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1108861

	registered interest
	date	01/04/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	London Capital & Finance: Individual Savings Accounts
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what investigations they have initiated into the authorisation by the Financial Conduct Authority for London Capital and Finance to offer ISA investments.
	tabling member printed	Lord Myners
	uin	HL14968
	answer	answer is ministerial correction date of answer 15/04/2019 answer text <p>On 1 April, the Economic Secretary announced that he will use powers under the Financial Services Act 2012 to direct the Financial Conduct Authority (FCA) to launch an investigation into the events at London Capital &amp; Finance and the circumstances surrounding them. This followed a request from the FCA Chair, Charles Randell, to the Economic Secretary to launch such an investigation.</p><p> </p><p>Approval to act as an ISA manager is granted by Her Majesty’s Revenue and Customs (HMRC). When considering an application, HMRC undertakes checks to ensure that applicants hold the appropriate regulatory permissions from the FCA.</p><p> </p><p>Once approval is granted, ISA managers must administer the ISA scheme in accordance with the ISA legislation. HMRC has a range of powers to tackle non-compliance with the rules, including withdrawing permission to act as an ISA manager, voiding non-compliant ISAs and reclaiming any incorrectly paid tax relief.</p> answering member printed Lord Bates question first answered 15/04/2019 14:42:35 answering member 1091 label Biography information for Lord Bates
	tabling member	3869 label Biography information for Lord Myners

1108873

	registered interest
	date	01/04/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what steps they are taking to provide clarity surrounding new sales rules for UK asset managers in the event of a no-deal Brexit.
	tabling member printed	Lord Taylor of Warwick
	uin	HL14980
	answer	answer is ministerial correction date of answer 15/04/2019 answer text <p>The Treasury is in frequent contact with firms regarding their contingency planning for EU exit. UK asset managers that are using the EU “passport” to serve clients in the EEA have undertaken and will continue to carry out contingency plans with respect to their operations in the EEA in order to be ready for a no deal scenario. Some European countries have introduced measures to ensure that UK asset managers will continue to be able to service EEA clients.</p><p> </p><p>The Government has undertaken the necessary work to ensure that we have a stable and functioning domestic framework for asset managers at the point of leaving the EU without a deal. This includes establishing the ‘temporary marketing permissions regime’ which enables EEA funds to continue to be able to market into the UK for up to 3 years. These measures have been welcomed across the UK asset management industry.</p> answering member printed Lord Bates question first answered 15/04/2019 14:53:14 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1108874

	registered interest
	date	01/04/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Investment
	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 suggesting that Brexit may have cost the UK approximately 2.4 per cent of GDP due to a fall in investment.
	tabling member printed	Lord Taylor of Warwick
	uin	HL14981
	answer	answer is ministerial correction date of answer 15/04/2019 answer text <p>Despite the uncertainty around Brexit, the economy remains resilient. We are currently enjoying the longest unbroken quarterly growth streak of any G7 nation, employment is at a record high and regular wages are growing at their fastest pace in over a decade. The government's priority is to continue to press the case for an orderly Brexit that delivers on the result of the referendum and ends the uncertainty facing businesses and consumers.</p><p> </p> answering member printed Lord Bates question first answered 15/04/2019 14:57:44 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1108876

	registered interest
	date	01/04/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Claims Management Services: Regulation
	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 of sector regulation on closures of financial claims management firms; and of the impact that could have on consumers.
	tabling member printed	Lord Taylor of Warwick
	uin	HL14982
	answer	answer is ministerial correction date of answer 15/04/2019 answer text <p>The government conducted an impact assessment for the transfer of the responsibility of Claims Management Companies (CMCs) regulation from the Claims Management Regulator (CMR) to the Financial Conduct Authority (FCA), and the FCA have also assessed the costs to industry.</p><p> </p><p>The number of CMCs has declined for several years, and if this trend continues, compliance costs for the industry will likely reduce. Remaining CMCs will now be required to meet FCA rules and higher standards of conduct. This will increase trust and confidence in the sector, which will benefit consumers and CMCs.</p> answering member printed Lord Bates question first answered 15/04/2019 14:28:53 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1109275

	registered interest
	date	02/04/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Lloyds Bank: Fees and Charges
	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 way in which Lloyds Bank have introduced changes to the structure of charges for unplanned overdrafts; what assessment they have made of the appropriateness of the timing of those changes; and what assessment they have made of the impact of those changes on customers.
	tabling member printed	Lord Balfe
	uin	HL14992
	answer	answer is ministerial correction date of answer 15/04/2019 answer text <p>Overdraft pricing is a commercial decision for firms, therefore HM Treasury does not make assessments of individual firms’ prices, the strategies for announcing those prices or the impact of those changes on customers.</p><p> </p><p>In December 2018 the Financial Conduct Authority published a consultation on interventions in the overdraft market. This consultation has now closed and the final remedies are due to be published in June this year.</p> answering member printed Lord Bates question first answered 15/04/2019 14:37:41 answering member 1091 label Biography information for Lord Bates
	tabling member	4302 label Biography information for Lord Balfe

