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1661314

registered interest
date	18/09/2023
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, what assessment he has made of the potential merits of introducing a tax on windfall profits from the banking sector.
tabling member constituency	Brighton, Pavilion
tabling member printed	Caroline Lucas
uin	199912
answer	answer is ministerial correction date of answer 19/10/2023 answer text <p>Banks already face an additional rate of tax on their profits in the form of the Bank Corporation Tax Surcharge – meaning they pay 3% more on their profit than most other businesses. This is in addition to a charge on the largest banks’ balance sheets in the form of the Bank Levy.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 19/10/2023 09:27:28 answering member 4874 label Biography information for Andrew Griffith
tabling member	3930 label Biography information for Caroline Lucas

1353654

registered interest
date	07/09/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Taxation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they are taking to amend the tax regime for the financial services sector; and how they intend to provide more clarity on investment screening laws to attract more inward investment.
tabling member printed	Lord Taylor of Warwick
uin	HL2520
answer	answer is ministerial correction date of answer 21/09/2021 answer text <p>The Government’s aim is for a tax regime that supports the competitiveness of the UK as a financial services centre while ensuring it makes a fair contribution to the funding of public services.</p><p> </p><p>The Government has recently taken a number of steps in support of that aim. This includes: a consultation on the UK tax treatment of funds; the development of a new tax regime for asset holding companies in alternative fund structures; a review on the VAT treatment of fund management fees and working group to consider the case for a wider financial services supplies; and, a review of the bank surcharge to ensure that the combined rate of tax on bank profit remains competitive in light of the increase in the corporation tax rate.</p><p> </p><p>On attracting inward investment, the National Security and Investment Act will provide businesses with more certainty that they will not be targeted by hostile actors, ensuring the UK remains the premier investment destination in the world.</p><p> </p><p>The Government is committed to ensuring investors understand the National Security and Investment Act, including what it requires from them, what it offers them, and how they can engage with the government for more information. In July 2021, the Government published an outline of the provisions of the National Security and Investment Act and guidance on a range of issues, and ahead of the January 2022 full commencement of the Act, will publish further guidance on how to submit a notification form, how sensitive data will be handled, interim orders and final orders, and notifiable acquisitions. Within six months of the Act’s full commencement, Government will provide market guidance notes to further aid interaction and compliance.</p><p> </p><p>The Government is also actively engaging interested stakeholders, including businesses and investors, to develop their understanding of the Act.</p><p> </p> answering member printed Lord Agnew of Oulton question first answered 21/09/2021 12:40:44 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1255646

registered interest
date	25/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Taxation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the reply by Lord Agnew of Oulton on 11 November (HL Deb, col 1123) whether they intend to provide details of the source and methodology for the statement that the finance industry contributes “£75 billion in tax receipts”.
tabling member printed	Lord Sikka
uin	HL10717
answer	answer is ministerial correction date of answer 09/12/2020 answer text <p>Her Majesty’s Government has taken this data from the report published by TheCityUK on the 9<sup>th</sup> of April this year, entitled ‘Key facts about UK-based financial and related professional services 2020’[1]. This report states that in 2018/19, the UK Financial Services sector contributed an estimated £75.5 billion to the UK public finances, which comprised 10.5% of all UK tax receipts.</p><p> </p><p>[1] <a href="https://www.thecityuk.com/research/key-facts-about-uk-based-financial-and-related-professional-services-2020/" target="_blank">‘Key facts about UK-based financial and related professional services 2020’, TheCityUK, 7<sup>th</sup> April 2020</a></p> answering member printed Lord Agnew of Oulton question first answered 09/12/2020 12:23:02 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4885 label Biography information for Lord Sikka

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

654269

registered interest
date	07/12/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services: Taxation
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 extent to which tax receipts are reliant on the financial services sector.
tabling member printed	Lord Taylor of Warwick
uin	HL3934
answer	answer is ministerial correction date of answer 21/12/2016 answer text <p>The UK is a global hub for financial services and it is therefore an important sector for the UK in terms of investment, employment and tax revenues. This is illustrated by the fact that the banking sector alone contributed £24.4 billion in PAYE and corporate taxes in 2015-16. A recent report published by the City of London Corporation estimated the total tax contribution of the financial sector at £71.4 billion.</p><p> </p> answering member printed Lord Young of Cookham question first answered 21/12/2016 12:35:31 answering member 57 label Biography information for Lord Young of Cookham
tabling member	1796 label Biography information for Lord Taylor of Warwick

444552

registered interest
date	13/01/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
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 assessment he has made of the potential implications for the UK of any introduction of a financial transaction tax under the EU enhanced co-operation procedure.
tabling member constituency	South Dorset
tabling member printed	Richard Drax
uin	22411
answer	answer is ministerial correction date of answer 18/01/2016 answer text <p>The Member States participating in negotiations to introduce a Financial Transaction Tax (FTT) under enhanced co-operation are yet to agree many fundamental aspects of the tax. Until these are agreed the implications for the UK will not be clear.</p><br /><p>The Chancellor has been clear since the enhanced co-operation FTT was first proposed that any new tax must respect the rights of non-participating Member States, including the UK. We continue to follow the negotiations closely, and remain prepared to challenge the FTT at the Court of Justice of the European Union (CJEU) if our legal concerns with the Commission’s original proposal are not addressed.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 18/01/2016 16:20:43 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4132 label Biography information for Richard Drax

422530

registered interest
date	20/10/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
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 his policy is on the introduction of a financial transaction tax in (a) the UK and (b) partnership with other taxation authorities.
tabling member constituency	Newcastle upon Tyne East
tabling member printed	Mr Nicholas Brown
uin	12531
answer	answer is ministerial correction date of answer 29/10/2015 answer text <p>The UK has a financial transaction tax. Stamp tax on shares raises significant revenue from transactions in UK equities.</p><br /><p>The UK has no plans to introduce a financial transaction tax in partnership with other tax authorities. Such a tax would only be effective if applied globally, and there is currently no prospect of global agreement.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 29/10/2015 14:57:21 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	523 label Biography information for Mr Nicholas Brown

178837

registered interest
date	10/02/2015
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 estimate he has made of the potential revenues to the Exchequer arising from an EU financial transaction tax.
tabling member constituency	Carmarthen East and Dinefwr
tabling member printed	Jonathan Edwards
uin	223995
answer	answer is ministerial correction date of answer 25/02/2015 answer text <p>I refer the hon. Member to the answer given on 31 January 2013, Official Report, column 924W.</p><p> </p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 25/02/2015 16:54:05 answering member 1529 label Biography information for Mr David Gauke
tabling member	3943 label Biography information for Jonathan Edwards

166875

registered interest
date	01/12/2014
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	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government, further to the Written Statement by Lord Deighton on 26 November (WS 37) concerning the meeting of ECOFIN on 7 November, whether they plan to continue their opposition to the proposed Financial Transaction Tax; and whether they will indicate that they will not facilitate the collection of the tax in the United Kingdom.
tabling member printed	Lord Stoddart of Swindon
uin	HL3293
answer	answer is ministerial correction date of answer 15/12/2014 answer text <p>The UK is not participating in the Financial Transaction Tax (FTT) proposed to be adopted by 11 EU member states.</p><p> </p><p> </p><p> </p><p>The Government strongly objects to certain extraterritorial aspects of the European Commission’s proposal, which in our view breach EU Treaty requirements.</p><p> </p><p> </p><p>While any eventual FTT is likely to be significantly narrower in scope than the current proposal the Chancellor has been clear that the government will not hesitate to renew its legal action against the FTT if our concerns are not addressed</p> answering member printed Lord Deighton question first answered 15/12/2014 17:44:38 answering member 4262 label Biography information for Lord Deighton
tabling member	950 label Biography information for Lord Stoddart of Swindon

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