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518537

registered interest
date	11/05/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Shareholders: Voting Rights
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they will consider giving the owners of Alternative Tier One instruments capital voting rights in banks which are approaching a contingent convertible conversion point.
tabling member printed	Lord Myners
uin	HL8293
answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>The Government does not have plans to propose changes to Additional Tier 1 (AT1) instruments. These instruments have been designed without voting rights for investors because it is necessary for issuing banks to have the capital readily available in times of stress. Introduction of voting rights before a bank reaches a trigger point could undermine the ability to quickly convert these instruments and secure the capital necessary to prevent additional stress.</p> answering member printed Lord O'Neill of Gatley question first answered 12/05/2016 10:23:28 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

518386

registered interest
date	10/05/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Off-payroll Working
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what steps he plans to take to ensure that private sector companies are responsible for their off-payroll workers who use personal service companies paying the correct amount of tax.
tabling member constituency	Sheffield Central
tabling member printed	Paul Blomfield
uin	36952
answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>HM Revenue and Customs (HMRC) is continuing to tighten rules on personal service companies and off-payroll workers. For example, it has successfully used Managed Service Company legislation to tackle tax avoidance involving personal service companies and intends to pursue people behind the schemes for tax debts.</p><p> </p><p>The 2016 Budget announced changes to improve the effectiveness of the intermediaries rules in the public sector. HMRC is also developing, with stakeholders, a new online tool for the public and private sectors to provide greater certainty about the tax rules.</p><p> </p> answering member constituency Chelsea and Fulham answering member printed Greg Hands question first answered 12/05/2016 09:35:11 answering member 1526 label Biography information for Greg Hands
tabling member	4058 label Biography information for Paul Blomfield

518387

registered interest
date	10/05/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Individual Savings Accounts
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, when Lifetime ISAs will be available to the public.
tabling member constituency	Solihull
tabling member printed	Julian Knight
uin	36953
answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>The new Lifetime ISA will provide savers with the flexibility to save towards a first home and retirement at the same time.</p><p> </p><p>From April 2017, people aged 18 to 40 will be able to save up to £4,000 each year into a Lifetime ISA and receive a 25% bonus from the Government.</p><p> </p><p>The Government is engaging with the industry on the detail of implementation, regulation and advice on the Lifetime ISA. Further details will be announced when the Government brings forward legislation to enact the Lifetime ISA in the autumn.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke grouped question UIN 36954 question first answered 12/05/2016 07:26:10 answering member 1529 label Biography information for Mr David Gauke
tabling member	4410 label Biography information for Julian Knight

518388

registered interest
date	10/05/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Individual Savings Accounts
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what steps he plans to take to offer public financial advice on Lifetime ISAs.
tabling member constituency	Solihull
tabling member printed	Julian Knight
uin	36954
answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>The new Lifetime ISA will provide savers with the flexibility to save towards a first home and retirement at the same time.</p><p> </p><p>From April 2017, people aged 18 to 40 will be able to save up to £4,000 each year into a Lifetime ISA and receive a 25% bonus from the Government.</p><p> </p><p>The Government is engaging with the industry on the detail of implementation, regulation and advice on the Lifetime ISA. Further details will be announced when the Government brings forward legislation to enact the Lifetime ISA in the autumn.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke grouped question UIN 36953 question first answered 12/05/2016 07:26:10 answering member 1529 label Biography information for Mr David Gauke
tabling member	4410 label Biography information for Julian Knight

518389

registered interest
date	10/05/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, how many staff at HM Revenue and Customs work on insolvency procedures.
tabling member constituency	Amber Valley
tabling member printed	Nigel Mills
uin	37006
answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>Within HM Revenue and Customs (HMRC) debt management teams in Worthing and Edinburgh are responsible for initiating insolvency actions where other attempts to recover sums due have been unsuccessful. A third team at Newcastle lodges HMRC’s claims in insolvencies. The total number of staff engaged on insolvency work in HMRC’s debt management offices is 258.</p><p> </p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 12/05/2016 10:37:35 answering member 1529 label Biography information for Mr David Gauke
tabling member	4136 label Biography information for Nigel Mills

