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1472798

registered interest
date	23/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Health Professions: Tax Allowances
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the Answer of 16 June 2022 to Question 15398 on Tax Allowances: Health Professions, what the Government's policy is on the validity of medics incurring tax charges albeit managed via scheme pays, for inadvertently exceeding annual allowances due to inflation.
tabling member constituency	North Down
tabling member printed	Stephen Farry
uin	23816
answer	answer is ministerial correction date of answer 28/06/2022 answer text <p>The Government is committed to ensuring that hard-working NHS staff do not find themselves reducing their work commitments due to the interaction between their pay, their pension, and the relevant tax regime.</p><p> </p><p>The NHS pension scheme is one of the most generous schemes available, and protects pensions in payment by increasing them by CPI and revalues accrued CARE benefits by CPI+1.5% each year.</p><p> </p><p>Pensions tax relief one of the most expensive reliefs in the personal tax system. In 2019/20 Income Tax relief on total contributions and National Insurance relief on employer contributions for pension savings cost the Exchequer £61 billion, with around 60 per cent of Income Tax relieved at the Higher and Additional rates. The annual allowance helps to ensure that the highest earning pension savers do not receive a disproportionate benefit.</p><p> </p><p>99 per cent of pension savers make annual contributions below £40,000, the level of standard annual allowance which has applied from 2014/15. Individuals who breach the annual allowance on tax-relieved pension savings can also use an option called ‘scheme pays’, under which they can require their pension scheme to pay their annual allowance tax charge now (in return for an actuarially fair reduction in their pension), provided that the annual allowance charge is at least £2,000 and they have exceeded the annual allowance of £40,000. In England and Wales, the NHS Pension Scheme goes further, allowing Scheme Pays to be used on any annual allowance charges relating to accrual in that scheme.</p> answering member constituency Salisbury answering member printed John Glen question first answered 28/06/2022 13:32:34 answering member 4051 label Biography information for John Glen
tabling member	4856 label Biography information for Stephen Farry

1472815

registered interest
date	23/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: Interest Rates
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 trends in the level of interest rates on people who are mortgage prisoners.
tabling member constituency	North West Durham
tabling member printed	Mr Richard Holden
uin	23805
answer	answer is ministerial correction date of answer 28/06/2022 answer text <p>Ministers and officials meet regularly with industry, trade bodies, and regulators to understand their policies and the impact of the increased cost of living on all mortgage borrowers. I am also in regular contact with mortgage prisoner campaigners about their concerns.</p><p> </p><p>The Treasury continues to work with industry to determine if there are any further solutions which would meaningfully benefit mortgage prisoners and are fair to other borrowers in the wider mortgage market, including those who are also paying variable rates.</p><p> </p><p>The Government continues its efforts to support mortgage borrowers by offering Support for Mortgage Interest (SMI) loans to homeowners in receipt of an income-related benefit to help prevent repossession. Recently, the Prime Minister announced a package of homeownership measures, including changes to SMI Loans. When introduced, these changes will provide support more quickly to homeowners by reducing the qualifying period for SMI loans and remove the ‘zero earnings rule’. There is also protection in place in the courts under the Mortgage Pre-Action Protocol which stipulates that repossession should always be a last resort for lenders.</p><p> </p><p>On the cost of living more broadly, the Government has introduced over £15bn of additional support, targeted particularly at those with the greatest need. This package builds on the over £22bn announced previously, with government support for the cost of living now totalling over £37bn this year. Millions of the most vulnerable households will receive at least £1,200 of one-off support in total this year to help with the cost of living.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 28/06/2022 13:17:53 answering member 4051 label Biography information for John Glen
tabling member	4813 label Biography information for Mr Richard Holden

1472852

registered interest
date	23/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 13 June 2022 to Question 11630 on Cryptocurrencies: Regulation, what assessment he has made of the (a) adequacy of existing skills and qualifications and (b) requirement to acquire further skills of brokers who (i) are already regulated and compliant with Money Laundering Regulations and (ii) do not intend to custody cryptoassets themselves but instead use a registered cryptoasset firm.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	23734
answer	answer is ministerial correction date of answer 28/06/2022 answer text <p>It is the responsibility of the FCA to assess whether cryptoasset firms have appropriate anti-money laundering controls.</p><p> </p><p>As part of this assessment, firms must demonstrate they have the necessary skills and qualifications. Firms must also demonstrate they have proper policies and procedures in place to deal with the specific nature of the cryptoasset ecosystem. Where either is assessed to be below the required standard, they may have their application rejected or refused.</p><p> </p><p> </p><p>The Money Laundering Regulations established a risk-based approach to the supervision of cryptoasset businesses. The assessment which each firm must undergo is therefore proportionate to the risks generated by the kind of activities firms engage in.</p><p> </p><p>This means that whether the broker holds cryptoassets themselves or uses a registered cryptoasset firm, the skills &amp; procedures required will likely be different from those that a large cryptoasset exchange is expected to demonstrate.</p> answering member constituency Salisbury answering member printed John Glen question first answered 28/06/2022 13:50:19 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

1472876

registered interest
date	23/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Safe Hands Plans: Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to funeral plans coming under the the Financial Services Compensation Scheme as of 29 July 2022, whether previous Safe Hands Funeral Plans policy holders will be retrospectively awarded compensation equivalent to what they would be due under the Financial Services Compensation Scheme.
tabling member constituency	Midlothian
tabling member printed	Owen Thompson
uin	23776
answer	answer is ministerial correction date of answer 28/06/2022 answer text <p>In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This will ensure that, for the first time, consumers are protected by compulsory and robust regulation.</p><p> </p><p>Safe Hands Plans went into administration in March 2022. The government understands that this will be concerning for customers of Safe Hands and continues to monitor the implementation of regulation in this sector closely.</p><p> </p><p>Dignity’s recent commitment to provide ongoing support to Safe Hands’ customers until November 2022 is welcome. This will ensure that any planholders who pass away during this time will receive a funeral without any additional charge.</p><p> </p><p>Prior to the firm going into administration, Safe Hands Plans was not an authorised financial services firm. The Financial Services Compensation Scheme (FSCS) is the UK’s compensation scheme of last resort and pays compensation to consumers in respect of claims made in connection with regulated activities when authorised financial services firms fail. Extending the protection of the FSCS – which is funded by a levy on financial services firms – to unregulated firms would send an inappropriate and unhelpful message.</p><p> </p><p>When the pre-paid funeral plan sector comes into regulation on 29 July, FSCS protection will apply for customers of firms that have obtained FCA authorisation, customers whose plans are transferred to such firms, and customers who buy funeral plans from such firms in the future.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 28/06/2022 13:22:13 answering member 4051 label Biography information for John Glen
tabling member	4482 label Biography information for Owen Thompson