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47417
star this property registered interest false more like this
star this property date less than 2014-04-07more like thismore than 2014-04-07
star this property answering body
HM Treasury more like this
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 CaTreasury more like this
star this property house id 2 more like this
star this property legislature
25277
unstar this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether they or the relevant regulators are examining the impact of high frequency trading on equity markets and financial stability. more like this
star this property tabling member printed
Lord Myners more like this
unstar this property uin HL6649 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-04-14more like thismore than 2014-04-14
star this property answer text <p>As I set out in my answer of 23 September 2013, the findings of the Foresight project &quot;The Future of Computer Trading in Financial Markets,&quot; led by the Government Office for Science and sponsored by the Treasury, was published in autumn 2012. This study considered, inter alia, the impact of computer trading on the integrity of markets – principally equity markets - and financial stability.</p> more like this
star this property answering member printed Lord Deighton remove filter
star this property question first answered
less than 2014-04-14T12:00:00.00Zmore like thismore than 2014-04-14T12:00:00.00Z
star this property answering member
4262
star this property label Biography information for Lord Deighton more like this
star this property attachment
1
unstar this property file name 3515LW.pdf more like this
star this property title the future of computer trading in financial market more like this
unstar this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this
46974
star this property registered interest false more like this
star this property date less than 2014-04-03more like thismore than 2014-04-03
star this property answering body
HM Treasury more like this
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 CaTreasury more like this
star this property house id 2 more like this
star this property legislature
25277
unstar this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what estimate they have made of the impact on public spending as a result of the new pension arrangements announced in the 2014 Budget. more like this
star this property tabling member printed
Lord Wills more like this
unstar this property uin HL6582 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-04-14more like thismore than 2014-04-14
star this property answer text <p><strong>The impact will depend on how people choose to use their pension savings, which is difficult to predict.</strong><strong> The Government expects any impact to be small in the context of the other pension measures announced in this Parliament – including State Pension age changes, the introduction of the single tier pension and public service pension reform – which are projected to save around £17 billion in 2030 in today's terms. The estimated net fiscal impact of pension changes announced in this Parliament can be found in Chart 1.12 of the Red Book here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293759/37630_Budget_2014_Web_Accessible.pdf</strong></p> more like this
star this property answering member printed Lord Deighton remove filter
star this property question first answered
less than 2014-04-14T12:00:00.00Zmore like thismore than 2014-04-14T12:00:00.00Z
star this property answering member
4262
star this property label Biography information for Lord Deighton more like this
star this property attachment
1
unstar this property file name 3467LW.pdf more like this
star this property title projected tax ipacts of pension arrangements more like this
unstar this property tabling member
260
unstar this property label Biography information for Lord Wills more like this
49882
star this property registered interest false more like this
star this property date less than 2014-05-06more like thismore than 2014-05-06
star this property answering body
HM Treasury more like this
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 CaTreasury more like this
star this property house id 2 more like this
star this property legislature
25277
unstar this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government how many people currently complete a tax return; what is the average cost per case to HM Revenue and Customs of dealing with such tax returns; and whether they have made an estimate of the additional cost if all taxpayers were required to complete a tax return. more like this
star this property tabling member printed
Lord Bichard more like this
unstar this property uin HL6867 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-05-14more like thismore than 2014-05-14
