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1141516
unstar this property registered interest false more like this
star this property date less than 2019-07-23more like thismore than 2019-07-23
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Insolvency more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what assessment they have made of the impact that the proposal to make HMRC a secondary preferential creditor in insolvencies may have on business rescue support in the UK from April 2020. more like this
star this property tabling member printed
Baroness Burt of Solihull remove filter
star this property uin HL17384 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-08-06more like thismore than 2019-08-06
star this property answer text <p>This reform is designed to ensure that when a business becomes insolvent, more of the taxes paid in good faith by that business’s employees and customers will go to fund public services as intended, rather than being distributed to other creditors such as financial institutions.</p><p>This measure does not include a cap on the age of tax debts which will be eligible for secondary preferential status, nor an exemption for existing lending. Either proposal would introduce potential distortions into the lending market which the Government does not consider to be either fair or proportionate.</p><p>The Government does not expect this reform to have a significant impact on access to finance, the cost of borrowing, business rescue support in the UK or the UK’s ranking in the World Bank’s annual “Doing Business” report.</p><p>Consistent with the Government’s impact assessment, the independent Office for Budget Responsibility (OBR) did not make any adjustments to their economic forecast in response to this measure.</p>
star this property answering member printed Lord Young of Cookham more like this
star this property grouped question UIN
HL17385 more like this
HL17386 more like this
HL17387 more like this
star this property question first answered
less than 2019-08-06T13:34:00.673Zmore like thismore than 2019-08-06T13:34:00.673Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
1567
unstar this property label Biography information for Baroness Burt of Solihull more like this
1141517
unstar this property registered interest false more like this
star this property date less than 2019-07-23more like thismore than 2019-07-23
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Insolvency more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what assessment they have made of the impact that their proposal to make HMRC a secondary preferential creditor in insolvencies will have on the UK’s ranking in the World Bank’s annual "Doing Business" report. more like this
star this property tabling member printed
Baroness Burt of Solihull remove filter
star this property uin HL17385 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-08-06more like thismore than 2019-08-06
star this property answer text <p>This reform is designed to ensure that when a business becomes insolvent, more of the taxes paid in good faith by that business’s employees and customers will go to fund public services as intended, rather than being distributed to other creditors such as financial institutions.</p><p>This measure does not include a cap on the age of tax debts which will be eligible for secondary preferential status, nor an exemption for existing lending. Either proposal would introduce potential distortions into the lending market which the Government does not consider to be either fair or proportionate.</p><p>The Government does not expect this reform to have a significant impact on access to finance, the cost of borrowing, business rescue support in the UK or the UK’s ranking in the World Bank’s annual “Doing Business” report.</p><p>Consistent with the Government’s impact assessment, the independent Office for Budget Responsibility (OBR) did not make any adjustments to their economic forecast in response to this measure.</p>
star this property answering member printed Lord Young of Cookham more like this
star this property grouped question UIN
HL17384 more like this
HL17386 more like this
HL17387 more like this
star this property question first answered
less than 2019-08-06T13:34:00.753Zmore like thismore than 2019-08-06T13:34:00.753Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
1567
unstar this property label Biography information for Baroness Burt of Solihull more like this
1141518
unstar this property registered interest false more like this
star this property date less than 2019-07-23more like thismore than 2019-07-23
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Insolvency more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government why HM Treasury has decided to not introduce a cap on the age of tax debts which will be eligible for secondary preferential status in insolvencies from April 2020; and what assessment they have made of the impact of this decision on the costs of insolvency procedures and business lending. more like this
star this property tabling member printed
Baroness Burt of Solihull remove filter
star this property uin HL17386 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-08-06more like thismore than 2019-08-06
