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1695077

registered interest
date	11/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Capital Gains Tax
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he recused himself from pre-Budget discussions on reducing the higher rate of Capital Gains Tax.
tabling member constituency	Hayes and Harlington
tabling member printed	John McDonnell
uin	17776
answer	answer is ministerial correction date of answer 19/03/2024 answer text <p>The OBR have confirmed that residential property transactions will be around 60,000 higher over the 5-year forecast, owing to the cut to the higher rate of Capital Gains Tax (CGT) on residential property gains from 28 per cent to 24 per cent.</p><p>The published costings note which covers underlying assumptions and methodologies, can be found here:</p><p><a href="https://assets.publishing.service.gov.uk/media/65e7920c08eef600155a5617/Published_Costing_Document_Spring_Budget_2024_Final.pdf" target="_blank">https://assets.publishing.service.gov.uk/media/65e7920c08eef600155a5617/Published_Costing_Document_Spring_Budget_2024_Final.pdf</a></p><p> </p><p>Further information on the methodology also can be found here:</p><p><a href="https://obr.uk/letters-to-john-mcdonnell-mp-and-sir-geoffrey-clifton-brown-mp/" target="_blank">https://obr.uk/letters-to-john-mcdonnell-mp-and-sir-geoffrey-clifton-brown-mp/</a></p><p>As set out in the Ministerial Code, there is an established process in place for the declaration and management of private interests held by ministers. This process ensures that steps are taken to avoid or mitigate any potential or perceived conflicts of interest. These interests were properly declared in line with ministerial code. The Chancellor has also said: “I’ve decided that when it comes to properties I own, it would be wrong for me to benefit from a direct decision like that. So I will pay tax on the previous rate.”</p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston grouped question UIN 17777 question first answered 19/03/2024 16:35:40 answering member 4407 label Biography information for Nigel Huddleston
tabling member	178 label Biography information for John McDonnell

1695078

registered interest
date	11/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Capital Gains Tax
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will publish his Department's modelling of the impact of a reduction in the higher rate of Capital Gains Tax on the number of property transactions.
tabling member constituency	Hayes and Harlington
tabling member printed	John McDonnell
uin	17777
answer	answer is ministerial correction date of answer 19/03/2024 answer text <p>The OBR have confirmed that residential property transactions will be around 60,000 higher over the 5-year forecast, owing to the cut to the higher rate of Capital Gains Tax (CGT) on residential property gains from 28 per cent to 24 per cent.</p><p>The published costings note which covers underlying assumptions and methodologies, can be found here:</p><p><a href="https://assets.publishing.service.gov.uk/media/65e7920c08eef600155a5617/Published_Costing_Document_Spring_Budget_2024_Final.pdf" target="_blank">https://assets.publishing.service.gov.uk/media/65e7920c08eef600155a5617/Published_Costing_Document_Spring_Budget_2024_Final.pdf</a></p><p> </p><p>Further information on the methodology also can be found here:</p><p><a href="https://obr.uk/letters-to-john-mcdonnell-mp-and-sir-geoffrey-clifton-brown-mp/" target="_blank">https://obr.uk/letters-to-john-mcdonnell-mp-and-sir-geoffrey-clifton-brown-mp/</a></p><p>As set out in the Ministerial Code, there is an established process in place for the declaration and management of private interests held by ministers. This process ensures that steps are taken to avoid or mitigate any potential or perceived conflicts of interest. These interests were properly declared in line with ministerial code. The Chancellor has also said: “I’ve decided that when it comes to properties I own, it would be wrong for me to benefit from a direct decision like that. So I will pay tax on the previous rate.”</p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston grouped question UIN 17776 question first answered 19/03/2024 16:35:40 answering member 4407 label Biography information for Nigel Huddleston
tabling member	178 label Biography information for John McDonnell

1677946

registered interest
date	13/12/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Capital Gains Tax
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of the length of time it takes for His Majesty's Revenue and Customs to calculate capital gains tax returns.
tabling member printed	Lord Colgrain
uin	HL1134
answer	answer is ministerial correction date of answer 20/12/2023 answer text <p>The vast majority of Capital Gains returns are filed online, through entries in a Self-Assessment Tax return or our online service for sale of a property which is not the main residence. Taxpayers using online services are presented with their tax calculation immediately, unless there are any exceptions requiring a manual check. For the small numbers of 2022-23 tax returns requiring manual checks, HMRC will complete these by 31 January.</p><p> </p><p>For customers who file their self-assessment return on paper, HMRC aim to process 99% of returns received by the 31 October submission deadline by 31 December. They expect to meet that target this year.</p> answering member printed Baroness Vere of Norbiton question first answered 20/12/2023 11:08:27 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4596 label Biography information for Lord Colgrain

