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64151

	registered interest
	date	26/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Reserve Forces: Taxation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what estimate he has made of the number of reserve servicemen who have been allocated the wrong tax code by HM Revenue and Customs as a result of their additional income accruing from military duties.
	tabling member constituency	York Outer
	tabling member printed	Julian Sturdy
	uin	202559
	answer	answer is ministerial correction date of answer 02/07/2014 answer text <p>The information requested is only available at a disproportionate cost.</p><p> </p><p> </p><p>HM Revenue &amp; Customs (HMRC) has processes in place to ensure that reservist service personnel called up for military service receive the full benefit of their personal income tax allowances whilst they are on active duty.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 02/07/2014 14:48:59 answering member 1529 label Biography information for Mr David Gauke
	tabling member	4079 label Biography information for Julian Sturdy

49018

	registered interest
	date	29/04/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what support the Government is giving to credit unions to help extend access to fair credit.
	tabling member constituency	Wythenshawe and Sale East
	tabling member printed	Mike Kane
	uin	197059
	answer	answer is ministerial correction date of answer 06/05/2014 answer text <p>The Government is supportive of credit unions and has taken a number of steps to assist them, most recently including:</p><ul><li>The Department for Work and Pensions investment of up to £38 million in an expansion project for credit unions. The project aims to help credit unions expand and grow, enabling them to provide financial services to more people.</li><li>From 1 April this year the Government increased the cap on the maximum interest rate a credit union can charge for loans from 2% to 3% per month. This will allow credit unions to make more loans to their members without making a loss. Even if they choose to charge the higher rate of interest the cost of borrowing from a credit union will still be significantly cheaper than many high cost lenders.</li></ul><p>The Government intends that these measures will help the credit union sector go from strength to strength, so it can be a viable option for financial services provision for an even wider range of consumers.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 06/05/2014 12:00:00 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	4316 label Biography information for Mike Kane

48904

	registered interest
	date	10/04/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of sustained low interest rates on incentives to save; and if he will make a statement.
	tabling member constituency	Wycombe
	tabling member printed	Steve Baker
	uin	903726
	answer	answer is ministerial correction date of answer 29/04/2014 answer text <p>Low interest rates have benefited everyone, including through reducing mortgage rates, but the Government recognises that this has made it harder for people's savings to grow and to secure an adequate income for retirement. The Government believes it is right, therefore, to support hard working people that have taken the long term decisions to save and plan for their future.</p><p> </p><p>The Budget package announced last month aims to help all savers at all stages of life. It reduces tax for the lowest income savers; reforms the ISA regime to give all savers greater flexibility as to where and how they save their money; and creates new products to help retired savers see a better return.</p><p> </p> answering member constituency Inverness, Nairn, Badenoch and Strathspey answering member printed Danny Alexander question first answered 29/04/2014 12:00:00 answering member 1535 label Biography information for Danny Alexander
	tabling member	4064 label Biography information for Mr Steve Baker

61852

	registered interest
	date	13/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Ombudsman Service
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, how much funding of the Financial Ombudsman Service came directly from the levy on the Office of Fair Trading licences on consumer credit firms in (a) 2011, (b) 2012 and (c) 2013; how this funding will be levied in future; and if he will make a statement.
	tabling member constituency	Worthing West
	tabling member printed	Sir Peter Bottomley
	uin	200700
	answer	answer is ministerial correction date of answer 23/06/2014 answer text <p>The Financial Ombudsman Service (FOS) is an independent, non-Governmental body and questions about its funding are a matter for the FOS or, as the case may be, the Financial Conduct Authority (FCA), who approve the FOS budget and fee rules. This question has been passed on to the FOS, and the FOS will reply directly to the honourable member by letter. A copy of the letter will be placed in the Library of the House.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 23/06/2014 15:49:04 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	117 label Biography information for Sir Peter Bottomley

61856

	registered interest
	date	13/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Money Advice Service and Financial Ombudsman Service
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what estimate he has made of the expected increase in the fees and levies on regulated consumer credit firms that will go towards the funding of the Money Advice Service and Financial Ombudsman Service in (a) 2015, (b) 2016 and (c) 2017 under the new Financial Conduct Authority regulated fees and levies regime.
	tabling member constituency	Worthing West
	tabling member printed	Sir Peter Bottomley
	uin	200701
	answer	answer is ministerial correction date of answer 23/06/2014 answer text <p>The Financial Conduct Authority (FCA) consumer credit regulatory regime is far better resourced and has wider objectives than the previous Office of Fair Trading (OFT) regime. The FCA is an independent, non-governmental body, and it is entirely funded by the fees it charges on the financial services industry. As a result, specific questions around fees are a matter for the FCA.</p><p> </p><p>The Financial Ombudsman Service (FOS) is funded by a combination of industry levy and case fees. The FOS is an independent, non-Governmental body and questions about its funding are a matter for the FOS or, as the case may be, the FCA (who approve the FOS budget and fee rules). The FOS budget is proposed by FOS annually and approved by the FCA.</p><p> </p><p> </p><p>The Money Advice Service's (MAS) budget is proposed by MAS annually, based on demand for money and debt advice, and approved by the FCA. Consumer credit firms will pay the MAS levy once authorised by the FCA. The FCA has approved MAS's 2014/15 budget, but MAS's budget for future years has not yet been determined.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 23/06/2014 15:46:33 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	117 label Biography information for Sir Peter Bottomley