star this property answer text <p>Around 10 million individuals are required to complete a Self Assessment tax return each year.</p><p> </p><p>The particular information about cost per case is only available at a disproportionate cost. But although HM Revenue and Customs (HMRC) does not have this information readily available the average cost of processing a personal income tax return was published by HMRC in the ‘International Tax Benchmarking Study' in 2011 which is available on the HMRC website at: <a href="http://www.hmrc.gov.uk/research/benchmarking.pdf" target="_blank">www.hmrc.gov.uk/research/benchmarking.pdf</a></p><p> </p> more like this
star this property answering member printed Lord Deighton remove filter
star this property question first answered
less than 2014-05-14T12:00:00.00Zmore like thismore than 2014-05-14T12:00:00.00Z
star this property answering member
4262
star this property label Biography information for Lord Deighton more like this
star this property attachment
1
unstar this property file name personal income tax returns.pdf more like this
star this property title cost and elapsed time to process PIT returns more like this
unstar this property tabling member
3863
unstar this property label Biography information for Lord Bichard more like this
44897
star this property registered interest false more like this
star this property date less than 2014-03-25more like thismore than 2014-03-25
star this property answering body
HM Treasury more like this
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 CaTreasury more like this
star this property house id 2 more like this
star this property legislature
25277
unstar this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what was the breakdown of departmental private office spending on Government Procurement Cards between 2005–06 and 2009–10. more like this
star this property tabling member printed
Baroness Seccombe more like this
unstar this property uin HL6300 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-04-14more like thismore than 2014-04-14
star this property answer text <p><strong>The breakdown of spend by Ministerial private offices in the departmental on Government Procurement Cards for 2005-06 to 2009-10 is in the table below. There are three types of spend within the definition of GPC, procurement, lodge and corporate cards.</strong></p><p> </p><table><tbody><tr><td> </td><td><p>2005-06</p></td><td><p>2006-07</p></td><td><p>2007-08</p></td><td><p>2008-09</p></td><td><p>2009-10</p></td></tr><tr><td><p><strong>Chancellor of the Exchequer </strong></p></td><td><p>220,787.69</p></td><td><p>239,967.84</p></td><td><p>141,155.09</p></td><td><p>95,124.66</p></td><td><p>94,773.45</p></td></tr><tr><td><p><strong>Chief Secretary</strong></p></td><td><p>31,243.13</p></td><td><p>40,350.89</p></td><td><p>16,002.80</p></td><td><p>13,834.62</p></td><td><p>25,955.41</p></td></tr><tr><td><p><strong>Exchequer Secretary </strong></p></td><td><p>10,426.42</p></td><td><p>12,784.10</p></td><td><p>15,899.54</p></td><td><p>17,146.39</p></td><td><p>20,028.14</p></td></tr><tr><td><p><strong>Economic Secretary</strong></p></td><td><p>14,807.79</p></td><td><p>80,689.90</p></td><td><p>21,329.00</p></td><td><p>14,060.81</p></td><td><p>7,961.58</p></td></tr><tr><td><p><strong>Financial Secretary </strong></p></td><td><p>39,163.29</p></td><td><p>28,673.99</p></td><td><p>21,654.07</p></td><td><p>46,993.19</p></td><td><p>21,031.27</p></td></tr><tr><td><p><strong>Financial Services Secretary</strong></p></td><td><p>N/A</p></td><td><p>N/A</p></td><td><p>N/A</p></td><td><p>N/A</p></td><td><p>16,187.33</p></td></tr><tr><td><p><strong>Total</strong></p></td><td><p><strong>316,428.32</strong></p></td><td><p><strong>402,466.72</strong></p></td><td><p><strong>216,040.50</strong></p></td><td><p><strong>187,159.67</strong></p></td><td><p><strong>185,937.18</strong></p></td></tr></tbody></table>
star this property answering member printed Lord Deighton remove filter
star this property question first answered
less than 2014-04-14T12:00:00.00Zmore like thismore than 2014-04-14T12:00:00.00Z
star this property answering member
4262
star this property label Biography information for Lord Deighton more like this
unstar this property tabling member
2097
unstar this property label Biography information for Baroness Seccombe more like this
46401
star this property registered interest false more like this
star this property date less than 2014-04-01more like thismore than 2014-04-01
star this property answering body
HM Treasury more like this
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 CaTreasury more like this
star this property house id 2 more like this
star this property legislature
25277
unstar this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government on how many occasions an action under the Proceeds of Crime Act 2002 has also been investigated by HM Revenue and Customs to ensure that tax has been paid by the individuals concerned. more like this
star this property tabling member printed
Lord Mendelsohn more like this
unstar this property uin HL6498 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-04-14more like thismore than 2014-04-14
