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1243052

registered interest
date	13/10/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the likely effect on business insolvencies of reintroducing secondary preferential creditor status in December 2020.
tabling member constituency	Hitchin and Harpenden
tabling member printed	Bim Afolami
uin	102913
answer	answer is ministerial correction date of answer 20/10/2020 answer text <p>The recent legislative change gives HMRC second preferential creditor status for certain taxes. This change is designed to ensure that when a business enters insolvency, more of the taxes paid in good faith by its employees and customers, but held temporarily by the business, go to fund public services as intended, rather than be distributed to other creditors.</p><p> </p><p>This change is not expected to have a significant impact on financial institutions, the lending market or wider economy. This measure is forecast to raise up to £220 million a year. To put this into perspective, bank lending to small and medium-sized businesses alone in 2019 was £57 billion.</p><p> </p><p>This reform will have no direct impact on VAT deferral as it only applies to businesses that become insolvent. Like HMRC’s Time to Pay scheme, the VAT deferral supports businesses with their cashflow pressures, making them less likely to be insolvent.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 102911 102912 question first answered 20/10/2020 15:58:43 answering member 3991 label Biography information for Jesse Norman
tabling member	4639 label Biography information for Bim Afolami

1234069

registered interest
date	14/09/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the effect of the return of HMRC preferential creditor status on (a) the willingness of retail banks to extend credit and loans, and (b) the ability of retail banks to renew the facilities of existing borrowers.
tabling member constituency	Oxford East
tabling member printed	Anneliese Dodds
uin	89829
answer	answer is ministerial correction date of answer 17/09/2020 answer text <p>The recent legislative change gives HMRC second preferential creditor status for certain taxes. This change ensures that when a business enters insolvency, more of the taxes paid in good faith by its employees and customers, but held temporarily by the business, go to fund public services as intended, rather than be distributed to other creditors.</p><p>This change is not expected to have a significant impact on financial institutions, the lending market or wider economy. This measure is forecast to raise up to £220 million a year. To put this into perspective, bank lending to small and medium-sized businesses alone in 2019 was £57 billion.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 17/09/2020 14:49:58 answering member 3991 label Biography information for Jesse Norman
tabling member	4657 label Biography information for Anneliese Dodds

1227442

registered interest
date	22/07/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he make an assessment of the potential merits of (a) deferring the re-introduction of Crown Preference for 12 months and (b) capping the amount of reserves which will go to cover Crown Preference to a maximum of £1 million.
tabling member constituency	Wakefield
tabling member printed	Imran Ahmad Khan
uin	78905
answer	answer is ministerial correction date of answer 01/09/2020 answer text <p>The Government’s reforms to HMRC’s preferential creditor status do<em> not </em>restore full “Crown Preference”. The Government has taken a proportionate approach, applying changes only to taxes paid in good faith by employees and customers, but held temporarily by the business, including Pay as You Earn (PAYE) Income Tax and VAT. This balances the interests of taxpayers, the Exchequer and other creditors. These reforms are not expected to have a significant impact on financial institutions, the lending market or the wider economy.</p><p> </p><p>Businesses have had ample time to prepare for the changes. These reforms were first announced in 2018, and implementation has already been delayed from April 2020 to December 2020. The tax businesses temporarily hold on behalf of their customers and staff is not business income. It is right that the reforms do not include a “cap”, but apply to all relevant tax debts held temporarily by the business.</p><p> </p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 01/09/2020 14:51:01 answering member 3991 label Biography information for Jesse Norman
tabling member	4841 label Biography information for Imran Ahmad Khan

