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78315

registered interest
date	16/07/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Interest Rates
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government, further to the Written Answer by Lord Deighton on 7 July (WA 12), what representations the Chancellor of the Exchequer made to the Governor of the Bank of England during their most recent discussion on possible increases in interest rates.
tabling member printed	Lord Barnett
uin	HL1205
answer	answer is ministerial correction date of answer 28/07/2014 answer text <p>The UK’s monetary policy framework, set out in the Bank of England Act 1998, gives operational responsibility for monetary policy to the independent Monetary Policy Committee (MPC). The Chancellor of the Exchequer has frequent discussions with the Governor of the Bank of England on a wide range of issues on the UK economy.</p> answering member printed Lord Deighton question first answered 28/07/2014 11:50:43 answering member 4262 label Biography information for Lord Deighton
tabling member	1018 label Biography information for Lord Barnett

78316

registered interest
date	16/07/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	North Sea Oil: 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 Office for Budget Responsibility's revised forecasts of the tax revenues from North Sea oil; what is their estimate of the fiscal implications of those revised forecasts for an independent Scotland; whether they expect tax revenues from North Sea oil to recover; and, if so, when.
tabling member printed	Lord Barnett
uin	HL1206
answer	answer is ministerial correction date of answer 28/07/2014 answer text <p>The independent Office for Budget Responsibility (OBR) has set out the basis for its forecasts of oil and gas tax revenues in the Fiscal Sustainability Report. The forecast shows that these tax receipts, as a share of GDP, are set to decline by 84 per cent over the forecast period. The government has not made a separate assessment of these forecasts.</p><p> </p><p>The OBR has not published an assessment of what the fiscal position of a separate Scotland would be. However, other independent experts have estimated that in 2016-17, a separate Scotland would have a deficit (per person) of more than twice that of the UK.</p><p> </p><p>HM Treasury has estimated that each person in Scotland is £1,400 a year better off in the UK. That’s equivalent to around two thirds of the total NHS budget in Scotland, or almost as much as Scotland’s entire education budget.</p><p> </p><p> </p><p>The OBR’s new, lower, oil and gas tax receipts forecast only make a separate Scotland’s fiscal position tougher. In the UK, as part of a larger country, we can pool resources and share risks. This means that public spending in Scotland can remain secure and stable, even as revenues from oil and gas are volatile.</p> answering member printed Lord Deighton question first answered 28/07/2014 16:07:21 answering member 4262 label Biography information for Lord Deighton
tabling member	1018 label Biography information for Lord Barnett

78264

registered interest
date	15/07/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Smuggling
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what estimate they have made of the revenue lost to the Exchequer as a result of smuggling between the United Kingdom and mainland Europe.
tabling member printed	Lord Kennedy of Southwark
uin	HL1159
answer	answer is ministerial correction date of answer 28/07/2014 answer text <p>The information is not available. Tax gaps for alcohol, tobacco and oils were published in “Measuring Tax Gaps 2013”. These estimates cover all revenue losses and cannot be broken down to isolate losses as a result of smuggling between the UK and mainland Europe.</p><p> </p><p>“Measuring Tax Gaps 2013” can be accessed via the following page on the HMRC website:</p><p> </p><p> </p><p>https://www.gov.uk/government/collections/measuring-tax-gaps</p> answering member printed Lord Deighton question first answered 28/07/2014 11:04:44 answering member 4262 label Biography information for Lord Deighton
tabling member	4153 label Biography information for Lord Kennedy of Southwark

77794

registered interest
date	14/07/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	UK Membership of EU
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government, further to the Chief Secretary to the Treasury's speech to the Centre for Transatlantic Relations in Washington on 26 June, of how many jobs in each sector is the 3.3 million that the HM Treasury analysis says are connected to Britain's place in the European Union comprised.
tabling member printed	Lord Grocott
uin	HL1091
answer	answer is ministerial correction date of answer 28/07/2014 answer text <p>The Treasury estimate that 3.3 million jobs in the UK may be related to exports to other European Union countries. This figure is based on the assumption that the share of UK employment associated with UK exports to the EU is equal to the share of output that is exported to the EU, making allowance for the composition of the UK economy. It is not an estimate of the impact of EU membership on employment.</p><p> </p><p>Allocating all of these jobs to specific sectors is challenging in the absence of data providing both a sectoral and geographical breakdown of exports. Such estimates would be very sensitive to the further assumptions required to allocate jobs to sectors.</p><p> </p> answering member printed Lord Deighton question first answered 28/07/2014 11:47:45 answering member 4262 label Biography information for Lord Deighton
tabling member	276 label Biography information for Lord Grocott

77814

registered interest
date	14/07/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Money
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they will introduce legislation to make it an offence to refuse British currency notes and coins as payments for goods and services in the United Kingdom.
tabling member printed	Lord Stoddart of Swindon
uin	HL1111
answer	answer is ministerial correction date of answer 28/07/2014 answer text <p>Retailers are free to refuse any means of payment, even those with legal tender status should they wish to do so. Some businesses, for example, refuse to accept Bank of England £50 notes.</p><p> </p><p>Legal tender status has a narrow technical meaning. If a debtor pays in legal tender the exact amount he/she owes under the terms of a contract (and in accordance with its terms), or pays this amount into court, he/she has good defence in law if he/she is sued for non-payment of the debt.</p><p> </p><p> </p><p>The Government has no current plans to extend or replace the current legislation relating to legal tender status.</p> answering member printed Lord Deighton question first answered 28/07/2014 11:50:03 answering member 4262 label Biography information for Lord Deighton
tabling member	950 label Biography information for Lord Stoddart of Swindon

