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1134338

	registered interest
	date	24/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Money Laundering
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government, further to the Written Answer by Lord Young of Cookham on 18 June (HL16068), what guidance they provide, if any, to banks and other businesses about ensuring that routine anti-money laundering checks do not cause stress to customers, particularly when those banks or businesses have not been made aware of any change to the circumstances of and have no concerns as to the identity of an existing customer as set out in regulation 27(8) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692), and when those organisations may not be required to conduct such checks.
	tabling member printed	Lord Vinson
	uin	HL16623
	answer	answer is ministerial correction date of answer 08/07/2019 answer text <p>HM Treasury is responsible for the Money Laundering Regulations 2017, which set out the high-level requirements on regulated businesses to combat money laundering. These Regulations are not prescriptive in setting out how customer due diligence (CDD) checks must be carried out, and instead require businesses to take a proportionate approach. Each business will therefore have their own policies based on their assessment of risks.</p><p> </p><p>Specific guidance for banks on applying customer due diligence measures and ongoing monitoring of customers is included in guidance published by the Joint Money Laundering Steering Group. This guidance is approved by HM Treasury, and it highlights that a firm must apply CDD measures at appropriate times to its existing customers on a risk-sensitive basis.</p> answering member printed Lord Young of Cookham question first answered 08/07/2019 13:15:55 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1807 label Biography information for Lord Vinson

1134330

	registered interest
	date	24/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies: Regulation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to regulate the use of new crypto-currencies created by large technology companies; and what steps they are taking to protect private financial information in that sector.
	tabling member printed	Lord Taylor of Warwick
	uin	HL16615
	answer	answer is ministerial correction date of answer 08/07/2019 answer text <p>The Government does not comment on details of the proposed business models of individual companies. However, large technology companies developing cryptoassets clearly raises wider questions for policy and financial regulation. The Government is working with the Bank of England, the Financial Conduct Authority and international counterparts to consider these issues.</p><p> </p><p>More broadly, the Government established the Cryptoassets Taskforce<sup><sup>[1]</sup></sup> to explore the risks and potential benefits of cryptoassets and consider the appropriate response. The Taskforce’s report set out commitments to further consider the regulatory approach to cryptoassets. The Government will consult on its approach to unregulated cryptoassets later this year.</p><p> </p><p>The Government takes the protection and privacy of personal data extremely seriously. All organisations, especially the biggest global tech firms who process private financial data containing personal information, must comply with the GDPR and the UK's Data Protection Act 2018, which poses strict obligations on organisations to ensure that UK citizen's data is stored safely and securely.</p><p> </p><p>[1] Comprised of HM Treasury, the FCA, and the Bank of England</p><p> </p> answering member printed Lord Young of Cookham question first answered 08/07/2019 13:47:25 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1135096

	registered interest
	date	26/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Inheritance Tax
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to scrap the inheritance tax 40 per cent excess policy above an individual's £325,000 allowance.
	tabling member printed	Lord Taylor of Warwick
	uin	HL16723
	answer	answer is ministerial correction date of answer 09/07/2019 answer text <p>Inheritance tax makes an important contribution to the health of public finances and the Government has no plans to abolish it.</p><p> </p><p>The rate of inheritance tax is normally 40% on the value of an estate above a nil rate band of £325,000. Any unused nil rate band may be transferred to a surviving spouse or civil partner, increasing their combined threshold to up to £650,000.</p><p> </p><p>However, the Government recognises that individuals work hard to build up assets with the aim of passing these on to their families. Rising house prices have contributed to more families facing an inheritance tax bill. The Government is addressing this through the phased introduction of the additional £175,000 residence nil rate band. Any unused residence nil rate band may also be transferred to a surviving spouse or civil partner.</p><p> </p><p>Taken together, the combination of the nil rate bands means an individual could pass on up to £500,000 in 2020-21 and the estate of the remaining spouse or civil partner could pass on up to £1 million under certain circumstances in 2020-21. Around 96% of estates are forecast to be able to pass on all their assets without paying any inheritance tax as a result.</p><p> </p><p>In January 2018, the Chancellor of the Exchequer commissioned the Office of Tax Simplification to review the tax. The first report was published in November 2018 and the second report in July 2019. The Government will consider the recommendations.</p> answering member printed Lord Young of Cookham question first answered 09/07/2019 16:39:20 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1134695

	registered interest
	date	25/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	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 impact of quantitative easing and bank capital requirements on (1) moving credit risk to open-ended investment funds, and (2) financial stability.
	tabling member printed	Lord Myners
	uin	HL16662
	answer	answer is ministerial correction date of answer 08/07/2019 answer text <p>The question has been passed to the Bank of England. The Bank of England will reply directly to Lord Myners by letter. A copy of the letter will be placed in the Library of the House.</p> answering member printed Lord Young of Cookham question first answered 08/07/2019 14:53:59 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3869 label Biography information for Lord Myners

1135077

	registered interest
	date	26/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Poverty
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government, further to the reply by Baroness Buscombe on 25 June (HL Deb, col 1003), whether they will now ask the National Audit Office to examine the feasibility of implementing the cumulative social impact assessment recommended by the UN Special Rapporteur on extreme poverty and human rights; and whether they will explain what they meant by their reservation concerning "unreasonable assumptions about income sharing" set out in paragraph 38 of the Comments by the State on the UN Special Rapporteur’s report.
	tabling member printed	Baroness Lister of Burtersett
	uin	HL16704
	answer	answer is ministerial correction date of answer 08/07/2019 answer text <p>The Treasury regularly publishes detailed analysis on the cumulative impact of policy decisions on tax, welfare and public spending on households of different incomes. The government also carefully considers the impact of its decisions on those sharing protected characteristics - including at Budgets and other fiscal events - in line with both its legal obligations and with its strong commitment to promoting fairness.</p><p>Our statement concerning income sharing reflects our reservations about producing cumulative analysis of the impact of tax and spending decisions on vulnerable groups beneath household level (for instance, by gender). This analysis often requires unreasonable assumptions about how income is shared within households. As independent experts at the Institute for Fiscal Studies have said, “because most people live in households with others, and we don't know how incomes are shared, it is very hard to look at effects separately for many men and women.”</p> answering member printed Lord Young of Cookham question first answered 08/07/2019 13:51:40 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4234 label Biography information for Baroness Lister of Burtersett