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917465

	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	Off-payroll Working
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what consultation mechanisms his Department uses to help assess the effect of (a) changes to IR35 regulations and (b) regulatory changes; and assessment he has made of the adequacy of those mechanisms.
	tabling member constituency	York Outer
	tabling member printed	Julian Sturdy
	uin	150082
	answer	answer is ministerial correction date of answer 13/06/2018 answer text <p>The government has consulted widely on off-payroll working rules (known as IR35), since the Summer Budget 2015. In July 2015, the government published the ‘Intermediaries Legislation (IR35): discussion document’, which sought views on the existing rules and options for change.</p><p> </p><p>After Budget 2016, the government published the consultation document, ‘Off-payroll working in the public sector: reform of the intermediaries legislation’. HMRC met with over 500 people from a wide range of organisations to discuss the proposed changes, and received over 200 written responses to the consultation.</p><p> </p><p>Following the introduction of the new rules in April 2017, the government commissioned independent research into the impact of the changes. This was published on 18 May 2018 and is available to view online: <a href="https://www.gov.uk/government/publications/off-payroll-reform-in-the-public-sector" target="_blank">https://www.gov.uk/government/publications/off-payroll-reform-in-the-public-sector</a></p><p> </p><p>The government’s assessment is that the reform has been successful in increasing tax compliance for off-payroll workers in the public sector.</p><p> </p><p>The government is now consulting on possible reform to the off-payroll working rules in the private sector. As part of that consultation, HMRC is planning to meet over 200 people, including representatives of a wide range of affected stakeholders.</p><p> </p> answering member constituency Central Devon answering member printed Mel Stride grouped question UIN 150081 question first answered 13/06/2018 16:11:27 answering member 3935 label Biography information for Mel Stride
	tabling member	4079 label Biography information for Julian Sturdy

1455994

	registered interest
	date	30/03/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Dormant Assets Scheme
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps is he taking to claim orphan funds through the Dormant Assets Scheme.
	tabling member constituency	Huddersfield
	tabling member printed	Mr Barry Sheerman
	uin	150080
	answer	answer is ministerial correction date of answer 25/04/2022 answer text <p>The UK Dormant Assets Scheme is led by the financial services industry and initiatives across the UK whilst protecting the original asset owner’s right to reclaim. Assets that are classed as dormant always remain the property of their owners, who can reclaim money owed to them in full at any time. Dormant account funds are transferred to an authorised reclaim fund, Reclaim Fund Ltd (RFL) which retains enough funds to meet any future reclaims, and then distributes the surplus funding onwards to The National Lottery Community Fund to be used for public benefit.</p><p> </p><p>In April 2021, RFL became a Treasury-owned arm’s length body, but it remains financially and operationally separate from HM Treasury. Dormant account funds do not ever enter the Treasury and the Government does not have access to dormant monies that are transferred into the Dormant Assets Scheme. RFL received £127 million of dormant balance transfers in 2021, taking total amounts received by RFL since it commenced operations in 2011 to over £1.5 billion.</p><p> </p><p>The Dormant Assets Act 2022 delivers on the Government's commitment to expand the Scheme, potentially unlocking a further £880 million over the coming years. It enables a wider range of dormant assets to be transferred into the Scheme from the insurance and pensions; investment and wealth management (including orphan monies attributable to collective scheme investments); and securities sectors.</p><p> </p><p>The decision on what new assets are included in the future will depend on a number of factors, including: identifying asset classes with high instances of dormancy; setting the dormancy definitions for such assets, and how restitution would be achieved. It would also be important to consider whether other mechanisms for dealing with dormancy already exist. Any further expansion will require the same close collaboration between Government, an authorised reclaim fund, and industry that has supported this phase of expansion.</p><p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 150081 150082 question first answered 25/04/2022 13:06:42 answering member 4051 label Biography information for John Glen
	tabling member	411 label Biography information for Mr Barry Sheerman

1455998

	registered interest
	date	30/03/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Dormant Assets Scheme
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, how much money has he claimed through the Dormant Assets Scheme in the last calendar year.
	tabling member constituency	Huddersfield
	tabling member printed	Mr Barry Sheerman
	uin	150082
	answer	answer is ministerial correction date of answer 25/04/2022 answer text <p>The UK Dormant Assets Scheme is led by the financial services industry and initiatives across the UK whilst protecting the original asset owner’s right to reclaim. Assets that are classed as dormant always remain the property of their owners, who can reclaim money owed to them in full at any time. Dormant account funds are transferred to an authorised reclaim fund, Reclaim Fund Ltd (RFL) which retains enough funds to meet any future reclaims, and then distributes the surplus funding onwards to The National Lottery Community Fund to be used for public benefit.</p><p> </p><p>In April 2021, RFL became a Treasury-owned arm’s length body, but it remains financially and operationally separate from HM Treasury. Dormant account funds do not ever enter the Treasury and the Government does not have access to dormant monies that are transferred into the Dormant Assets Scheme. RFL received £127 million of dormant balance transfers in 2021, taking total amounts received by RFL since it commenced operations in 2011 to over £1.5 billion.</p><p> </p><p>The Dormant Assets Act 2022 delivers on the Government's commitment to expand the Scheme, potentially unlocking a further £880 million over the coming years. It enables a wider range of dormant assets to be transferred into the Scheme from the insurance and pensions; investment and wealth management (including orphan monies attributable to collective scheme investments); and securities sectors.</p><p> </p><p>The decision on what new assets are included in the future will depend on a number of factors, including: identifying asset classes with high instances of dormancy; setting the dormancy definitions for such assets, and how restitution would be achieved. It would also be important to consider whether other mechanisms for dealing with dormancy already exist. Any further expansion will require the same close collaboration between Government, an authorised reclaim fund, and industry that has supported this phase of expansion.</p><p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 150080 150081 question first answered 25/04/2022 13:06:42 answering member 4051 label Biography information for John Glen
	tabling member	411 label Biography information for Mr Barry Sheerman