77815

registered interest
date	14/07/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Business: Taxation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether a common European Union corporate tax base, as proposed by Jean-Claude Juncker during his meeting with the Green group of the European Parliament, would require unanimous agreement; and what is their assessment of such a measure.
tabling member printed	Lord Stoddart of Swindon
uin	HL1112
answer	answer is ministerial correction date of answer 28/07/2014 answer text <p>Legislative proposals by the Commission in the area of business taxation, including the proposal for a common consolidated corporate tax base (CCCTB), require unanimous agreement by Member States.</p><p> </p><p> </p><p>The Government has informed the Commission of its view the CCCTB proposal does not adhere to the Treaty requirements of subsidiarity and proportionality; and that there are significant shortcomings in the assessment of the impact of the proposal on the UK. Negotiations are expected to continue under the Italian Presidency.</p> answering member printed Lord Deighton question first answered 28/07/2014 16:00:53 answering member 4262 label Biography information for Lord Deighton
tabling member	950 label Biography information for Lord Stoddart of Swindon

76637

registered interest
date	09/07/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Public Sector: Workplace Pensions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what progress they have made in encouraging public sector pension funds in the United Kingdom to amalgamate to achieve greater purchasing power.
tabling member printed	Lord Empey
uin	HL979
answer	answer is ministerial correction date of answer 22/07/2014 answer text <p>The Government has recently conducted a consultation on structural reform in the Local Government Pension Scheme for England &amp; Wales, the UK’s largest funded public service pension scheme. The consultation sets out a package of proposals for greater collaboration between funds in order to secure cost savings and efficiencies. The Government will carefully consider respondents’ views and publish a response in due course.</p><p> </p><p> </p> answering member printed Lord Deighton question first answered 22/07/2014 14:33:25 answering member 4262 label Biography information for Lord Deighton
tabling member	4216 label Biography information for Lord Empey

76578

registered interest
date	08/07/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Overseas Loans: Republic of Ireland
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government how much they are owed by the government of the Republic of Ireland as a result of loans following the recent financial crisis; how much has been paid off; and what are the arrangements for repayment.
tabling member printed	Lord Laird
uin	HL922
answer	answer is ministerial correction date of answer 22/07/2014 answer text <p>I refer the noble Lord to the last statutory report which the Treasury provided to Parliament as required by Section 2 of the Loans to Ireland Act 2010. The last report was published on the 28 April 2014 and is available here along with all previous reports submitted:</p><p> </p><p>https://www.gov.uk/government/collections/bilateral-loan-to-ireland</p><p> </p><p>Since the publication of this report, the UK has received a further interest payment from Ireland on the 16 June 2014 of £41,769,173.48.</p><p> </p><p>The next report will be provided as soon as reasonably possible at the end of the next reporting period which finishes on the 30 September 2014.</p><p> </p><p> </p> answering member printed Lord Deighton question first answered 22/07/2014 14:32:48 answering member 4262 label Biography information for Lord Deighton
tabling member	2479 label Biography information for Lord Laird

65936

registered interest
date	07/07/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Doctors: Tax Allowances
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government why tax relief is not available for essential professional expenses such as registration, defence fees and continued professional development incurred, or for unpaid professional work undertaken, by a doctor in receipt of a National Health Service pension.
tabling member printed	Baroness Finlay of Llandaff
uin	HL863
answer	answer is ministerial correction date of answer 15/07/2014 answer text <p>Some of an employee's professional expenses may qualify for tax relief against the earnings from that employment. However an individual cannot set expenses against their other sources of income such as a pension. This is the case even where the individual continues to do voluntary unpaid work in a connected field<strong>.</strong></p><p> </p><p> </p> answering member printed Lord Deighton question first answered 15/07/2014 14:22:35 answering member 4262 label Biography information for Lord Deighton
tabling member	3609 label Biography information for Baroness Finlay of Llandaff

65835

registered interest
date	03/07/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Unpaid Taxes
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government how much money is owed to HM Revenue and Customs by those whom they have contacted repeatedly to pay what they owe, as described in paragraph 2.4 of the HM Revenue and Customs report Direct Recovery of Debts published on 6 May 2014.
tabling member printed	Lord Howard of Rising
uin	HL827
answer	answer is ministerial correction date of answer 14/07/2014 answer text <p>The additional tax revenue HM Revenue and Customs (HMRC) expects to collect through the use of this policy is represented in Table 2.1 of the Budget 2014 document.</p><p> </p><p> </p><p>As set out in paragraph 2.12 of the Direct Recovery of Debts consultation document, HMRC estimates that this measure will apply to around 17,000 debtors a year, who have an average of £5,800 in tax and tax credit debts and around £20,000 in their bank and building society accounts.</p> answering member printed Lord Deighton question first answered 14/07/2014 16:13:21 answering member 4262 label Biography information for Lord Deighton
tabling member	3674 label Biography information for Lord Howard of Rising