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1435292

registered interest
date	24/02/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Stocks and Shares: Blockchain
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if his Department will take steps with the Financial Conduct Authority to ensure that securities issued on blockchain can be clearly distinguished from crypto asset service providers.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	129097
answer	answer is ministerial correction date of answer 04/03/2022 answer text <p>Under the Money Laundering and Terrorist Financing (Information on the Payer) Regulations 2017, a cryptoasset business will be required to register with the Financial Conduct Authority if it is a firm or sole practitioner that provides cryptoasset exchange or custodian wallet services by way of business.</p><p> </p><p>Securities are financial instruments giving rise to claims against the issuer, and are not businesses in and of themselves. Therefore, although a cryptoasset business may issue securities on the blockchain that confer an ownership interest in the business, these securities would be legally distinct from the business itself.</p> answering member constituency Salisbury answering member printed John Glen question first answered 04/03/2022 13:41:41 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

1435293

registered interest
date	24/02/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Digital Assets
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department has made an estimate of the revenue that the digital assets sector could potentially bring to the public purse.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	129098
answer	answer is ministerial correction date of answer 04/03/2022 answer text <p>The Government is committed to a global leadership in fintech and to creating a regulatory environment for digital assets in which firms can innovate, while allowing people to use new technologies both reliably and safely. The Cryptoassets Taskforce, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority (FCA) is exploring the impact of cryptoassets, the potential benefits and challenges of Distributed Ledger Technology (DLT) in financial services; as well as assessing what, if any, regulation is required in response.</p><p> </p><p>Businesses trading in or using digital assets are taxed on their trading profits. Where a person realises chargeable gains from increases in value of digital assets, 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> answering member constituency Salisbury answering member printed John Glen question first answered 04/03/2022 13:40:06 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

1416328

registered interest
date	25/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Service Industries: Coronavirus
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps his Department is taking to help the retail, hospitality and leisure sectors recover from the covid-19 outbreak.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	111531
answer	answer is ministerial correction date of answer 02/02/2022 answer text <p>In December, Government announced a £1bn package of support for businesses impacted by the Omicron variant, including grants worth up to £6,000 for businesses in the hospitality and leisure sectors.</p><p> </p><p>These measures are just the latest action taken to safeguard businesses and jobs and is in addition to:</p><ul><li>business rates relief meaning that the majority of businesses in the retail, hospitality and leisure sectors will see a 75% reduction in their business rates bill across the entire financial year and a new 50% capped business rates relief next financial year;</li><li>a 12.5% reduced rate of VAT for hospitality and tourism;</li><li>access to finance for SMEs through the Recovery Loan Scheme to June; and</li><li>Bounce Back Loan repayment flexibility, with borrowers having the option to take a 6 month repayment holiday, three 6 month interest only periods or extend their loan to 10 years, which almost halves the monthly payment.</li></ul><p> </p><p>Thanks to our decisive action to implement balanced and proportionate measures in response to the Omicron variant, Cabinet has decided to return to Plan A in England.</p> answering member constituency Faversham and Mid Kent answering member printed Helen Whately question first answered 02/02/2022 11:49:15 answering member 4527 label Biography information for Helen Whately
tabling member	1586 label Biography information for Adam Afriyie

1364059

registered interest
date	27/10/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Air Passenger Duty
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the impact of the reduction in domestic air passenger duty, as announced in the Autumn Budget on 27 October 2021, on the Government's ability to achieve its aviation emissions reductions targets.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	64566
answer	answer is ministerial correction date of answer 01/11/2021 answer text <p>At Budget, the Government announced that, from April 2023, it will introduce a new reduced domestic band of Air Passenger Duty (APD), covering flights between England, Scotland, Wales and Northern Ireland, in order to support connectivity across the UK. In addition, the Government will introduce a new ultra long-haul band, which will ensure that those who fly furthest, and have the greatest environmental impact, will pay the most. Domestic aviation accounted for less than 1% of the UK’s total emissions in 2019.</p><p> </p><p>Fuel duty is levied on the producers or importers of fuel, and is generally included in the price most drivers pay for petrol and diesel at the pump. Therefore, the more fuel that is consumed, the more fuel duty is paid. As noted in the Autumn Budget and Spending Review 2021 Policy Costings, there are uncertainties around the behavioural response of the fuel duty freeze.</p><p> </p><p>Transport is a major cost for families and businesses, and to help with the cost of living, the government has frozen fuel duty rates, saving a cumulative £1900 for the average UK car driver, compared to the pre-2010 escalator.</p><p> </p> answering member constituency Faversham and Mid Kent answering member printed Helen Whately grouped question UIN 64660 question first answered 01/11/2021 16:10:53 answering member 4527 label Biography information for Helen Whately
tabling member	1586 label Biography information for Adam Afriyie

1364060

registered interest
date	27/10/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Aviation: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential merits of the introduction of a frequent flyer levy.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	64567
answer	answer is ministerial correction date of answer 04/11/2021 answer text <p>The government’s recent consultation on aviation tax reform sought views on the government’s initial position regarding a frequent flyer levy. Having carefully considered the responses to the consultation, the government has confirmed that it remains minded to retain Air Passenger Duty as the principal tax on the aviation sector, noting in particular continuing concerns around the possible administrative complexity and data processing, handling and privacy of a frequent flyer levy.</p><p> </p><p>Full details of the consultation can be found at: <a href="https://www.gov.uk/government/consultations/consultation-on-aviation-tax-reform" target="_blank">https://www.gov.uk/government/consultations/consultation-on-aviation-tax-reform</a></p> answering member constituency Faversham and Mid Kent answering member printed Helen Whately question first answered 04/11/2021 12:07:55 answering member 4527 label Biography information for Helen Whately
tabling member	1586 label Biography information for Adam Afriyie

1248350

registered interest
date	03/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	New Businesses: Coronavirus
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether businesses who have started trading since the start of the covid-19 outbreak are eligible for financial support made available by the Government in response to the covid-19 outbreak.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	110760
answer	answer is ministerial correction date of answer 09/11/2020 answer text <p>The Winter Economy Plan set out a package of targeted measures in response to the current economic context, which will enable businesses, including new businesses, to protect jobs, and manage their finances in the face of reduced or uncertain demand. This includes the extension of the temporary VAT reduced rate for hospitality and tourism, extending the application window of the access to finance schemes, and further support for employees and the self-employed, through the Coronavirus Job Retentions Scheme (CJRS) and the Self-Employment Income Support Scheme (SEISS) Grant Extension. Although it has not been possible to include those who have started trading since the start of the COVID outbreak in the SEISS, the SEISS is just one element of a comprehensive package of support for individuals and businesses. This package includes Bounce Back loans, tax deferrals, rental support, mortgage holidays, and other business support grants. On 8 July, the Government also introduced the new Plan for Jobs which will make available up to £30 billion to assist in creating, supporting and protecting jobs.</p><p> </p><p>More information about the full range of business support measures is available at www.gov.uk/government/collections/financial-support-for-businesses-during-coronavirus-covid-19.</p> answering member constituency Saffron Walden answering member printed Kemi Badenoch question first answered 09/11/2020 10:34:39 answering member 4597 label Biography information for Kemi Badenoch
tabling member	1586 label Biography information for Adam Afriyie

1247846

registered interest
date	02/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Coronavirus
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has made an assessment of the viability of using more FinTech platforms to distribute Government-backed financial loans and support packages alongside established high-street banks and lenders.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	110103
answer	answer is ministerial correction date of answer 09/11/2020 answer text <p>The UK is home to a world-leading Fintech sector and an impressive amount of talent and expertise in this area. The government knows that Fintech firms play an important role in the lending market, especially for smaller businesses.</p><p> </p><p>I am grateful for the way the sector has responded to the current crisis by identifying opportunities where technology may support the Government’s response.</p><p> </p><p>The British Business Bank (BBB) has so far accredited 28 Bounce Back Loan Scheme (BBLS) lenders, including several non-banks and alternative lenders. In addition, the BBB has in excess of 100 accredited lenders for the Coronavirus Business Interruption Loan Scheme (CBILS) and this includes several UK Fintechs.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/11/2020 08:35:19 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

1173415

registered interest
date	27/01/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what progress he has made on creating an economic environment in which digital currencies can be developed.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	8202
answer	answer is ministerial correction date of answer 04/02/2020 answer text <p>The UK’s approach to cryptoassets was outlined in the 2018 Cryptoassets Taskforce report, and in July last year the FCA set out its position in relation to the regulatory perimeter in this space. The government and regulators have since taken steps to continue encouraging responsible innovation in this area, while also mitigating risks to consumers and markets.</p><p>For instance, this January the Treasury transposed the cryptoasset provisions set out in the EU Fifth Anti-Money Laundering Directive (5MLD). This will combat the risk of cryptoassets being used for illicit activity, in support of the government’s aims for the sector.</p><p>More broadly, the government is committed to creating an environment where tech businesses can thrive by investing in areas such as talent, cutting-edge research and growth finance. Venture capital investment in the UK tech sector grew by 44 per cent in 2019, from £7.1bn to £10.1bn. This was a faster growth rate than both the US and China.</p><p>The financial regulators continue to provide a platform that facilitates innovation in this space. For example, the Financial Conduct Authority has accepted a significant number of DLT-based projects into its Regulatory Sandbox to help enable the adoption of this technology to deliver better financial services with appropriate consumer safeguards.</p> answering member constituency Salisbury answering member printed John Glen question first answered 04/02/2020 11:51:13 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

1170412

registered interest
date	13/01/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Electric Vehicles: VAT
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what plans the Government has to increase the uptake of electric cars by removing VAT on the purchase of zero emission vehicles.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	2460
answer	answer is ministerial correction date of answer 16/01/2020 answer text <p>The Government has set an ambitious, legally binding target to reach net-zero greenhouse gas emissions from the UK by 2050.</p><p> </p><p>Although there are no plans at present to reduce the VAT charge on electric vehicles, the Government keeps all taxes under review and assesses them against a range of fiscal and environmental considerations. The Government already makes available an incentive for the public to purchase electric vehicles over conventional vehicles: the Plug-in Car Grant (PiCG) provides grants of up to £3,500 for the purchase of a new battery electric vehicle. PiCG was launched in 2011 and has supported the purchase of around 170,000 Ultra Low Emission Vehicles.</p> answering member constituency Middlesbrough South and East Cleveland answering member printed Mr Simon Clarke question first answered 16/01/2020 09:26:29 answering member 4655 label Biography information for Sir Simon Clarke
tabling member	1586 label Biography information for Adam Afriyie

1130448

registered interest
date	06/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how much the UK FinTech industry paid the Exchequer in tax revenue in (a) 2017-18 and (b) 2016-17 financial years.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	261178
answer	answer is ministerial correction date of answer 14/06/2019 answer text <p>HM Revenue and Customs (HMRC) publishes annual statistics relating to income tax, VAT and corporation tax by industry (including the Financial and Insurance Activities Sector). However, HMRC cannot identify receipts from the UK FinTech industry specifically.</p><p> </p><p>For other taxes, industry-level information is not available.</p><p> </p><p>For business rates, the Ministry of Housing, Communities &amp; Local Government collects data only at local authority level and is unable to provide a breakdown by industry.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 14/06/2019 07:46:18 answering member 3991 label Biography information for Jesse Norman
tabling member	1586 label Biography information for Adam Afriyie