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1064196

registered interest
date	19/02/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	VAT: Electronic Government
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what is their estimate of the annual saving to HMRC of requiring VAT registered businesses to maintain their VAT records and to submit their VAT returns via Making Tax Digital; and what is their estimate of the incremental cost to the totality of VAT registered businesses of compliance with this requirement.
tabling member printed	Lord Birt
uin	HL13843
answer	answer is ministerial correction date of answer 05/03/2019 answer text <p>HMRC’s revised assessment of impacts for Making Tax Digital (MTD) for VAT estimates that there will be an ongoing net cost to VAT registered businesses with a turnover above the VAT threshold of £37m. HMRC estimates that the behavioural impacts of Making Tax Digital will contribute over £1bn to the Exchequer by 2022 to 2023.</p> answering member printed Lord Bates question first answered 05/03/2019 13:57:15 answering member 1091 label Biography information for Lord Bates
tabling member	2533 label Biography information for Lord Birt

1036904

registered interest
date	07/01/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Stamp Duty Land Tax
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 20 December (HL12311), what impact Stamp Duty Land Tax has had on (1) housing mobility, and (2) the frequency of housing transactions, since 2014.
tabling member printed	Lord Birt
uin	HL12546
answer	answer is ministerial correction date of answer 21/01/2019 answer text <p>HMRC publish quarterly and annual statistics on transaction volumes which are available on GOV.UK.</p><p> </p><p>At Autumn Statement 2014 the Government reformed the structure of Stamp Duty Land Tax, cutting the tax paid on all purchases of residential property to a value of £937,500, unless purchasing additional property – a reduction for 98% of those paying the tax.</p><p> </p><p>Housing market activity is affected by a wide variety of factors, of which Stamp Duty Land Tax is just one.</p> answering member printed Lord Bates question first answered 21/01/2019 15:45:48 answering member 1091 label Biography information for Lord Bates
tabling member	2533 label Biography information for Lord Birt

1025345

registered interest
date	14/12/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Stamp Duty Land Tax
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they plan to review the impact of stamp duty on (1) housing mobility, and (2) the frequency of housing transactions; and whether they consider any useful lessons can be drawn from the experience of the Republic of Ireland in reducing stamp duty.
tabling member printed	Lord Birt
uin	HL12311
answer	answer is ministerial correction date of answer 20/12/2018 answer text <p>The Government keeps all taxes under review and monitors a range of factors as part of that process.</p><p> </p><p>More broadly, SDLT continues to be an important source of government revenue, raising several billion pounds each year to help pay for the essential services the Government provides. As set out in HMRC’s April 2018 release on illustrative tax changes, a 1 percentage point reduction in the main rates of residential Stamp Duty Land Tax would cost an estimated £1.6 billion in 2019-20.</p> answering member printed Lord Bates question first answered 20/12/2018 14:09:46 answering member 1091 label Biography information for Lord Bates
tabling member	2533 label Biography information for Lord Birt

1002211

registered interest
date	05/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Finance
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 European Banking Authority's recent analysis of the strength of UK banks in adverse scenarios.
tabling member printed	Lord Birt
uin	HL11232
answer	answer is ministerial correction date of answer 19/11/2018 answer text <p>The Government supports the use of stress tests as a tool to ensure the ongoing resilience of the European Union’s banking sector. Well capitalised banks, under a robust regulatory framework, are better able to lend to the economy, supporting jobs and growth. A full response to the European Banking Authority’s (EBA) report has been published by the Bank of England (BoE). The BoE noted that the results of the latest EBA test confirmed the results of earlier BoE stress tests that the participating UK banks would be resilient to a severe economic and market stress. The BoE will publish the results for its next annual stress tests on 5 December.</p> answering member printed Lord Bates question first answered 19/11/2018 16:22:02 answering member 1091 label Biography information for Lord Bates
tabling member	2533 label Biography information for Lord Birt

