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1712656

registered interest
date	22/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Foreign Investment in UK
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 impact of the delay of the Overseas Funds Regime on the UK's attractiveness to overseas asset managers; and what steps they are taking to mitigate any negative effects.
tabling member printed	Lord Taylor of Warwick
uin	HL4017
answer	answer is ministerial correction date of answer 02/05/2024 answer text <p>The UK’s world-leading asset management sector is the second largest by assets under management, 48% of which are managed on behalf of overseas investors.</p><p> </p><p>The Overseas Funds Regime was legislated for in the Financial Services Act 2021, to create a more streamlined process for overseas investment funds to be sold to UK investors.</p><p> </p><p>On 30<sup>th</sup> January, the Economic Secretary to the Treasury announced that the Government had found the states in the European Economic Area, including the EU member states, equivalent under the Overseas Funds Regime, in respect of certain retail funds. This followed a detailed assessment of the states’ regulatory regimes.</p><p> </p><p>HM Treasury and the Financial Conduct Authority (FCA) jointly published a roadmap to equivalence on the 1<sup>st</sup> of May setting out the key milestones to implement this decision.</p><p> </p><p>Alongside this, the FCA published detailed guidance setting out that funds in scope of the OFR – but without temporary marketing access – will be able to apply to the FCA for recognition from September 2024. The FCA intends to invite funds with temporary marketing access to apply for recognition in tranches between October 2024 and September 2026.</p> answering member printed Baroness Vere of Norbiton question first answered 02/05/2024 11:28:09 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1712779

registered interest
date	22/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	VAT: Scotland
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many value added tax registrations there were in each deprivation decile in each (a) parliamentary constituency and (b) ward in Scotland in each year since 2019.
tabling member constituency	Midlothian
tabling member printed	Owen Thompson
uin	22993
answer	answer is ministerial correction date of answer 29/04/2024 answer text <p>The requested information on Value Added Tax (VAT) registrations by deprivation decile is not available. HMRC does not publish any VAT statistics containing geographic breakdowns. This is because VAT registrations can have both single and multiple sites, and therefore such breakdowns would be of limited value.</p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston question first answered 29/04/2024 11:07:51 answering member 4407 label Biography information for Nigel Huddleston
tabling member	4482 label Biography information for Owen Thompson

1712888

registered interest
date	22/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Equitable Life Assurance Society: Compensation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent discussions he has had with (a) Cabinet colleagues and (b) officials in his Department on compensation and support for affected Equitable Life policyholders.
tabling member constituency	Mid Bedfordshire
tabling member printed	Alistair Strathern
uin	23080
answer	answer is ministerial correction date of answer 25/04/2024 answer text <p>The Equitable Life Payment Scheme has been fully wound down and closed since 2016 and there are no plans to reopen any previous decisions relating to the Payment Scheme or review the £1.5 billion funding allocation previously made to it. Further guidance on the status of the Payment Scheme after closure is available at: https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 25/04/2024 12:10:54 answering member 4639 label Biography information for Bim Afolami
tabling member	5000 label Biography information for Alistair Strathern

1712895

registered interest
date	22/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Hybrid Vehicles: Fuels
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has plans to introduce a specific advisory fuel rate for hybrid vehicles.
tabling member constituency	Warrington South
tabling member printed	Andy Carter
uin	23054
answer	answer is ministerial correction date of answer 30/04/2024 answer text <p>Advisory Fuel Rates apply when an employer reimburses an employee for business travel in a company car, or when an employee reimburses an employer for the cost of fuel used for private travel. Rates vary by engine size and fuel type and are reviewed quarterly. There are no current plans to introduce a specific advisory rate for hybrid vehicles.</p><p> </p><p>The Advisory Fuel Rates are not mandatory. Employers and employees can instead agree to reimburse different amounts, subject to certain tax conditions.</p> answering member constituency Grantham and Stamford answering member printed Gareth Davies question first answered 30/04/2024 08:28:44 answering member 4850 label Biography information for Gareth Davies
tabling member	4791 label Biography information for Andy Carter

1712907

registered interest
date	22/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Nurseries: Business Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department is taking steps to support nurseries experiencing financial challenges as a result of increased business rates.
tabling member constituency	Nottingham East
tabling member printed	Nadia Whittome
uin	23085
answer	answer is ministerial correction date of answer 26/04/2024 answer text <p>The government recognises the pressure that businesses have been under since the pandemic and that is why the government froze the business rates multiplier for three consecutive years from April 2021 until April 2024 at a cost of £14.5 billion.</p><p> </p><p>To make sure that the most vulnerable businesses continue to be supported, the government announced a further freeze to the small business multiplier at Autumn Statement for 2024-25, which will protect over a million ratepayers from a multiplier increase. This means bills will be 6.6 per cent lower than without the freeze. In addition to this support, some nurseries will already be in receipt of business rates relief where they have a ‘charitable purpose’, such as those part of academy chains.</p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston question first answered 26/04/2024 14:34:57 answering member 4407 label Biography information for Nigel Huddleston
tabling member	4869 label Biography information for Nadia Whittome

