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1462942

registered interest
date	16/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Charging Points: VAT
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 (a) potential impact of the higher rate of VAT charged on public electric vehicle charging compared with home charging on the uptake of electric vehicles and (b) potential distributional impact of that differential on households by income bracket.
tabling member constituency	Coventry South
tabling member printed	Zarah Sultana
uin	2301
answer	answer is ministerial correction date of answer 19/05/2022 answer text <p>In order to keep costs down for families, the supply of electricity for domestic use, including charging an electric vehicle (EV) at home, attracts the 5 per cent reduced rate of VAT. However, electricity supplied at EV charging points in public places is subject to the 20 per cent standard rate of VAT.</p><p> </p><p>The Government has not specifically introduced a reduced rate for charging EVs at home. However, the practical challenges of differentiating between the electricity used at home for general domestic purposes and electricity used to charge EVs currently mean that the reduced rate is effectively being applied to EV charging at home.</p><p> </p><p>Harmonising the rate of VAT on electricity for public and domestic charging points for electric vehicles would require the Government to expand the existing VAT relief on electricity for domestic use (that is also used to charge EVs at home) to electricity for use at public EV charge points, and this would come at a cost.</p><p> </p><p>VAT makes a significant contribution towards the public finances, raising around £130 billion in 2019-20, and helps fund the Government's priorities including the NHS, schools, and defence. Any loss in tax revenue would have to be balanced by a reduction in public spending, increased borrowing, or increased taxation elsewhere.</p><p> </p><p>The Government is committed to supporting the transition to zero emission vehicles to help the UK meet its net-zero obligations. The Government has committed £2.5 billion since 2020 to support the transition to zero emission vehicles, which funds targeted vehicle grants and the rollout of charging infrastructure.</p><p> </p><p>There are currently no plans to change the VAT treatment of electricity supplied at public EV charge points. However, the Government keeps all taxes under review, and carefully considers behavioural effects and distributional impacts when making decisions on tax policy.</p> answering member constituency South East Cambridgeshire answering member printed Lucy Frazer question first answered 19/05/2022 14:31:51 answering member 4517 label Biography information for Lucy Frazer
tabling member	4786 label Biography information for Zarah Sultana

1462955

registered interest
date	16/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Fuels: VAT
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 using a proportion of VAT accruing to the Exchequer from the rise in fuel prices to help low income households with the cost of living.
tabling member constituency	Ynys Môn
tabling member printed	Virginia Crosbie
uin	2314
answer	answer is ministerial correction date of answer 19/05/2022 answer text <p>Increases in VAT per litre of fuel from rising prices are likely to be largely offset by reductions in VAT on other items if households have less to spend on these items, given higher fuel expenditure and a fixed budget. Therefore, this would not lead to a significant increase in overall VAT receipts. The Office for Budget Responsibility now forecasts lower VAT receipts for this year, 2022-23, than they did in Autumn 2021.</p><p> </p><p>The Government understands how the rising cost of living is making life harder for people. These are global challenges. However, as set out in the Spring Statement 2022, the Government is providing support worth over £22 billion in 2022-23 to help families with these pressures.</p> answering member constituency South East Cambridgeshire answering member printed Lucy Frazer question first answered 19/05/2022 14:33:34 answering member 4517 label Biography information for Lucy Frazer
tabling member	4859 label Biography information for Virginia Crosbie

1463026

registered interest
date	16/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Members: Correspondence
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when he plans to reply to the correspondence from the hon. Member for Blackpool North and Cleveleys of 9 February 2022 on behalf of constituents regarding energy rebates.
tabling member constituency	Blackpool North and Cleveleys
tabling member printed	Paul Maynard
uin	2446
answer	answer is ministerial correction date of answer 18/05/2022 answer text <p>I have responded to the hon. Member.</p> answering member constituency Faversham and Mid Kent answering member printed Helen Whately question first answered 18/05/2022 12:44:48 answering member 4527 label Biography information for Helen Whately
tabling member	3926 label Biography information for Paul Maynard

1463040

registered interest
date	16/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Inflation
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 reasons for which the rate of inflation is above the Government's target of two per cent.
tabling member constituency	Wokingham
tabling member printed	John Redwood
uin	2334
answer	answer is ministerial correction date of answer 19/05/2022 answer text <p>As the global economy recovers from COVID-19, many economies are experiencing high inflation. Rising global energy and commodity prices, along with disruptions to global supply chains caused by a mismatch between elevated global demand for goods and bottlenecks in supply as a result of the pandemic, have combined to push up inflation. Additionally, Russia’s invasion of Ukraine has added to inflationary pressures and created economic uncertainty. It has increased the price and volatility of energy and some other commodities and has added to disruption in global supply chains.</p><p> </p><p>The government’s commitment to price stability remains absolute. The Bank of England is responsible for controlling inflation – since the Bank became responsible for controlling inflation it has averaged close to the 2% target.</p><p> </p><p>We are providing significant support where we can and stand ready to take further action. We’re saving the average worker £330 a year through reducing National Insurance Contributions, changing Universal Credit to save over a million families around £1,000 a year, and providing millions of families with £350 each this year to help their energy bills.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/05/2022 10:21:43 answering member 4051 label Biography information for John Glen
tabling member	14 label Biography information for Sir John Redwood

1463041

registered interest
date	16/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Monetary Policy
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent discussions he has had with the Governor of the Bank of England on quantitative easing.
tabling member constituency	Wokingham
tabling member printed	John Redwood
uin	2335
answer	answer is ministerial correction date of answer 19/05/2022 answer text <p>Monetary policy is the responsibility of the independent Monetary Policy Committee (MPC) of the Bank of England and this includes decisions on Bank Rate and quantitative easing. The separation of fiscal and monetary policy is a key feature of the UK’s economic framework, and essential for the effective delivery of monetary policy, so the Government does not comment on the conduct or effectiveness of monetary policy.</p><p> </p><p>The Chancellor and the Governor of the Bank of England meet regularly to discuss economic developments and the outlook for the economy. The Government continually monitors such developments to consider their impact on businesses and households.</p><p><strong> </strong></p> answering member constituency Salisbury answering member printed John Glen question first answered 19/05/2022 10:23:36 answering member 4051 label Biography information for John Glen
tabling member	14 label Biography information for Sir John Redwood

1463266

registered interest
date	16/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Sequestration of Assets: Russia
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what the total value of assets frozen under the UK's Russian sanctions regime is since Russia's renewed invasion of Ukraine on 24 February 2022.
tabling member constituency	Barking
tabling member printed	Dame Margaret Hodge
uin	2341
answer	answer is ministerial correction date of answer 19/05/2022 answer text <p>Relevant firms are legally obliged to report to the Office of Financial Sanctions Implementation (OFSI) if they hold frozen assets of a designated person or entity they suspect to be on the list of asset freeze targets. OFSI is currently receiving a high volume of reporting about assets being frozen relating to sanctions imposed since Russia's invasion of Ukraine. This information is being collated and assured. Fuller details will be released in due course and will mark a substantial increase on previous assets reported as frozen under Russia sanctions.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/05/2022 10:25:24 answering member 4051 label Biography information for John Glen
tabling member	140 label Biography information for Dame Margaret Hodge

1463315

registered interest
date	16/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Voluntary Work: Mileage Allowances
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department plans to review the Approved Mileage Payment Allowance that can be claimed by volunteer drivers.
tabling member constituency	Stockport
tabling member printed	Navendu Mishra
uin	2690
answer	answer is ministerial correction date of answer 19/05/2022 answer text <p>The Government sets the Approved Mileage Allowance Payments (AMAPs) rates to minimise administrative burdens. AMAPs aim to reflect running costs including fuel, servicing and depreciation. Depreciation is estimated to constitute the most significant proportion of the AMAPs.</p><p> </p><p>Organisations are not required to use the AMAPs. Instead, they can agree to reimburse the actual cost incurred, where volunteers can provide evidence of the expenditure, without an Income Tax or National Insurance charge arising.</p><p> </p><p>Alternatively, they can choose to pay a different mileage rate that better reflects their volunteers’ circumstances. However, if the payment exceeds the amount due under AMAPs, and this results in a profit for the individual, they will be liable to pay Income Tax and National Insurance contributions on the difference.</p><p> </p><p>The Government keeps this policy under review.</p> answering member constituency Faversham and Mid Kent answering member printed Helen Whately question first answered 19/05/2022 07:53:30 answering member 4527 label Biography information for Helen Whately
tabling member	4811 label Biography information for Navendu Mishra

1462487

registered interest
date	12/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Offshore Industry: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what the total North Sea oil and gas receipts to Treasury was in (a) 2019-20, (b) 2020-21 and (c) 2021-22; what the estimated total North Sea oil and gas receipts to the Treasury in (i) 2022-23, (ii) 2023-24, and (iii) 2024-25; and what estimate he has made of the total revenues of North Sea oil and gas companies in each of those years.
tabling member constituency	Leeds East
tabling member printed	Richard Burgon
uin	1240
answer	answer is ministerial correction date of answer 17/05/2022 answer text <p>Forecasts for government revenues from oil and gas production are provided by the Office for Budget Responsibility (OBR). Their most recent published forecast, provided for Spring Statement 2022 on 23 March, is available on the OBR website at <a href="https://gbr01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fobr.uk%2Fefo%2Feconomic-and-fiscal-outlook-march-2022%2F&amp;data=05%7C01%7Cpeter.connell%40hmtreasury.gov.uk%7Ca6833c72937d4bc6ee6b08da34cba880%7Ced1644c505e049e6bc39fcf7ac51c18c%7C0%7C0%7C637880346552301838%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&amp;sdata=AiLjsWP5OqySS%2FevH5x2QVEdNMIRQuxkXhUjTOddZrc%3D&amp;reserved=0" target="_blank">https://obr.uk/efo/economic-and-fiscal-outlook-march-2022/</a>.</p><p> </p><p>Government revenues received from North Sea oil and gas operators between 1968 to 1969 and 2020 to 2021 are presented in Table 2 of HM Revenue &amp; Custom’s (HMRC) “<em>Statistics of government revenues from UK oil and gas production</em>” publication, available at <a href="https://www.gov.uk/government/statistics/government-revenues-from-uk-oil-and-gas-production--2" target="_blank">https://www.gov.uk/government/statistics/government-revenues-from-uk-oil-and-gas-production--2</a></p><p> </p><p>Data for 2021 to 2022 onwards can be found in the “<em>HMRC tax receipts and National Insurance contributions for the UK</em>” tables, also available at</p><p><a href="https://www.gov.uk/government/statistics/hmrc-tax-and-nics-receipts-for-the-uk" target="_blank">https://www.gov.uk/government/statistics/hmrc-tax-and-nics-receipts-for-the-uk</a></p> answering member constituency Faversham and Mid Kent answering member printed Helen Whately question first answered 17/05/2022 09:40:10 answering member 4527 label Biography information for Helen Whately
tabling member	4493 label Biography information for Richard Burgon

1462519

registered interest
date	12/05/2022
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 estimate he has made of the number of UK adults who have money held on crypto exchanges.
tabling member constituency	Hampstead and Kilburn
tabling member printed	Tulip Siddiq
uin	1254
answer	answer is ministerial correction date of answer 19/05/2022 answer text <p>The Financial Conduct Authority (FCA) published consumer research in June 2021, which offered insight into the cryptoassets market in the UK. The FCA found that 4.4% of UK adults currently hold cryptocurrency, or approximately 2.3 million consumers. The FCA also found that the median value of holdings of crypto owners was £300, and 47% of crypto owners (who chose to declare their holdings) had £260 or less in crypto.</p><p> </p><p>Additionally, the FCA explored consumers’ reasons for buying cryptocurrencies and found that 38% of crypto users bought their cryptocurrencies “as a gamble to make or lose money”. This reasoning was down 9 percentage points on 2020, where 47% of users bought their cryptocurrencies “as a gamble”.</p><p> </p><p>The Cryptoasset Taskforce – HM Treasury, the Bank of England, the FCA and the Payment Systems Regulator (PSR) – continues to monitor ongoing development in cryptoasset markets, and is taking forward a number of regulatory initiatives to manage risks and support innovation.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 1256 1257 question first answered 19/05/2022 07:37:48 answering member 4051 label Biography information for John Glen
tabling member	4518 label Biography information for Tulip Siddiq

1462520

registered interest
date	12/05/2022
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 estimate he has made of the total value of money held by UK adults on crypto exchanges.
tabling member constituency	Hampstead and Kilburn
tabling member printed	Tulip Siddiq
uin	1255
answer	answer is ministerial correction date of answer 18/05/2022 answer text <p>The Financial Conduct Authority (FCA) published consumer research in June 2021, which offered insight into the cryptoassets market in the UK. The FCA found that 4.4% of UK adults currently hold cryptocurrency, or approximately 2.3 million consumers.</p><p> </p><p>The Cryptoasset Taskforce – HM Treasury, the Bank of England, the FCA and the Payment Systems Regulator (PSR) – continues to monitor ongoing development in cryptoasset markets, and is taking forward a number of regulatory initiatives to manage risks and support innovation.</p> answering member constituency Salisbury answering member printed John Glen question first answered 18/05/2022 11:00:47 answering member 4051 label Biography information for John Glen
tabling member	4518 label Biography information for Tulip Siddiq