518390

registered interest
date	10/05/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, how much HM Revenue and Customs has received related to insolvency procedures in each of the last five years.
tabling member constituency	Amber Valley
tabling member printed	Nigel Mills
uin	37007
answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>HM Revenue and Customs (HMRC) only holds information about dividends paid for each of the last two years. In 2014/15 a total of £70.6m was received. In 2015/16 the figure was £74.5m. These figures represent dividends paid after a company or individual has been made insolvent. HMRC also receives payments in response to the initiation of insolvency proceedings and these payments are sometimes sufficient to allow HMRC to withdraw the proceedings. Data is not available about the amount received by way of these payments.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 12/05/2016 10:38:22 answering member 1529 label Biography information for Mr David Gauke
tabling member	4136 label Biography information for Nigel Mills

518391

registered interest
date	10/05/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Individual Savings Accounts: Workplace Pensions
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, whether it is his Department's policy that employees should be offered the choice of either auto-enrolment or paying into a Lifetime ISA as a means for saving for their pension, or that employees who wish to invest in a Lifetime ISA must do so in addition to auto-enrolment.
tabling member constituency	Solihull
tabling member printed	Julian Knight
uin	37003
answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>The new Lifetime ISA is an additional flexible savings product which will complement pensions to give savers greater freedom and choice to save for the long-term in a way that works for them.</p><p> </p><p>With automatic enrolment already helping nine million people with their pensions, the Government remains committed to supporting people who save in different ways.</p><p> </p><p>Increasing the choice of savings products available, the Lifetime ISA supports the Government’s ambition to encourage a regular savings habit amongst young people and to create a culture of long-term saving by offering the right products to suit their changing circumstances at different points in their lives.</p><p> </p><p>From April 2017, people aged 18 to 40 will be able to save up to £4,000 each year into a Lifetime ISA and receive a 25% bonus from the Government. Under the new Lifetime ISA, young savers will no longer have to choose between saving for their first home purchase or for retirement.</p><p> </p> answering member constituency Chelsea and Fulham answering member printed Greg Hands question first answered 12/05/2016 09:26:01 answering member 1526 label Biography information for Greg Hands
tabling member	4410 label Biography information for Julian Knight

518392

registered interest
date	10/05/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what the cost was to HM Revenue and Customs related to insolvency procedures in each of the last five years.
tabling member constituency	Amber Valley
tabling member printed	Nigel Mills
uin	37008
answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>The amount spent by HM Revenue and Customs’ (HMRC) debt management offices in Worthing, Edinburgh and Newcastle on staff costs and insolvency expenses (e.g. court fees and payments to insolvency practitioners) was £32,594,200 in 2012/13, £26,337,346 in 2013/14, £30,295,668 in 2014/15 and £28,171,282 in 2015/16. Full data is not available for 2011/12. Across HMRC there are other staff working on specialist areas of insolvency but in the time available we cannot provide details of numbers or cost.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 12/05/2016 10:35:39 answering member 1529 label Biography information for Mr David Gauke
tabling member	4136 label Biography information for Nigel Mills

518393

registered interest
date	10/05/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Revenue and Customs: Credit
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, how many times HM Revenue and Customs has been a creditor in the last five years.
tabling member constituency	Amber Valley
tabling member printed	Nigel Mills
uin	37009
answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>HM Revenue and Customs (HMRC) is a creditor of anyone who has a tax debt. We do not have complete information about the number of debtors who have owed money to HMRC in the past five years.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 12/05/2016 10:36:43 answering member 1529 label Biography information for Mr David Gauke
tabling member	4136 label Biography information for Nigel Mills

518489

registered interest
date	10/05/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Credit
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 growth in private sector credit; the use of lending strategies by banks; payday lenders and peer-to-peer lenders; and risks to family finances and financial stability.
tabling member printed	Lord Myners
uin	HL8288
answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>Private credit growth grew at 3.7% in the year to March, below the 2003-08 average of 11.5%. Industry sources such as Nesta estimate that peer-to-peer lending for consumers and business facilitated £2.4 billion of gross lending in 2015, 85% higher than in 2014. The volume of payday lending fell 35% in the first six months after the government transferred regulatory responsibility of the consumer credit market to the Financial Conduct Authority in April 2014.</p><p> </p><p>The government created the independent Financial Policy Committee (FPC) to ensure we don’t repeat the mistakes of the past, and they have judged that financial stability risks from domestic credit growth are not elevated. The FPC has already taken action on loan-to-income ratios and mortgage affordability to ensure against risks from indebted households, and interest payments as a proportion of household income have fallen to a record low of 4.7% in Q4 2015, compared to 10.6% in Q1 2008.</p> answering member printed Lord O'Neill of Gatley question first answered 12/05/2016 10:20:56 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners