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100672

	registered interest
	date	23/10/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Tax Allowances: Business
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential costs and benefits of removing the cap on entrepreneurs' tax relief.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	211741
	answer	answer is ministerial correction date of answer 30/10/2014 answer text <p>The last published cost for changing the cap on entrepreneurs' tax relief related to increasing the lifetime limit from £5m of qualifying gains to £10m. This is available in the full Budget 2011 document at the following address on page 42 in table 2.1 of the report.</p><p> </p><p> </p><p><a href="http://webarchive.nationalarchives.gov.uk/20130129110402/http:/www.hm-treasury.gov.uk/2011budget.htm" target="_blank">http://webarchive.nationalarchives.gov.uk/20130129110402/http://www.hm-treasury.gov.uk/2011budget.htm</a></p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 30/10/2014 17:10:28 answering member 1529 label Biography information for Mr David Gauke
	tabling member	1586 label Biography information for Adam Afriyie

100671

	registered interest
	date	23/10/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Revenue and Customs: Wales
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what progress has been made on the proposed closures of each HM Revenue and Customs office in North Wales; how many (a) forced and (b) voluntary redundancies each such closure entails; and what assessment he has made of the effect of such closures on levels of service by HM Revenue and Customs in North Wales.
	tabling member constituency	Vale of Clwyd
	tabling member printed	Chris Ruane
	uin	211760
	answer	answer is ministerial correction date of answer 30/10/2014 answer text <p>HM Revenue and Customs (HMRC) announced on 16 October 2014 the closure of 14 of its smaller offices across the UK which do not fit the medium to long term plans of any line of business currently operating from them. This included one office in North Wales, Government Buildings, Colwyn Bay and followed consultation with staff, departmental trade unions and elected representatives.</p><p> </p><p> </p><p> </p><p>Following the decision, 38 people in Colwyn Bay have been given priority status for vacancies at their grade both within HMRC and in other government departments.</p><p> </p><p> </p><p> </p><p>HMRC has not invited staff in Colwyn Bay office to consider voluntary redundancy at this stage. HMRC remains committed to avoiding compulsory redundancy and will do everything it reasonably can to avoid it.</p><p> </p><p> </p><p>There will be no impact on local HMRC services when the office in Colwyn Bay closes in July 2015 as it is not involved in direct customer-facing work.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 30/10/2014 17:08:48 answering member 1529 label Biography information for Mr David Gauke
	tabling member	534 label Biography information for Chris Ruane

100619

	registered interest
	date	23/10/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Economic Situation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government, in the light of the latest revised forecast by the International Monetary Fund for the British economy, whether the Chancellor of the Exchequer still has confidence in its forecasting.
	tabling member printed	Lord Blencathra
	uin	HL2350
	answer	answer is ministerial correction date of answer 05/11/2014 answer text <p>Britain’s long term economic plan is working, boosting economic security for Britain’s hardworking people. The economy is growing, the deficit has fallen by a third and there are record levels of people in work. But the job is not done and the biggest risk now to the recovery would be abandoning the plan that is delivering a brighter economic future.</p><p> </p><p>The Government’s strategy is to restore the public finances to a sustainable path and the UK is seen as a relative safe haven, with interest rates remaining historically low helping keep interest payments down for households, businesses and the taxpayer.</p><p>The IMF set out their latest forecasts in the October 2014<em> World Economic Outlook. </em>The publication recognises the Government’s long term economic plan is working, that the UK is growing and leaving the crisis behind. The IMF project the UK economy to be the fastest growing G7 economy in 2014, at 3.2 per cent and 2.7 per cent in 2015. Furthermore, the IMF recognise that fiscal consolidation undertaken during the past few years has built trust among financial investors that current fiscal paths are sustainable.</p> answering member printed Lord Deighton question first answered 05/11/2014 14:02:54 answering member 4262 label Biography information for Lord Deighton
	tabling member	497 label Biography information for Lord Blencathra

100670

	registered interest
	date	23/10/2014
	answering body	HM 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 Mr Chancellor of the Exchequer, what recent representations he has received from (a) business organisations and (b) trades unions about (i) economic integration within the EU and (ii) the proposed introduction of a financial transaction tax.
	tabling member constituency	Belfast North
	tabling member printed	Mr Nigel Dodds
	uin	211667
	answer	answer is ministerial correction date of answer 30/10/2014 answer text <p>Treasury Ministers and officials receive a wide variety of representations from organisations in both the public and private sectors.</p><p> </p><p> </p><p> </p><p>Details of ministerial and permanent secretary meetings with external organisations on departmental business are published quarterly and are available at:</p><p> </p><p> </p><p> </p><p><a href="http://www.hm-treasury.gov.uk/minister_hospitality.htm" target="_blank">http://www.hm-treasury.gov.uk/minister_hospitality.htm</a></p><p> </p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 30/10/2014 16:52:38 answering member 1529 label Biography information for Mr David Gauke
	tabling member	1388 label Biography information for Lord Dodds of Duncairn