1174870

registered interest
date	30/01/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what representations he has received on the effect on business lending of making HMRC a secondary preferential creditor in insolvencies.
tabling member constituency	Preseli Pembrokeshire
tabling member printed	Stephen Crabb
uin	10334
answer	answer is ministerial correction date of answer 07/02/2020 answer text <p>The OBR assessed the Exchequer impact of the policy and the methodology behind it to feed into their economic forecast.</p><p> </p><p>A summary of responses to the consultation was published in February 2019, and can be viewed here: <a href="https://www.gov.uk/government/consultations/protecting-your-taxes-in-insolvency" target="_blank">https://www.gov.uk/government/consultations/protecting-your-taxes-in-insolvency</a>. Following the publication, the Government has continued to engage with a range of interested parties to discuss and explore further the issues raised.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 10335 10336 question first answered 07/02/2020 10:04:12 answering member 3991 label Biography information for Jesse Norman
tabling member	1554 label Biography information for Stephen Crabb

1174871

registered interest
date	30/01/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will publish an impact assessment on making HMRC a secondary preferential creditor in insolvencies.
tabling member constituency	Preseli Pembrokeshire
tabling member printed	Stephen Crabb
uin	10335
answer	answer is ministerial correction date of answer 07/02/2020 answer text <p>The OBR assessed the Exchequer impact of the policy and the methodology behind it to feed into their economic forecast.</p><p> </p><p>A summary of responses to the consultation was published in February 2019, and can be viewed here: <a href="https://www.gov.uk/government/consultations/protecting-your-taxes-in-insolvency" target="_blank">https://www.gov.uk/government/consultations/protecting-your-taxes-in-insolvency</a>. Following the publication, the Government has continued to engage with a range of interested parties to discuss and explore further the issues raised.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 10334 10336 question first answered 07/02/2020 10:04:12 answering member 3991 label Biography information for Jesse Norman
tabling member	1554 label Biography information for Stephen Crabb

1174872

registered interest
date	30/01/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions he has had with the Office for Budget Responsibility on making HMRC a secondary preferential creditor in insolvencies.
tabling member constituency	Preseli Pembrokeshire
tabling member printed	Stephen Crabb
uin	10336
answer	answer is ministerial correction date of answer 07/02/2020 answer text <p>The OBR assessed the Exchequer impact of the policy and the methodology behind it to feed into their economic forecast.</p><p> </p><p>A summary of responses to the consultation was published in February 2019, and can be viewed here: <a href="https://www.gov.uk/government/consultations/protecting-your-taxes-in-insolvency" target="_blank">https://www.gov.uk/government/consultations/protecting-your-taxes-in-insolvency</a>. Following the publication, the Government has continued to engage with a range of interested parties to discuss and explore further the issues raised.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 10334 10335 question first answered 07/02/2020 10:04:12 answering member 3991 label Biography information for Jesse Norman
tabling member	1554 label Biography information for Stephen Crabb

1147520

registered interest
date	01/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions his officials had with the Insolvency Service on the draft Finance Bill 2019-20 prior to its publication on 11 July 2019; and whether views were sought on the policy to make HMRC a secondary preferential creditor in insolvencies.
tabling member constituency	West Bromwich West
tabling member printed	Mr Adrian Bailey
uin	292832
answer	answer is ministerial correction date of answer 08/10/2019 answer text <p>The Government carefully considered the case for reform prior to announcing this change last year, and it is the Government’s view that taxpayers can reasonably expect that when they have successfully paid their taxes, these go to fund public services as intended.</p><p> </p><p>This measure represents a proportionate approach that balances the interests of taxpayers, the Exchequer, and other creditors.</p><p> </p><p>The Government expects the impact on the sustainability of Pension Protection Fund (PPF) to be marginal. This reform will not lead to a significant change in recoveries to the PPF compared to current returns.</p><p> </p><p>The Government does not expect this reform to affect significantly SMEs’ access to finance or corporate insolvencies, and in line with the Government’s commitment to open and consultative policymaking is engaging with a wide variety of stakeholders to ensure policy changes are well informed and based upon the best available evidence.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 292833 292834 292835 question first answered 08/10/2019 07:42:11 answering member 3991 label Biography information for Jesse Norman
tabling member	320 label Biography information for Mr Adrian Bailey

