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1137396

	registered interest
	date	08/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Parcels: VAT
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what steps they are taking to ensure more foreign companies sign up to the new parcel tax scheme in preparation for a possible no-deal Brexit.
	tabling member printed	Lord Taylor of Warwick
	uin	HL17003
	answer	answer is ministerial correction date of answer 22/07/2019 answer text <p>HMRC’s Import VAT on Parcels online service was launched in February 2019 to allow businesses to prepare for a potential no deal EU exit, and remains open for registrations. HMRC are working with key partners to communicate the potential changes to overseas businesses. While HMRC expect registrations would increase if a no deal exit were confirmed, registration numbers for the online service are not a reliable indicator of overall readiness because there are other ways to pay import VAT on parcels via third parties.</p> answering member printed Lord Young of Cookham question first answered 22/07/2019 12:55:01 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1137398

	registered interest
	date	08/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions: Doctors
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to revisit the 2016 rule changes to tax relief for medical practitioners, in order to resolve the current staffing crisis.
	tabling member printed	Lord Taylor of Warwick
	uin	HL17005
	answer	answer is ministerial correction date of answer 22/07/2019 answer text <p>The Government keeps public sector pay and pensions policy under constant review in the context of the wider public finances.</p><p> </p><p>Pensions tax relief is one of the most expensive reliefs in the personal tax system. In 2017/18 income tax and employer National Insurance Contributions relief cost over £50 billion, with around two-thirds going to higher and additional rate taxpayers.</p><p> </p><p>The tapered annual allowance is therefore focused on the highest-earning savers, to ensure that the benefit they receive is not disproportionate to that of other pension savers. Less than one per cent of pension savers will have to reduce their saving or face an annual allowance charge as a result of the tapered annual allowance.</p><p> </p><p>The Government recognises that some senior clinicians face tax charges owing to the increase in the value of their pension accrual. The tax rules must apply identically to everyone in the same situation, regardless of their employer.</p><p> </p><p>However, the Secretary of State for Health and Social Care has announced plans to consult on proposals for a new flexibility for senior clinicians in the NHS pension scheme via the introduction of a 50:50 option. This option will give senior clinicians in England and Wales more choice in respect of their pension accrual, and therefore better control in relation to any pensions tax charges.</p><p> </p><p><strong> </strong></p><p><strong> </strong></p> answering member printed Lord Young of Cookham question first answered 22/07/2019 12:55:51 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1137972

	registered interest
	date	09/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Institutions: Switzerland
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether they intend to permit Swiss financial institutions to continue to operate in London until the UK leaves the EU.
	tabling member printed	Lord Willoughby de Broke
	uin	HL17071
	answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>Switzerland is an important financial partner for the UK. Swiss financial institutions can operate in the UK in line with existing applicable UK and EU law.</p><p>The UK has also taken steps to ensure the continuity of this relationship once we exit the European Union, including the transition of the EU-Swiss Direct Insurance Agreement into a UK-Swiss Direct Insurance Agreement.</p> answering member printed Lord Young of Cookham question first answered 23/07/2019 11:16:12 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1775 label Biography information for Lord Willoughby de Broke

1138277

	registered interest
	date	10/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	UK Trade with EU
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether officials have visited the Sweden–Norway border to discuss with the governments of Sweden and Norway the impact of border arrangements on the passage and monitoring of goods across that border; and what conclusions they have drawn from their enquiries.
	tabling member printed	Lord Bassam of Brighton
	uin	HL17074
	answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>HM Revenue &amp; Customs and HM Treasury officials visited the Sweden-Norway border in 2017, where border arrangements were discussed with Norwegian officials at a working level. The visit offered greater understanding of how the Norwegian facilitative regime operates outside of the customs union.</p> answering member printed Lord Young of Cookham question first answered 23/07/2019 16:16:27 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3504 label Biography information for Lord Bassam of Brighton

1138549

	registered interest
	date	11/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	VAT: Databases
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether they will seek continued access to the VAT Information Exchange System after the UK leaves the EU.
	tabling member printed	Lord Browne of Belmont
	uin	HL17107
	answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>The VAT Information Exchange system supports the free movement of goods between EU Member States. Access to the system will depend on the terms under which the UK leaves the EU. The current Withdrawal Agreement gives the UK continued access until the end of 2024.</p><p> </p> answering member printed Lord Young of Cookham question first answered 23/07/2019 16:17:08 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3801 label Biography information for Lord Browne of Belmont

1138559

	registered interest
	date	11/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions: Tax Allowances
	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 implications of recent changes to the Lifetime Allowance for pension benefits for those in (1) the legal profession, (2) the medical profession, and (3) other professions; and of the case for reviewing those changes.
	tabling member printed	Baroness McIntosh of Pickering
	uin	HL17117
	answer	answer is ministerial correction date of answer 18/07/2019 answer text <p>Pensions tax relief is one of the most expensive reliefs in the personal tax system. In 2017/18 income tax and employer National Insurance Contributions relief cost over £50 billion, with around two-thirds going to higher and additional rate taxpayers. As confirmed at Autumn Budget 2017, from April 2018 the lifetime allowance will increase in line with CPI, in order that the value of this benefit is able to keep pace with inflation. This means from April 2019 the lifetime allowance has risen to £1,055,000.</p><p> </p><p>The same tax rules must apply identically to everyone in the same situation, regardless of their employer.</p><p> </p><p>However, across all public service workforces the Government looks at remuneration in the round and takes action when required to ensure delivery of world class public services. Where there is evidence that the delivery of services is being impacted, the Government takes appropriate action to address this, in line with our principles for pay and pensions policy. This is why we have introduced a temporary, taxable, Recruitment and Retention allowance for a small section of the judiciary, and will shortly bring forward a consultation on a new 50:50 pensions flexibility for senior clinicians in the NHS pension scheme.</p><p> </p><p>All aspects of the tax system are kept under review and are subject to change through the annual Budget, in the context of the wider public finances. Any future changes to the tax system will be announced through this process.</p><p> </p> answering member printed Lord Young of Cookham question first answered 18/07/2019 11:12:10 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	384 label Biography information for Baroness McIntosh of Pickering

1139049

	registered interest
	date	15/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Taxation: Young People
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what estimate they have made of the level of (1) income tax, and (2) National Insurance contributions, paid to the public purse by people under the age of 18 in each of the last three years.
	tabling member printed	Lord Browne of Belmont
	uin	HL17134
	answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>This table contains estimates of the total amount of Income Tax and National Insurance Contribution (NICs) liabilities of individuals who are under the age of 18 at the end of the tax year.</p><p> </p><table><tbody><tr><td colspan="3"><p>Total Income Tax and NICs liability of individuals under age 18 (£ million)</p></td></tr><tr><td><p> </p></td><td><p>Income Tax</p></td><td><p>NICs</p></td></tr><tr><td><p>2014-15</p></td><td><p>41</p></td><td><p>12</p></td></tr><tr><td><p>2015-16</p></td><td><p>47</p></td><td><p>13</p></td></tr><tr><td><p>2016-17</p></td><td><p>38</p></td><td><p>10</p></td></tr></tbody></table><p> </p><p> </p><ol><li><p>All figures presented are rounded to the nearest whole number.</p></li><li><p>These estimates are based on the latest outturn data from the Survey of Personal Incomes (SPI) for 2014-15, 2015-16 and 2016-17.</p></li><li><p>Figures for Income Tax are gross of dividend tax credit consistent with HMRC’s Income Tax liabilities Statistics publication.</p><p> </p><p>Outturn data for the most recent two tax years (2017-18 and 2018‑19) is not yet available. The latest available outturn data in this format is from the Survey of Personal Incomes for 2016‑17. The estimates are for total liabilities rather than amounts actually paid.</p><p><strong> </strong></p></li></ol> answering member printed Lord Young of Cookham question first answered 23/07/2019 16:24:04 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3801 label Biography information for Lord Browne of Belmont