star this property answer text <p>Actions under the Proceeds of Crime Act (2002) (POCA) could include a variety of different provisions within the Act. For instance, the use of POCA investigative powers, a prosecution for a POCA money laundering offence, the use of criminal confiscation following conviction, the use of POCA civil recovery procedures or financial intelligence received by way of the Suspicious Activity Reporting (SAR) regime.</p><p> </p><p>Where a law enforcement agency has suspicions of tax evasion it is up to that agency to refer the matter to HMRC to review and investigate as appropriate, using civil or criminal powers. HMRC does not keep a record of how many such referrals are made to them.</p><p> </p><p>Where HMRC is the investigating agency conducting the POCA actions, they routinely also assess the correct tax position and seek to recover outstanding amounts</p><p> </p> more like this
star this property answering member printed Lord Deighton remove filter
star this property question first answered
less than 2014-04-14T12:00:00.00Zmore like thismore than 2014-04-14T12:00:00.00Z
star this property answering member
4262
star this property label Biography information for Lord Deighton more like this
unstar this property tabling member
4286
unstar this property label Biography information for Lord Mendelsohn more like this
46408
star this property registered interest false more like this
star this property date less than 2014-04-01more like thismore than 2014-04-01
star this property answering body
HM Treasury more like this
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 CaTreasury more like this
star this property house id 2 more like this
star this property legislature
25277
unstar this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether the external law firm appointed by the Financial Conduct Authority (FCA) to review its handling of its announcement on closed life funds is independent of the FCA and the firms covered by the FCA investigation. more like this
star this property tabling member printed
Lord Myners more like this
unstar this property uin HL6505 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-04-14more like thismore than 2014-04-14
star this property answer text <p>The Financial Conduct Authority (FCA) have announced that the FCA Non-Executive Directors have appointed Simon Davis, a senior commercial litigation partner at Clifford Chance, to conduct an independent inquiry into the handling of the FCA's announcement of proposed supervisory work on the fair treatment of long standing customers in life insurance.</p> more like this
star this property answering member printed Lord Deighton remove filter
star this property question first answered
less than 2014-04-14T12:00:00.00Zmore like thismore than 2014-04-14T12:00:00.00Z
star this property answering member
4262
star this property label Biography information for Lord Deighton more like this
unstar this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this
46972
star this property registered interest false more like this
star this property date less than 2014-04-03more like thismore than 2014-04-03
star this property answering body
HM Treasury more like this
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 CaTreasury more like this
star this property house id 2 more like this
star this property legislature
25277
unstar this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what estimate they have made of the average charge-out rate of pension advisers in calculating the quantity and quality of advice that will be available to people retiring under the new pension arrangements announced in the 2014 Budget. more like this
star this property tabling member printed
Lord Wills more like this
unstar this property uin HL6580 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-04-14more like thismore than 2014-04-14
star this property answer text <p><strong>At Budget the government announced a new guarantee that everyone with a defined contribution pension will be offered free and impartial face-to-face guidance on their financial choices in retirement when they retire. </strong><strong>The government is consulting on how best to deliver this guidance as part of its consultation</strong><strong>, ‘Flexibility and Choice in Pensions'.</strong></p><p><strong>In addition, the government will work with the FCA to explore the extent to which regulated advice can be made more affordable through more cost effective delivery, such as through the development of online delivery channels. </strong></p><p> </p> more like this
star this property answering member printed Lord Deighton remove filter
star this property question first answered
less than 2014-04-14T12:00:00.00Zmore like thismore than 2014-04-14T12:00:00.00Z
star this property answering member
4262
star this property label Biography information for Lord Deighton more like this
unstar this property tabling member
260
unstar this property label Biography information for Lord Wills more like this
46973
star this property registered interest false more like this
star this property date less than 2014-04-03more like thismore than 2014-04-03
