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1304515

registered interest
date	22/03/2021
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what proportion of businesses subject to pre-pack administration survive longer than (1) five years, (2) 10 years, and (3) 15 years.
tabling member printed	Lord Sikka
uin	HL14468
answer	answer is ministerial correction date of answer 31/03/2021 answer text <p>The Government does not hold or collect information on survival rates of businesses subject to a pre-pack administration.</p> answering member printed Lord Callanan question first answered 31/03/2021 13:53:19 answering member 4336 label Biography information for Lord Callanan
tabling member	4885 label Biography information for Lord Sikka

1304516

registered interest
date	22/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Greensill
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what record they have of (1) letters, (2) emails, (3) phone calls, (4) text messages, and (5) other communications, from former Prime Minister David Cameron to officials in (a) the Treasury, and (b) the Department for Business, Energy and Industrial Strategy, in connection with Greensill Capital.
tabling member printed	Lord Sikka
uin	HL14469
answer	answer is ministerial correction date of answer 30/03/2021 answer text <p>Senior civil servants and ministers routinely meet and correspond with a range of private sector stakeholders. Transparency releases are published on a quarterly basis, and are currently publicly available for Senior Official and Ministerial meetings up to and including September 2020, which is in line with normal reporting timelines on disclosures.</p> answering member printed Lord Agnew of Oulton question first answered 30/03/2021 14:16:34 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4885 label Biography information for Lord Sikka

1304420

registered interest
date	19/03/2021
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Company Accounts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government which (1) sections of the Companies Act 2006, or (2) regulations made under that Act, outline (a) the accounting treatment, and (b) the disclosure requirements, for finance secured through reverse factoring.
tabling member printed	Lord Sikka
uin	HL14423
answer	answer is ministerial correction date of answer 31/03/2021 answer text <p>The Companies Act 2006 does not include specific requirements for finance secured through reverse factoring. However, section 393 places a requirement on directors that the accounts must provide a true and fair view of the assets, liabilities, financial position and profit or loss of a company or group. This places a responsibility to provide such information as is necessary to ensure that requirement is met, including where reverse factoring is used in supply chain arrangements.</p><p> </p><p>The correct accounting treatment for reverse factoring is dependent on the terms and conditions of the factoring arrangement in place. The International Financial Reporting Standards (IFRS) Interpretations Committee and the Financial Reporting Council (FRC) have both issued guidance addressing the accounting standards requirements for reverse factoring, including guidance on additional disclosures. Copies of the guidance are attached below. The International Accounting Standards Board is also considering whether to add a project on reverse factoring to its agenda, as part of their responsibility for issuing International Financial Reporting Standards.</p> answering member printed Lord Callanan attachment 1 file name supply-chain-financing-arrangements-reverse-factoring-december-2020.pdf title Supply Chain Financing Arrangements—Reverse Factor 2 file name Disclosures-on-the-sources-and-uses-of-cash-Final.pdf title Disclosures on the sources and uses of cash question first answered 31/03/2021 13:57:56 answering member 4336 label Biography information for Lord Callanan
tabling member	4885 label Biography information for Lord Sikka

1304421

registered interest
date	19/03/2021
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Investment Income
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 27 October 2020 (HL9157), whether they will provide (1) the names of the “Several bodies” who have “powers in certain circumstances to investigate and take action if illegal dividends have been paid”; and (2) the number of cases examined by each such body.
tabling member printed	Lord Sikka
uin	HL14424
answer	answer is ministerial correction date of answer 31/03/2021 answer text <p>Compliance is primarily a matter for the directors, and there are rights of recourse to the courts in response to unlawful distributions. Where a company becomes insolvent after paying dividends the courts have wide powers to apply a variety of sanctions and remedies. Data on illegal dividends is not collected.</p><p> </p><p>A number of bodies, however, have an interest in dividend payments from their particular regulatory perspectives. They include the Insolvency Service and insolvency practitioners who will investigate dividend payments and seek to recover them if they are found to be illegal. HM Revenue and Customs has an interest in the proper payment of dividends to the extent that there may be tax consequences leading to a loss to the Exchequer. The Prudential Regulation Authority has rules and powers under financial services legislation regarding dividends and other distributions for the purpose of banks and building societies’ capital conservation. Data on this aspect of the regulators’ work is not collected.</p><p> </p><p>Proposals in the Government’s recently published consultation document on <em>Restoring Trust in Audit and Corporate Governance</em> would improve dividend transparency and provide stronger reassurance that dividends are being paid in line with the requirements of the Companies Act 2006. These include proposals to require companies to disclose their known distributable reserves in their financial statements, and to require directors to confirm that dividends are within known distributable reserves and that it is their reasonable expectation that payment of the dividend will not threaten the solvency of the company over the next two years.</p> answering member printed Lord Callanan question first answered 31/03/2021 13:54:54 answering member 4336 label Biography information for Lord Callanan
tabling member	4885 label Biography information for Lord Sikka

1303641

registered interest
date	17/03/2021
answering body	Home Office
answering dept id	1
answering dept short name	Home Office
answering dept sort name	Home Office
hansard heading	National Economic Crime Centre: Lloyds Banking Group
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether the National Economic Crime Centre of the National Crime Agency has received any (1) sponsorship, or (2) funding, from Lloyds Banking Group.
tabling member printed	Lord Sikka
uin	HL14342
answer	answer is ministerial correction date of answer 31/03/2021 answer text <p>The National Economic Crime Centre (NECC) has not received any sponsorship or funding from Lloyds Banking Group.</p><p>The NECC has one non-costing secondee from Lloyds. This is their third private sector secondee. All secondees complete a vetting process and sign a secondment agreement that includes restrictions on disclosure of National Crime Agency information.</p> answering member printed Baroness Williams of Trafford question first answered 31/03/2021 13:15:21 answering member 4311 label Biography information for Baroness Williams of Trafford
tabling member	4885 label Biography information for Lord Sikka

1303642

registered interest
date	17/03/2021
answering body	Home Office
answering dept id	1
answering dept short name	Home Office
answering dept sort name	Home Office
hansard heading	Fraud: City of London Police
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether the City of London Police Fraud unit has received any (1) sponsorship, or (2) funding, from Lloyds Banking Group.
tabling member printed	Lord Sikka
uin	HL14343
answer	answer is ministerial correction date of answer 31/03/2021 answer text <p>City of London Police (CoLP) entered into a three-year funding agreement for a total of £1.5m with Lloyds Banking Group in 2019. This agreement has been used to fund initiatives across policing to reduce fraud and economic crime.</p><p>This is in line with the goals of the government’s joint public-private sector Economic Crime Plan that will cut economic crime, including fraud.</p> answering member printed Baroness Williams of Trafford question first answered 31/03/2021 13:17:53 answering member 4311 label Biography information for Baroness Williams of Trafford
tabling member	4885 label Biography information for Lord Sikka

1303643

registered interest
date	17/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Halifax Bank of Scotland and Royal Bank of Scotland: Fraud
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether any department has given directions to the Financial Conduct Authority in connection with its investigation of the alleged frauds identified in the 2013 'Project Lord Turnbull Report' at (1) Halifax Bank of Scotland, and (2) Royal Bank of Scotland.
tabling member printed	Lord Sikka
uin	HL14344
answer	answer is ministerial correction date of answer 24/03/2021 answer text <p>As you are aware, the FCA is an independent non-governmental body responsible for regulating and supervising the financial services industry. Although the Treasury sets the legal framework for the regulation of financial services, it has strictly limited powers in relation to the FCA. In particular, the Treasury has no general power of direction over the FCA and cannot intervene in individual cases.</p><p> </p><p>Given the matters raised are the responsibility of the FCA, in view of its independence, it is not for the Government to provide direction.</p><p> </p><p>However, as you may be aware, in the case of HBOS, Dame Linda Dobbs has been appointed as an independent legal expert to consider whether issues in the HBOS Reading Fraud were investigated and appropriately reported to authorities at the time by Lloyds Banking Group. At present the Dobbs review is ongoing and once completed, its findings will be shared with the FCA.</p><p> </p><p>On Royal Bank of Scotland and GRG, the FCA has concluded their final investigation, which reaffirms the outcome of its enforcement investigation, which was announced in July 2018.</p><p> </p><p>Finally, there are currently no plans for the Government to establish an independent review of the conduct of the Financial Conduct Authority in relation to the RBS and Lloyds Banking Group.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL14345 question first answered 24/03/2021 13:56:04 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4885 label Biography information for Lord Sikka