1139051

	registered interest
	date	15/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Taxation: Electronic Government
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to review the Making Tax Digital service and improve the current (1) process of, and (2) software used by, that service.
	tabling member printed	Lord Colgrain
	uin	HL17136
	answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>HMRC are constantly reviewing the progress of the Making Tax Digital (MTD) service. As at 18 July, over 712,000 businesses have joined the VAT service and over 460,000 VAT submissions have been made successfully.</p><p> </p><p>The VAT Helpline has been performing within the 5 minute target for average waiting time. A small proportion of customers – around 0.5% - have been affected by service issues which HMRC are addressing.</p><p> </p><p>The Government recognises the value of independent assurance. MTD is part of the Government’s Major Projects Portfolio and the VAT service will be reviewed by the Infrastructure and Projects Authority (IPA) in September.</p><p> </p><p>Software enabling customers to use MTD is provided by a wide range of third-party software providers. This approach has led to a rich choice of products to meet businesses’ different needs, preferences and budgets.</p><p> </p> answering member printed Lord Young of Cookham question first answered 23/07/2019 16:19:11 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4596 label Biography information for Lord Colgrain

1139077

	registered interest
	date	15/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Finance
	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 8 July (HL16704), whether they will carry out a cumulative impact assessment of tax and spending decisions by gendered household type, which avoids the need to make assumptions about income sharing within households.
	tabling member printed	Baroness Lister of Burtersett
	uin	HL17162
	answer	answer is ministerial correction date of answer 22/07/2019 answer text <p>The government carefully considers the impact of its decisions on those sharing protected characteristics - including gender - in line with both its legal obligations and with its strong commitment to promoting fairness.</p><p>However, analysis of the impact of tax and spending decisions by gendered household type will present a partial picture of the impact of policy decisions on different genders as most people live in households with other people.</p> answering member printed Lord Young of Cookham question first answered 22/07/2019 12:57:39 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4234 label Biography information for Baroness Lister of Burtersett

1139104

	registered interest
	date	15/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Sector: Workplace Pensions
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have, if any, to change the pension arrangements for senior public servants, especially doctors in the NHS, as they approach retirement.
	tabling member printed	Lord Trefgarne
	uin	HL17189
	answer	answer is ministerial correction date of answer 19/07/2019 answer text <p>The government keeps public sector pensions policy under constant review in the context of the wider public finances.</p><p> </p><p>The Secretary of State for Health and Social Care will shortly publish a consultation on proposals for a new flexibility for senior clinicians in the NHS pension scheme via the introduction of a 50:50 option.</p><p> </p> answering member printed Lord Young of Cookham question first answered 19/07/2019 11:07:28 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1813 label Biography information for Lord Trefgarne

1139549

	registered interest
	date	16/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Aggregates Levy
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to increase the Aggregates Levy for primary aggregates to encourage the use of secondary aggregates including that obtained from china clay.
	tabling member printed	Lord Berkeley
	uin	HL17196
	answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>At Budget 2018, the government announced that the rate of Aggregates Levy would be frozen for 2019-20. The government also announced its intention to return the Levy to index-linking in future. Decisions on the rate of Aggregates Levy from 2020 will be taken at Budget 2019.</p><p> </p><p>Following the conclusion of long-running litigation in February this year, the government launched a comprehensive review of the Levy at Spring Statement 2019.</p><p> </p><p>As part of this, the government has convened a working group of industry and sector experts who are providing input and challenge. Additionally, the government is engaging widely with stakeholders throughout the UK and has requested written representations (by 5<sup>th</sup> July). The government will announce next steps by the end of the year.</p> answering member printed Lord Young of Cookham question first answered 23/07/2019 11:15:56 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3526 label Biography information for Lord Berkeley

1139588

	registered interest
	date	16/07/2019
	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 8 July (HL16623), whether the requirement for business to “take a proportionate approach” and create “their own policies based on their assessment of risk” means that customer due diligence checks by businesses and banks for existing customers who have not given any cause for concern are optional.
	tabling member printed	Lord Vinson
	uin	HL17235
	answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>The Money Laundering Regulations 2017 are clear that all relevant persons (such as banks) must apply customer due diligence (CDD) measures if the person establishes a business relationship (regulation 27). Whilst CDD measures include conducting ongoing monitoring of a business relationship, as outlined in my previous answer, the extent of the measures taken must reflect the risk assessment carried out by the relevant person under regulation 18(1) and its assessment of the level of risk arising in any particular case. Therefore, if a customer is deemed low risk, the extent of ongoing CDD measures would be tailored to that risk assessment and minimum monitoring would be expected.</p> answering member printed Lord Young of Cookham question first answered 23/07/2019 11:15:00 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1807 label Biography information for Lord Vinson

1140017

	registered interest
	date	17/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Social Security Benefits: Families
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether they intend to increase family benefits and tax credits in line with the cost of living; and if so, when.
	tabling member printed	Lord Hylton
	uin	HL17252
	answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>As the Chancellor has made clear, the government has no intention of repeating the current freeze on working-age benefits, including family benefits and tax credits. From April next year, the government expect to resume increases to frozen benefits in line with CPI in the normal way.</p><p><strong> </strong></p> answering member printed Lord Young of Cookham question first answered 23/07/2019 11:15:21 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	2018 label Biography information for Lord Hylton

1140034

	registered interest
	date	17/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Lendy: Insolvency
	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 19 June (HL16113), what discussions they have had with the Financial Conduct Authority about the case for that body to conduct an investigation into its decision to authorise Lendy when it had concerns about that firm’s compliance with minimum regulatory standards and the adequacy of disclosure to lenders; and what assessment they have made of the case for any such investigation to include whether any investors in Lendy (1) suffered losses as a result of that authorisation, and (2) are entitled to compensation from the FCA or another institution.
	tabling member printed	Lord Myners
	uin	HL17269
	answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>Treasury Ministers and officials have regular meetings with a wide variety of organisations in the public and private sectors, including the Financial Conduct Authority (FCA).</p><p> </p><p>The operationally independent FCA’s investigation into the circumstances that led to the administration of Lendy is ongoing, and it would be inappropriate for Government to pre-empt its findings.</p> answering member printed Lord Young of Cookham question first answered 23/07/2019 11:10:37 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3869 label Biography information for Lord Myners

1140039

	registered interest
	date	17/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Brexit
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to address any economic downturn that may be caused by a no-deal Brexit.
	tabling member printed	Lord Taylor of Warwick
	uin	HL17274
	answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>The government’s priority has been to ensure a smooth and orderly withdrawal from the EU with a deal as soon as possible. The government has reached agreement with the EU on an extension until October 31<sup>st</sup> at the latest, with the option to leave earlier as soon as a deal is ratified. However, “No Deal” remains the legal default at the end of the extension period if a deal cannot be reached. As a responsible government we have been preparing for this possibility for almost three years to minimise any disruption in the event of no deal. The Treasury and the Bank of England together have all the tools of fiscal and monetary policy available to us, including the fiscal headroom the Chancellor has held in reserve.</p><p> </p> answering member printed Lord Young of Cookham question first answered 23/07/2019 11:14:00 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1140446

	registered interest
	date	18/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	UK Trade with EU
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government how many cross-Channel transport companies have (1) applied for, and (2) received, Economic Operator Registration and Identification numbers to enable cross-Channel transport after Brexit; and what percentage of cross-Channel unitised transport those companies represent.
	tabling member printed	Lord Berkeley
	uin	HL17279
	answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>If the UK leaves the EU without a deal, businesses will need to have a UK Economic Operator Registration and Identification (EORI) number to trade goods in to or out of the UK. Since December 2018, through to 14 July 2019, HM Revenue and Customs (HMRC) has issued 66,000 EORI numbers, which are still live. HMRC has issued UK EORI numbers to all traders who registered for a number and did not already possess one at the time of their registration. HMRC does not hold data on how many of these traders are cross-Channel transport companies.</p><p> </p> answering member printed Lord Young of Cookham question first answered 23/07/2019 11:17:36 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3526 label Biography information for Lord Berkeley

