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registered interest false more like this
date less than 2018-11-22more like thismore than 2018-11-22
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury remove filter
hansard heading Insolvency more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government, further to the announcement that HMRC will become a preferred creditor in UK insolvencies, what (1) calculations were used, and (2) issues were considered when they concluded that the policy would create an additional £605 million in tax revenue between 2019–20 and 2023–24. more like this
tabling member printed
Baroness McDonagh more like this
uin HL11720 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2018-12-06more like thismore than 2018-12-06
answer text <p>The tax base for this measure consists of company insolvencies with gains resulting from tax avoidance, evasion and phoenixism, in addition to the amount HMRC currently writes off every year due to insolvencies.</p><p>This is estimated from HMRC operational and administrative data and is grown in line with the Budget 2018 OBR determinant for Gross Domestic Product (GDP) at market prices deflator.</p><p> </p><p>The costing is the tax recovered from insolvencies that HMRC would not otherwise have collected before the policy was implemented. Adjustments are made for tax and payment timing.</p><p>The costing accounts for a behavioural response whereby the measure has a deterrent effect on future insolvency as some taxpayers become compliant.</p><p> </p><p><strong>At Budget 2018, the Government published a full assessment of the exchequer impacts which is attached.</strong></p><p> </p><p> </p><p> </p> more like this
answering member printed Lord Bates more like this
question first answered
less than 2018-12-06T17:53:24.397Zmore like thismore than 2018-12-06T17:53:24.397Z
answering member
1091
label Biography information for Lord Bates more like this
attachment
1
file name Budget_2018_policy_costings_PDF.pdf more like this
title Budget2018 policy costings more like this
tabling member
3701
label Biography information for Baroness McDonagh more like this