star this property answer text <p>This reform is designed to ensure that when a business becomes insolvent, more of the taxes paid in good faith by that business’s employees and customers will go to fund public services as intended, rather than being distributed to other creditors such as financial institutions.</p><p>This measure does not include a cap on the age of tax debts which will be eligible for secondary preferential status, nor an exemption for existing lending. Either proposal would introduce potential distortions into the lending market which the Government does not consider to be either fair or proportionate.</p><p>The Government does not expect this reform to have a significant impact on access to finance, the cost of borrowing, business rescue support in the UK or the UK’s ranking in the World Bank’s annual “Doing Business” report.</p><p>Consistent with the Government’s impact assessment, the independent Office for Budget Responsibility (OBR) did not make any adjustments to their economic forecast in response to this measure.</p>
star this property answering member printed Lord Young of Cookham more like this
star this property grouped question UIN
HL17384 more like this
HL17385 more like this
HL17387 more like this
star this property question first answered
less than 2019-08-06T13:34:00.597Zmore like thismore than 2019-08-06T13:34:00.597Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
1567
unstar this property label Biography information for Baroness Burt of Solihull more like this
1141519
unstar this property registered interest false more like this
star this property date less than 2019-07-23more like thismore than 2019-07-23
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Insolvency more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government why HM Treasury has decided that existing lending will not be exempted from their policy of making HMRC a secondary preferential creditor in insolvencies; and what assessment they have made of the impact of this decision on the continued availability of existing business lending. more like this
star this property tabling member printed
Baroness Burt of Solihull remove filter
star this property uin HL17387 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-08-06more like thismore than 2019-08-06
star this property answer text <p>This reform is designed to ensure that when a business becomes insolvent, more of the taxes paid in good faith by that business’s employees and customers will go to fund public services as intended, rather than being distributed to other creditors such as financial institutions.</p><p>This measure does not include a cap on the age of tax debts which will be eligible for secondary preferential status, nor an exemption for existing lending. Either proposal would introduce potential distortions into the lending market which the Government does not consider to be either fair or proportionate.</p><p>The Government does not expect this reform to have a significant impact on access to finance, the cost of borrowing, business rescue support in the UK or the UK’s ranking in the World Bank’s annual “Doing Business” report.</p><p>Consistent with the Government’s impact assessment, the independent Office for Budget Responsibility (OBR) did not make any adjustments to their economic forecast in response to this measure.</p>
star this property answering member printed Lord Young of Cookham more like this
star this property grouped question UIN
HL17384 more like this
HL17385 more like this
HL17386 more like this
star this property question first answered
less than 2019-08-06T13:34:00.86Zmore like thismore than 2019-08-06T13:34:00.86Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
1567
unstar this property label Biography information for Baroness Burt of Solihull more like this
1010106
unstar this property registered interest false more like this
star this property date less than 2018-11-19more like thismore than 2018-11-19
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Insolvency more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what assessment they have made of the impact of the announcement in the 2018 Budget of making HMRC a secondary preferential creditor in insolvency on (1) secured creditors, (2) floating charge holders, and (3) unsecured creditors such as pension funds and small businesses. more like this
star this property tabling member printed
Baroness Burt of Solihull remove filter
star this property uin HL11553 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2018-12-03more like thismore than 2018-12-03
star this property answer text <p>The government does not expect this reform to significantly impact access to finance or the cost of borrowing.</p><p>The independent OBR did not make any adjustments to their economic forecast in regard to this measure.</p><p>At Budget 2018, the Government published the following assessment:</p><table><tbody><tr><td><p>Type of Creditor</p></td><td><p>Explanation and Examples</p></td><td><p>Current Average Percentage of Debt Recovered in Insolvency</p></td><td><p>New Average Percentage of Debt Recovered in Insolvency</p></td></tr><tr><td><p><ol><li>Fixed charge secured creditors</li></ol></p></td><td><p>Lenders to whom the business granted security, primarily financial institutions. When a fixed charge is provided, the company loses the right to sell or trade the item. These assets tend to be fundamental to the business; for example, machinery, property or vehicles.</p></td><td><p>36%</p></td><td><p>36% (unchanged)</p></td></tr><tr><td><p><ol start="2"><li>Insolvency practitioners</li></ol></p></td><td><p>Fees for overseeing the process.