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1679095

registered interest
date	19/12/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Individual Savings Accounts: First Time Buyers
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 effectiveness of Lifetime ISAs for helping first-time buyers in (a) Merseyside (b) St Helens.
tabling member constituency	St Helens North
tabling member printed	Conor McGinn
uin	7601
answer	answer is ministerial correction date of answer 09/01/2024 answer text <p>The Government is committed to supporting people of all incomes and at all stages of life to save, and to making the aspiration of home ownership a reality for as many households as possible.</p><p> </p><p>The Lifetime ISA is intended to support younger people saving for their first home or for later life by offering a generous government bonus of 25% on up to £4,000 of savings each year. These funds, including the government bonus, can be used to purchase a first home up to the value of £450,000.</p><p> </p><p>The Government remains of the view that the property price cap is set at an appropriate level to support most first-time buyers across the UK while targeting households that may find it most difficult to get onto the property ladder. The withdrawal charge is needed to protect the LISA’s status as a long-term savings product. Reducing this and would encourage the use of LISAs in ways for which they were not intended.</p><p> </p><p>The Government does not undertake an assessment of the effectiveness of the LISA by region, however the Government regularly publishes annual savings statistics, which includes information on the LISA. (https://www.gov.uk/government/statistics/annual-savings-statistics-2022)</p><p> </p><p>The Government will continue to keep all aspects of savings tax policy under review and considers all representations made carefully, with any changes made as part of the Budget process.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 7375 7376 question first answered 09/01/2024 17:23:54 answering member 4639 label Biography information for Bim Afolami
tabling member	4458 label Biography information for Conor McGinn

1679096

registered interest
date	19/12/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Owner Occupation: St Helens North
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 trends in the level of interest rates on homeowners in St Helens North constituency.
tabling member constituency	St Helens North
tabling member printed	Conor McGinn
uin	7602
answer	answer is ministerial correction date of answer 08/01/2024 answer text <p>The pricing and availability of mortgages is a commercial decision for lenders in which the Government does not intervene. However, the Government recognises this is a concerning time for mortgage borrowers.</p><p>Rising interest rates are in part driven by Bank Rate. Monetary policy is the responsibility of the independent Monetary Policy Committee (MPC) of the Bank of England. The MPC continues to have the Government’s full support as it takes action to return inflation to target through its independent monetary policy decisions.</p><p>The average offered mortgage rates on 2-year and 5-year fixed rates have now fallen from their peak in the Summer.</p><p>The Government has taken steps to limit the impact of rising interest rates on mortgage holders, through the Mortgage Charter. This Charter sets out the standards that signatory lenders – who represent over 90% of the UK mortgage market – will adopt when helping their customers.</p><p>We have also taken a number of measures aimed at helping people to avoid repossession, including protection in the courts through the Pre-Action Protocol, the Housing Loss Prevention Advice Service (HLPAS), and Support for Mortgage Interest (SMI) loans. Accordingly, arrears and repossessions remain low by historical standards, despite the rise in interest costs.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 7378 question first answered 08/01/2024 08:15:21 answering member 4639 label Biography information for Bim Afolami
tabling member	4458 label Biography information for Conor McGinn

1653462

registered interest
date	17/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Arts: Tax Allowances
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has had discussions with relevant stakeholders on the potential to use tax incentives to encourage investment in the creative industries.
tabling member constituency	St Helens North
tabling member printed	Conor McGinn
uin	194440
answer	answer is ministerial correction date of answer 20/07/2023 answer text <p>The UK offers eight creative industry tax reliefs for film, high end TV, animation, children’s TV, video games, orchestras, theatres and museums and galleries exhibitions. The reliefs have a key role in stimulating growth and encouraging investment in the UK’s world-leading creative industries. Inward investment in UK film and high-end TV reaching a record figure of more than £5.3 billion in 2022.</p><p> </p><p>The Chancellor has identified the creative sector as a priority for economic growth. The Chancellor regularly engages stakeholders, including through the Creative Industries Conference which the Chancellor hosted on 3 May 2023. The conference brought together industry leaders and stakeholders from across the creative industries and covered a range of issues related to driving further growth in the sector.</p><p> </p><p>The Government keeps the tax system under continuous review. Any changes to tax reliefs would be communicated through the normal fiscal event process</p> answering member constituency Louth and Horncastle answering member printed Victoria Atkins question first answered 20/07/2023 14:15:51 answering member 4399 label Biography information for Victoria Atkins
tabling member	4458 label Biography information for Conor McGinn

1489378

registered interest
date	14/07/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Company Cars: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has had recent discussions with firms across the vehicle leasing sector on the potential merits of extending benefit-in-kind taxation rates for battery electric cars beyond 2024-25.
tabling member constituency	St Helens North
tabling member printed	Conor McGinn
uin	36810
answer	answer is ministerial correction date of answer 19/07/2022 answer text <p>Like all taxes, benefit-in-kind tax rates for company cars, also known as Company Car Tax (CCT), are kept under review. The Government aims to announce CCT rates at least two years ahead of implementation to provide certainty for employers, employees and fleet operators.</p> answering member constituency Havant answering member printed Alan Mak question first answered 19/07/2022 12:46:58 answering member 4484 label Biography information for Alan Mak
tabling member	4458 label Biography information for Conor McGinn