1702387

registered interest
date	19/04/2024
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, whether he is developing economic models to forecast (a) price trends and (b) growth potential in cryptocurrencies.
tabling member constituency	Slough
tabling member printed	Mr Tanmanjeet Singh Dhesi
uin	22784
answer	answer is ministerial correction date of answer 25/04/2024 answer text <p>The Government is not developing economic models to forecast cryptoasset trends. Rather, it uses information from a range of sources to understand broad trends in the market in order to inform policy development.</p><p>In October last year, the Treasury published its final proposals for creating the UK’s financial services regulatory regime for cryptoassets, and is currently working to deliver legislation giving effect to its proposals. As part of this, the government will publish analysis of the impacts of its legislation on cryptoasset businesses in scope of the forthcoming regime in the usual way.</p><p> </p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 25/04/2024 09:27:23 answering member 4639 label Biography information for Bim Afolami
tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi

1702391

registered interest
date	19/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Self-employed: Fines
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether self-employed individuals who file their tax returns late but owe no tax are penalised.
tabling member constituency	Slough
tabling member printed	Mr Tanmanjeet Singh Dhesi
uin	22787
answer	answer is ministerial correction date of answer 25/04/2024 answer text <p>HMRC issues SA tax returns to customers when the information they hold suggests that the customer meets the published criteria for completing one. HMRC often cannot determine someone’s tax liability until they have sent in a tax return, therefore they need the return to establish whether there is tax due or not.​​ Late filing and payment penalties are charged to encourage customers to file on time but we can cancel a customer’s late filing penalty if they have a reasonable excuse. Customers can also ask HMRC to remove them from the SA process for future years if they no longer meet the criteria.​</p><p> </p><p>From October 2011 the penalty legislation changed, from this point the capping of penalties was no longer factored into the calculation and any fixed penalty applied remained at the full amount regardless of liability.</p><p> </p><p>Although no change to the current penalty regime has been announced, Penalty Reform within Making Tax Digital will change the way we calculate penalties for late Submission and late payment of tax. The new legislation will factor in the Liability amount, Filing frequency and length of time outstanding within its penalty calculations.</p><p> </p><p>In reforming late payment and late filing penalties HMRC’s aim is to encourage those who persistently default to comply with their tax obligations rather than penalise those who make occasional errors.</p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston question first answered 25/04/2024 09:29:08 answering member 4407 label Biography information for Nigel Huddleston
tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi

1702399

registered interest
date	19/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Oil: Imports
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 18 April 2024 to Question 21846 on Oil: Imports, in how many cases action has (a) been and (b) not been taken where investigations have concluded.
tabling member constituency	East Lothian
tabling member printed	Kenny MacAskill
uin	22820
answer	answer is ministerial correction date of answer 24/04/2024 answer text <p>Pursuant to the answer provided on 18 April 2024 to Question 21846, HM Revenue and Customs is responsible for enforcing and investigating export controls on strategic goods and sanctions and investigating potential breaches of those controls. HM Revenue and Customs does not comment on operational enforcement matters pertaining to specific import or export scenarios.</p><p> </p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston grouped question UIN 22821 question first answered 24/04/2024 14:24:56 answering member 4407 label Biography information for Nigel Huddleston
tabling member	4772 label Biography information for Kenny MacAskill

1702400

registered interest
date	19/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Oil: Imports
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 18 April 2024 to Question 21846 on Oil: Imports, what volume of oil has been identified as being from Russia in cases where investigations have been concluded.
tabling member constituency	East Lothian
tabling member printed	Kenny MacAskill
uin	22821
answer	answer is ministerial correction date of answer 24/04/2024 answer text <p>Pursuant to the answer provided on 18 April 2024 to Question 21846, HM Revenue and Customs is responsible for enforcing and investigating export controls on strategic goods and sanctions and investigating potential breaches of those controls. HM Revenue and Customs does not comment on operational enforcement matters pertaining to specific import or export scenarios.</p><p> </p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston grouped question UIN 22820 question first answered 24/04/2024 14:24:56 answering member 4407 label Biography information for Nigel Huddleston
tabling member	4772 label Biography information for Kenny MacAskill

1702404

registered interest
date	19/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Environment Protection
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what progress he has made on the UK Green Taxonomy financial proposals.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	22703
answer	answer is ministerial correction date of answer 24/04/2024 answer text <p>The Government remains committed to delivering a UK Green Taxonomy to support an increase in financing for activities supporting the transition to net zero and delivering on UK environmental objectives.</p><p> </p><p>The Government expects to publish the consultation on the UK Green Taxonomy shortly.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 24/04/2024 15:19:34 answering member 4639 label Biography information for Bim Afolami
tabling member	1409 label Biography information for Mr Gregory Campbell