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1464258
registered interest false more like this
date less than 2022-05-18more like thismore than 2022-05-18
answering body
Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Events Industry: VAT more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, if he will make an assessment in this financial year of what impact the current level of VAT being levied on ticket sales for cultural events is having on that industry; if he will make an assessment of the potential merits of reducing the VAT level thereon; and if he will make a statement. more like this
tabling member constituency East Yorkshire remove filter
tabling member printed
Sir Greg Knight more like this
uin 4489 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2022-05-24more like thismore than 2022-05-24
answer text VAT has been designed as a broad-based tax on consumption and the twenty per cent standard rate applies to the vast majority of goods and services, including tickets for cultural events. While there are exceptions to the standard rate, these have always been strictly limited by both legal and fiscal considerations. The Government keeps all taxes under review, but there are no plans to change the current VAT treatment on ticket sales.<p> </p><p>Tickets were within the scope of the temporary reduced rate of VAT for hospitality and tourism, which was introduced on 15 July 2020 to support the cash flow and viability of around 150,000 businesses and protect over 2.4 million jobs during the Coronavirus pandemic. This relief ended on 31 March 2022. It is right that as Coronavirus restrictions were lifted and demand for goods and services in these sectors increased, the temporary tax reliefs were first reduced and then removed in order to rebuild and strengthen the public finances.</p><p> </p>
answering member constituency South East Cambridgeshire remove filter
answering member printed Lucy Frazer more like this
question first answered
less than 2022-05-24T12:59:31.357Zmore like thismore than 2022-05-24T12:59:31.357Z
answering member
4517
label Biography information for Lucy Frazer more like this
tabling member
1200
label Biography information for Sir Greg Knight more like this
1437132
registered interest false more like this
date less than 2022-03-01more like thismore than 2022-03-01
answering body
Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Cryptocurrencies more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of the use of cryptocurrencies on tax receipts to his Department. more like this
tabling member constituency East Yorkshire remove filter
tabling member printed
Sir Greg Knight more like this
uin 132171 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2022-03-07more like thismore than 2022-03-07
answer text <p>The Government is committed to retaining its global leadership position in fintech and to creating a regulatory environment that allows people to use innovative technologies reliably and safely, while protecting against the risks of them being exploited by criminals.</p><p> </p><p>Businesses trading in or using cryptoassets are taxed on their trading profits. Where a person realises Chargeable Gains from increases in the value of cryptoassets, Capital Gains Tax (CGT) or Corporation Tax on Chargeable Gains may be due. If CGT applies, only Chargeable Gains above the Annual Exempt Amount are taxed.</p><p> </p><p>Cryptoassets can be easily acquired and transferred, including across borders, and while the blockchain provides a transparent and immutable record of transactions, it does not usually record the identity of the owners of cryptoassets. HMRC has developed its capability to take advantage of opportunities that the blockchain offers for forensic compliance work in order to identify those that have failed to declare their gains. HMRC continues to actively monitor the compliance risks as the use of cryptoassets develops.</p>
answering member constituency South East Cambridgeshire remove filter
answering member printed Lucy Frazer more like this
question first answered
less than 2022-03-07T16:02:42.997Zmore like thismore than 2022-03-07T16:02:42.997Z
answering member
4517
label Biography information for Lucy Frazer more like this
tabling member
1200
label Biography information for Sir Greg Knight more like this
1387844
registered interest false more like this
date less than 2021-12-14more like thismore than 2021-12-14
answering body
Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Tax Evasion: Cryptocurrencies more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, what assessment he has made of the adequacy of the existing HMRC enforcement regime with regards to tax evasion using cryptocurrencies; and if he will make a statement. more like this
tabling member constituency East Yorkshire remove filter
tabling member printed
Sir Greg Knight more like this
uin 92829 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2022-01-05more like thismore than 2022-01-05
answer text <p>Cryptoassets present unique challenges to HMRC as they can be easily acquired and transferred, including across borders, but do not usually record the identity of their owners.</p><p> </p><p>HMRC has used powers provided by Parliament to gather information from cryptoasset exchanges. HMRC has written to customers where data shows they own, or have owned, cryptoassets. They have advised them of the tax consequences of common transactions.</p><p> </p><p>HMRC also applies traditional enforcement approaches, such as enquiring into tax returns.</p><p> </p><p>The UK continues to work with international partners, including multinational organisations such as the Organisation for Economic Co-operation and Development, to cooperate, share information, and develop responses.</p><p> </p><p>The majority of individuals and businesses wish to pay the tax that is due, and the Government wants to help them get their tax affairs right. HMRC has published guidance on the taxation of cryptoassets, which is among the most detailed guidance released by any tax administration, on what is a complex topic.</p><p> </p><p>HMRC has developed its capability to deal with risks arising from cryptoassets through the development of in-house training and the use of blockchain forensic tools.</p><p> </p><p>HMRC will continue to actively monitor the compliance risks as this technology develops and the uses and users of cryptoassets change.</p>
answering member constituency South East Cambridgeshire remove filter
answering member printed Lucy Frazer more like this
question first answered
less than 2022-01-05T14:15:05.177Zmore like thismore than 2022-01-05T14:15:05.177Z
answering member
4517
label Biography information for Lucy Frazer more like this
tabling member
1200
label Biography information for Sir Greg Knight more like this