1303644

registered interest
date	17/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Halifax Bank of Scotland and Royal Bank of Scotland: Fraud
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have, if any, to establish an independent inquiry into the handling by the Financial Conduct Authority of the alleged frauds at (1) Royal Bank of Scotland, and (2) Halifax Bank of Scotland.
tabling member printed	Lord Sikka
uin	HL14345
answer	answer is ministerial correction date of answer 24/03/2021 answer text <p>As you are aware, the FCA is an independent non-governmental body responsible for regulating and supervising the financial services industry. Although the Treasury sets the legal framework for the regulation of financial services, it has strictly limited powers in relation to the FCA. In particular, the Treasury has no general power of direction over the FCA and cannot intervene in individual cases.</p><p> </p><p>Given the matters raised are the responsibility of the FCA, in view of its independence, it is not for the Government to provide direction.</p><p> </p><p>However, as you may be aware, in the case of HBOS, Dame Linda Dobbs has been appointed as an independent legal expert to consider whether issues in the HBOS Reading Fraud were investigated and appropriately reported to authorities at the time by Lloyds Banking Group. At present the Dobbs review is ongoing and once completed, its findings will be shared with the FCA.</p><p> </p><p>On Royal Bank of Scotland and GRG, the FCA has concluded their final investigation, which reaffirms the outcome of its enforcement investigation, which was announced in July 2018.</p><p> </p><p>Finally, there are currently no plans for the Government to establish an independent review of the conduct of the Financial Conduct Authority in relation to the RBS and Lloyds Banking Group.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL14344 question first answered 24/03/2021 13:56:04 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4885 label Biography information for Lord Sikka

1283247

registered interest
date	02/02/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Revenue and Customs: Staff
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government how many transfer pricing specialists are employed by HMRC for dealing with the tax practices of multinational corporations.
tabling member printed	Lord Sikka
uin	HL12910
answer	answer is ministerial correction date of answer 16/02/2021 answer text <p>In 2019 to 2020 there were 456 (441 in 2018 to 2019) full-time equivalent staff working on international issues involving Multinational Enterprises (MNEs) including transfer pricing, diverted profits tax, Controlled Foreign Companies (CFCs) and cross border debt.</p><p>This figure includes time spent on international issues by dedicated international specialists, Corporation Tax specialists and policy and technical advisers.</p><p>These staff work with other expert industry and tax specialists to tackle issues that represent a substantial risk of tax loss to the Exchequer in line with HMRC’s “resource to risk” compliance policy.</p><p>HMRC have invested significant time in training staff to deal with international issues, including transfer pricing.</p> answering member printed Lord Agnew of Oulton question first answered 16/02/2021 16:21:38 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4885 label Biography information for Lord Sikka

1283248

registered interest
date	02/02/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Tax Evasion: Prosecutions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government how many (1) bodies, and (2) individuals, have been prosecuted each year under the Criminal Finances Act 2017 for failure to prevent tax evasion; and what outcome was secured in each such case.
tabling member printed	Lord Sikka
uin	HL12911
answer	answer is ministerial correction date of answer 16/02/2021 answer text <p>HMRC currently have thirteen live Corporate Criminal Offence (CCO) investigations with a further seventeen possible investigations under review. HMRC update these figures bi-annually on GOV.UK.</p><p> </p><p>No corporate bodies have yet been prosecuted under the CCO for the failure to prevent the facilitation of UK tax evasion. This is because these investigations are extremely complex and take considerable time before they are ready to be passed to a prosecutor.</p><p> </p><p>The CCO was implemented on 30 September 2017, which means HMRC are only able to consider potential investigations from that date. The offence applies solely to corporate bodies.</p><p> </p><p>Individuals are prosecuted under pre-existing legislation that deals with tax evasion and the facilitation of tax evasion. Since April 2017, HMRC have prosecuted 60 facilitators of tax evasion. These cover a range of professional services and apply to different taxes and duties.</p><p> </p><p>The CCO legislation was not brought in to simply increase the number of corporate prosecutions but to change long standing industry practices and reduce the opportunity for the facilitation of tax evasion to occur. There are positive signs of this happening with many organisations putting in place reasonable preventative procedures.</p> answering member printed Lord Agnew of Oulton question first answered 16/02/2021 16:24:12 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4885 label Biography information for Lord Sikka