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1142431

registered interest
date	25/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Taxation: Electronic Government
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have, if any, to continue with the rollout of their Simple Assessment and dynamic coding projects, which were paused in May 2018.
tabling member printed	Baroness Altmann
uin	HL17505
answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>HM Revenue &amp; Customs (HMRC) delivered Simple Assessment to a small number of customers in 2017. Due to the need to prioritise EU exit, HMRC temporarily suspended further work to extend the service to a larger number of customers. The service remains active for the original user base, and further enhancements are being made this financial year. HMRC are reviewing whether to make further investments into the service in the context of the Spending Review.</p><p> </p><p>HMRC have long had a delivery plan for the dynamic coding-out of debt project. The service was successfully introduced for a number of taxation scenarios that cause an over- or under-payment of PAYE.</p><p> </p><p>After the closure of the Making Tax Digital for Individuals Programme, which included a wider dynamic coding option, and resource reallocation to EU exit, a new IT solution was required for this Budget 2017 project. HMRC remain committed to delivering this project. Further work on the wider dynamic coding activities will be considered as part of wider Spending Review planning.</p> answering member printed Lord Young of Cookham question first answered 06/08/2019 14:08:44 answering member 57 label Biography information for Lord Young of Cookham
tabling member	4533 label Biography information for Baroness Altmann

1142433

registered interest
date	25/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	PAYE
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 use of Real Time Information (RTI) to ensure low earners receive the tax relief they are due; and what plans they have to require all employers to use RTI.
tabling member printed	Baroness Altmann
uin	HL17507
answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>Information filed by employers through RTI is applied equally to all relevant customer records. HM Revenue &amp; Customs (HMRC) do not make a distinction between low and high earners when applying rules within tax calculations.</p><p> </p><p>Employers who pay all of their employees under the Lower Earnings Limit for National Insurance Contributions (NICs) and have no tax deducted are not required to register with HMRC. The employer is not required to report information to HMRC until there is a tax or NICs deduction payable to HMRC.</p><p> </p><p>There are no plans to mandate employers who pay small amounts of wages to all of their employees to register with HMRC.</p> answering member printed Lord Young of Cookham question first answered 06/08/2019 13:38:40 answering member 57 label Biography information for Lord Young of Cookham
tabling member	4533 label Biography information for Baroness Altmann

1141932

registered interest
date	24/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Lendy
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they took to stop Lendy from declaring dividends to pay capital to that firm’s owners when Lendy was under review by the Financial Conduct Authority (FCA); and whether the FCA intends to compensate any lenders who did not receive full remediation payments as a result of a shortfall in capital.
tabling member printed	Lord Myners
uin	HL17476
answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>The Financial Conduct Authority (FCA) is responsible for the authorisation and regulation of peer to peer (P2P) platforms, and is currently carrying out an enforcement investigation into the circumstances that led to the administration of Lendy. It would be inappropriate for Government to pre-empt its findings.</p><p> </p><p>The FCA is operationally independent from Government. The question as it relates to the FCA has been passed on to the FCA. The FCA will reply directly to Lord Myners by letter. A copy of the letter will be placed in the Library of the House.</p> answering member printed Lord Young of Cookham question first answered 06/08/2019 13:36:33 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1141933

registered interest
date	24/07/2019
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 what assessment, if any, they have made of the case for specifying a higher liquidity test for UK-managed Undertakings for Collective Investment in Transferable Securities than is required by EU Directive 2009/65/EC; and what discussions they have had with the Financial Conduct Authority about that test.
tabling member printed	Lord Myners
uin	HL17477
answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>Following the suspension of the Woodford Equity Income Fund (WEIF), HM Treasury has discussed the liquidity rules for UK UCITS funds with the Financial Conduct Authority (FCA), which is responsible for the ongoing supervision and regulation of the UK’s financial services sector, including investment funds.</p><p> </p><p>The FCA have launched an investigation into the events leading up to the suspension of the WEIF. The investigation will determine the facts of the case, including whether any rules have been broken, and inform any future decision on whether rule changes are required.</p> answering member printed Lord Young of Cookham question first answered 06/08/2019 13:37:13 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1141934

registered interest
date	24/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Loans
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they or the Prudential Regulation Authority monitor loans by smaller banks to related parties; and what assessment, if any, they have made of how Wyelands Bank complies in this respect with regulatory limits.
tabling member printed	Lord Myners
uin	HL17478
answer	answer is ministerial correction date of answer 06/08/2019 answer text This is a matter for the Prudential Regulation Authority (PRA), which is operationally independent from Government. The question has been passed on to the PRA. The PRA will reply directly to Lord Myners by letter. A copy of the letter will be placed in the Library of the House. answering member printed Lord Young of Cookham question first answered 06/08/2019 13:37:27 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1141516

registered interest
date	23/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insolvency
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 impact that the proposal to make HMRC a secondary preferential creditor in insolvencies may have on business rescue support in the UK from April 2020.
tabling member printed	Baroness Burt of Solihull
uin	HL17384
answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>This reform is designed to ensure that when a business becomes insolvent, more of the taxes paid in good faith by that business’s employees and customers will go to fund public services as intended, rather than being distributed to other creditors such as financial institutions.</p><p>This measure does not include a cap on the age of tax debts which will be eligible for secondary preferential status, nor an exemption for existing lending. Either proposal would introduce potential distortions into the lending market which the Government does not consider to be either fair or proportionate.</p><p>The Government does not expect this reform to have a significant impact on access to finance, the cost of borrowing, business rescue support in the UK or the UK’s ranking in the World Bank’s annual “Doing Business” report.</p><p>Consistent with the Government’s impact assessment, the independent Office for Budget Responsibility (OBR) did not make any adjustments to their economic forecast in response to this measure.</p> answering member printed Lord Young of Cookham grouped question UIN HL17385 HL17386 HL17387 question first answered 06/08/2019 13:34:00 answering member 57 label Biography information for Lord Young of Cookham
tabling member	1567 label Biography information for Baroness Burt of Solihull

1141517

registered interest
date	23/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insolvency
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 impact that their proposal to make HMRC a secondary preferential creditor in insolvencies will have on the UK’s ranking in the World Bank’s annual "Doing Business" report.
tabling member printed	Baroness Burt of Solihull
uin	HL17385
answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>This reform is designed to ensure that when a business becomes insolvent, more of the taxes paid in good faith by that business’s employees and customers will go to fund public services as intended, rather than being distributed to other creditors such as financial institutions.</p><p>This measure does not include a cap on the age of tax debts which will be eligible for secondary preferential status, nor an exemption for existing lending. Either proposal would introduce potential distortions into the lending market which the Government does not consider to be either fair or proportionate.</p><p>The Government does not expect this reform to have a significant impact on access to finance, the cost of borrowing, business rescue support in the UK or the UK’s ranking in the World Bank’s annual “Doing Business” report.</p><p>Consistent with the Government’s impact assessment, the independent Office for Budget Responsibility (OBR) did not make any adjustments to their economic forecast in response to this measure.</p> answering member printed Lord Young of Cookham grouped question UIN HL17384 HL17386 HL17387 question first answered 06/08/2019 13:34:00 answering member 57 label Biography information for Lord Young of Cookham
tabling member	1567 label Biography information for Baroness Burt of Solihull

