure they follow the rules, saving them time and money, and the creation of a set of industry standards which will enable fintech firms to more easily partner with existing banks.</p><p> </p> answering member printed Lord Bates question first answered 06/04/2018 11:42:37 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick

889855

	registered interest
	date	23/04/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	European Investment Fund
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of the effect that the loss of investment by the European Investment Fund will have on UK entrepreneurship and innovation.
	tabling member printed	Lord Taylor of Warwick
	uin	HL7187
	answer	answer is ministerial correction date of answer 08/05/2018 answer text <p>As part of the ongoing work on the UK’s exit from the EU, the government has been assessing the contribution European Investment Fund (EIF) finance makes to the UK economy. EIF finance supports investment into UK businesses, including entrepreneurial and high-growth businesses. As the Chancellor said in his 2017 Mansion House speech, the EIF has been an important source of funding for growth businesses.</p><p> </p><p>The UK is actively engaging the EU on the relationship after the UK exits the EU. The UK considers that it may prove to be in the mutual interest of all sides for the UK to maintain some form of ongoing relationship with the European Investment Bank Group (including the EIF) after leaving the EU, and we will explore these options with the EU as part of the negotiations. In addition, the UK is seeking a far-reaching science and innovation pact with the EU.</p><p> </p><p>We will keep the financing needs of high growth businesses under continuous review as we leave the EU, and if necessary, we will use the British Business Bank to provide further support.</p><p> </p> answering member printed Lord Bates question first answered 08/05/2018 11:56:14 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick

916625

	registered interest
	date	04/06/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Personal Income
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of comments by the governor of the Bank of England that real household incomes are approximately £900 per household lower than forecast in May 2016.
	tabling member printed	Lord Taylor of Warwick
	uin	HL8321
	answer	answer is ministerial correction date of answer 18/06/2018 answer text <p>The Governor’s comments are a factual statement of changes to the Bank of England’s forecast since May 2016.</p><p> </p> answering member printed Lord Bates question first answered 18/06/2018 15:02:54 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick

916626

	registered interest
	date	04/06/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Customs
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment have they made of the costs associated with implementing the (1) maximum facilitation, and (2) new customs partnership, proposals for the UK's customs arrangements post-Brexit.
	tabling member printed	Lord Taylor of Warwick
	uin	HL8322
	answer	answer is ministerial correction date of answer 18/06/2018 answer text <p>The Government’s current assessment of the ongoing costs under both models was published in a letter from the Chief Executive of Her Majesty’s Revenue and Customs to the Chair of the Treasury Select Committee sent on 4 June 2018 which is attached.</p> answering member printed Lord Bates question first answered 18/06/2018 15:10:52 answering member 1091 label Biography information for Lord Bates attachment 1 file name Letter from Chief Executive of HMRC regarding Highly Streamlined Customs Arrangement facilitations, 4 June 201.pdf title Letter from Chief Executive of HMRC.
	tabling member	1796 label Biography information for Lord Taylor of Warwick

916629

	registered interest
	date	04/06/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: UK Trade with EU
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether there has been any progress in respect of a trade deal on financial services after Brexit.
	tabling member printed	Lord Taylor of Warwick
	uin	HL8325
	answer	answer is ministerial correction date of answer 18/06/2018 answer text <p>The Chancellor set out a proposal for a future relationship based on mutual recognition in his speech of 7 March 2018, and the European Commission has acknowledged that the existing frameworks for third country equivalence in financial services may not be an adequate basis for the future UK-EU relationship. The EU and UK have also agreed that financial services will be one of the topics included in forthcoming discussions on the Future Framework. These are important steps towards agreeing a mutually beneficial future relationship on financial services. However, the details of this new relationship are a matter for the negotiations.</p> answering member printed Lord Bates question first answered 18/06/2018 15:05:22 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick

916630

	registered interest
	date	04/06/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	VAT
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether they intend that the UK will stay in the European VAT area after Brexit.
	tabling member printed	Lord Taylor of Warwick
	uin	HL8326
	answer	answer is ministerial correction date of answer 18/06/2018 answer text <p>The Government’s aim is to keep VAT processes as close as possible to what they are now. This will provide continuity and certainty for businesses and individuals.</p><p> </p><p>Going forward it will be for the UK Government to decide what VAT rules we have, subject to the outcome of negotiations with the EU.</p><p> </p> answering member printed Lord Bates question first answered 18/06/2018 15:07:41 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick

917788

	registered interest
	date	05/06/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	European Investment Fund
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether there has been a decrease in venture funding by the European Investment Fund since the Brexit vote; and what effect, if any, this has had on the capability of start ups to secure funding.
	tabling member printed	Lord Taylor of Warwick
	uin	HL8382
	answer	answer is ministerial correction date of answer 18/06/2018 answer text <p>The government is aware that the European Investment Fund are undertaking extra due diligence on UK investments in relation to the UK’s exit from the EU. The Government have been clear that whilst the UK remains a member of the EU it enjoys the same rights as other Member states to access funding from the European Investment Fund funding. HMT officials have been working closely with the European Investment Bank Group to overcome delays faced by UK projects.</p><p> </p><p>While there has been a decline in EIF operations in the UK, in 2017, the EIF signed €39.4m (£34.6m) of equity operations in the UK and signed €21.65m (£19m) of guarantees in the UK (the UK received the fourth largest amount of guarantees out of 39 countries in 2017).</p><p> </p><p>To support businesses to secure funding, the British Business Bank has raised the limits on the amount it can invest in venture capital funds from 33% up to 50%, and brought forward some of the £400m additional investment that was announced at Autumn Statement 2016, providing the BBB with the flexibility to significantly increase its investment this year.</p><p> </p><p>British Business Bank analysis of Beauhurst data<sup><sup>[1]</sup></sup> showed UK firms received £5.89bn in private equity finance in 2017, an 89% increase on the previous year. The number of equity deals also increased by 6% compared to the previous year. Other analysis published by the British Business Bank<sup><sup>[2]</sup></sup> noted that UK start-ups have a high one-year survival rate, significantly above French and German start-ups.</p><p> </p><p>[1] https://www.british-business-bank.co.uk/markets-update-march-2018/</p><p>[2] https://www.british-business-bank.co.uk/wp-content/uploads/2018/02/Small-Business-Finance-Markets-2018-Report-web.pdf</p> answering member printed Lord Bates question first answered 18/06/2018 15:09:02 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick