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1300694

	registered interest
	date	09/03/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Institutions: Disclosure of Information
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps his Department has taken to ensure that banks, building societies and other financial institutions report accurate financial data to HMRC; and what redress is available in the event of financial institutions’ non-compliance.
	tabling member constituency	Coventry South
	tabling member printed	Zarah Sultana
	uin	165686
	answer	answer is ministerial correction date of answer 17/03/2021 answer text <p>Banks, building societies and other financial institutions are required to provide a variety of information returns to HM Revenue and Customs (HMRC) on an accurate and timely basis. They are subject to HMRC’s usual compliance processes and if the information provided is late or found to be inaccurate following a compliance check, the taxpayer may be subject to penalties.</p><p> </p><p>The UK’s largest businesses, which includes many financial institutions, are subject to an enhanced risk review, as part of HMRC’s Business Risk Review process.</p><p> </p><p>In addition to this, over 98% of banks and building societies are signatories to the Code of Practice on Taxation for Banks. Their commitments under the Code include complying with their tax obligations, which include providing accurate information to HMRC, as well as maintaining a transparent relationship with HMRC. If a signatory is found to be in breach of these commitments, HMRC are able to disclose this, naming the bank in their annual report on the Code.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 17/03/2021 13:52:45 answering member 3991 label Biography information for Jesse Norman
	tabling member	4786 label Biography information for Zarah Sultana

1300867

	registered interest
	date	09/03/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Self-employment Income Support Scheme
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, for what reasons businesses eligible for the fifth self-employed grant announced in Budget 2021 will be eligible to claim the equivalent of 80 per cent of three months average trading profits capped at £7,500 when the grant period covers five months from May to September; and what plans he has to help meet lost income for the remaining two months.
	tabling member constituency	Brighton, Pavilion
	tabling member printed	Caroline Lucas
	uin	165488
	answer	answer is ministerial correction date of answer 17/03/2021 answer text <p>The Government announced at Budget 2021 that the Self-Employment Income Support Scheme (SEISS) will continue until September, with a fourth and a final fifth grant. The fourth SEISS grant, available to claim from late April, will be worth 80% of average trading profits, paid out in a single instalment covering three months’ worth of annual profits, and capped at £7,500 in total. Further details of the fifth SEISS grant will be published in due course.</p><p> </p><p>Grants are now based on 2019-20  tax returns which is the most up to date information HMRC holds for self-employed individuals. This means that the Government is now in a position to provide support to hundreds of thousands of newly eligible self-employed individuals.</p><p>Using these returns requires time to deliver, due to the increased population and new data. Guidance on how to claim the fourth grant will be available in due course.</p><p> </p><p>The SEISS and the Coronavirus Job Retention Scheme (CJRS) are very different schemes. The CJRS pays for hours which are not worked, while SEISS claimants can work while claiming. Furthermore, as the Chancellor announced, employers will be required to contribute to CJRS payments as the economy reopens.  The SEISS is not intended to provide a month-by-month replacement of income. Due to the volatility of self-employed income and the lack of granular data that HMRC hold on self-employed trading profits, precise mapping of income replacement month by month is not possible. Instead, the SEISS provides a lump sum payment to support eligible self-employed individuals whose businesses have been affected by coronavirus.</p><p> </p><p>The SEISS is just one part of a wider package of support for the self-employed. The temporary £20 per week increase to the Universal Credit standard allowance has been extended for six months, and the suspension of the Minimum Income Floor for three months, to the end of July 2021, so that where self-employed claimants' earnings have fallen significantly, their Universal Credit award will have increased to reflect their lower earnings. In addition, they may also have access to other elements of the package, including Restart Grants, the Recovery Loan scheme, business rates relief, and other business support schemes.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 165489 question first answered 17/03/2021 13:42:45 answering member 3991 label Biography information for Jesse Norman
	tabling member	3930 label Biography information for Caroline Lucas

1300868

	registered interest
	date	09/03/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Self-employment Income Support Scheme
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps the Government is taking to provide financial support for people potentially eligible for the Self-Employed Income Support Scheme (SEISS) prior to being able to make a claim to either the fourth or fifth SEISS grants; and for what reasons that scheme does not deliver parity with the Coronavirus Job Retention Scheme with regard to the payment schedule.
	tabling member constituency	Brighton, Pavilion
	tabling member printed	Caroline Lucas
	uin	165489
	answer	answer is ministerial correction date of answer 17/03/2021 answer text <p>The Government announced at Budget 2021 that the Self-Employment Income Support Scheme (SEISS) will continue until September, with a fourth and a final fifth grant. The fourth SEISS grant, available to claim from late April, will be worth 80% of average trading profits, paid out in a single instalment covering three months’ worth of annual profits, and capped at £7,500 in total. Further details of the fifth SEISS grant will be published in due course.</p><p> </p><p>Grants are now based on 2019-20  tax returns which is the most up to date information HMRC holds for self-employed individuals. This means that the Government is now in a position to provide support to hundreds of thousands of newly eligible self-employed individuals.</p><p>Using these returns requires time to deliver, due to the increased population and new data. Guidance on how to claim the fourth grant will be available in due course.</p><p> </p><p>The SEISS and the Coronavirus Job Retention Scheme (CJRS) are very different schemes. The CJRS pays for hours which are not worked, while SEISS claimants can work while claiming. Furthermore, as the Chancellor announced, employers will be required to contribute to CJRS payments as the economy reopens.  The SEISS is not intended to provide a month-by-month replacement of income. Due to the volatility of self-employed income and the lack of granular data that HMRC hold on self-employed trading profits, precise mapping of income replacement month by month is not possible. Instead, the SEISS provides a lump sum payment to support eligible self-employed individuals whose businesses have been affected by coronavirus.</p><p> </p><p>The SEISS is just one part of a wider package of support for the self-employed. The temporary £20 per week increase to the Universal Credit standard allowance has been extended for six months, and the suspension of the Minimum Income Floor for three months, to the end of July 2021, so that where self-employed claimants' earnings have fallen significantly, their Universal Credit award will have increased to reflect their lower earnings. In addition, they may also have access to other elements of the package, including Restart Grants, the Recovery Loan scheme, business rates relief, and other business support schemes.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 165488 question first answered 17/03/2021 13:42:45 answering member 3991 label Biography information for Jesse Norman
	tabling member	3930 label Biography information for Caroline Lucas

