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1129478

	registered interest
	date	04/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Workplace Pensions: Tax Allowances
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government, according to the data gathered by the HM Revenue and Customs Real Time Information programme, how many (1) women, and (2) men earning below the personal income tax threshold were contributing at work to a net pay pension scheme in the last three years; and whether they have estimates of these numbers for the current year.
	tabling member printed	Baroness Altmann
	uin	HL15963
	answer	answer is ministerial correction date of answer 18/06/2019 answer text <p>HM Revenue and Customs can provide estimates of the number of women and men earning income below the personal allowance threshold who contribute to a net pay or a relief at source pension scheme over a three year period. These figures are set out in the table below.</p><p>These figures are produced using HMRC’s Real Time Information data to identify taxpayers who contribute to relief at source and net pay pension schemes, which is then combined with the Survey of Personal Incomes to obtain information on income and gender. The most recent tax/year for which these estimates are available is 2016/17.</p><p> </p><p><strong>Number of individuals earning below the Personal Allowance making workplace pension contributions into net pay and relief at source pension schemes (Figures are in thousands)</strong></p><table><tbody><tr><td><p> </p></td><td><p>2014/15</p></td><td><p>2015/16</p></td><td><p>2016/17</p></td></tr><tr><td colspan="4"><p>Net Pay</p></td></tr><tr><td><p>Female</p></td><td><p>800</p></td><td><p>900</p></td><td><p>1,000</p></td></tr><tr><td><p>Male</p></td><td><p>300</p></td><td><p>300</p></td><td><p>300</p></td></tr><tr><td><p>Total</p></td><td><p>1,100</p></td><td><p>1,200</p></td><td><p>1,300</p></td></tr><tr><td colspan="4"><p>Relief at Source</p></td></tr><tr><td><p>Female</p></td><td><p>400</p></td><td><p>500</p></td><td><p>700</p></td></tr><tr><td><p>Male</p></td><td><p>300</p></td><td><p>300</p></td><td><p>400</p></td></tr><tr><td><p>Total</p></td><td><p>600</p></td><td><p>900</p></td><td><p>1,100</p></td></tr></tbody></table><p>Note: (1) Personal Allowances for the respective tax years: £10,000 in 2014/15, £10,600 in 2015/16 and £11,000 in 2016/17; (2) Figures are rounded to neared 100 thousand; (3) Figures by gender may not sum to total due to rounding</p><p>Source: Real Time Information and Survey of Personal Income Data for 2014/15, 2015/16 and 2016/17.</p><p> </p><p>There may be individuals who have both relief at source and net pay pension schemes. The relief at source pension schemes data only shows individuals who are part of an employer-sponsored or provided pension scheme.</p><p> </p><p>An estimate of the number of disabled people who earn less than the personal allowance and are contributing to a net pay pension scheme is not available. The relevant HM Revenue and Customs’ administrative data does not contain information on disability.</p><p> </p><p>An estimate for the number of taxpayers with relief at source pensions who fail to claim higher rate tax relief, and how much higher rate tax relief is unclaimed each year, is not available.</p> answering member printed Lord Young of Cookham grouped question UIN HL15964 HL15965 HL15966 question first answered 18/06/2019 15:32:43 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4533 label Biography information for Baroness Altmann

1129548

	registered interest
	date	04/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	London Capital & Finance: Insolvency
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government why 12 months have been allowed for the completion of Dame Elizabeth Gloster's inquiry into the circumstances surrounding the collapse of investment firm London Capital & Finance and the Financial Conduct Authority’s supervision of the firm.
	tabling member printed	Lord Myners
	uin	HL16033
	answer	answer is ministerial correction date of answer 18/06/2019 answer text <p>On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events at London Capital &amp; Finance (LCF), and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it. The investigation will look at the events and circumstances surrounding the failure of LCF and whether, in its supervision of LCF, the FCA discharged its functions in a manner which enabled it to effectively fulfil its statutory objectives. Dame Elizabeth will be able to consider any other matters she deems relevant to the events set out in the Treasury’s direction to the FCA.</p><p> </p><p>Dame Elizabeth is an experienced barrister, leading QC and Judge at the High Court and Court of Appeal. The Treasury is satisfied that she will be able to lead a robust and independent investigation.</p><p> </p><p>The Treasury has stipulated that the investigation should be completed within 12 months, whilst allowing the investigator to report sooner than 12 months if this is feasible. This will ensure that the investigation is as thorough as possible and that the right lessons are learned to better protect those who invest their money in the future.</p> answering member printed Lord Young of Cookham grouped question UIN HL16034 HL16035 question first answered 18/06/2019 15:18:13 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3869 label Biography information for Lord Myners