1140461

	registered interest
	date	18/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Hotels: Taxation
	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 Bates on 2 April (HL14646), whether they will assess how a tax levied on hotel stays on a per night basis might affect cities and their tourism sectors; and if not, why not.
	tabling member printed	Baroness Doocey
	uin	HL17294
	answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>The Chancellor keeps the tax system under review, but has no plans to introduce a tax levied on hotel stays on a per night basis. Therefore, no such assessment is planned.</p> answering member printed Lord Young of Cookham question first answered 23/07/2019 16:27:30 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4197 label Biography information for Baroness Doocey

1140474

	registered interest
	date	18/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Institutions: Fines
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what is the total (1) number, and (2) amount, of fines that have been imposed on banks and other companies in the financial sector since 2015; and what the money collected has been used for.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL17307
	answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>Information on the fines imposed on financial sector firms can be found on the FCA’s website.</p><p> </p><p>Between financial years 2015/16 and 2018/19 the Financial Conduct Authority and the Prudential Regulation Authority have levied a total of 37 fines on banks and other financial sector firms. The total amount fined over this four year period was one billion, three hundred and sixty seven million pounds.</p><p> </p><p>Since 2015 money from these fines, minus enforcement costs, has been transferred directly to the Government’s consolidated fund. Fine income entering the Consolidated Fund is not earmarked for any specific purpose but is instead part of the Government’s total revenues. Government revenues are used to pay for all Government spending on public services.</p> answering member printed Lord Young of Cookham question first answered 23/07/2019 16:24:18 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

1140479

	registered interest
	date	18/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	LIBOR
	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 preparedness of the financial services industry to solve the issue of LIBOR-linked loan contracts before 2021.
	tabling member printed	Baroness Kramer
	uin	HL17312
	answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>The Government is supporting a market – led transition away from LIBOR by end-2021.</p><p> </p><p>UK financial services regulators have said that they will be expecting banks to show that they have eliminated dependency on LIBOR in their lending businesses, have suitable plans to move to non-LIBOR products in new lending well before end-2021, and to explain changes to affected customers.</p><p> </p> answering member printed Lord Young of Cookham question first answered 23/07/2019 16:25:45 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1557 label Biography information for Baroness Kramer

1140491

	registered interest
	date	18/07/2019
	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 whether they have ever formally reviewed the case for the UK establishing its own requirements for liquidity standards for Undertakings for the Collective Investment in Transferable Securities at higher levels than specified by EU Directives; or whether the UK is currently bound by EU rules and cannot introduce higher standards.
	tabling member printed	Lord Myners
	uin	HL17324
	answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has been passed on to the FCA. The FCA 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 23/07/2019 11:17:13 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3869 label Biography information for Lord Myners

1141173

	registered interest
	date	22/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	H2O Asset Management
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government, further to the Written Answers by Lord Young of Cookham on 15 July (HL16842 and HL16843), whether they will now answer the questions put.
	tabling member printed	Lord Myners
	uin	HL17356
	answer	answer is ministerial correction date of answer 05/08/2019 answer text <p>Investment fund suspensions arise when demand for redemptions exceeds the liquidity in the fund. To service these redemptions, a fund may need to sell assets at a depressed market value, to the detriment of investors, while selling only the liquid assets could result in a fund breaching its investment mandate and possibly FCA rules. The Government recognises that fund suspensions can thereby act to protect the interests of investors in the fund.</p><p> </p><p>The Financial Conduct Authority (FCA) is responsible for the ongoing supervision and regulation of the UK’s financial services sector, including investment funds. The FCA’s detailed rule book ensures that firms treat their customer fairly, and its robust supervision and enforcement powers mean it can, and does, take action where a firm breaches the rules. Whether or not there has been any breach of regulatory requirements relating to UK funds and any possible investigation would be a matter for the FCA.</p><p> </p><p>In circumstances where an investment fund is domiciled outside of the UK, the supervision of its compliance with applicable rules, such as the UCITS Directive, is a matter for the home state regulator.</p><p> </p><p>If individuals have concerns about their investments, they should speak to their advisor or platform. If individuals have purchased units in a fund directly, they should speak with the relevant firm.</p> answering member printed Lord Young of Cookham question first answered 05/08/2019 12:01:44 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3869 label Biography information for Lord Myners

1141174

	registered interest
	date	22/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Crowdfunding
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether they or the Financial Conduct Authority have monitored rates of return projected by peer-to-peer lenders over the last two years; and whether such returns were assessed as to the (1) reasonableness of the projection, and (2) business record and experience of those managing the lending platform.
	tabling member printed	Lord Myners
	uin	HL17357
	answer	answer is ministerial correction date of answer 05/08/2019 answer text <p>The Government believes that peer-to-peer platforms can deliver innovative forms of finance for both consumers and business that can provide competition in the marketplace and, as such, is keen to see the sector continue to grow and evolve while ensuring that consumers are adequately protected.</p><p> </p><p>The Government continues to monitor the development of the sector and engages regularly with peer-to-peer platforms to understand their business models. We do not directly monitor the rates of return offered.</p><p> </p><p>The Financial Conduct Authority (FCA) is operationally independent from Government. The question as it relates to the FCA has been passed on to the FCA. The FCA 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 05/08/2019 12:02:48 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3869 label Biography information for Lord Myners

1141175

	registered interest
	date	22/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Lendy
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government, further to the Financial Conduct Authority's (FCA) letter as part of the Written Answer by Lord Young of Cookham on 24 June (HL16212), whether the FCA was (1) informed, or (2) otherwise aware, that investors via Lendy Limited were creditors to a peer-to-peer platform; and whether such information could have been determined from the accounts of Lendy Limited.
	tabling member printed	Lord Myners
	uin	HL17358
	answer	answer is ministerial correction date of answer 05/08/2019 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has been passed on to the FCA. The FCA 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 05/08/2019 12:02:13 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3869 label Biography information for Lord Myners

1141192

	registered interest
	date	22/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Infrastructure
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what steps they are taking to implement a national infrastructure strategy to increase business growth after Brexit.
	tabling member printed	Lord Taylor of Warwick
	uin	HL17375
	answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>High quality infrastructure is crucial for supporting business growth.</p><p> </p><p>The Government established the National Infrastructure Commission (NIC) in 2015 to provide impartial, expert advice on major long-term infrastructure challenges.</p><p> </p><p>The NIC published their first National Infrastructure Assessment (NIA) last year, setting out their assessment of the UK’s long-term infrastructure needs.</p><p> </p><p>The NIA made over 60 recommendations, and the Government is planning to respond in full to all of the recommendations through a National Infrastructure Strategy, to be published later this year.</p> answering member printed Lord Young of Cookham question first answered 23/07/2019 16:29:08 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1141516

	registered interest
	date	23/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	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 impact that the proposal to make HMRC a secondary preferential creditor in insolvencies may have on business rescue support in the UK from April 2020.
	tabling member printed	Baroness Burt of Solihull
	uin	HL17384
	answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>This reform is designed to ensure that when a business becomes insolvent, more of the taxes paid in good faith by that business’s employees and customers will go to fund public services as intended, rather than being distributed to other creditors such as financial institutions.</p><p>This measure does not include a cap on the age of tax debts which will be eligible for secondary preferential status, nor an exemption for existing lending. Either proposal would introduce potential distortions into the lending market which the Government does not consider to be either fair or proportionate.</p><p>The Government does not expect this reform to have a significant impact on access to finance, the cost of borrowing, business rescue support in the UK or the UK’s ranking in the World Bank’s annual “Doing Business” report.</p><p>Consistent with the Government’s impact assessment, the independent Office for Budget Responsibility (OBR) did not make any adjustments to their economic forecast in response to this measure.</p> answering member printed Lord Young of Cookham grouped question UIN HL17385 HL17386 HL17387 question first answered 06/08/2019 13:34:00 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1567 label Biography information for Baroness Burt of Solihull