1141518

registered interest
date	23/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government why HM Treasury has decided to not introduce a cap on the age of tax debts which will be eligible for secondary preferential status in insolvencies from April 2020; and what assessment they have made of the impact of this decision on the costs of insolvency procedures and business lending.
tabling member printed	Baroness Burt of Solihull
uin	HL17386
answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>This reform is designed to ensure that when a business becomes insolvent, more of the taxes paid in good faith by that business’s employees and customers will go to fund public services as intended, rather than being distributed to other creditors such as financial institutions.</p><p>This measure does not include a cap on the age of tax debts which will be eligible for secondary preferential status, nor an exemption for existing lending. Either proposal would introduce potential distortions into the lending market which the Government does not consider to be either fair or proportionate.</p><p>The Government does not expect this reform to have a significant impact on access to finance, the cost of borrowing, business rescue support in the UK or the UK’s ranking in the World Bank’s annual “Doing Business” report.</p><p>Consistent with the Government’s impact assessment, the independent Office for Budget Responsibility (OBR) did not make any adjustments to their economic forecast in response to this measure.</p> answering member printed Lord Young of Cookham grouped question UIN HL17384 HL17385 HL17387 question first answered 06/08/2019 13:34:00 answering member 57 label Biography information for Lord Young of Cookham
tabling member	1567 label Biography information for Baroness Burt of Solihull

1141519

registered interest
date	23/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government why HM Treasury has decided that existing lending will not be exempted from their policy of making HMRC a secondary preferential creditor in insolvencies; and what assessment they have made of the impact of this decision on the continued availability of existing business lending.
tabling member printed	Baroness Burt of Solihull
uin	HL17387
answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>This reform is designed to ensure that when a business becomes insolvent, more of the taxes paid in good faith by that business’s employees and customers will go to fund public services as intended, rather than being distributed to other creditors such as financial institutions.</p><p>This measure does not include a cap on the age of tax debts which will be eligible for secondary preferential status, nor an exemption for existing lending. Either proposal would introduce potential distortions into the lending market which the Government does not consider to be either fair or proportionate.</p><p>The Government does not expect this reform to have a significant impact on access to finance, the cost of borrowing, business rescue support in the UK or the UK’s ranking in the World Bank’s annual “Doing Business” report.</p><p>Consistent with the Government’s impact assessment, the independent Office for Budget Responsibility (OBR) did not make any adjustments to their economic forecast in response to this measure.</p> answering member printed Lord Young of Cookham grouped question UIN HL17384 HL17385 HL17386 question first answered 06/08/2019 13:34:00 answering member 57 label Biography information for Lord Young of Cookham
tabling member	1567 label Biography information for Baroness Burt of Solihull

1141550

registered interest
date	23/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Conduct Authority
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what tests they apply to determine whether an investigation into the Financial Conduct Authority (FCA) meets the standard required to be described as independent of the FCA; and what assessment they have made of whether FCA employees acting for an investigation compromises its independence.
tabling member printed	Lord Myners
uin	HL17418
answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>Where such investigations are conducted, HM Treasury take steps to ensure their independence which is crucial to the integrity of their conclusions. For example, in the recent case of the events surrounding the failure of London Capital &amp; Finance plc (LCF), and following a request from the Financial Conduct Authority (FCA), the Economic Secretary to the Treasury required that an independent investigation be carried out under powers in section 77 of the Financial Services Act 2012.</p><p> </p><p>The Economic Secretary approved the appointment of Dame Elizabeth Gloster, an experienced QC and Judge at the High Court and Court of Appeal, to lead it. Prior to this approval, potential conflicts of interest were investigated and HM Treasury is satisfied that Dame Elizabeth is independent from the FCA, HM Treasury and the companies and individuals associated with LCF’s failure.</p><p> </p><p>Under the terms of the Economic Secretary’s Direction to the FCA, Dame Elizabeth has the discretion to appoint a team which is entirely independent of the FCA. A process is now underway to appoint an independent legal team to support Dame Elizabeth in her investigation. The FCA is also under a duty to facilitate the disclosure to Dame Elizabeth any information that she deems relevant to the scope of her investigation. Should Dame Elizabeth wish to raise any matters directly to HM Treasury, she can do so at any time, under the terms of the Direction, via an interim report.</p> answering member printed Lord Young of Cookham question first answered 06/08/2019 13:32:53 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners