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1260410

registered interest
date	10/12/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	National Savings and Investments: Cheques
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will place in the Library the NS&I policy on sending paper prize warrants to its customers.
tabling member constituency	Oxford East
tabling member printed	Anneliese Dodds
uin	128253
answer	answer is ministerial correction date of answer 15/12/2020 answer text <p>Since 2011, Premium Bonds holders have been able to have their prizes paid directly into a UK bank account in their name. Since March 2020, <del class="ministerial">nearly half a million</del> <ins class="ministerial">more than 750,000 </ins>customers have switched from receiving paper warrants (cheques) to having their prizes paid directly into their bank account or automatically reinvested. As of December 2020, 82.5% of Premium Bonds prizes were either paid directly into a UK bank account or reinvested back into Premium Bonds.</p><p>The decision by NS&amp;I announced on 17 September 2020 to pay all Premium Bonds prizes direct to customers’ bank accounts was informed by changing customer behaviours. It will make managing Premium Bonds prize distribution quicker, more cost-effective and have a much lower environmental impact.</p><p>Paying prizes directly to the customers bank account also reduces the proportion of Premium Bonds prizes from going unclaimed.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/12/2020 14:19:06 question first ministerially corrected 04/01/2021 13:26:49 answering member 4051 label Biography information for John Glen previous answer version 69294 answering member constituency Salisbury answering member printed John Glen answering member 4051 label Biography information for John Glen
tabling member	4657 label Biography information for Anneliese Dodds

1218195

registered interest
date	26/06/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	State Retirement Pensions: Females
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what the tax liability is for women who receive back payments of underpaid state pension in a single financial year; and if he will make a statement.
tabling member constituency	Birmingham, Erdington
tabling member printed	Jack Dromey
uin	65108
answer	answer is ministerial correction date of answer 01/07/2020 answer text <p>Income tax is calculated on arrears of state pension for the tax year in which the pensioner was entitled to receive it, and not in the year in which a lump sum is paid.</p><p> </p><p>Where arrears of state pension are paid, income tax will only be due on any income that exceeds the personal allowance for the respective tax year.</p><p> </p><p>In addition, HM Revenue and Customs <del class="ministerial">can</del> <ins class="ministerial">will </ins>only collect income tax for the current tax year and the four preceding tax years<ins class="ministerial"> for arrears payments made due to DWP error</ins>. Any arrears of state pension relating to earlier years will not be subject to income tax.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 01/07/2020 09:24:38 question first ministerially corrected 16/12/2020 09:44:42 answering member 4051 label Biography information for John Glen previous answer version 33607 answering member constituency Salisbury answering member printed John Glen answering member 4051 label Biography information for John Glen
tabling member	3913 label Biography information for Jack Dromey

884922

registered interest
date	16/04/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank Services: Small Businesses
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, if he will take steps to ensure that banks maintain records for longer than five years in response to possible legal actions on the mis-selling of (a) tailored business loans and (b) other financial products to small businesses.
tabling member constituency	City of Chester
tabling member printed	Christian Matheson
uin	135910
answer	answer is ministerial correction date of answer 23/04/2018 answer text <p>Oversight of banks’ <ins class="ministerial">record-keeping </ins>processes <ins class="ministerial">for regulated activities, certain related activities, and other ancillary services specifically covered under EU law </ins> <del class="ministerial">and redress schemes regarding the mis-selling of tailored business loans and other financial products to small businesses</del> is the responsibility of the operationally independent Financial Conduct Authority.</p><p><ins class="ministerial">For other activities, such as traditional commercial lending, including Tailored Business Loans, record keeping processes are not subject to FCA requirements and are therefore legal and commercial decisions for banks.</ins></p> answering member constituency Salisbury answering member printed John Glen question first answered 23/04/2018 13:12:12 question first ministerially corrected 15/06/2018 13:21:14 answering member 4051 label Biography information for John Glen previous answer version 53154 answering member constituency Salisbury answering member printed John Glen answering member 4051 label Biography information for John Glen
tabling member	4408 label Biography information for Christian Matheson