1658470

registered interest
date	05/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Capital Gains Tax
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of the tax revenues which could be raised by aligning the capital gains tax rates with those applied to wages and salaries.
tabling member printed	Lord Sikka
uin	HL9909
answer	answer is ministerial correction date of answer 13/09/2023 answer text <p>As set out in the Government’s response to the Office of Tax Simplification's report on Capital Gains Tax (CGT) on 30 November 2021, substantial reforms to CGT rates and allowances would involve a number of wider policy trade-offs and so careful thought must be given to the impact that they would have on taxpayers, as well as any additional administrative burden on HMRC.</p><p> </p><p>The Government will continue to keep the tax system under review to ensure it is simple and efficient.</p> answering member printed Baroness Penn question first answered 13/09/2023 10:38:44 answering member 4726 label Biography information for Baroness Penn
tabling member	4885 label Biography information for Lord Sikka

1624213

registered interest
date	26/04/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Capital Gains Tax
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of the (1) cost, or (2) gain, to the Treasury of the removal of carried interest relief from capital gains tax.
tabling member printed	Lord Leigh of Hurley
uin	HL7471
answer	answer is ministerial correction date of answer 12/05/2023 answer text <p>Sums arising which meet the definition of carried interest are properly assessed as chargeable gains subject to capital gains tax (CGT) of 18 per cent or 28 per cent for higher rate taxpayers.</p><p> </p><p>In some circumstances, it is possible for sums meeting the definition of carried interest to be subject to income tax and additionally, capital gains tax. Here, double taxation would be a disproportionate outcome so relief is provided from this higher rate CGT charge to reduce the effective taxation, but only down to the higher of the two rates.</p><p>No assessment has been made of the cost of relieving these instances of double taxation.</p><p> </p><p>In 2020, the then Chancellor commissioned the Office of Tax Simplification (OTS) to carry out a review of Capital Gains Tax (CGT). The OTS provided a costing on aligning CGT rates with those of Income Tax. Please see Paragraph 2.19 of the attached publication.</p> answering member printed Baroness Penn grouped question UIN HL7472 question first answered 12/05/2023 12:22:28 answering member 4726 label Biography information for Baroness Penn attachment 1 file name Capital Gains Tax stage 1 report -Nov 2020.pdf title Capital Gains Tax stage 1 report - Nov 2020
tabling member	4295 label Biography information for Lord Leigh of Hurley

1624214

registered interest
date	26/04/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Capital Gains Tax
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of the potential (1) gain, or (2) loss, to the Treasury of equating capital gains and income tax votes.
tabling member printed	Lord Leigh of Hurley
uin	HL7472
answer	answer is ministerial correction date of answer 12/05/2023 answer text <p>Sums arising which meet the definition of carried interest are properly assessed as chargeable gains subject to capital gains tax (CGT) of 18 per cent or 28 per cent for higher rate taxpayers.</p><p> </p><p>In some circumstances, it is possible for sums meeting the definition of carried interest to be subject to income tax and additionally, capital gains tax. Here, double taxation would be a disproportionate outcome so relief is provided from this higher rate CGT charge to reduce the effective taxation, but only down to the higher of the two rates.</p><p>No assessment has been made of the cost of relieving these instances of double taxation.</p><p> </p><p>In 2020, the then Chancellor commissioned the Office of Tax Simplification (OTS) to carry out a review of Capital Gains Tax (CGT). The OTS provided a costing on aligning CGT rates with those of Income Tax. Please see Paragraph 2.19 of the attached publication.</p> answering member printed Baroness Penn grouped question UIN HL7471 question first answered 12/05/2023 12:22:28 answering member 4726 label Biography information for Baroness Penn attachment 1 file name Capital Gains Tax stage 1 report -Nov 2020.pdf title Capital Gains Tax stage 1 report - Nov 2020
tabling member	4295 label Biography information for Lord Leigh of Hurley

1603539

registered interest
date	13/03/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Capital Gains Tax
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make it his policy to process applications for a refund of overpaid Capital Gains Tax within 60 days, in line with the period of time allowed for Capital Gains Tax to be reported and paid from the date of conveyance before a late filing penalty is applied.
tabling member constituency	St Albans
tabling member printed	Daisy Cooper
uin	163939
answer	answer is ministerial correction date of answer 20/03/2023 answer text <p>Customers are required to report and pay, where due, Capital Gains Tax on the sale of UK residential property within 60 days of completing a property sale.</p><p> </p><p>Sometimes customers overpay and seek a refund. HMRC aims to process refunds as quickly as possible.</p><p> </p> answering member constituency Louth and Horncastle answering member printed Victoria Atkins question first answered 20/03/2023 17:51:10 answering member 4399 label Biography information for Victoria Atkins
tabling member	4769 label Biography information for Daisy Cooper