</p></td><td><p>As charged</p></td><td><p>As charged</p></td></tr><tr><td><p><ol start="3"><li>Preferential Creditors</li></ol></p></td><td><p>Claims by the Redundancy Payment Service (RPS) and Financial Services Compensation Scheme (FSCS) on behalf of employees and customers (to statutory limits); and from 2020, HMRC will be a secondary preferential creditor (below the RPS and FSCS) for Value-Added Tax, Employee National Insurance contributions, Pay-As-You-Earn Income Tax and Construction Industry Scheme Deductions.</p></td><td><p>83%</p></td><td><p>83% (unchanged) for existing preferential creditors; 14% for HMRC</p></td></tr><tr><td><p><ol start="4"><li>Floating charge secured creditors</li></ol></p></td><td><p>Lenders for whom the company is not granted security, primarily financial institutions. This tends t be the case in relation to assets that are not fixed; for example, stocks, raw materials, fixtures and fittings or cash.</p></td><td><p>36%</p></td><td><p>Less than 36%</p></td></tr><tr><td><p><ol start="5"><li>Unsecured creditors</li></ol></p></td><td><p>All remaining creditors, including HMRC debts levied directly on businesses; and debts owed to suppliers, contractors, landlords and customers.</p></td><td><p>4%</p></td><td><p>Less than 4%</p></td></tr><tr><td><p><ol start="6"><li>Shareholder</li></ol></p></td><td><p>Only get paid if all the above creditors are paid in full.</p></td><td><p>N/A</p></td><td><p>N/A</p></td></tr></tbody></table><p><strong> </strong></p><p> </p>
star this property answering member printed Lord Bates more like this
star this property grouped question UIN
HL11554 more like this
HL11555 more like this
star this property question first answered
less than 2018-12-03T14:50:03.893Zmore like thismore than 2018-12-03T14:50:03.893Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
1567
unstar this property label Biography information for Baroness Burt of Solihull more like this
1010107
unstar this property registered interest false more like this
star this property date less than 2018-11-19more like thismore than 2018-11-19
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Insolvency more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what assessment they have made of the impact on lending to UK businesses of the announcement in the 2018 Budget of making HMRC a secondary preferential creditor in insolvency. more like this
star this property tabling member printed
Baroness Burt of Solihull remove filter
star this property uin HL11554 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2018-12-03more like thismore than 2018-12-03
star this property answer text <p>The government does not expect this reform to significantly impact access to finance or the cost of borrowing.</p><p>The independent OBR did not make any adjustments to their economic forecast in regard to this measure.</p><p>At Budget 2018, the Government published the following assessment:</p><table><tbody><tr><td><p>Type of Creditor</p></td><td><p>Explanation and Examples</p></td><td><p>Current Average Percentage of Debt Recovered in Insolvency</p></td><td><p>New Average Percentage of Debt Recovered in Insolvency</p></td></tr><tr><td><p><ol><li>Fixed charge secured creditors</li></ol></p></td><td><p>Lenders to whom the business granted security, primarily financial institutions. When a fixed charge is provided, the company loses the right to sell or trade the item. These assets tend to be fundamental to the business; for example, machinery, property or vehicles.</p></td><td><p>36%</p></td><td><p>36% (unchanged)</p></td></tr><tr><td><p><ol start="2"><li>Insolvency practitioners</li></ol></p></td><td><p>Fees for overseeing the process.</p></td><td><p>As charged</p></td><td><p>As charged</p></td></tr><tr><td><p><ol start="3"><li>Preferential Creditors</li></ol></p></td><td><p>Claims by the Redundancy Payment Service (RPS) and Financial Services Compensation Scheme (FSCS) on behalf of employees and customers (to statutory limits); and from 2020, HMRC will be a secondary preferential creditor (below the RPS and FSCS) for Value-Added Tax, Employee National Insurance contributions, Pay-As-You-Earn Income Tax and Construction Industry Scheme Deductions.</p></td><td><p>83%</p></td><td><p>83% (unchanged) for existing preferential creditors; 14% for HMRC</p></td></tr><tr><td><p><ol start="4"><li>Floating charge secured creditors</li></ol></p></td><td><p>Lenders for whom the company is not granted security, primarily financial institutions. This tends t be the case in relation to assets that are not fixed; for example, stocks, raw materials, fixtures and fittings or cash.</p></td><td><p>36%</p></td><td><p>Less than 36%</p></td></tr><tr><td><p><ol start="5"><li>Unsecured creditors</li></ol></p></td><td><p>All remaining creditors, including HMRC debts levied directly on businesses; and debts owed to suppliers, contractors, landlords and customers.</p></td><td><p>4%</p></td><td><p>Less than 4%</p></td></tr><tr><td><p><ol start="6"><li>Shareholder</li></ol></p></td><td><p>Only get paid if all the above creditors are paid in full.</p></td><td><p>N/A</p></td><td><p>N/A</p></td></tr></tbody></table><p><strong> </strong></p><p> </p>
star this property answering member printed Lord Bates more like this
star this property grouped question UIN
HL11553 more like this
HL11555 more like this
star this property question first answered
less than 2018-12-03T14:50:03.973Zmore like thismore than 2018-12-03T14:50:03.973Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
1567
unstar this property label Biography information for Baroness Burt of Solihull more like this
1010108
unstar this property registered interest false more like this
star this property date less than 2018-11-19more like thismore than 2018-11-19
