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1064412
star this property registered interest false more like this
star this property date less than 2019-02-20more like thismore than 2019-02-20
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Inheritance Tax more like this
star this property house id 1 more like this
star this property legislature
25259
unstar this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what estimate his Department has made of (a) the number of beneficiaries of the main residence nil rate band of Inheritance Tax exemption in 2018, (b) where those beneficiaries are located and (c) what is the average income of those beneficiaries was. more like this
star this property tabling member constituency Bootle more like this
star this property tabling member printed
Peter Dowd more like this
star this property uin 223937 more like this
star this property answer
answer
star this property is ministerial correction true more like this
star this property date of answer remove filter
star this property answer text <p>I refer the Hon. Member to the answer that I gave on <ins class="ministerial">6 March</ins> <del class="ministerial">26 February</del> 2018 to the Hon. Member for Leeds West for the number of beneficiaries of the main residence nil rate band.</p><p> </p><p>Estimates of the location and average income of beneficiaries of the main residence nil rate band in 2018 are not readily available and could only be provided at a disproportionate cost.</p> more like this
star this property answering member constituency Central Devon more like this
star this property answering member printed Mel Stride more like this
star this property question first answered
less than 2019-02-25T17:20:11.02Zmore like thismore than 2019-02-25T17:20:11.02Z
star this property question first ministerially corrected
less than 2019-03-19T13:21:59.553Zmore like thismore than 2019-03-19T13:21:59.553Z
star this property answering member
3935
star this property label Biography information for Mel Stride more like this
star this property previous answer version
104359
star this property answering member constituency Central Devon more like this
star this property answering member printed Mel Stride more like this
star this property answering member
3935
star this property label Biography information for Mel Stride more like this
star this property tabling member
4397
star this property label Biography information for Peter Dowd more like this
1059220
star this property registered interest false more like this
star this property date less than 2019-02-11more like thismore than 2019-02-11
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading National Savings Certificates 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 why they are changing the index on NS&amp;I Index-linked Savings Certificates bought between 2 June 1975 and 7 October 1996 from RPI to CPI; and what is the legal base that enables this change to be made. more like this
star this property tabling member printed
Lord Sharkey more like this
star this property uin HL13605 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>Index-linked Savings Certificates (ILSCs) have not been on sale since 2011. Customers who purchased ILSCs between 2 June 1975 and 7 October 1996 (Issues 1-9), and who did not provide instructions at maturity to withdraw their funds, subsequently had their funds mature into ‘Index-linked Extension Terms’ (ILETs). ILETs act as a holding account for customers until they request the return of their investment.</p><p> </p><p>The number of ILET holders and total value of ILETs since 2012 and forecasts for the next 10 years are provided in the first attachment.. NS&amp;I undertook a data migration in 2012 therefore data is provided from that point forward.</p><p> </p><p> </p><p> </p><p>Interest earned on ILETs is normally held separately to the investment and paid out when customers claim their funds. However, in 2012 NS&amp;I capitalised interest into accounts. Therefore, the figures in the table do not include interest earned since 2012 (totalling c£30 million).</p><p> </p><p>ILETs currently earn interest equal to RPI. Starting 1 May 2019, from the day and month the original investment was made (the ‘anniversary date’), each ILET will earn interest based on CPI. On this day, outstanding interest will be capitalised into the account, with interest earned after this date continuing to be held separately. NS&amp;I does not hold an anniversary date for the oldest investments (Issues 1 and 2). For these issues, an anniversary date of 11 November has been set. This corresponds with the date in 2012 that NS&amp;I last capitalised interest into these accounts.</p><p> </p><p>NS&amp;I has the right to change the terms and conditions of ILETs at any time after the expiration of the original term. Customers are being notified at least 60 days in advance of the change taking effect, via correspondence and public notices published in the Daily Express, Daily Mail, Daily Telegraph and The Times on 8 February 2019.</p><p> </p><p>The forecast reduction in interest payments caused by the change in the index from RPI to CPI of Index-linked Extension Terms is provided in the second attachment.</p><p>As NS&amp;I announced at Budget 2018, from 1 May 2019 holders of ILSCs who chose to renew their investments into a new term would also receive interest based on CPI rather than RPI. The changes to ILETs and ILSCs recognise the reduced use of RPI by successive governments and is in line with NS&amp;I’s need to balance the interests of its savers, the cost to the taxpayer, and the stability of the broader financial services sector.</p><p> </p><p>The Government issues wholesale gilts through the Debt Management Office. In the past 10 years, the only index-linked products issued by the Debt Management Office have been Index Linked Gilts, which are linked to RPI. The Government recognises the flaws in the way RPI is measured and have made progress in moving away from using it. However, given the extensive use of RPI across the public and private sectors, further moves away from the measure are complex and potentially costly. As set out at Budget, the government’s objective is that it will reduce the use of RPI when and where practicable. At the present time there are no current plans to stop issuing RPI-linked gilts.</p><p><strong> </strong></p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p>
star this property answering member printed Lord Bates more like this
star this property attachment
1
star this property file name Number of ILET holders.docx more like this
star this property title Attachment 1 more like this
2
star this property file name Interest saving.docx more like this
star this property title Attachment 2 more like this
star this property grouped question UIN
HL13606 more like this
HL13607 more like this
HL13608 more like this
HL13609 more like this
HL13610 more like this
star this property question first answered
less than 2019-02-25T14:20:35.227Zmore like thismore than 2019-02-25T14:20:35.227Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
4196
star this property label Biography information for Lord Sharkey more like this
1059221
star this property registered interest false more like this
star this property date less than 2019-02-11more like thismore than 2019-02-11
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading National Savings Certificates 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 benefit that will accrue to HM Treasury from the change in the index from RPI to CPI of NS&amp;I Index-linked Savings Certificates bought between 2 June 1975 and 7 October 1996. more like this
star this property tabling member printed
Lord Sharkey more like this
star this property uin HL13606 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>Index-linked Savings Certificates (ILSCs) have not been on sale since 2011. Customers who purchased ILSCs between 2 June 1975 and 7 October 1996 (Issues 1-9), and who did not provide instructions at maturity to withdraw their funds, subsequently had their funds mature into ‘Index-linked Extension Terms’ (ILETs). ILETs act as a holding account for customers until they request the return of their investment.</p><p> </p><p>The number of ILET holders and total value of ILETs since 2012 and forecasts for the next 10 years are provided in the first attachment.. NS&amp;I undertook a data migration in 2012 therefore data is provided from that point forward.</p><p> </p><p> </p><p> </p><p>Interest earned on ILETs is normally held separately to the investment and paid out when customers claim their funds. However, in 2012 NS&amp;I capitalised interest into accounts. Therefore, the figures in the table do not include interest earned since 2012 (totalling c£30 million).</p><p> </p><p>ILETs currently earn interest equal to RPI. Starting 1 May 2019, from the day and month the original investment was made (the ‘anniversary date’), each ILET will earn interest based on CPI. On this day, outstanding interest will be capitalised into the account, with interest earned after this date continuing to be held separately. NS&amp;I does not hold an anniversary date for the oldest investments (Issues 1 and 2). For these issues, an anniversary date of 11 November has been set. This corresponds with the date in 2012 that NS&amp;I last capitalised interest into these accounts.</p><p> </p><p>NS&amp;I has the right to change the terms and conditions of ILETs at any time after the expiration of the original term. Customers are being notified at least 60 days in advance of the change taking effect, via correspondence and public notices published in the Daily Express, Daily Mail, Daily Telegraph and The Times on 8 February 2019.</p><p> </p><p>The forecast reduction in interest payments caused by the change in the index from RPI to CPI of Index-linked Extension Terms is provided in the second attachment.</p><p>As NS&amp;I announced at Budget 2018, from 1 May 2019 holders of ILSCs who chose to renew their investments into a new term would also receive interest based on CPI rather than RPI. The changes to ILETs and ILSCs recognise the reduced use of RPI by successive governments and is in line with NS&amp;I’s need to balance the interests of its savers, the cost to the taxpayer, and the stability of the broader financial services sector.</p><p> </p><p>The Government issues wholesale gilts through the Debt Management Office. In the past 10 years, the only index-linked products issued by the Debt Management Office have been Index Linked Gilts, which are linked to RPI. The Government recognises the flaws in the way RPI is measured and have made progress in moving away from using it. However, given the extensive use of RPI across the public and private sectors, further moves away from the measure are complex and potentially costly. As set out at Budget, the government’s objective is that it will reduce the use of RPI when and where practicable. At the present time there are no current plans to stop issuing RPI-linked gilts.</p><p><strong> </strong></p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p>
star this property answering member printed Lord Bates more like this
star this property attachment
1
star this property file name Number of ILET holders.docx more like this
star this property title Attachment 1 more like this
2
star this property file name Interest saving.docx more like this
star this property title Attachment 2 more like this
star this property grouped question UIN
HL13605 more like this
HL13607 more like this
HL13608 more like this
HL13609 more like this
HL13610 more like this
star this property question first answered
less than 2019-02-25T14:20:35.31Zmore like thismore than 2019-02-25T14:20:35.31Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
4196
star this property label Biography information for Lord Sharkey more like this
1059222
star this property registered interest false more like this
star this property date less than 2019-02-11more like thismore than 2019-02-11
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading National Savings Certificates 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 is the total outstanding value of, and interest credited on, NS&amp;I Index-linked Savings Certificates bought between 2 June 1975 and 7 October 1996 for each of the last 10 years; and what projections have been made for outstanding value and interest credited for each of the next 10 years. more like this
star this property tabling member printed
Lord Sharkey more like this
star this property uin HL13607 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>Index-linked Savings Certificates (ILSCs) have not been on sale since 2011. Customers who purchased ILSCs between 2 June 1975 and 7 October 1996 (Issues 1-9), and who did not provide instructions at maturity to withdraw their funds, subsequently had their funds mature into ‘Index-linked Extension Terms’ (ILETs). ILETs act as a holding account for customers until they request the return of their investment.</p><p> </p><p>The number of ILET holders and total value of ILETs since 2012 and forecasts for the next 10 years are provided in the first attachment.. NS&amp;I undertook a data migration in 2012 therefore data is provided from that point forward.</p><p> </p><p> </p><p> </p><p>Interest earned on ILETs is normally held separately to the investment and paid out when customers claim their funds. However, in 2012 NS&amp;I capitalised interest into accounts. Therefore, the figures in the table do not include interest earned since 2012 (totalling c£30 million).</p><p> </p><p>ILETs currently earn interest equal to RPI. Starting 1 May 2019, from the day and month the original investment was made (the ‘anniversary date’), each ILET will earn interest based on CPI. On this day, outstanding interest will be capitalised into the account, with interest earned after this date continuing to be held separately. NS&amp;I does not hold an anniversary date for the oldest investments (Issues 1 and 2). For these issues, an anniversary date of 11 November has been set. This corresponds with the date in 2012 that NS&amp;I last capitalised interest into these accounts.</p><p> </p><p>NS&amp;I has the right to change the terms and conditions of ILETs at any time after the expiration of the original term. Customers are being notified at least 60 days in advance of the change taking effect, via correspondence and public notices published in the Daily Express, Daily Mail, Daily Telegraph and The Times on 8 February 2019.</p><p> </p><p>The forecast reduction in interest payments caused by the change in the index from RPI to CPI of Index-linked Extension Terms is provided in the second attachment.</p><p>As NS&amp;I announced at Budget 2018, from 1 May 2019 holders of ILSCs who chose to renew their investments into a new term would also receive interest based on CPI rather than RPI. The changes to ILETs and ILSCs recognise the reduced use of RPI by successive governments and is in line with NS&amp;I’s need to balance the interests of its savers, the cost to the taxpayer, and the stability of the broader financial services sector.</p><p> </p><p>The Government issues wholesale gilts through the Debt Management Office. In the past 10 years, the only index-linked products issued by the Debt Management Office have been Index Linked Gilts, which are linked to RPI. The Government recognises the flaws in the way RPI is measured and have made progress in moving away from using it. However, given the extensive use of RPI across the public and private sectors, further moves away from the measure are complex and potentially costly. As set out at Budget, the government’s objective is that it will reduce the use of RPI when and where practicable. At the present time there are no current plans to stop issuing RPI-linked gilts.</p><p><strong> </strong></p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p>
star this property answering member printed Lord Bates more like this
star this property attachment
1
star this property file name Number of ILET holders.docx more like this
star this property title Attachment 1 more like this
2
star this property file name Interest saving.docx more like this
star this property title Attachment 2 more like this
star this property grouped question UIN
HL13605 more like this
HL13606 more like this
HL13608 more like this
HL13609 more like this
HL13610 more like this
star this property question first answered
less than 2019-02-25T14:20:35.387Zmore like thismore than 2019-02-25T14:20:35.387Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
4196
star this property label Biography information for Lord Sharkey more like this
1059223
star this property registered interest false more like this
star this property date less than 2019-02-11more like thismore than 2019-02-11
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading National Savings Certificates 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, for each of the last 10 years, how many individuals owned NS&amp;I Index-linked Savings Certificates bought between 2 June 1975 and 7 October 1996 and what projections they have made for the number of future owners in the next 10 years. more like this
star this property tabling member printed
Lord Sharkey more like this
star this property uin HL13608 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>Index-linked Savings Certificates (ILSCs) have not been on sale since 2011. Customers who purchased ILSCs between 2 June 1975 and 7 October 1996 (Issues 1-9), and who did not provide instructions at maturity to withdraw their funds, subsequently had their funds mature into ‘Index-linked Extension Terms’ (ILETs). ILETs act as a holding account for customers until they request the return of their investment.</p><p> </p><p>The number of ILET holders and total value of ILETs since 2012 and forecasts for the next 10 years are provided in the first attachment.. NS&amp;I undertook a data migration in 2012 therefore data is provided from that point forward.</p><p> </p><p> </p><p> </p><p>Interest earned on ILETs is normally held separately to the investment and paid out when customers claim their funds. However, in 2012 NS&amp;I capitalised interest into accounts. Therefore, the figures in the table do not include interest earned since 2012 (totalling c£30 million).</p><p> </p><p>ILETs currently earn interest equal to RPI. Starting 1 May 2019, from the day and month the original investment was made (the ‘anniversary date’), each ILET will earn interest based on CPI. On this day, outstanding interest will be capitalised into the account, with interest earned after this date continuing to be held separately. NS&amp;I does not hold an anniversary date for the oldest investments (Issues 1 and 2). For these issues, an anniversary date of 11 November has been set. This corresponds with the date in 2012 that NS&amp;I last capitalised interest into these accounts.</p><p> </p><p>NS&amp;I has the right to change the terms and conditions of ILETs at any time after the expiration of the original term. Customers are being notified at least 60 days in advance of the change taking effect, via correspondence and public notices published in the Daily Express, Daily Mail, Daily Telegraph and The Times on 8 February 2019.</p><p> </p><p>The forecast reduction in interest payments caused by the change in the index from RPI to CPI of Index-linked Extension Terms is provided in the second attachment.</p><p>As NS&amp;I announced at Budget 2018, from 1 May 2019 holders of ILSCs who chose to renew their investments into a new term would also receive interest based on CPI rather than RPI. The changes to ILETs and ILSCs recognise the reduced use of RPI by successive governments and is in line with NS&amp;I’s need to balance the interests of its savers, the cost to the taxpayer, and the stability of the broader financial services sector.</p><p> </p><p>The Government issues wholesale gilts through the Debt Management Office. In the past 10 years, the only index-linked products issued by the Debt Management Office have been Index Linked Gilts, which are linked to RPI. The Government recognises the flaws in the way RPI is measured and have made progress in moving away from using it. However, given the extensive use of RPI across the public and private sectors, further moves away from the measure are complex and potentially costly. As set out at Budget, the government’s objective is that it will reduce the use of RPI when and where practicable. At the present time there are no current plans to stop issuing RPI-linked gilts.</p><p><strong> </strong></p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p>
star this property answering member printed Lord Bates more like this
star this property attachment
1
star this property file name Number of ILET holders.docx more like this
star this property title Attachment 1 more like this
2
star this property file name Interest saving.docx more like this
star this property title Attachment 2 more like this