46853

	registered interest
	date	03/04/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will publish estimates produced by the Government Actuary's Department for his Department of any additional monies received from extra contributions to the Teachers' Pension Scheme before 19 March 2014.
	tabling member constituency	Wolverhampton South East
	tabling member printed	Mr Pat McFadden
	uin	195215
	answer	answer is ministerial correction date of answer 14/05/2014 answer text <p><strong>The Government Actuary's Department did not produce estimates for HM Treasury of additional monies received from extra contributions to the Teachers' Pension scheme before 19 March 2014. </strong></p> answering member constituency Inverness, Nairn, Badenoch and Strathspey answering member printed Danny Alexander question first answered 14/05/2014 12:00:00 answering member 1535 label Biography information for Danny Alexander
	tabling member	1587 label Biography information for Pat McFadden

47503

	registered interest
	date	08/04/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what the reasons were for the fall in capital gains tax revenue in 2012-13.
	tabling member constituency	Wokingham
	tabling member printed	Mr John Redwood
	uin	195715
	answer	answer is ministerial correction date of answer 30/04/2014 answer text <p>The details of the forecasts are set out in the Office for Budget Responsibility's Economic and Fiscal Outlook publications. The Office for Budget Responsibility was created in 2010 and provides the authoritative and independent forecasts for the UK's economy and public finances.</p><p> </p><p><a href="http://budgetresponsibility.org.uk/category/publications/" target="_blank">http://budgetresponsibility.org.uk/category/publications/</a></p><p> </p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke grouped question UIN 195688 195716 question first answered 30/04/2014 12:00:00 answering member 1529 label Biography information for Mr David Gauke
	tabling member	14 label Biography information for Sir John Redwood

47504

	registered interest
	date	08/04/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what the reasons are for forecast capital gains tax revenue in 2013-14 being below that of 2011-12.
	tabling member constituency	Wokingham
	tabling member printed	Mr John Redwood
	uin	195716
	answer	answer is ministerial correction date of answer 30/04/2014 answer text <p>The details of the forecasts are set out in the Office for Budget Responsibility's Economic and Fiscal Outlook publications. The Office for Budget Responsibility was created in 2010 and provides the authoritative and independent forecasts for the UK's economy and public finances.</p><p> </p><p><a href="http://budgetresponsibility.org.uk/category/publications/" target="_blank">http://budgetresponsibility.org.uk/category/publications/</a></p><p> </p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke grouped question UIN 195688 195715 question first answered 30/04/2014 12:00:00 answering member 1529 label Biography information for Mr David Gauke
	tabling member	14 label Biography information for Sir John Redwood

47505

	registered interest
	date	08/04/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what the effect was on revenue from top rate income tax of the reduction of the top rate from 60 per cent to 40 per cent in 1988 in the (a) first year and (b) second year following that reduction.
	tabling member constituency	Wokingham
	tabling member printed	Mr John Redwood
	uin	195687
	answer	answer is ministerial correction date of answer 28/04/2014 answer text <p>Observed changes in tax receipts following rate changes will reflect a combination of effects of the rate changes and underlying economic and distributional changes.</p><p> </p><p>One study that analyses these effects is set out in the Institute Fiscal Studies (IFS) Mirrlees Review, <em>Dimensions of Tax Design</em>. This studied the revenue impacts of tax changes during the 1970s and 1980s, including the rate changes in 1988. It is available at: <a href="http://www.ifs.org.uk/mirrleesreview/dimensions/ch2.pdf" target="_blank">http://www.ifs.org.uk/mirrleesreview/dimensions/ch2.pdf</a> (see Chapter 2).</p><p> </p><p>This study was part of the evidence considered by HMRC in the report “The Exchequer effect of the 50 percent additional rate of income tax” published at Budget 2012. The behavioural response estimated in the HMRC report is consistent with a range of academic studies including the results from the IFS.</p><p> </p><p>The HMRC report is available at; <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> </p><p> </p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 28/04/2014 12:00:00 answering member 1529 label Biography information for Mr David Gauke
	tabling member	14 label Biography information for Sir John Redwood

47506

	registered interest
	date	08/04/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what the reasons are for the difference in the most recent forecast capital gains tax revenue for 2013-14 and the forecast made in Budget 2013.
	tabling member constituency	Wokingham
	tabling member printed	Mr John Redwood
	uin	195688
	answer	answer is ministerial correction date of answer 30/04/2014 answer text <p>The details of the forecasts are set out in the Office for Budget Responsibility's Economic and Fiscal Outlook publications. The Office for Budget Responsibility was created in 2010 and provides the authoritative and independent forecasts for the UK's economy and public finances.</p><p> </p><p><a href="http://budgetresponsibility.org.uk/category/publications/" target="_blank">http://budgetresponsibility.org.uk/category/publications/</a></p><p> </p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke grouped question UIN 195715 195716 question first answered 30/04/2014 12:00:00 answering member 1529 label Biography information for Mr David Gauke
	tabling member	14 label Biography information for Sir John Redwood