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1130448

	registered interest
	date	06/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Taxation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, how much the UK FinTech industry paid the Exchequer in tax revenue in (a) 2017-18 and (b) 2016-17 financial years.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	261178
	answer	answer is ministerial correction date of answer 14/06/2019 answer text <p>HM Revenue and Customs (HMRC) publishes annual statistics relating to income tax, VAT and corporation tax by industry (including the Financial and Insurance Activities Sector). However, HMRC cannot identify receipts from the UK FinTech industry specifically.</p><p> </p><p>For other taxes, industry-level information is not available.</p><p> </p><p>For business rates, the Ministry of Housing, Communities &amp; Local Government collects data only at local authority level and is unable to provide a breakdown by industry.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 14/06/2019 07:46:18 answering member 3991 label Biography information for Jesse Norman
	tabling member	1586 label Biography information for Adam Afriyie

1661314

	registered interest
	date	18/09/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Taxation
	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 potential merits of introducing a tax on windfall profits from the banking sector.
	tabling member constituency	Brighton, Pavilion
	tabling member printed	Caroline Lucas
	uin	199912
	answer	answer is ministerial correction date of answer 19/10/2023 answer text <p>Banks already face an additional rate of tax on their profits in the form of the Bank Corporation Tax Surcharge – meaning they pay 3% more on their profit than most other businesses. This is in addition to a charge on the largest banks’ balance sheets in the form of the Bank Levy.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 19/10/2023 09:27:28 answering member 4874 label Biography information for Andrew Griffith
	tabling member	3930 label Biography information for Caroline Lucas

1255646

	registered interest
	date	25/11/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Taxation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government, further to the reply by Lord Agnew of Oulton on 11 November (HL Deb, col 1123) whether they intend to provide details of the source and methodology for the statement that the finance industry contributes “£75 billion in tax receipts”.
	tabling member printed	Lord Sikka
	uin	HL10717
	answer	answer is ministerial correction date of answer 09/12/2020 answer text <p>Her Majesty’s Government has taken this data from the report published by TheCityUK on the 9<sup>th</sup> of April this year, entitled ‘Key facts about UK-based financial and related professional services 2020’[1]. This report states that in 2018/19, the UK Financial Services sector contributed an estimated £75.5 billion to the UK public finances, which comprised 10.5% of all UK tax receipts.</p><p> </p><p>[1] <a href="https://www.thecityuk.com/research/key-facts-about-uk-based-financial-and-related-professional-services-2020/" target="_blank">‘Key facts about UK-based financial and related professional services 2020’, TheCityUK, 7<sup>th</sup> April 2020</a></p> answering member printed Lord Agnew of Oulton question first answered 09/12/2020 12:23:02 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4885 label Biography information for Lord Sikka

1353654

	registered interest
	date	07/09/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Taxation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what steps they are taking to amend the tax regime for the financial services sector; and how they intend to provide more clarity on investment screening laws to attract more inward investment.
	tabling member printed	Lord Taylor of Warwick
	uin	HL2520
	answer	answer is ministerial correction date of answer 21/09/2021 answer text <p>The Government’s aim is for a tax regime that supports the competitiveness of the UK as a financial services centre while ensuring it makes a fair contribution to the funding of public services.</p><p> </p><p>The Government has recently taken a number of steps in support of that aim. This includes: a consultation on the UK tax treatment of funds; the development of a new tax regime for asset holding companies in alternative fund structures; a review on the VAT treatment of fund management fees and working group to consider the case for a wider financial services supplies; and, a review of the bank surcharge to ensure that the combined rate of tax on bank profit remains competitive in light of the increase in the corporation tax rate.</p><p> </p><p>On attracting inward investment, the National Security and Investment Act will provide businesses with more certainty that they will not be targeted by hostile actors, ensuring the UK remains the premier investment destination in the world.</p><p> </p><p>The Government is committed to ensuring investors understand the National Security and Investment Act, including what it requires from them, what it offers them, and how they can engage with the government for more information. In July 2021, the Government published an outline of the provisions of the National Security and Investment Act and guidance on a range of issues, and ahead of the January 2022 full commencement of the Act, will publish further guidance on how to submit a notification form, how sensitive data will be handled, interim orders and final orders, and notifiable acquisitions. Within six months of the Act’s full commencement, Government will provide market guidance notes to further aid interaction and compliance.</p><p> </p><p>The Government is also actively engaging interested stakeholders, including businesses and investors, to develop their understanding of the Act.</p><p> </p> answering member printed Lord Agnew of Oulton question first answered 21/09/2021 12:40:44 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	1796 label Biography information for Lord Taylor of Warwick