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100108

	registered interest
	date	21/10/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	New Businesses: Taxation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will assess the potential effect of giving part-time entrepreneurs a fixed definition in the Tax Code.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	211328
	answer	answer is ministerial correction date of answer 29/10/2014 answer text <p>There is no definition of a part-time entrepreneur within the Taxes Acts. In general, the tax system treats part-time entrepreneurs in the same way as full-time entrepreneurs, and there are no plans to change this.</p><p> </p><p> </p><p> </p><p> </p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 29/10/2014 14:37:48 answering member 1529 label Biography information for Mr David Gauke
	tabling member	1586 label Biography information for Adam Afriyie

100672

	registered interest
	date	23/10/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Tax Allowances: Business
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential costs and benefits of removing the cap on entrepreneurs' tax relief.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	211741
	answer	answer is ministerial correction date of answer 30/10/2014 answer text <p>The last published cost for changing the cap on entrepreneurs' tax relief related to increasing the lifetime limit from £5m of qualifying gains to £10m. This is available in the full Budget 2011 document at the following address on page 42 in table 2.1 of the report.</p><p> </p><p> </p><p><a href="http://webarchive.nationalarchives.gov.uk/20130129110402/http:/www.hm-treasury.gov.uk/2011budget.htm" target="_blank">http://webarchive.nationalarchives.gov.uk/20130129110402/http://www.hm-treasury.gov.uk/2011budget.htm</a></p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 30/10/2014 17:10:28 answering member 1529 label Biography information for Mr David Gauke
	tabling member	1586 label Biography information for Adam Afriyie

101048

	registered interest
	date	27/10/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Corporation Tax
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, how many (a) company headquarters and (b) jobs have been reshored in the UK since the reduction in corporation tax rates.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	211930
	answer	answer is ministerial correction date of answer 04/11/2014 answer text <p>Supporting businesses and helping them to invest, create jobs and to grow is a key part of the Government’s long term economic plan. Since 2010 we have already cut Corporation Tax (CT) from 28% to 21%, and next year it will fall to 20% - the joint lowest rate in the G20. The Government has also cut the small profits rate to 20%. Overall these CT cuts for large and small firms will be worth £9.5bn a year to business by 2016.</p><p> </p><p> </p><p> </p><p>HM Treasury has not estimated the number of jobs reshored.</p><p> </p><p> </p><p> </p><p>We will continue to work to ensure that the tax system in the UK remains competitive and enables us to attract business investment.</p><p> </p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 04/11/2014 16:46:42 answering member 1529 label Biography information for Mr David Gauke
	tabling member	1586 label Biography information for Adam Afriyie

106214

	registered interest
	date	04/11/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Income Tax
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, how many people in work did not pay any income tax as a result of changes to the personal allowance threshold in each of the last three financial years.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	213291
	answer	answer is ministerial correction date of answer 11/11/2014 answer text <p>By April 2013, the cumulative effect of the Government's increases in the personal allowance for those aged under 65 years (born after 5 April 1948 from 2013-14 tax year) since 2010-11 had taken 2.8 million people out of income tax liability.</p><p> </p><p> </p><p> </p><p>The year on year growth over the three years requested is shown in the table attached.</p><p> </p><p> </p><p> </p><table><tbody><tr><td><p><strong>Tax Year</strong></p></td><td><p><strong>Taken out of tax since 2010-11 by PA increases<br> (millions - cumulative)</strong></p></td></tr><tr><td><p><strong>2011-12</strong></p></td><td><p>1.4</p></td></tr><tr><td><p><strong>2012-13</strong></p></td><td><p>1.7</p></td></tr><tr><td><p><strong>2013-14</strong></p></td><td><p>2.8</p></td></tr></tbody></table><p> </p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 11/11/2014 17:04:51 answering member 1529 label Biography information for Mr David Gauke
	tabling member	1586 label Biography information for Adam Afriyie

155745

	registered interest
	date	17/11/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Foreign Investment in UK
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what steps he has taken to encourage more foreign direct investment in UK companies.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	214745
	answer	answer is ministerial correction date of answer 24/11/2014 answer text <p><strong>In 2013-14 the UK attracted 1,773 foreign direct investment projects, giving a total stock of £1.6 trillion of such investments - more than any other country apart from the USA. During this Parliament the Government has taken action to make the UK a more attractive location to run a business including reducing corporation tax so that it will reach 20% next year – the lowest in the G20 - and investing in skills, science and infrastructure. The Government has also increased resources at UK Trade and Investment including for example establishing private sector-led teams in the Gulf, Central Europe, and South America dedicated to attracting inward investment into the UK. </strong></p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 24/11/2014 17:43:50 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	1586 label Biography information for Adam Afriyie

