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1015870

registered interest
date	27/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they have any plans for market regulation of crypto-currencies.
tabling member printed	Lord Taylor of Warwick
uin	HL11865
answer	answer is ministerial correction date of answer 11/12/2018 answer text <p>The government established the Cryptoassets Taskforce - comprised of HM Treasury, the FCA, and the Bank of England – earlier this year, to explore the risks and potential benefits of cryptoassets and consider the appropriate response. The Taskforce’s report sets out the path forward with respect to cryptoasset regulation in the UK.</p><p> </p><p>The government will:</p><ul><li><p>bring cryptoasset exchanges and custodian wallet providers within the scope of anti-money laundering and counter-terrorist financing regulation through the transposition of the EU Fifth Anti-Money Laundering Directive (5MLD), and consult on going beyond the requirements of 5MLD;</p></li><li><p>consult on whether the regulatory perimeter requires extension in relation to cryptoassets that have comparable features to specified investments but that fall outside the perimeter; and</p></li><li><p>issue a consultation to further explore whether and how exchange tokens and related firms, such as exchanges and wallet providers, could be regulated effectively.</p></li></ul> answering member printed Lord Bates question first answered 11/12/2018 14:52:39 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick

1015871

registered interest
date	27/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Interest Rates
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of reports of the impact of Brexit on interest rates and mortgage defaults.
tabling member printed	Lord Taylor of Warwick
uin	HL11866
answer	answer is ministerial correction date of answer 11/12/2018 answer text <p>The Bank of England has operational independence to set monetary policy. As set out in its latest assessment, the MPC’s “<em>monetary policy response to EU withdrawal, whatever form EU withdrawal takes, will not be automatic and could be in either direction </em>and will depend on the balance of effects on supply, demand and the exchange rate.”</p><p> </p><p>The latest Bank of England Credit Conditions Survey (Q3) indicates that default rates on secured loans to households have fallen over the past 18 months and are expected to remain unchanged in the next quarter.</p><p> </p> answering member printed Lord Bates question first answered 11/12/2018 14:53:57 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick

1012518

registered interest
date	22/11/2018
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 guidance they intend to provide to small and medium-sized enterprises about the move to the online VAT returns system.
tabling member printed	Lord Harrison
uin	HL11710
answer	answer is ministerial correction date of answer 06/12/2018 answer text <p>There is a range of advice and support available to help businesses of all sizes prepare for Making Tax Digital (MTD) for VAT in April 2019. HM Revenue and Customs (HMRC) is working very closely with software providers, businesses, representative bodies and the accountancy profession to raise awareness of MTD and ensure the right support and training is in place to help businesses adapt.</p><p> </p><p>HMRC’s customer support model, which guides businesses to the most appropriate help, includes technical support, webchat, YouTube training videos, webinars, a helpline, and relevant guides. HMRC also publishes a list of MTD for VAT compatible products on GOV.UK to help businesses make an informed choice of software to meet their needs. HMRC is writing to customers that it expects to be mandated for MTD for VAT, explaining what the business needs to do.</p><p> </p><p>HMRC’s Impact Assessment for MTD was published on 1 December 2017. There is no separate Impact Assessment relating to small and medium-sized enterprises.</p> answering member printed Lord Bates grouped question UIN HL11711 question first answered 06/12/2018 17:42:28 answering member 1091 label Biography information for Lord Bates
tabling member	2488 label Biography information for Lord Harrison

1012519

registered interest
date	22/11/2018
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 assessment they have made of the impact on small and medium-sized enterprises of the move to the online VAT returns system.
tabling member printed	Lord Harrison
uin	HL11711
answer	answer is ministerial correction date of answer 06/12/2018 answer text <p>There is a range of advice and support available to help businesses of all sizes prepare for Making Tax Digital (MTD) for VAT in April 2019. HM Revenue and Customs (HMRC) is working very closely with software providers, businesses, representative bodies and the accountancy profession to raise awareness of MTD and ensure the right support and training is in place to help businesses adapt.</p><p> </p><p>HMRC’s customer support model, which guides businesses to the most appropriate help, includes technical support, webchat, YouTube training videos, webinars, a helpline, and relevant guides. HMRC also publishes a list of MTD for VAT compatible products on GOV.UK to help businesses make an informed choice of software to meet their needs. HMRC is writing to customers that it expects to be mandated for MTD for VAT, explaining what the business needs to do.</p><p> </p><p>HMRC’s Impact Assessment for MTD was published on 1 December 2017. There is no separate Impact Assessment relating to small and medium-sized enterprises.</p> answering member printed Lord Bates grouped question UIN HL11710 question first answered 06/12/2018 17:42:28 answering member 1091 label Biography information for Lord Bates
tabling member	2488 label Biography information for Lord Harrison

1012528

registered interest
date	22/11/2018
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, 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	answer is ministerial correction date of answer 06/12/2018 answer text <p>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.</p><p>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.</p><p> </p><p>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.</p><p>The costing accounts for a behavioural response whereby the measure has a deterrent effect on future insolvency as some taxpayers become compliant.</p><p> </p><p><strong>At Budget 2018, the Government published a full assessment of the exchequer impacts which is attached.</strong></p><p> </p><p> </p><p> </p> 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

1012545

registered interest
date	22/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Gold and Foreign Exchange Reserves: Venezuela
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they will consider a moratorium on any repatriation of gold held by the Bank of England to the government or Central Bank of Venezuela until such time as they are satisfied that any repatriation meets the best interests of the people of that country.
tabling member printed	Viscount Waverley
uin	HL11737
answer	answer is ministerial correction date of answer 06/12/2018 answer text <p>Holding gold reserves on behalf of any foreign central bank is a matter for the Bank of England. The Bank of England does not share information on which central banks it holds gold reserves on behalf of or the value of that gold as this would contradict their customer confidentiality obligations. Repatriation of any gold held at the Bank of England is ultimately a matter for the Bank of England. HM Treasury only has direct control over Government holdings of gold within its official reserves, which are held at the Bank of England.</p><p>The UK fully implements UN, EU and UK domestic sanctions law. The EU sanctions regime on Venezuela, introduced in November 2017, includes targeted asset freezes applied to a number of senior Government officials in the Maduro regime.</p> answering member printed Lord Bates question first answered 06/12/2018 17:43:17 answering member 1091 label Biography information for Lord Bates
tabling member	1744 label Biography information for Viscount Waverley

1012546

registered interest
date	22/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	EU Budget: Contributions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Draft Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community, published on 14 November, what are the estimated payments to be made by the UK to the EU as reimbursements of the costs of facilitating access for the UK to relevant networks, information systems and databases under the provision of Articles 50 and 53, for the years 2019–20 and 2020–21.
tabling member printed	Lord Wigley
uin	HL11738
answer	answer is ministerial correction date of answer 06/12/2018 answer text <p>The UK recognises that access to any IT system does not come without cost, and it is right that we pay those costs that the rest of the EU would necessarily incur in providing for access to those systems. The Withdrawal Agreement sets out that the UK will pay the actual costs of providing access to those systems and therefore the amount that the UK will pay will depend on the amount that the systems are used.</p><p> </p> answering member printed Lord Bates question first answered 06/12/2018 17:42:53 answering member 1091 label Biography information for Lord Bates
tabling member	547 label Biography information for Lord Wigley

1012113

registered interest
date	21/11/2018
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, further to the Written Answer by Lord Bates on 14 November (HL11158), how many of the compatible software products listed on GOV.UK provide specifically for the VAT Flat-Rate Scheme; and what assessment they have made of the affordability of such software.
tabling member printed	Lord Harris of Haringey
uin	HL11640
answer	answer is ministerial correction date of answer 05/12/2018 answer text <p>A number of providers offer products that support the Flat Rate Scheme (FRS). HMRC is currently collating information about those products so it can make this information available on the software choices page.</p><p> </p><p>Low-cost bridging products which work by importing data from other systems can also be used to send the data to HMRC, providing those systems support FRS</p> answering member printed Lord Bates question first answered 05/12/2018 16:55:37 answering member 1091 label Biography information for Lord Bates
tabling member	2671 label Biography information for Lord Harris of Haringey

1012161

registered interest
date	21/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Gold and Foreign Exchange Reserves: Venezuela
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of (1) the benefits to the UK of holding gold reserves for the central bank of Venezuela, and (2) the value of gold held by the Bank of England for the central bank of Venezuela; and whether they have a role in intervening if a request is made to repatriate any such gold.
tabling member printed	Viscount Waverley
uin	HL11688
answer	answer is ministerial correction date of answer 05/12/2018 answer text <p>HM Treasury is unable to substantiate whether the Bank of England holds gold for the Central Bank of Venezuela as that is a matter for the Bank of England. HM Treasury has not made an assessment of the benefits to the UK of the Bank of England holding gold reserves for other central banks. Holding gold reserves on behalf of any foreign central bank is a matter for the Bank of England. The Bank of England does not share information on which central banks it holds gold reserves on behalf of or the value of that gold as this would contradict their customer confidentiality obligations.</p> answering member printed Lord Bates question first answered 05/12/2018 16:54:39 answering member 1091 label Biography information for Lord Bates
tabling member	1744 label Biography information for Viscount Waverley

1012162

registered interest
date	21/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Gold and Foreign Exchange Reserves
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of (1) the benefits to the UK of holding gold reserves for other central banks, and (2) the value of gold held by the Bank of England for other central banks.
tabling member printed	Viscount Waverley
uin	HL11689
answer	answer is ministerial correction date of answer 05/12/2018 answer text <p>HM Treasury is unable to substantiate whether the Bank of England holds gold for other central banks as that is a matter for the Bank of England. HM Treasury has not made an assessment of the benefits to the UK of the Bank of England holding gold reserves for other central banks. Holding gold reserves on behalf of any foreign central bank is a matter for the Bank of England. The Bank of England does not share information on which central banks it holds gold reserves on behalf of or the value of that gold as this would contradict their customer confidentiality obligations.</p> answering member printed Lord Bates question first answered 05/12/2018 16:48:15 answering member 1091 label Biography information for Lord Bates
tabling member	1744 label Biography information for Viscount Waverley