star this property grouped question UIN
HL13605 more like this
HL13606 more like this
HL13607 more like this
HL13609 more like this
HL13610 more like this
star this property question first answered
less than 2019-02-25T14:20:35.437Zmore like thismore than 2019-02-25T14:20:35.437Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
4196
star this property label Biography information for Lord Sharkey more like this
1059224
star this property registered interest false more like this
star this property date less than 2019-02-11more like thismore than 2019-02-11
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Government Securities 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 HM Treasury-backed interest bearing and index linked financial instruments have had, in the last 10 years, the index changed from (1) RPI to CPI, and (2) CPI to RPI; and what the rationale was for those changes. more like this
star this property tabling member printed
Lord Sharkey more like this
star this property uin HL13609 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>Index-linked Savings Certificates (ILSCs) have not been on sale since 2011. Customers who purchased ILSCs between 2 June 1975 and 7 October 1996 (Issues 1-9), and who did not provide instructions at maturity to withdraw their funds, subsequently had their funds mature into ‘Index-linked Extension Terms’ (ILETs). ILETs act as a holding account for customers until they request the return of their investment.</p><p> </p><p>The number of ILET holders and total value of ILETs since 2012 and forecasts for the next 10 years are provided in the first attachment.. NS&amp;I undertook a data migration in 2012 therefore data is provided from that point forward.</p><p> </p><p> </p><p> </p><p>Interest earned on ILETs is normally held separately to the investment and paid out when customers claim their funds. However, in 2012 NS&amp;I capitalised interest into accounts. Therefore, the figures in the table do not include interest earned since 2012 (totalling c£30 million).</p><p> </p><p>ILETs currently earn interest equal to RPI. Starting 1 May 2019, from the day and month the original investment was made (the ‘anniversary date’), each ILET will earn interest based on CPI. On this day, outstanding interest will be capitalised into the account, with interest earned after this date continuing to be held separately. NS&amp;I does not hold an anniversary date for the oldest investments (Issues 1 and 2). For these issues, an anniversary date of 11 November has been set. This corresponds with the date in 2012 that NS&amp;I last capitalised interest into these accounts.</p><p> </p><p>NS&amp;I has the right to change the terms and conditions of ILETs at any time after the expiration of the original term. Customers are being notified at least 60 days in advance of the change taking effect, via correspondence and public notices published in the Daily Express, Daily Mail, Daily Telegraph and The Times on 8 February 2019.</p><p> </p><p>The forecast reduction in interest payments caused by the change in the index from RPI to CPI of Index-linked Extension Terms is provided in the second attachment.</p><p>As NS&amp;I announced at Budget 2018, from 1 May 2019 holders of ILSCs who chose to renew their investments into a new term would also receive interest based on CPI rather than RPI. The changes to ILETs and ILSCs recognise the reduced use of RPI by successive governments and is in line with NS&amp;I’s need to balance the interests of its savers, the cost to the taxpayer, and the stability of the broader financial services sector.</p><p> </p><p>The Government issues wholesale gilts through the Debt Management Office. In the past 10 years, the only index-linked products issued by the Debt Management Office have been Index Linked Gilts, which are linked to RPI. The Government recognises the flaws in the way RPI is measured and have made progress in moving away from using it. However, given the extensive use of RPI across the public and private sectors, further moves away from the measure are complex and potentially costly. As set out at Budget, the government’s objective is that it will reduce the use of RPI when and where practicable. At the present time there are no current plans to stop issuing RPI-linked gilts.</p><p><strong> </strong></p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p>
star this property answering member printed Lord Bates more like this
star this property attachment
1
star this property file name Number of ILET holders.docx more like this
star this property title Attachment 1 more like this
2
star this property file name Interest saving.docx more like this
star this property title Attachment 2 more like this
star this property grouped question UIN
HL13605 more like this
HL13606 more like this
HL13607 more like this
HL13608 more like this
HL13610 more like this
star this property question first answered
less than 2019-02-25T14:20:35.513Zmore like thismore than 2019-02-25T14:20:35.513Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
4196
star this property label Biography information for Lord Sharkey more like this
1059225
star this property registered interest false more like this