1302128

	registered interest
	date	12/03/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Corporation Tax: Tax Allowances
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the level of profit shifting into the UK as a result of the corporation tax super deduction in (a) 2021-22 and (b) 2022-23.
	tabling member constituency	Houghton and Sunderland South
	tabling member printed	Bridget Phillipson
	uin	167859
	answer	answer is ministerial correction date of answer 17/03/2021 answer text <p>The UK has been at the forefront of the Organisation for Economic Co-operation and Development’s Base Erosion and Profit Shifting (BEPS) Project, which seeks to address the gaps and mismatches in the global tax system used to shift profits artificially to low or no tax locations where there is little or no economic activity.</p><p> </p><p>The Government has already taken decisive action to ensure the UK’s tax laws remain robust and that multinational companies operating in the UK pay the right amount of tax on the profits earned here, including Corporate Interest Restriction rules (which raise approximately £1 billion a year), hybrid mismatch rules (expected to raise £900 million between 2016/17 and 2020/21) and the requirement for large businesses to provide HMRC with a country-by-country breakdown of their profits, tax and assets.</p><p> </p><p>The super-deduction benefits businesses that have real physical substance (plant and machinery) in the UK, not those who try to shift profits artificially. The Government keeps the tax system under review at all times and will take any necessary action to address any emerging risks.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 17/03/2021 13:49:10 answering member 3991 label Biography information for Jesse Norman
	tabling member	4046 label Biography information for Bridget Phillipson

1302220

	registered interest
	date	12/03/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Software: Capital Allowances
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether investment in software can qualify for 130 per cent super-deduction capital allowance in 2021-22 and 2022-23 under section 815 of the Corporation Tax Act 2009.
	tabling member constituency	Oxford East
	tabling member printed	Anneliese Dodds
	uin	167942
	answer	answer is ministerial correction date of answer 17/03/2021 answer text <p>The super-deduction capital allowance will allow companies to reduce their taxable profits by 130% of the value of their investment in plant and machinery.</p><p> </p><p>Investment in software can be classified as either a revenue expenditure, in which case it is deductible for tax purposes, or a capital expenditure, in which case it is generally addressed through the intangibles regime instead. This means software would be ineligible for the super-deduction.</p><p> </p><p>However, if a company wishes, they can choose to make an election under s815 Corporation Tax Act 2009 to remove software from the intangibles regime and instead claim capital allowances. In this case, the super-deduction will be available.</p><p> </p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 17/03/2021 13:51:01 answering member 3991 label Biography information for Jesse Norman
	tabling member	4657 label Biography information for Anneliese Dodds

1302221

	registered interest
	date	12/03/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Social Enterprises: Tax Allowances
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps he is taking to increase the uptake of the Social Investment Tax Relief.
	tabling member constituency	Oxford East
	tabling member printed	Anneliese Dodds
	uin	167943
	answer	answer is ministerial correction date of answer 17/03/2021 answer text <p>The Social Investment Tax Relief (SITR) was introduced in 2014 to encourage risk finance investments in qualifying social enterprises. HMRC statistics show that up to 2018-19, about 110 enterprises have used the scheme to raise £11.2 million.</p><p> </p><p>At the Budget on 3 March, the Government announced that SITR would be extended for two years, until April 2023, to continue support for qualifying investments into social enterprises. SITR will be extended with its current eligibility rules and targeting, to ensure that the scheme continues to focus on higher risk social enterprises that face the greatest difficulties in accessing finance.</p><p> </p><p>The Government keeps all taxes and reliefs under review in order to ensure they continue to meet policy objectives in a way that is fair and effective. The Government previously published a Call for Evidence in 2019 on SITR’s use to date. The Government will publish a Summary of Responses to this on 23 March.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 17/03/2021 13:44:38 answering member 3991 label Biography information for Jesse Norman
	tabling member	4657 label Biography information for Anneliese Dodds

1302222

	registered interest
	date	12/03/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Revenue and Customs: Standards
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps are being taken by HMRC to ensure there is uniform interpretation of customs rules at different entry points into the UK.
	tabling member constituency	Oxford East
	tabling member printed	Anneliese Dodds
	uin	167944
	answer	answer is ministerial correction date of answer 17/03/2021 answer text <p>HMRC are supporting and building trader capability to ensure compliance across different entry points in the UK during staged controls and when full controls are put in place in January 2022.</p><p> </p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 17/03/2021 13:46:47 answering member 3991 label Biography information for Jesse Norman
	tabling member	4657 label Biography information for Anneliese Dodds