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1361105

registered interest
date	19/10/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Business Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has plans for business rate reform in the next calendar year.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	58857
answer	answer is ministerial correction date of answer 27/10/2021 answer text <p>We have published the conclusion of the Business Rates Review, which sets out our plans for reform, at the Budget.</p><p> </p><p>For example, the Review announces significant new measures to reduce the burden of business rates on firms, including freezing the multiplier in 2022-23, saving ratepayers £4.6bn over the next five years. We are providing a new temporary relief worth almost £1.7 billion for eligible retail, hospitality, and leisure businesses in England. We are also providing support worth almost £750m over the next five years for businesses to improve and decarbonise their properties.</p><p> </p><p>The Review also commits to changes to improve the business rates system, through a commitment to deliver more frequent revaluations. We will deliver a 3-yearly revaluations cycle from 2023.</p> answering member constituency South East Cambridgeshire answering member printed Lucy Frazer question first answered 27/10/2021 14:14:10 answering member 4517 label Biography information for Lucy Frazer
tabling member	4131 label Biography information for Jim Shannon

1361119

registered interest
date	19/10/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Offshore Funds: Disclosure of Information
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he is taking to tackle the recent leak of offshore data which exposed financial dealings of some of the most affluent in society.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	58865
answer	answer is ministerial correction date of answer 25/10/2021 answer text <p>This government is committed to making the UK a hostile place for illicit finance and economic crime. The Financial Action Task Force has found that the UK has one of the strongest systems in the world for combatting money laundering. However, as a global financial centre, we are determined to go further to crack down on dirty money and financial exploitation, to protect our security and prosperity.</p><p>We published a landmark public-private partnership Economic Crime Plan in 2019. The Plan outlines a comprehensive national response to economic crime, and sets out 52 actions being taken by both the public and private sectors to ensure the UK cannot be abused for economic crime.</p><p>A key part of going further is working with international partners to tackle cross-border illicit financial flows. In 2016, the UK became the first major economy in the world to implement a public register of company beneficial ownership – the People with Significant Control Register. In June 2021, the UK agreed, with G7 partners, on the importance of strengthening international standards on beneficial ownership, so we have the tools to prevent money laundering through corporate structures. The G7 agreed that beneficial ownership registries – like the UK’s pioneering People with Significant Control register – are a key part of this.</p><p>Regarding tax evasion, HMRC already has a great deal of information on individuals and companies that use offshore arrangements to hide money. Each year HMRC gathers tens of millions of items of data through intelligence-gathering, the acquisition of bulk data (including through international data exchange agreements), and through their own expert investigations. HMRC is looking closely at the information the ‎ICIJ has disclosed to see if it reveals anything new to their existing knowledge and investigations.</p> answering member constituency Salisbury answering member printed John Glen question first answered 25/10/2021 14:02:23 answering member 4051 label Biography information for John Glen
tabling member	4131 label Biography information for Jim Shannon

1349417

registered interest
date	22/07/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Tax Evasion
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent steps he has taken to (a) tackle and (b) hold people accountable for tax evasion.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	38262
answer	answer is ministerial correction date of answer 10/09/2021 answer text <p>Since 2010, the Government has introduced over 150 new measures to tackle tax avoidance, evasion and other forms of non-compliance, and has secured and protected over £250 billion in tax revenues that would have otherwise gone unpaid. These efforts have helped to reduce the tax gap to a record low of 4.7% for the year 2018-19.</p><p> </p><p>At Spring Budget 2021, the Government announced a further 14 measures to tackle tax non-compliance, forecast to raise £2.2 billion over the next five years. The Government remains committed to reducing the tax gap and will bring forward further measures in due course.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 10/09/2021 13:32:34 answering member 3991 label Biography information for Jesse Norman
tabling member	4131 label Biography information for Jim Shannon

1349021

registered interest
date	21/07/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Holiday Accommodation and Second Homes
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he plans to amend the fiscal framework for (a) second and (b) holiday homes.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	37472
answer	answer is ministerial correction date of answer 10/09/2021 answer text <p>All tax policy remains under review, but it would not be appropriate to speculate on the likelihood of future changes outside of a fiscal event.</p><p> </p><p>Many second homeowners and owners of holiday lets will be liable for the Higher Rates for Additional Dwellings SDLT surcharge when they purchase additional property. This is part of the Government’s commitment to support first time buyers.</p><p> </p><p>Owners of holiday lets may consider whether they can benefit from small business rates relief. In March, the Government announced that it will legislate to change the criteria determining whether a holiday let is valued for business rates to account for the number of days it was let. MHCLG will shortly publish further details on this change in their response to their consultation on the business rates treatment of self-catering accommodation.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 10/09/2021 13:37:21 answering member 3991 label Biography information for Jesse Norman
tabling member	4131 label Biography information for Jim Shannon

1348564

registered interest
date	20/07/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Brexit: Costs
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent estimate his Department has made of the final cost to the public purse of implementing the Withdrawal Agreement and the UK’s departure from the EU; and if he will make statement.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	36635
answer	answer is ministerial correction date of answer 26/07/2021 answer text <p>I laid the “<em>European Union Finances 2020: statement on the 2020</em><em> </em><em>EU Budget and measures to counter fraud and financial mismanagement</em>” (CP472) on 15 July 2020.</p><p>Annex E details the costs of implementing the Withdrawal Agreement and the financial settlement. HM Treasury estimate that the current value of the financial settlement is £37.3bn. This remains within the Government’s previously published reasonable central range, adjusted to take into account the UK’s 31 January 2020 exit date.</p> answering member constituency North East Cambridgeshire answering member printed Steve Barclay question first answered 26/07/2021 08:32:36 answering member 4095 label Biography information for Steve Barclay
tabling member	4131 label Biography information for Jim Shannon

1345365

registered interest
date	08/07/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Stamp Duty Land Tax
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will take steps to compensate property sellers who agreed sales ahead of the March 2020 covid-19 lockdown and therefore failed to qualify for the stamp duty freeze.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	29799
answer	answer is ministerial correction date of answer 13/07/2021 answer text <p>As with many tax policy announcements made at fiscal events, the change to SDLT was effective from the day of announcement. The £500,000 SDLT threshold applied to sales that have been completed or substantially performed between 8 July 2020 and 30 June 2021.</p><p> </p><p>The temporary SDLT relief was designed to stimulate immediate momentum in a property market where property transactions fell by as much as 50 per cent during the COVID-19 lockdown in March. This momentum in the property market has supported the jobs of people whose employment relies on custom from the property industry, such as retailers and tradespeople.</p><p> </p><p>The relief will not be backdated for those who purchased a property before the relief was introduced. Any changes to extend the relief retrospectively would inevitably lead to similar borderline cases for purchases completed at an earlier point.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 13/07/2021 13:04:30 answering member 3991 label Biography information for Jesse Norman
tabling member	4131 label Biography information for Jim Shannon

1342894

registered interest
date	01/07/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment has made of the potential (a) merits and (b) risks of cryptocurrencies a a means of payment.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	25820
answer	answer is ministerial correction date of answer 07/07/2021 answer text <p>The Government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January. This set out the view that new and emerging forms of cryptoassets, known as stablecoins, which seek to stabilise their value, could be used as widespread means of payment and potentially deliver improvements in cross-border transactions. At the same time, depending on scale and nature of use, these developments could pose similar financial stability and consumer risks as traditional regulated payment systems.</p><p> </p><p>The government’s proposed approach would make sure stablecoins meet the same high standards we expect of other payment methods. High volatility has been a notable feature of some cryptoassets, making them less suitable for payments and attractive to some holders as a high-risk speculative investment.</p><p> </p><p>The Government is considering responses and will outline next steps in due course. Any steps taken in light of this consultation will aim to balance the potential risk to consumers with the ambition to foster competition and innovation in the sector.</p> answering member constituency Salisbury answering member printed John Glen question first answered 07/07/2021 10:05:20 answering member 4051 label Biography information for John Glen
tabling member	4131 label Biography information for Jim Shannon

1338792

registered interest
date	22/06/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank Services: Coronavirus
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has had discussions with banks on the return of full banking services in store as covid-19 restrictions are eased.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	20408
answer	answer is ministerial correction date of answer 29/06/2021 answer text <p>Throughout the pandemic the Government has worked closely with the financial regulators and banking industry to ensure they continue to maintain branch access for essential services while balancing the needs of their customers with the safety and welfare of staff. The vast majority of branches have remained open, though some have operated at reduced hours.</p><p> </p><p>Though it is up to individual firms what services they offer in branches, the Financial Conduct Authority (FCA) has expected firms throughout the pandemic to continue to ensure essential services are available for vulnerable customers.</p><p> </p><p>Customers also continue to be able to use other channels, such as telephone, online and mobile banking. 95% of business and 99% of personal customers are also able to carry out their everyday banking at over 11,500 Post Office branches across the UK.</p> answering member constituency Salisbury answering member printed John Glen question first answered 29/06/2021 13:49:01 answering member 4051 label Biography information for John Glen
tabling member	4131 label Biography information for Jim Shannon

1338393

registered interest
date	21/06/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Inflation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what the rate of inflation will be in (a) 2022-23 and (b) 2023-24.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	19587
answer	answer is ministerial correction date of answer 24/06/2021 answer text <p>In its latest published Economic and Fiscal Outlook, from March 2021, the independent Office for Budget Responsibility forecast CPI inflation to be 1.8% in 2022, 1.9% in 2023 and 1.9% in 2024.</p> answering member constituency Salisbury answering member printed John Glen question first answered 24/06/2021 13:57:40 answering member 4051 label Biography information for John Glen
tabling member	4131 label Biography information for Jim Shannon

1337234

registered interest
date	16/06/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Private Equity
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he plans to take steps to protect investors in the UK from equity buyouts.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	16847
answer	answer is ministerial correction date of answer 22/06/2021 answer text <p>The Government is committed to ensuring that the UK continues to represent an attractive and fair place to do business, and is a world-leading, global financial centre. Investment is central to this vision and the UK has some of the world’s deepest and most liquid equity markets, attracting the best companies from around the globe and connecting them with investors.</p><p> </p><p>The Takeover Code, written and enforced by the Takeover Panel, ensures investors are given an appropriate degree of protection when there is a takeover of a company. It ensures that investors are treated equally, given appropriate information, and have time to consider the offer.</p><p> </p><p>Further to this, in the recently published Audit Reform white paper, the Government set out its ambitious plans to strengthen the UK’s audit, company reporting and corporate governance framework. The reforms will ensure that the UK’s most significant corporate entities are regulated responsibly and will empower investors by giving them access to reliable and meaningful information on company performance. Under the proposals, a reformed statutory regulator will be given new investigation and enforcement powers in relation to wrongdoing by directors. Additional measures will support company resilience and protect the interests of shareholders.</p><p><strong> </strong></p> answering member constituency Salisbury answering member printed John Glen question first answered 22/06/2021 08:21:28 answering member 4051 label Biography information for John Glen
tabling member	4131 label Biography information for Jim Shannon