177084

	registered interest
	date	02/02/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what recent steps he has taken to encourage banks to offer their services to money service businesses.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	222940
	answer	answer is ministerial correction date of answer 04/02/2015 answer text <p>The UK Government is committed to supporting a healthy and legitimate remittance sector, and ensuring that UK citizens are able to continue to remit funds safely to family abroad. That is why, in response to the withdrawal of banking services from the Money Service Business sector we set up an Action Group on Cross Border Remittances to address this issue. The group is monitoring changes to the market, has developed guidance for MSBs and banks and is promoting a shared understanding of risk. The group is also overseeing the development of a Safer Corridor to ensure the continued, secure flow of remittances to Somalia.</p><p> </p><p> </p><p> </p><p>Treasury Ministers have been engaging closely with the banking industry both through the British Bankers Association and directly with those banks involved in this issue, including personally writing to and phoning a number of banks.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 04/02/2015 12:29:59 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	1586 label Biography information for Adam Afriyie

224414

	registered interest
	date	02/03/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Technology
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what steps his Department has taken to boost the growth of the financial technology industry.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	225806
	answer	answer is ministerial correction date of answer 25/03/2015 answer text <p>As part of our long term economic plan, the Government is committed to supporting the continued growth of the Financial Technology (FinTech) sector. The Government has taken a number of steps to achieve this, including:</p><p> </p><p> </p><p> </p><ul><li><p>Creating a new Payments Systems Regulator (PSR), which will ensure that smaller banks and alternative providers of finance – including FinTechs – can access payment systems in a fair and transparent way, and thereby contributing to a fairer and more competitive payments industry. The PSR will open its doors on 1 April this year.</p><p> </p></li><li><p>Committing to additional funding of £100m to the British Business Bank’s Investment Programme – including funding for FinTech.</p><p> </p></li><li><p>Launching the GO-Science’s Blackett Review on FinTech Futures, which looks ahead 10 years to the future and identify what the technologies, enablers and barriers are that will shape the future of the UK FinTech sector.</p><p> </p></li></ul><p> </p><ul><li><p>Naming the big banks that will have to share credit data, and refer on SMEs they reject for finance – helping alternative finance providers, including FinTech firms, to lend more effectively;</p></li></ul><p> </p><p> </p><p> </p><ul><li><p>Supporting the development of the peer-to-peer lending and crowdfunding market: consulting on ISA eligibility for crowdfunded debt securities; announcing we will review EU regulations standing in the way of P2P institutional lending; and creating a bespoke regulatory framework for P2P.</p><p> </p></li></ul><p> </p><p>Most recently at budget 2015, we announced a further package of measures to build on the government’s wide-reaching programme of reform to drive competition in banking and FinTech, including announcing that:</p><p> </p><ul><li><p>The Government intends to apply anti-money laundering regulation to digital currency exchanges in the UK, launch a new research initiative into digital currency technology, with £10 million additional funding, and work with the British Standards Institution and the digital currency industry to develop voluntary standards for consumer protection.</p><p> </p></li><li><p>Gocompare will launch the first personal current account comparison tool making use of customers’ bank midata releases on 26 March 2015.</p><p> </p></li><li><p>The Government will work with the banks and FinTech firms to develop an open API (Application Programming Interface) standard for banks, by the end of the year.</p></li></ul><p> </p><p> </p><p> </p><ul><li><p>the Financial Conduct Authority’s (FCA) ‘Project Innovate’ will work with HMT and the Prudential Regulation Authority (PRA) to investigate the feasibility of developing a regulatory ‘sandbox’ for financial services innovators</p><p> </p></li><li><p>Innovate Finance has agreed to deliver its FinTech regional strategy through a series of local partnerships; the first partnership has already been established in Leeds, and further partnerships will be established in Manchester and Edinburgh by April, and in Newcastle, Bristol and other centres before the end of the year.</p></li></ul><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 25/03/2015 11:07:37 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	1586 label Biography information for Adam Afriyie

175669

	registered interest
	date	26/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Offshore Industry: Taxation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what his policy is on using the tax system to incentivise (a) job sharing, (b) maintenance backlog work, (c) drilling work and (d) skills training in the offshore oil and gas industry during the current period of low oil prices.
	tabling member constituency	Stockton North
	tabling member printed	Alex Cunningham
	uin	221932
	answer	answer is ministerial correction date of answer 03/02/2015 answer text <p>The government is committed to this important industrial sector and to maximise the economic benefits of our oil and gas resources in accordance with Sir Ian Woods recommendations in his final report on maximising recovery on the UK Continental Shelf.</p><p> </p><p> </p><p> </p><p>With between 11 and 21 billion barrels of oil equivalent still to be exploited, the UK Continental Shelf can continue to provide considerable economic benefits to the UK through increased energy security and further development of the UK’s strong and export-focussed supply chain, as well as the jobs which the industry both provides and supports.</p><p> </p><p> </p><p> </p><p>We understand the challenges currently facing the UK oil and gas industry following the steep fall in oil prices and are following developments in the North Sea closely.</p><p> </p><p> </p><p> </p><p>We have been proactive in our response to the weakening oil price. In December, the government announced an ambitious programme of reform across the oil and gas tax regime, including the introduction of a new single investment allowance to support investment on the UKCS and an immediate cut to the rate of the Supplementary Charge, which is already in effect.</p><p> </p><p> </p><p> </p><p>The Investment Allowance was identified by the industry as their number one priority and would incentivise drilling work, a formal consultation on this measure is underway.</p><p> </p><p> </p><p> </p><p>Although these fiscal measures will encourage activity and protect jobs, our response has not been limited to the use of the tax system. The Secretary of State for Energy and Climate Change, the Rt Hon Edward Davey MP, has tasked Andy Samuel, the CEO of the newly formed OGA, to lead an urgent commission, working with industry to identify what further measures might be taken by the government and industry. The report outlining the conclusions of this work shall be presented by the end of February.</p><p> </p><p> </p><p> </p><p>Additionally, the BIS led joint oil and gas Industrial Strategy outlines key considerations regarding training and maintaining talent within the industry, to sustain and promote growth within the supply chain.</p><p> </p> answering member constituency Witham answering member printed Priti Patel question first answered 03/02/2015 14:00:03 answering member 4066 label Biography information for Priti Patel
	tabling member	4122 label Biography information for Alex Cunningham

178820

	registered interest
	date	10/02/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Offshore Industry: Taxation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 3 February 2015 to Question 221932, what estimate he has made of the number of redundancies in the offshore drilling sector since the introduction of the Investment Allowance.
	tabling member constituency	Stockton North
	tabling member printed	Alex Cunningham
	uin	224045
	answer	answer is ministerial correction date of answer 25/02/2015 answer text <p>The government understands the challenges currently facing the UK oil and gas industry and is following developments in the North Sea closely.</p><p> </p><p>The Investment Allowance rewards companies investing in the long-term future of the basin – at all stages of the investment life cycle – and we would expect it to significantly reduce the effective tax rate for companies investing in the UK Continental Shelf.</p><p> </p><p> </p><p> </p><p>Work on the design of the new Investment Allowance has been progressing rapidly since December - the government published a consultation document on its proposals on 22 January.</p><p> </p><p> </p><p> </p><p>The government recognises the importance of the industry to local economies and as an employer. The report published by the Department for Business, Innovation and Skills, in partnership with Oil and Gas UK and OPITO (the Offshore Petroleum Industry Training Organisation) in December, “Fuelling the next generation: A study of the UK upstream oil and gas workforce” highlighted both the sector’s current contribution to employment and its future potential. The government will continue to work closely with industry through the Oil and Gas Industry Council and with the newly-formed Scottish Energy Jobs Taskforce to support jobs in the sector, develop the industry’s skills base and make sure this potential is realised.</p><p> </p> answering member constituency Witham answering member printed Priti Patel question first answered 25/02/2015 16:59:44 answering member 4066 label Biography information for Priti Patel
	tabling member	4122 label Biography information for Alex Cunningham

178824

	registered interest
	date	10/02/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Offshore Industry
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 9 February 2015 to Question 221932, when the Joint Oil and Gas Industrial Strategy was published; what discussions he has had regarding the Strategy with his ministerial colleagues in the Department for Business, Innovation and Skills since the fall in international oil prices; and what updates his Department has proposed to the Strategy since July 2014.
	tabling member constituency	Stockton North
	tabling member printed	Alex Cunningham
	uin	224043
	answer	answer is ministerial correction date of answer 25/02/2015 answer text <p>Actions on fiscal matters fall under the responsibility of HM Treasury (as stated in the industrial strategy) and these actions are taken forward in collaboration with the Oil and Gas Fiscal Forum. The Forum is separate from the Oil and Gas Industry Council, who have responsibility for the Oil and Gas Industrial Strategy, in partnership with BIS.</p><p> </p><p> </p><p> </p><p>The Oil and Gas Industrial Strategy is kept under review by the Oil and Gas Industry Council. The Council met in November 2014 and is due to meet next in March 2015.</p><p> </p> answering member constituency Witham answering member printed Priti Patel question first answered 25/02/2015 16:59:28 answering member 4066 label Biography information for Priti Patel
	tabling member	4122 label Biography information for Alex Cunningham