1129549

	registered interest
	date	04/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Barlow Clowes: Insolvency
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of the role Dame Elizabeth Gloster played as counsel in cases arising out of (1) the insolvency of Barlow Clowes, and (2) the payment of compensation to investors in that firm's funds.
	tabling member printed	Lord Myners
	uin	HL16034
	answer	answer is ministerial correction date of answer 18/06/2019 answer text <p>On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events at London Capital &amp; Finance (LCF), and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it. The investigation will look at the events and circumstances surrounding the failure of LCF and whether, in its supervision of LCF, the FCA discharged its functions in a manner which enabled it to effectively fulfil its statutory objectives. Dame Elizabeth will be able to consider any other matters she deems relevant to the events set out in the Treasury’s direction to the FCA.</p><p> </p><p>Dame Elizabeth is an experienced barrister, leading QC and Judge at the High Court and Court of Appeal. The Treasury is satisfied that she will be able to lead a robust and independent investigation.</p><p> </p><p>The Treasury has stipulated that the investigation should be completed within 12 months, whilst allowing the investigator to report sooner than 12 months if this is feasible. This will ensure that the investigation is as thorough as possible and that the right lessons are learned to better protect those who invest their money in the future.</p> answering member printed Lord Young of Cookham grouped question UIN HL16033 HL16035 question first answered 18/06/2019 15:18:13 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3869 label Biography information for Lord Myners

1129550

	registered interest
	date	04/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	London Capital & Finance: Insolvency
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government why the terms of reference for Dame Elizabeth Gloster's inquiry into the circumstances surrounding the collapse of investment firm London Capital & Finance and the Financial Conduct Authority’s supervision of the firm do not include the impact on affected savers.
	tabling member printed	Lord Myners
	uin	HL16035
	answer	answer is ministerial correction date of answer 18/06/2019 answer text <p>On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events at London Capital &amp; Finance (LCF), and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it. The investigation will look at the events and circumstances surrounding the failure of LCF and whether, in its supervision of LCF, the FCA discharged its functions in a manner which enabled it to effectively fulfil its statutory objectives. Dame Elizabeth will be able to consider any other matters she deems relevant to the events set out in the Treasury’s direction to the FCA.</p><p> </p><p>Dame Elizabeth is an experienced barrister, leading QC and Judge at the High Court and Court of Appeal. The Treasury is satisfied that she will be able to lead a robust and independent investigation.</p><p> </p><p>The Treasury has stipulated that the investigation should be completed within 12 months, whilst allowing the investigator to report sooner than 12 months if this is feasible. This will ensure that the investigation is as thorough as possible and that the right lessons are learned to better protect those who invest their money in the future.</p> answering member printed Lord Young of Cookham grouped question UIN HL16033 HL16034 question first answered 18/06/2019 15:18:13 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3869 label Biography information for Lord Myners

1129572

	registered interest
	date	04/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bank Services: Internet
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to remain closely aligned to any new EU security regulations for online banking transactions after Brexit.
	tabling member printed	Lord Taylor of Warwick
	uin	HL16057
	answer	answer is ministerial correction date of answer 18/06/2019 answer text <p>The Strong Customer Authentication Regulatory Technical Standards (“the SCA RTS”), which are intended to reduce fraud and increase payments security, came into force on 14 March 2018 in EU law. The majority of its provisions will apply from 14 September 2019, and will apply in full in the UK.</p><p> </p><p>The EU (Withdrawal) Act (“the Act”) will bring into UK law all directly applicated EU regulations which are operative at exit day, as defined by the Act, or at the end of the proposed Implementation Period if the withdrawal agreement reached between the Government and the EU is ratified. This includes operative Regulatory Technical Standards (RTS). The Act also permits ministers to make amendments which correct deficiencies in these regulations, if that is necessary to ensure they operate effectively in the UK.</p><p>The Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018, made under the Act, delegated responsibility for fixing deficiencies in the SCA RTS to the FCA. Under the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018, the FCA is also the competent authority for the SCA RTS after EU Exit.</p><p> </p><p>The FCA consulted on its approach to the SCA RTS after the UK has left the EU (see CP18/44, published on 19 December 2018). It proposes to substantially maintain these technical standards in UK law, to support consumer protection and to provide firms with certainty and clarity about the systems they have been building.</p> answering member printed Lord Young of Cookham question first answered 18/06/2019 15:19:22 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1129583