star this property date less than 2019-02-11more like thismore than 2019-02-11
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Government Securities 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, in the light of the changes to NS&amp;I Index-linked Savings Certificates bought between 2 June 1975 and 7 October 1996, whether they plan to change to CPI the index on those index-linked gilts currently using RPI; and if not, why not. more like this
star this property tabling member printed
Lord Sharkey more like this
star this property uin HL13610 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>Index-linked Savings Certificates (ILSCs) have not been on sale since 2011. Customers who purchased ILSCs between 2 June 1975 and 7 October 1996 (Issues 1-9), and who did not provide instructions at maturity to withdraw their funds, subsequently had their funds mature into ‘Index-linked Extension Terms’ (ILETs). ILETs act as a holding account for customers until they request the return of their investment.</p><p> </p><p>The number of ILET holders and total value of ILETs since 2012 and forecasts for the next 10 years are provided in the first attachment.. NS&amp;I undertook a data migration in 2012 therefore data is provided from that point forward.</p><p> </p><p> </p><p> </p><p>Interest earned on ILETs is normally held separately to the investment and paid out when customers claim their funds. However, in 2012 NS&amp;I capitalised interest into accounts. Therefore, the figures in the table do not include interest earned since 2012 (totalling c£30 million).</p><p> </p><p>ILETs currently earn interest equal to RPI. Starting 1 May 2019, from the day and month the original investment was made (the ‘anniversary date’), each ILET will earn interest based on CPI. On this day, outstanding interest will be capitalised into the account, with interest earned after this date continuing to be held separately. NS&amp;I does not hold an anniversary date for the oldest investments (Issues 1 and 2). For these issues, an anniversary date of 11 November has been set. This corresponds with the date in 2012 that NS&amp;I last capitalised interest into these accounts.</p><p> </p><p>NS&amp;I has the right to change the terms and conditions of ILETs at any time after the expiration of the original term. Customers are being notified at least 60 days in advance of the change taking effect, via correspondence and public notices published in the Daily Express, Daily Mail, Daily Telegraph and The Times on 8 February 2019.</p><p> </p><p>The forecast reduction in interest payments caused by the change in the index from RPI to CPI of Index-linked Extension Terms is provided in the second attachment.</p><p>As NS&amp;I announced at Budget 2018, from 1 May 2019 holders of ILSCs who chose to renew their investments into a new term would also receive interest based on CPI rather than RPI. The changes to ILETs and ILSCs recognise the reduced use of RPI by successive governments and is in line with NS&amp;I’s need to balance the interests of its savers, the cost to the taxpayer, and the stability of the broader financial services sector.</p><p> </p><p>The Government issues wholesale gilts through the Debt Management Office. In the past 10 years, the only index-linked products issued by the Debt Management Office have been Index Linked Gilts, which are linked to RPI. The Government recognises the flaws in the way RPI is measured and have made progress in moving away from using it. However, given the extensive use of RPI across the public and private sectors, further moves away from the measure are complex and potentially costly. As set out at Budget, the government’s objective is that it will reduce the use of RPI when and where practicable. At the present time there are no current plans to stop issuing RPI-linked gilts.</p><p><strong> </strong></p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p>
star this property answering member printed Lord Bates more like this
star this property attachment
1
star this property file name Number of ILET holders.docx more like this
star this property title Attachment 1 more like this
2
star this property file name Interest saving.docx more like this
star this property title Attachment 2 more like this
star this property grouped question UIN
HL13605 more like this
HL13606 more like this
HL13607 more like this
HL13608 more like this
HL13609 more like this
star this property question first answered
less than 2019-02-25T14:20:35.577Zmore like thismore than 2019-02-25T14:20:35.577Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
4196
star this property label Biography information for Lord Sharkey more like this
1062116
star this property registered interest false more like this
star this property date less than 2019-02-15more like thismore than 2019-02-15
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Landlords: Taxation more like this
star this property house id 1 more like this
star this property legislature
25259
unstar this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what estimate he has made of the (a) number and (b) proportion of landlords in each local authority area who are registered for self-assessment with HM Revenue and Customs. more like this
star this property tabling member constituency Wentworth and Dearne more like this