star this property answering body
HM Treasury more like this
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 CaTreasury more like this
star this property house id 2 more like this
star this property legislature
25277
unstar this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what new measures they will put in place to protect against the mis-selling of financial advice to people retiring under the new pension arrangements announced in the 2014 Budget. more like this
star this property tabling member printed
Lord Wills more like this
unstar this property uin HL6581 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-04-14more like thismore than 2014-04-14
star this property answer text <p><strong>Alongside the pensions flexibility announced at Budget, the government announced a new guarantee that everyone with a defined contribution pension will be offered free and impartial face to face guidance on their financial choices in retirement when they retire. </strong><strong>The Government is consulting on how best to deliver this guidance as part of its consultation</strong><strong>, ‘Flexibility and Choice in Pensions'.</strong></p><p> </p><p> </p><p><strong>The guidance will be designed to help consumers navigate the options available and is not intended to replace the services of professional financial advice. The government expects that many consumers will go on to seek further advice and</strong><strong> will ensure that the guidance equips consumers to choose the advisory service that suits their needs.</strong></p><p> </p><p><strong>The government has asked the Financial Conduct Authority (FCA) to coordinate the development of robust standards for this guidance and a framework for monitoring compliance.</strong></p><p> </p><p><strong>Professional financial advice is regulated by the FCA. The FCA's statutory objectives and regulatory powers are geared to protect consumers. The FCA has committed to taking a proactive and interventionist approach to retail conduct regulation.</strong></p><p> </p><p> </p>
star this property answering member printed Lord Deighton remove filter
star this property question first answered
less than 2014-04-14T12:00:00.00Zmore like thismore than 2014-04-14T12:00:00.00Z
star this property answering member
4262
star this property label Biography information for Lord Deighton more like this
unstar this property tabling member
260
unstar this property label Biography information for Lord Wills more like this
46991
star this property registered interest false more like this
star this property date less than 2014-04-03more like thismore than 2014-04-03
star this property answering body
HM Treasury more like this
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 CaTreasury more like this
star this property house id 2 more like this
star this property legislature
25277
unstar this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether HM Revenue and Customs keeps records of the amount of Gift Aid claimed by, or paid to, attractions in respect of qualifying admission fees paid to view charity property; and, if so, in what form the records are kept. more like this
star this property tabling member printed
Lord Lee of Trafford more like this
unstar this property uin HL6599 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-04-14more like thismore than 2014-04-14
star this property answer text <p>HM Revenue and Customs does not collect information about Gift Aid claimed by, or paid to, charities in respect of admission fees to view charity property, except for charities subject to enquiry. It would be administratively burdensome for charities to routinely provide a detailed breakdown of their income with every Gift Aid claim they make.</p> more like this
star this property answering member printed Lord Deighton remove filter
star this property question first answered
less than 2014-04-14T12:00:00.00Zmore like thismore than 2014-04-14T12:00:00.00Z
star this property answering member
4262
star this property label Biography information for Lord Deighton more like this
unstar this property tabling member
1132
unstar this property label Biography information for Lord Lee of Trafford more like this
47011
star this property registered interest false more like this
star this property date less than 2014-04-03more like thismore than 2014-04-03
star this property answering body
HM Treasury more like this
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 CaTreasury more like this
star this property house id 2 more like this
star this property legislature
25277
unstar this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether they have commissioned any studies to assess behavioural change consequent upon income and corporate tax changes since 2010. more like this
star this property tabling member printed
Lord Rooker more like this
unstar this property uin HL6619 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-04-14more like thismore than 2014-04-14
star this property answer text <p>The table below sets out the Corporation Tax rates from 2009-10 to 2014-15.</p><table><tbody><tr><td> </td><td><p><strong>Small Profits Rate </strong></p></td><td><p><strong>Main Rate</strong></p></td></tr><tr><td><p><strong>2009-10 </strong></p></td><td><p>21%</p></td><td><p>28%</p></td></tr><tr><td><p><strong>2010-11 </strong></p></td><td><p>21%</p></td><td><p>28%</p></td></tr><tr><td><p><strong>2011-12 </strong></p></td><td><p>20%</p></td><td><p>26%</p></td></tr><tr><td><p><strong>2012-13 </strong></p></td><td><p>20%</p></td><td><p>24%</p></td></tr><tr><td><p><strong>2013-14</strong></p></td><td><p>20%</p></td><td><p>23%</p></td></tr><tr><td><p><strong>2014-15 </strong></p></td><td><p>20%</p></td><td><p>21%</p></td></tr></tbody></table><p> </p><p>At Budget 2013 it was announced that from 2015-16 the rates would be unified to a single Corporation Tax rate of 20%.</p><p> </p><p>The latest year for which full data is available is 2011-12. Total onshore Corporation Tax liabilities fell slightly from £35.6bn in 2010-11 to £35.4bn in 2011-12. HMRC publishes annual National Statistics on Corporation Tax liabilities. Table 11.1B is attached[1].</p><p> </p><p>The table below sets out the Income Tax rates from 2000-10 to 2014-15.</p><table><tbody><tr><td> </td><td><p><strong>Basic Rate </strong></p></td><td><p><strong>Higher Rate</strong></p></td><td><p><strong>Additional Rate</strong></p></td></tr><tr><td><p><strong>2009-10 </strong></p></td><td><p>20%</p></td><td><p>40%</p></td><td><p>-</p></td></tr><tr><td><p><strong>2010-11 </strong></p></td><td><p>20%</p></td><td><p>40%</p></td><td><p>50%</p></td></tr><tr><td><p><strong>2011-12 </strong></p></td><td><p>20%</p></td><td><p>40%</p></td><td><p>50%</p></td></tr><tr><td><p><strong>2012-13 </strong></p></td><td><p>20%</p></td><td><p>40%</p></td><td><p>50%</p></td></tr><tr><td><p><strong>2013-14</strong></p></td><td><p>20%</p></td><td><p>40%</p></td><td><p>45%</p></td></tr><tr><td><p><strong>2014-15 </strong></p></td><td><p>20%</p></td><td><p>40%</p></td><td><p>45%</p></td></tr></tbody></table><p> </p><p>The Starting Rate of tax for savings is currently 10%. This is applied only to savings income which falls within the starting rate band above the personal allowance.</p><p> </p><p>In 2014-15 the personal allowance is £10,000 and the starting rate band is £2,880. At Budget 2014 the Government announced that from 2015-16 that band would be increased to £5000 and the rate set to 0%.</p><p> </p><p>The latest available income tax liability statistics held by HMRC relate to the tax year 2011-12. These statistics are attached[2].</p><p> </p><p>Other more timely published information is available in tax receipts statistics which are published on a monthly basis and could be considered as a leading indicator of liabilities. These statistics are also attached[3].</p><p> </p><p> </p><p>To estimate the exchequer impact of policy changes it is necessary to estimate the change in tax liabilities after taking into account the behavioural response. At each fiscal event where the tax rates have been changed these estimates have been made and certified by the Office for Budget Responsibility. These estimates are published in table 2.1of the corresponding Budget and Autumn Statement reports.</p><p> </p><p>There are significant behavioural responses associated with changes in the top marginal rate of income tax. The HMRC report ‘The Exchequer effect of the 50 per cent additional rate of income tax'[4] outlines these behavioural responses.</p><p> </p><p>HM Treasury and HMRC jointly published the report ‘Analysis of the dynamic effects of corporation tax reductions' at Autumn Statement 2013[5].</p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p>[1]<a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/256886/table11-1b.pdf" target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/256886/table11-1b.pdf</a></p><p>[2]<a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/277459/Table_2.6.pdf" target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/277459/Table_2.6.pdf</a></p><p>[3]<a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/294267/20140312_Feb_v0.2.pdf" target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/294267/20140312_Feb_v0.2.pdf</a></p><p>[4]<a href="http://www.hmrc.gov.uk/budget2012/excheq-income-tax-2042.pdf" target="_blank">http://www.hmrc.gov.uk/budget2012/excheq-income-tax-2042.pdf</a></p><p>[5]<a href="https://www.gov.uk/government/publications/analysis-of-the-dynamic-effects-of-corporation-tax-reductions" target="_blank">https://www.gov.uk/government/publications/analysis-of-the-dynamic-effects-of-corporation-tax-reductions</a></p><p> </p>
star this property answering member printed Lord Deighton remove filter
star this property grouped question UIN HL6620 more like this
star this property question first answered
less than 2014-04-14T12:00:00.00Zmore like thismore than 2014-04-14T12:00:00.00Z
star this property answering member
4262
star this property label Biography information for Lord Deighton more like this
unstar this property tabling member
302
unstar this property label Biography information for Lord Rooker more like this