	registered interest
	date	04/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bank Services: Proof of Identity
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether all existing banking customers must provide proof of identification to banks to check for possible money laundering; if so, under which regulations this policy was brought in; whether an impact assessment was carried out on the costs to customers, particularly those in rural areas, of any such requirements; and what estimate they have made of the total cost of any such policy.
	tabling member printed	Lord Vinson
	uin	HL16068
	answer	answer is ministerial correction date of answer 18/06/2019 answer text The Money Laundering Regulations 2017 (‘the Regulations’) do not require banks to carry out customer due diligence – including identity checks—on all existing customers. The Regulations instead require banks to take a proportionate approach to applying customer due diligence checks commensurate with the risk of money laundering. The legal requirements on banks to carry out customer diligence for existing customers are set out in Regulations 27(8)(9) and 29(7). The Joint Money Laundering Steering Group’s guidance provides further detail on applying these requirements.<p> </p><p>The impact assessment for the transposition of the 4th EU Money Laundering Directive (which led to the most recent revision of the regulations) estimates the total cost of the changes made, while concluding that industry has difficulty in identifying costs caused by the money laundering regulations. This is particularly the case for customer due diligence as many of these are costs that a prudent business would take on in any case as a matter of commercial practice, to comply with UN or EU sanctions, or to protect themselves and their customers from fraud. The full impact assessment is available on gov.uk.</p> answering member printed Lord Young of Cookham question first answered 18/06/2019 15:20:03 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1807 label Biography information for Lord Vinson

1130240

	registered interest
	date	05/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Soft Drinks: Taxation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what is the current annual revenue from the Soft Drinks Industry Levy.
	tabling member printed	Baroness Lister of Burtersett
	uin	HL16101
	answer	answer is ministerial correction date of answer 17/06/2019 answer text <p>Receipts from the Soft Drinks Industry Levy were £240m in 2018/19.</p> answering member printed Lord Young of Cookham question first answered 17/06/2019 13:45:27 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4234 label Biography information for Baroness Lister of Burtersett

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

1130449

	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	Bank Services: Standards
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what key performance indicators his Department uses to assess the performance of Open Banking; and what recent assessment he has made of the performance of Open Banking.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	261179
	answer	answer is ministerial correction date of answer 13/06/2019 answer text <p>The independent Open Banking Implementation Entity (OBIE) is responsible for assessing the performance of Open Banking, and HM Treasury’s view is informed by their assessment.</p><p> </p><p>The OBIE’s latest published assessment of Open Banking performance, made in March 2019, shows that in that month the average availability of Open Banking APIs was 97%, the average response time was 798 milliseconds, and that 38.2 million successful API calls had been made, representing over 97% of the total number of calls made to APIs.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/06/2019 13:36:10 answering member 4051 label Biography information for John Glen
	tabling member	1586 label Biography information for Adam Afriyie

1130450

	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	Cryptocurrencies
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what recent assessment the Government has made of the potential merits of cryptocurrencies as a means of payment.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	261180
	answer	answer is ministerial correction date of answer 13/06/2019 answer text The Government established the Cryptoassets Taskforce – comprised of HM Treasury, the Financial Conduct Authority and the Bank of England – in 2018 to explore the risks and potential benefits of cryptoassets and the underlying distributed ledger technology (DLT). The Taskforce’s final report<sup><sup>[1]</sup></sup> concluded that benefits associated with the use of cryptoassets may arise in the future, but that the most immediate priorities for the authorities are to mitigate the risks posed by cryptoassets to consumers and markets, and to prevent the use of cryptoassets for illicit activity. As part of this, the Government will consult on its approach to cryptoassets this year. In addition, the authorities continue to encourage the responsible development of legitimate DLT and cryptoasset-related activity in the UK.<p> </p><p>[1] Full version of the report is available at: <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752070/cryptoassets_taskforce_final_report_final_web.pdf" target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752070/cryptoassets_taskforce_final_report_final_web.pdf</a></p> answering member constituency Salisbury answering member printed John Glen question first answered 13/06/2019 13:40:32 answering member 4051 label Biography information for John Glen
	tabling member	1586 label Biography information for Adam Afriyie