1147521

registered interest
date	01/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insolvency
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 effect of establishing HMRC as a secondary preferential creditor in insolvencies on the sustainability of the Pension Protection Fund.
tabling member constituency	West Bromwich West
tabling member printed	Mr Adrian Bailey
uin	292833
answer	answer is ministerial correction date of answer 08/10/2019 answer text <p>The Government carefully considered the case for reform prior to announcing this change last year, and it is the Government’s view that taxpayers can reasonably expect that when they have successfully paid their taxes, these go to fund public services as intended.</p><p> </p><p>This measure represents a proportionate approach that balances the interests of taxpayers, the Exchequer, and other creditors.</p><p> </p><p>The Government expects the impact on the sustainability of Pension Protection Fund (PPF) to be marginal. This reform will not lead to a significant change in recoveries to the PPF compared to current returns.</p><p> </p><p>The Government does not expect this reform to affect significantly SMEs’ access to finance or corporate insolvencies, and in line with the Government’s commitment to open and consultative policymaking is engaging with a wide variety of stakeholders to ensure policy changes are well informed and based upon the best available evidence.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 292832 292834 292835 question first answered 08/10/2019 07:42:11 answering member 3991 label Biography information for Jesse Norman
tabling member	320 label Biography information for Mr Adrian Bailey

1147522

registered interest
date	01/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insolvency
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 effect of the policy to make HMRC a secondary preferential creditor in insolvencies on the number of corporate insolvencies from Q1 2020 onwards.
tabling member constituency	West Bromwich West
tabling member printed	Mr Adrian Bailey
uin	292834
answer	answer is ministerial correction date of answer 08/10/2019 answer text <p>The Government carefully considered the case for reform prior to announcing this change last year, and it is the Government’s view that taxpayers can reasonably expect that when they have successfully paid their taxes, these go to fund public services as intended.</p><p> </p><p>This measure represents a proportionate approach that balances the interests of taxpayers, the Exchequer, and other creditors.</p><p> </p><p>The Government expects the impact on the sustainability of Pension Protection Fund (PPF) to be marginal. This reform will not lead to a significant change in recoveries to the PPF compared to current returns.</p><p> </p><p>The Government does not expect this reform to affect significantly SMEs’ access to finance or corporate insolvencies, and in line with the Government’s commitment to open and consultative policymaking is engaging with a wide variety of stakeholders to ensure policy changes are well informed and based upon the best available evidence.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 292832 292833 292835 question first answered 08/10/2019 07:42:11 answering member 3991 label Biography information for Jesse Norman
tabling member	320 label Biography information for Mr Adrian Bailey

1147524

registered interest
date	01/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insolvency
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 effect of establishing HMRC as a secondary preferential creditor in insolvencies on the ability of SMEs to access finance.
tabling member constituency	West Bromwich West
tabling member printed	Mr Adrian Bailey
uin	292835
answer	answer is ministerial correction date of answer 08/10/2019 answer text <p>The Government carefully considered the case for reform prior to announcing this change last year, and it is the Government’s view that taxpayers can reasonably expect that when they have successfully paid their taxes, these go to fund public services as intended.</p><p> </p><p>This measure represents a proportionate approach that balances the interests of taxpayers, the Exchequer, and other creditors.</p><p> </p><p>The Government expects the impact on the sustainability of Pension Protection Fund (PPF) to be marginal. This reform will not lead to a significant change in recoveries to the PPF compared to current returns.</p><p> </p><p>The Government does not expect this reform to affect significantly SMEs’ access to finance or corporate insolvencies, and in line with the Government’s commitment to open and consultative policymaking is engaging with a wide variety of stakeholders to ensure policy changes are well informed and based upon the best available evidence.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 292832 292833 292834 question first answered 08/10/2019 07:42:11 answering member 3991 label Biography information for Jesse Norman
tabling member	320 label Biography information for Mr Adrian Bailey