997070

registered interest
date	29/10/2018
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 will require firms offering international money transfer services to show the difference between the exchange rate they are offering and the interbank rate after Brexit.
tabling member printed	Lord Birt
uin	HL11074
answer	answer is ministerial correction date of answer 08/11/2018 answer text <p>Currently the Cross Border Payments Regulation (CPBR), an EU regulation, sets rules on the pricing of cross-border euro payments.</p><p> </p><p>A revised regulation, “CPBR2”, is currently under negotiation in the EU. The original Commission proposal, would, amongst other things, mandate greater transparency for cross-border payments which include currency conversion, through for example reference to the interbank exchange rate. The Government is broadly supportive of proposals which make financial services more affordable and pricing more transparent for consumers, while ensuring that regulation is proportionate to the risks that it seeks to address.</p><p>The Government is making good progress towards agreeing a Withdrawal Agreement with the EU, including an Implementation Period during which common rules would continue to apply until 31 December 2020.</p><p>After the Implementation Period, our proposal for the future UK-EU relationship on financial services would ensure that the development of regulation would be an autonomous matter for both the UK and the EU. Equally, we acknowledge that maintaining continued EU market access will, where necessary, involve maintaining comparable regulatory outcomes with the EU. The Chancellor has been clear that it is vitally important that the UK and the EU, with our common values and standards, continue to work closely together to further enhance the strong international rules we have forged in financial services. The Government has not committed to any changes to the policy outcomes of the current regime following the UK’s exit from the EU.</p> answering member printed Lord Bates question first answered 08/11/2018 15:57:14 answering member 1091 label Biography information for Lord Bates
tabling member	2533 label Biography information for Lord Birt

980117

registered interest
date	01/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Probate
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they made of the efficiency of the probate processing by HMRC.
tabling member printed	Lord Birt
uin	HL10386
answer	answer is ministerial correction date of answer 16/10/2018 answer text <p>HMRC is responsible for processing Inheritance Tax accounts, required before probate can be applied for. The Chancellor of the Exchequer has recently commissioned the Office of Tax Simplification to look at ways in which the overall process can be simplified.</p><p> </p> answering member printed Lord Bates question first answered 16/10/2018 12:33:35 answering member 1091 label Biography information for Lord Bates
tabling member	2533 label Biography information for Lord Birt

980118

registered interest
date	01/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Inheritance Tax
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, from the date they are first received, what is the current average time taken by HMRC to agree the IHT400 return calculations for estates in the bands (1) up to £1 million, (2) from £1–5 million, and (3) from £5–10 million; and in each band, what is the average time taken to issue a clearance.
tabling member printed	Lord Birt
uin	HL10387
answer	answer is ministerial correction date of answer 16/10/2018 answer text <p>HMRC cannot provide average times or break the data down into bands for the value of the estate as this information is not readily available and could only be compiled at disproportionate cost.</p><p> </p><p>Since 6 April 2018 over 95% of IHT400 returns submitted to HMRC were processed within 15 working days of receipt.</p><p><strong> </strong></p> answering member printed Lord Bates question first answered 16/10/2018 12:33:10 answering member 1091 label Biography information for Lord Bates
tabling member	2533 label Biography information for Lord Birt

980119

registered interest
date	01/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Inheritance Tax
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what is the average time taken by the Valuation Office to provide advice to HMRC on estates valued in the bands (1) up to £1 million, (2) from £1–5 million, and (3) from £5–10 million.
tabling member printed	Lord Birt
uin	HL10388
answer	answer is ministerial correction date of answer 16/10/2018 answer text <p>The Valuation Office Agency does not hold the information requested.</p><p> </p><p>In 2017-18, the VOA cleared its initial appraisals of inheritance tax cases, referred to it by HMRC, within an average of five working days, meeting its target.</p> answering member printed Lord Bates question first answered 16/10/2018 12:33:53 answering member 1091 label Biography information for Lord Bates
tabling member	2533 label Biography information for Lord Birt

980120

registered interest
date	01/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Inheritance Tax
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what is the current average time taken to provide a full and final response to executors once the Valuation Office has provided its advice to HMRC.
tabling member printed	Lord Birt
uin	HL10389
answer	answer is ministerial correction date of answer 16/10/2018 answer text <p>HMRC does not hold this information. Once Valuation Office Agency has provided advice, HMRC seek to write to the executor within 15 days of receiving that advice.</p> answering member printed Lord Bates question first answered 16/10/2018 12:33:21 answering member 1091 label Biography information for Lord Bates
tabling member	2533 label Biography information for Lord Birt

856296

registered interest
date	06/03/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Markets
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they have made an assessment of the Bank of America's survey of managers of global investment portfolios, which found that UK equities were the least attractive choice.
tabling member printed	Lord Birt
uin	HL6087
answer	answer is ministerial correction date of answer 20/03/2018 answer text <p>We do not comment on financial market movements or assessments of equity markets.</p> answering member printed Lord Bates question first answered 20/03/2018 15:37:23 answering member 1091 label Biography information for Lord Bates
tabling member	2533 label Biography information for Lord Birt