1109349

	registered interest
	date	03/04/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Business: Investment
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps he plans to take to increase business investment in the UK after the UK leaves the EU.
	tabling member constituency	Haltemprice and Howden
	tabling member printed	Mr David Davis
	uin	240505
	answer	answer is ministerial correction date of answer 12/04/2019 answer text <p>The Government continues to work towards leaving the EU with a deal, which will allow us to honour the referendum, while also protecting jobs and our economy. The government is committed to providing the right economic environment for businesses to invest and grow.</p><p> </p><p>Businesses will also benefit from recently announced tax measures such as the introduction of a new allowance for the construction costs of new qualifying non-residential structures and buildings, which will provide billions of pounds of additional relief for UK businesses. The Government has also increased the Annual Investment Allowance from £200,000 to £1 million for two years, significantly increasing the amount of relief businesses receive on qualifying investment in the first year.</p><p> </p><p>Additionally, our modern Industrial Strategy sets out a clear plan for how we can boost productivity throughout the UK, including increased public investment in infrastructure and R&amp;D. At Budget 2018 we increased the size of the National Productivity Investment Fund to £37 billion and since 2010 there has been £600 billion of capital investment including in roads, rail, digital and skills.</p> answering member constituency Newark answering member printed Robert Jenrick question first answered 12/04/2019 16:39:13 answering member 4320 label Biography information for Robert Jenrick
	tabling member	373 label Biography information for Sir David Davis

1109430

	registered interest
	date	03/04/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Customs
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what progress HMRC has made on its moving its inland pre-clearance operations to new purpose-equipped sites at Hayes and Milton Keynes; and what contingency measures HMRC has implemented to mitigate delays as a result of that move.
	tabling member constituency	Meriden
	tabling member printed	Dame Caroline Spelman
	uin	240494
	answer	answer is ministerial correction date of answer 12/04/2019 answer text <p>HMRC’s new Inland Pre-Clearance sites are now operational. The move resulted in a temporary backlog of consignments for examination. HMRC has triaged consignments using a principled risk-based approach, releasing some consignments without prejudice to any further compliance action, and has also examined other consignments at the port. HMRC is now moving remaining containers from the ports for examination.</p> answering member constituency Central Devon answering member printed Mel Stride question first answered 12/04/2019 15:37:19 answering member 3935 label Biography information for Mel Stride
	tabling member	312 label Biography information for Dame Caroline Spelman

1109771

	registered interest
	date	04/04/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Revenue and Customs: Fines
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will publish the HMRC penalties issued in 2018 by size of business.
	tabling member constituency	Bootle
	tabling member printed	Peter Dowd
	uin	241052
	answer	answer is ministerial correction date of answer 12/04/2019 answer text <p>The purpose of penalties is to encourage taxpayers to comply with their obligations, act as a sanction for those who do not and to reassure those who do comply that they will not be disadvantaged by those who do not. Penalties are not used as a revenue-raising mechanism.</p><p> </p><p>Parliament determines the laws relating to tax and to whom they apply. HMRC apply those laws fairly and do not discriminate between different taxpayers or size of business.</p><p> </p><p>HMRC can apply a large number of different penalties, but they break down into three broad areas:</p><p> </p><p>• Automatic penalties for failure to meet a time-bound obligation, such as submitting returns or making payments by a specified deadline;</p><p> </p><p>• Penalties for failure to meet a regulatory obligation, such as the requirement to keep certain records; and</p><p> </p><p>• Behaviour-based penalties for inaccurate returns and documents and failure to notify taxable status.</p><p> </p><p>A penalty is not payable if a person had a reasonable excuse for failing to meet an obligation or took reasonable care to avoid submitting an inaccurate return.</p><p> </p><p>HMRC does not record data on penalties issued by size of business.</p> answering member constituency Central Devon answering member printed Mel Stride question first answered 12/04/2019 12:15:00 answering member 3935 label Biography information for Mel Stride
	tabling member	4397 label Biography information for Peter Dowd

1109882

	registered interest
	date	04/04/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Taxation: Domicil
	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 that their policies have had on non-domiciled residents.
	tabling member printed	Lord McColl of Dulwich
	uin	HL15074
	answer	answer is ministerial correction date of answer 16/04/2019 answer text <p>The Government announced reforms to the way that non-domiciled individuals are taxed in the UK at the Summer Budget 2015. They came into effect in April 2017. The Government published a Tax Information and Impact Note which gives information about the impacts of these measures, which is available online.</p><p> </p><p>The Government also publishes statistics on the taxation of non-domiciled individuals annually, which are available on gov.uk.</p> answering member printed Lord Bates question first answered 16/04/2019 13:35:54 answering member 1091 label Biography information for Lord Bates
	tabling member	1892 label Biography information for Lord McColl of Dulwich

1109887

	registered interest
	date	04/04/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Students: Loans
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government, following Office for National Statistics changes to the recording of student loans in the national accounts, what proportion of student loan payments will be classed as (1) government lending, and (2) government spending.
	tabling member printed	Lord Mendelsohn
	uin	HL15079
	answer	answer is ministerial correction date of answer 15/04/2019 answer text <p>The Office for Budget Responsibility (OBR) published updated estimates of potential fiscal impacts from the new student loans accounting treatment in Annex E of their March 2019 Economic and fiscal outlook.</p><p> </p><p>However, the Office for National Statistics (ONS) has made it clear that there is a lot to decide before their methodology is finalised. The ONS plan to fully implement the new treatment for student loans in the public sector finances in September 2019.</p> answering member printed Lord Bates question first answered 15/04/2019 14:51:23 answering member 1091 label Biography information for Lord Bates
	tabling member	4286 label Biography information for Lord Mendelsohn