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tabling member printed	Baroness McDonagh
answer › is ministerial correction	false
max date	2019-04-04
question text	To ask Her Majesty%27s Government%2C further to the announcement that HMRC will become a preferred creditor in UK insolvencies%2C what %281%29 calculations were used%2C and %282%29 issues were considered when they concluded that the policy would create an additional %C2%A3605 million in tax revenue between 2019%E2%80%9320 and 2023%E2%80%9324.

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tabling member printed

uin

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is ministerial correction

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answering member printed

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tabling member


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1012528

registered interest

date

22/11/2018

answering body

Treasury

answering dept id

answering dept short name

Treasury

answering dept sort name

Treasury

hansard heading

Insolvency

house id

legislature

25277

pref label	House of Lords

question text

To ask Her Majesty's Government, further to the announcement that HMRC will become a preferred creditor in UK insolvencies, what (1) calculations were used, and (2) issues were considered when they concluded that the policy would create an additional £605 million in tax revenue between 2019–20 and 2023–24.

tabling member printed

Baroness McDonagh

uin

HL11720

answer

is ministerial correction

date of answer

06/12/2018

answer text

The tax base for this measure consists of company insolvencies with gains resulting from tax avoidance, evasion and phoenixism, in addition to the amount HMRC currently writes off every year due to insolvencies.This is estimated from HMRC operational and administrative data and is grown in line with the Budget 2018 OBR determinant for Gross Domestic Product (GDP) at market prices deflator. The costing is the tax recovered from insolvencies that HMRC would not otherwise have collected before the policy was implemented. Adjustments are made for tax and payment timing.The costing accounts for a behavioural response whereby the measure has a deterrent effect on future insolvency as some taxpayers become compliant. At Budget 2018, the Government published a full assessment of the exchequer impacts which is attached.

answering member printed

Lord Bates

question first answered

06/12/2018 17:53:24

answering member

1091

label	Biography information for Lord Bates

attachment

1

file name	Budget_2018_policy_costings_PDF.pdf
title	Budget2018 policy costings

tabling member

3701

label	Biography information for Baroness McDonagh