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Insolvency more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what economic analysis they used to support the decision in the 2018 Budget to make HMRC a secondary preferential creditor in insolvency. more like this
star this property tabling member printed
Baroness Burt of Solihull remove filter
star this property uin HL11555 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2018-12-03more like thismore than 2018-12-03
star this property answer text <p>The government does not expect this reform to significantly impact access to finance or the cost of borrowing.</p><p>The independent OBR did not make any adjustments to their economic forecast in regard to this measure.</p><p>At Budget 2018, the Government published the following assessment:</p><table><tbody><tr><td><p>Type of Creditor</p></td><td><p>Explanation and Examples</p></td><td><p>Current Average Percentage of Debt Recovered in Insolvency</p></td><td><p>New Average Percentage of Debt Recovered in Insolvency</p></td></tr><tr><td><p><ol><li>Fixed charge secured creditors</li></ol></p></td><td><p>Lenders to whom the business granted security, primarily financial institutions. When a fixed charge is provided, the company loses the right to sell or trade the item. These assets tend to be fundamental to the business; for example, machinery, property or vehicles.</p></td><td><p>36%</p></td><td><p>36% (unchanged)</p></td></tr><tr><td><p><ol start="2"><li>Insolvency practitioners</li></ol></p></td><td><p>Fees for overseeing the process.</p></td><td><p>As charged</p></td><td><p>As charged</p></td></tr><tr><td><p><ol start="3"><li>Preferential Creditors</li></ol></p></td><td><p>Claims by the Redundancy Payment Service (RPS) and Financial Services Compensation Scheme (FSCS) on behalf of employees and customers (to statutory limits); and from 2020, HMRC will be a secondary preferential creditor (below the RPS and FSCS) for Value-Added Tax, Employee National Insurance contributions, Pay-As-You-Earn Income Tax and Construction Industry Scheme Deductions.</p></td><td><p>83%</p></td><td><p>83% (unchanged) for existing preferential creditors; 14% for HMRC</p></td></tr><tr><td><p><ol start="4"><li>Floating charge secured creditors</li></ol></p></td><td><p>Lenders for whom the company is not granted security, primarily financial institutions. This tends t be the case in relation to assets that are not fixed; for example, stocks, raw materials, fixtures and fittings or cash.</p></td><td><p>36%</p></td><td><p>Less than 36%</p></td></tr><tr><td><p><ol start="5"><li>Unsecured creditors</li></ol></p></td><td><p>All remaining creditors, including HMRC debts levied directly on businesses; and debts owed to suppliers, contractors, landlords and customers.</p></td><td><p>4%</p></td><td><p>Less than 4%</p></td></tr><tr><td><p><ol start="6"><li>Shareholder</li></ol></p></td><td><p>Only get paid if all the above creditors are paid in full.</p></td><td><p>N/A</p></td><td><p>N/A</p></td></tr></tbody></table><p><strong> </strong></p><p> </p>
star this property answering member printed Lord Bates more like this
star this property grouped question UIN
HL11553 more like this
HL11554 more like this
star this property question first answered
less than 2018-12-03T14:50:04.037Zmore like thismore than 2018-12-03T14:50:04.037Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
1567
unstar this property label Biography information for Baroness Burt of Solihull more like this
905286
unstar this property registered interest false more like this
star this property date less than 2018-05-15more like thismore than 2018-05-15
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Pensions more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what assessment they have made of the recommendations in the Centre for the Study of Financial Innovation's report The Dependency Trap—are we fit to face the future? that (1) a working partner should be allowed to contribute to a non-working partner's pension fund, and (2) couples should be able to contribute to a joint pension fund if they so wish. more like this
star this property tabling member printed
Baroness Burt of Solihull remove filter
star this property uin HL7877 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2018-05-24more like thismore than 2018-05-24
star this property answer text <p>Individuals can make contributions of up £2,880 each year to a personal pension, self-invested personal pension, or stakeholder pension and receive basic rate income tax relief at, currently, 20% or £720 on their contribution. Those contributions can be funded by a working partner.</p><p> </p><p>Regarding the proposal of a joint pension, since 1990, the UK's income tax system has been based on the principle of independent taxation. This provides that each individual is taxed on their personal income and has their own tax-free personal allowance, and their own set of tax thresholds. This fundamental principle provides everyone with absolute confidentiality for their personal tax affairs. For this reason, the Government is not currently considering changing this policy. A joint pension fund would not be consistent with the system of independent taxation.</p> more like this
star this property answering member printed Lord Bates more like this
star this property question first answered
less than 2018-05-24T14:19:25.08Zmore like thismore than 2018-05-24T14:19:25.08Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
1567
unstar this property label Biography information for Baroness Burt of Solihull more like this