1581193

registered interest
date	26/01/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Capital Gains Tax
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he make an estimate of the total sum of capital gains by UK resident tax payers in each of the last five years.
tabling member constituency	Birmingham, Hodge Hill
tabling member printed	Liam Byrne
uin	133546
answer	answer is ministerial correction date of answer 02/02/2023 answer text <p>HMRC does not routinely produce estimates of capital gains split by customers’ residence status. To provide a reliable estimate would only be possible at disproportionate cost</p><p> </p><p>Annual statistics on Capital Gains Tax including gains are available here: <a href="https://www.gov.uk/government/statistics/capital-gains-tax-statistics" target="_blank">https://www.gov.uk/government/statistics/capital-gains-tax-statistics</a> The statistics in this publication are for all customers liable to UK Capital Gains Tax including chargeable gains realised by both UK residents and non-residents.</p> answering member constituency Louth and Horncastle answering member printed Victoria Atkins question first answered 02/02/2023 14:17:29 answering member 4399 label Biography information for Victoria Atkins
tabling member	1171 label Biography information for Liam Byrne

1545513

registered interest
date	24/11/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Capital Gains Tax
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what estimate they have made of (1) the number of additional taxpayers who will have to complete Capital Gains tax returns as a result of the proposed reduction in threshold, (2) the amount of additional tax revenue that is likely to be raised, and (3) the extra cost of administration that will be required as a result of those changes.
tabling member printed	Lord Lee of Trafford
uin	HL3755
answer	answer is ministerial correction date of answer 08/12/2022 answer text <p>A measure was announced at Autumn Statement 2022 to reduce the annual exempt amount (AEA) for capital gains tax (CGT) to £6,000 for tax year 2023 to 2024, with a further reduction to £3,000 for tax year 2024 to 2025 and subsequent tax years.</p><p> </p><p>In 2024 to 2025, 260,000 individuals and trusts are estimated to be brought into the scope of CGT as a result of the measure.</p><p>However, some of those taxpayers brought into the scope of CGT would already have been expected to complete the capital gains tax supplementary pages within Self Assessment for the following reasons:</p><ul><li>To report a loss;</li><li>To claim a relief;</li><li>Where the total amount or value of the consideration for all ‘chargeable disposals’ of assets made by the person in the year exceeds four times the AEA before April 2023 (£50,000 from April 2023)</li></ul><p> </p><p>The amount of additional tax revenue that is expected to be raised as a result of the measure is set out in the table below:</p><table><tbody><tr><td><p>Tax Year</p></td><td><p>2022 to 2023</p></td><td><p>2023 to 2024</p></td><td><p>2024 to 2025</p></td><td><p>2025 to 2026</p></td><td><p>2026 to 2027</p></td><td><p>2027 to 2028</p></td></tr><tr><td><p>Exchequer impact (£million)</p></td><td><p>0</p></td><td><p>+25</p></td><td><p>+275</p></td><td><p>+425</p></td><td><p>+435</p></td><td><p>+440</p></td></tr></tbody></table><p> </p><p>These figures are set out in table 5.1 of Autumn Statement 2022 and have been certified by the Office for Budget Responsibility. More details can be found in the policy costings document published alongside Autumn Statement 2022 which is available on the gov.uk website.</p><p> </p><p>A cost in the region of £100,000 will be incurred in delivering the relevant IT changes to support safe implementation of this measure. HMRC also expects to receive additional contact from customers who require support as a result of this change.</p> answering member printed Baroness Penn question first answered 08/12/2022 17:26:11 answering member 4726 label Biography information for Baroness Penn
tabling member	1132 label Biography information for Lord Lee of Trafford

1385188

registered interest
date	06/12/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Capital Gains Tax
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government further to the letter on behalf of the Chancellor to the Office of Tax Simplification on 30 November, what plans they have, if any (1) to increase capital gains tax rates, (2) to align capital gains tax rates with income tax, or (3) to reduce the annual capital gains tax allowance.
tabling member printed	Lord Lee of Trafford
uin	HL4717
answer	answer is ministerial correction date of answer 16/12/2021 answer text <p>As set out in the Government’s response to the Office of Tax Simplification's report on Capital Gains Tax on 30 November 2021, such reforms would involve a number of wider policy trade-offs and so careful thought must be given to the impact that they would have on taxpayers, as well as any additional administrative burden on HMRC. The Government will continue to keep the tax system under constant review to ensure it is simple and efficient.</p> answering member printed Lord Agnew of Oulton question first answered 16/12/2021 16:40:02 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	1132 label Biography information for Lord Lee of Trafford