star this property tabling member printed
John Healey more like this
star this property uin 221988 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>The table attached presents the number of individuals who declared income from property on their Self-Assessment tax returns for the 2016-17 tax year, the latest year for which data is available, excluding those who declared income from furnished holiday lettings.</p><p> </p><p>Note that (i) these figures are based on tax return data, and not Self-Assessment registrations; and (ii) the locations given in the Table relate to the residences of the individuals with property income, and not the locations of properties from which they declared income.</p><p> </p><p>HMRC do not hold information about the total number of landlords and so it is not possible to provide a proportion of the numbers in Self-Assessment against that total.</p> more like this
star this property answering member constituency Central Devon more like this
star this property answering member printed Mel Stride more like this
star this property question first answered
less than 2019-02-25T17:38:03.143Zmore like thismore than 2019-02-25T17:38:03.143Z
star this property answering member
3935
star this property label Biography information for Mel Stride more like this
star this property attachment
1
star this property file name 221988 - table attachment.docx more like this
star this property title Self assessment by local authority area more like this
star this property tabling member
400
star this property label Biography information for John Healey more like this
1063980
star this property registered interest false more like this
star this property date less than 2019-02-19more like thismore than 2019-02-19
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Tax Avoidance: Glasgow North East more like this
star this property house id 1 more like this
star this property legislature
25259
unstar this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, if he will hold a meeting with the hon. Member for Glasgow North East on the effect of the IR35 tax reforms on the personal finances of people living in Glasgow North East constituency. more like this
star this property tabling member constituency Glasgow North East more like this
star this property tabling member printed
Mr Paul Sweeney more like this
star this property uin 223171 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>Unfortunately, the Chancellor of the Exchequer is unable to meet to discuss the off-payroll working rules at this time.</p><p> </p><p>The Government will shortly publish a consultation on the reform to the off-payroll working rules in the private sector. Before any legislative changes are made HMRC will publish a Tax Information and Impact Note, assessing the impacts of the policy.</p> more like this
star this property answering member constituency Central Devon more like this
star this property answering member printed Mel Stride more like this
star this property question first answered
less than 2019-02-25T17:41:21.857Zmore like thismore than 2019-02-25T17:41:21.857Z
star this property answering member
3935
star this property label Biography information for Mel Stride more like this
star this property tabling member
4642
star this property label Biography information for Mr Paul Sweeney more like this
1064013
star this property registered interest false more like this
star this property date less than 2019-02-19more like thismore than 2019-02-19
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Company Cars: Taxation more like this
star this property house id 1 more like this
star this property legislature
25259
unstar this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, whether he has plans to (a) publish a legacy Company Car Tax table for vehicles registered before April 2020 and (b) freeze those rates at 2018-19 levels. more like this
star this property tabling member constituency Stroud more like this
star this property tabling member printed
Dr David Drew more like this
star this property uin 223211 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>The government has engaged with stakeholders as part of the review of WLTP on vehicle taxes which closed on 17 February.</p><p> </p><p>The review sought evidence on how reported carbon dioxide emissions are impacted by the introduction of WLTP and whether any adjustment should be made to Vehicle Excise Duty and company car tax from April 2020.</p><p> </p><p>Responses to the review are currently being analysed and the government has committed to publishing a response in the spring.</p> more like this
star this property answering member constituency Newark more like this
star this property answering member printed Robert Jenrick more like this
star this property grouped question UIN
223212 more like this
223500 more like this
223502 more like this
star this property question first answered
less than 2019-02-25T16:27:53.837Zmore like thismore than 2019-02-25T16:27:53.837Z
star this property answering member
4320
star this property label Biography information for Robert Jenrick more like this
star this property tabling member
252
star this property label Biography information for Dr David Drew more like this