100746

	registered interest
	date	23/10/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Money Laundering: EU Law
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential effect of the proposed revision of EU Anti-Money Laundering Directive on individuals and companies in the UK.
	tabling member constituency	Belfast North
	tabling member printed	Mr Nigel Dodds
	uin	211714
	answer	answer is ministerial correction date of answer 30/10/2014 answer text <p>The 4<sup>th</sup> EU Anti-Money Laundering Directive transposes the global standards on anti-money laundering and counter-terrorism finance set by the Financial Action Task Force (FATF) in 2012. These standards further embed the risk-based approach, which allow obliged entities, including companies, to adopt anti-money laundering checks which are best suited to the risk they face in their everyday business. This allows for more proportionate and balanced anti-money laundering regimes across the EU including in the UK.</p><p> </p><p> </p><p> </p><p>The Directive is currently in its last stage of negotiations. The UK government is committed to publishing an impact assessment and to consulting on the implementation of the Directive before transposing its new requirements into UK legislation, in line with better regulation principles. This timing is necessary to ensure that any Impact Assessment accurately reflects any changes to the draft legislation agreed in negotiations.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 30/10/2014 16:46:41 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	1388 label Biography information for Lord Dodds of Duncairn

100668

	registered interest
	date	23/10/2014
	answering body	HM 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 Mr Chancellor of the Exchequer, when he intends to reply to the letter to him dated 15 September 2014 from the right hon. Member for Manchester, Gorton with regard to Reverend Ian Hamilton.
	tabling member constituency	Manchester, Gorton
	tabling member printed	Sir Gerald Kaufman
	uin	211687
	answer	answer is ministerial correction date of answer 30/10/2014 answer text <p>I replied to the Rt Hon Member, on behalf of the Chancellor, on 22 October 2014</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 30/10/2014 17:13:32 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	451 label Biography information for Sir Gerald Kaufman

100669

	registered interest
	date	23/10/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions: Tax Allowances
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, with reference to the Answer of 20 February 2012, Official Report, column 643W, on tax allowance pensions, what proportion of income tax relief on contributions accrued to, or is expected to accrue to, individuals with an annual income of (a) up to £19,999, (b) between £20,000 and £44,999, (c) between £45,000 and £74,999, (d) between £75,000 and £99,999, (e) between £100,000 and £149,999 and (f) over £150,000 in (i) 2010-11, (ii) 2011-12, (iii) 2012-13, (iv) 2013-14 and (v) 2014-15.
	tabling member constituency	Cardiff South and Penarth
	tabling member printed	Stephen Doughty
	uin	211726
	answer	answer is ministerial correction date of answer 10/12/2014 answer text <p>The proportion of the cost of income tax relief on pension contributions for the given income ranges, and years, is provided in the table below.</p><p> </p><table><tbody><tr><td> </td><td colspan="6"><p><strong>% of the cost of income tax relief on contributions</strong></p></td></tr><tr><td><p><strong>Income bands</strong></p></td><td><p>2009-10</p></td><td><p>2010-11</p></td><td><p>2011-12</p></td><td><p>2012-13</p></td><td><p>2013-14</p></td><td><p>2014-15</p></td></tr><tr><td><p>Up to £19,999</p></td><td><p>8%</p></td><td><p>6%</p></td><td><p>5%</p></td><td><p>6%</p></td><td><p>5%</p></td><td><p>5%</p></td></tr><tr><td><p>Between £20,000 and £44,999</p></td><td><p>31%</p></td><td><p>32%</p></td><td><p>35%</p></td><td><p>37%</p></td><td><p>37%</p></td><td><p>36%</p></td></tr><tr><td><p>Between £45,000 and £74,999</p></td><td><p>25%</p></td><td><p>26%</p></td><td><p>28%</p></td><td><p>32%</p></td><td><p>33%</p></td><td><p>34%</p></td></tr><tr><td><p>Between £75,000 and £99,999</p></td><td><p>7%</p></td><td><p>8%</p></td><td><p>8%</p></td><td><p>10%</p></td><td><p>10%</p></td><td><p>10%</p></td></tr><tr><td><p>Between £100,000 and £149,999</p></td><td><p>8%</p></td><td><p>9%</p></td><td><p>9%</p></td><td><p>7%</p></td><td><p>8%</p></td><td><p>8%</p></td></tr><tr><td><p>£150,000 or more</p></td><td><p>20%</p></td><td><p>18%</p></td><td><p>14%</p></td><td><p>8%</p></td><td><p>7%</p></td><td><p>7%</p></td></tr><tr><td><p>All</p></td><td><p>100%</p></td><td><p>100%</p></td><td><p>100%</p></td><td><p>100%</p></td><td><p>100%</p></td><td><p>100%</p></td></tr></tbody></table><p> </p><p> </p><p> </p><p> </p><p> </p><p>Estimates are based on Surveys of Personal Incomes with projections for 2012-13 onwards. Historical estimates have been updated to take into account the latest outturn data and updated projections. Projected years are subject to uncertainty.</p><p> </p><p> </p><p> </p><p>The effect of the reductions in the Annual Allowance in 2011‑12 and Lifetime Allowance from 2012-13, as well as further reductions in both allowances in 2014-15 are reflected in the table. These restrictions mostly affect individuals with incomes over £150,000 hence the drop in share of tax relief for these individuals in latter years.</p><p> </p><p> </p><p>Increases in the Personal Allowance (from £6,475 in 2009-10 to £10,000 in 2014-15) cause a decline in the share of income tax relief going to those in the “Up to £19,999” income band. The higher personal allowance reduces the amount of income subject to tax for these individuals, hence also reduces their share of tax relief.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke grouped question UIN 215992 question first answered 10/12/2014 11:15:08 answering member 1529 label Biography information for Mr David Gauke
	tabling member	4264 label Biography information for Stephen Doughty