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1401607
star this property registered interest false more like this
star this property date less than 2022-01-10more like thismore than 2022-01-10
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Imports: EU Countries more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what assessment they have made, if any, of the cost to business of applying VAT on imports from EU states. more like this
star this property tabling member printed
Lord Hannan of Kingsclere more like this
star this property uin HL5237 more like this
unstar this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2022-01-25more like thismore than 2022-01-25
star this property answer text <p>Before the UK left the EU, sales of goods from the EU to UK customers were already subject to VAT. This has not changed. Prior to the end of the transition period, VAT was collected and paid through the VAT return system. For sales to consumers or non-VAT-registered businesses, VAT was either due in the EU Member State or in the UK, depending on whether the volume of the supplier’s sales made into the UK breached an annual threshold. For sales to VAT-registered businesses, the VAT registered-business would be responsible for accounting for the VAT on a VAT return through what is known as a ‘reverse charge’. The VAT-registered business could reclaim this VAT as input tax on the same VAT return, subject to the normal recovery rules. Only sales to the UK from outside the EU were subject to import VAT collection at the border.</p><p> </p><p>Now that the transition period has ended, the UK has used its freedom from EU rules to create a fairer and more robust tax system, while also complying with World Trade Organisation rules by treating EU and non-EU goods the same. For goods in consignments up to £135, VAT is due at the point of sale. Where a UK VAT-registered business provides its VAT registration number to the supplier, the VAT registered business is responsible for accounting for the VAT due on the goods through a reverse charge. For goods in consignments over £135, import VAT is due and UK VAT-registered businesses can choose to use ‘postponed VAT accounting’. Accounting for VAT on a VAT return in these ways allows businesses to reclaim it as input tax on the same VAT return, as was the case under the previous rules, and ensures continuity for businesses.</p>
star this property answering member printed Viscount Younger of Leckie more like this
star this property question first answered
less than 2022-01-25T12:03:43.207Zmore like thismore than 2022-01-25T12:03:43.207Z
star this property answering member
4169
star this property label Biography information for Viscount Younger of Leckie more like this
star this property tabling member
4905
unstar this property label Biography information for Lord Hannan of Kingsclere more like this
1402052
star this property registered interest false more like this
star this property date less than 2022-01-11more like thismore than 2022-01-11
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Fuels: VAT more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what representations they have received from industry and consumer groups to end or suspend VAT on fuel bills; and what steps they intend to take on this matter. more like this
star this property tabling member printed
Lord Allen of Kensington more like this
star this property uin HL5284 more like this
unstar this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2022-01-25more like thismore than 2022-01-25
star this property answer text <p>In recognition of the fact that families should not have to bear all the VAT costs they incur to meet their needs, domestic fuels such as gas and electricity are already subject to the reduced rate of 5 per cent of VAT. The Government keeps all taxes under review but going further would impose significant additional pressure on the public finances, to which VAT makes a significant contribution.</p><p> </p><p>The Government has introduced a raft of measures to support vulnerable households with the cost of energy, including increasing the Warm Home Discount, Winter Fuel Payments, and Cold Weather Payments. This is alongside introducing the £500 million Household Support Fund and giving working families on Universal Credit an average of £1,000 more per year.</p> more like this
star this property answering member printed Viscount Younger of Leckie more like this
star this property question first answered
less than 2022-01-25T17:03:48.6Zmore like thismore than 2022-01-25T17:03:48.6Z
star this property answering member
4169
star this property label Biography information for Viscount Younger of Leckie more like this
star this property tabling member
4304
unstar this property label Biography information for Lord Allen of Kensington more like this
1402093
star this property registered interest false more like this
star this property date less than 2022-01-11more like thismore than 2022-01-11
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Offshore Industry: North Sea more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what plans they have to introduce a windfall tax on North Sea oil and gas producers to support relief for households struggling with their energy bills. more like this
star this property tabling member printed
Lord Taylor of Warwick more like this
star this property uin HL5345 more like this
unstar this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2022-01-25more like thismore than 2022-01-25
star this property answer text <p>The UK Government places additional taxes on the extraction of oil and gas, with companies engaged in the production of oil and gas on the UK Continental Shelf subject to headline tax rates on their profits that are currently more than double those paid by other businesses. To date, the sector has paid more than £375 billion in production taxes.</p><p> </p><p>All taxes are kept under review and any changes are considered and announced by the Chancellor.</p> more like this
star this property answering member printed Viscount Younger of Leckie more like this
star this property question first answered
less than 2022-01-25T17:06:01.077Zmore like thismore than 2022-01-25T17:06:01.077Z
star this property answering member
4169
star this property label Biography information for Viscount Younger of Leckie more like this
star this property tabling member
1796
unstar this property label Biography information for Lord Taylor of Warwick more like this
1402110
star this property registered interest false more like this
star this property date less than 2022-01-11more like thismore than 2022-01-11
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Freezing of Assets: Libya more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether any (1) capital,(2) interest, or (3) dividend revenues arising from frozen Libyan assets held in the UK have been distributed since the invocation of United Nations Security Council Resolution 1970 in 2011. more like this
star this property tabling member printed
Lord Empey more like this
star this property uin HL5307 more like this
unstar this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2022-01-25more like thismore than 2022-01-25
star this property answer text <p>Each year OFSI carries out an annual review of frozen assets held by UK institutions. £11.53 billion of Libyan frozen funds were reported to be held by UK businesses in OFSI’s 2020-21 Annual Review. This includes interest and other earnings accrued to frozen assets.</p><p> </p><p>As set out in UN Security Council Resolution 2009 (2011), a key aim of the Libya financial sanctions regime is “to ensure that assets frozen pursuant to resolutions 1970 (2011) and 1973 (2011) shall as soon as possible be made available to and for the benefit of the people of Libya”.</p><p>Until that time, HM Treasury may only license the release of frozen funds according to the derogations set out in the Libya sanctions regime regulations. The Annual Review includes information about licences granted by OFSI under financial sanctions regimes.</p><p> </p><p>Under the terms of the Libya financial sanctions regime, frozen assets continue to belong to the sanctioned entity or individual. However, the use of any frozen assets, or profits arising from those assets, is tightly constrained by the Libya financial sanctions regime.</p>
star this property answering member printed Viscount Younger of Leckie more like this
star this property question first answered
less than 2022-01-25T17:02:24.99Zmore like thismore than 2022-01-25T17:02:24.99Z
star this property answering member
4169
star this property label Biography information for Viscount Younger of Leckie more like this
star this property tabling member
4216
unstar this property label Biography information for Lord Empey more like this
1402536
star this property registered interest false more like this
star this property date less than 2022-01-12more like thismore than 2022-01-12
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Key Workers: Pay more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what assessment they have made of the claim by the Trades Union Congress that thousands of key workers are earning less in real terms than they were a decade earlier. more like this
star this property tabling member printed
The Lord Bishop of Southwark more like this
star this property uin HL5367 more like this
unstar this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2022-01-25more like thismore than 2022-01-25
star this property answer text <p>To examine the real terms earnings of key workers, we focus on public sector workers - which represent the majority of key workers.</p><p> </p><p>Public sector pay in real terms (total pay, deflated by CPI) has grown at an annualised rate of 0.2% over the last decade (since the three months to November 2011). The level of public sector average weekly earnings (in real terms) is now in line with that of the private sector in the three months to November 2021.</p><p> </p><p>The public sector has, on average, better remuneration packages than the private sector. ONS suggested a 7% premium in 2019 (controlling for characteristics, including pensions). In 2020, the median salary in the public sector was £3,500 higher than the private sector, this gap is most acute amongst the lowest paid, where ONS data suggests public sector average hourly wages are 20% higher.</p><p> </p><p>Looking ahead, pay for most frontline workforces – including nurses, police officers, prison officers and teachers is set through an independent Pay Review Body process. Public sector workers will see pay rises across the whole Spending Review period (2022/23-2024/25) as the strong recovery in the economy and labour market has allowed us to return to a normal pay setting process.</p>
star this property answering member printed Viscount Younger of Leckie more like this
star this property question first answered
less than 2022-01-25T17:08:58.307Zmore like thismore than 2022-01-25T17:08:58.307Z
star this property answering member
4169
star this property label Biography information for Viscount Younger of Leckie more like this
star this property tabling member
4345
unstar this property label Biography information for The Lord Bishop of Southwark more like this
1402900
star this property registered interest false more like this
star this property date less than 2022-01-13more like thismore than 2022-01-13
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Home Shopping: Taxation more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether they have considered the introduction of an online sales tax for the purpose of levelling the playing field between high street and online retailers, with particular regard to the sale of books. more like this
star this property tabling member printed
The Earl of Clancarty more like this
star this property uin HL5381 more like this
unstar this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2022-01-25more like thismore than 2022-01-25
star this property answer text <p>At Autumn Budget 2021, the Government announced that it will continue to explore the arguments for and against an Online Sales Tax (OST), the revenue from which would be used to provide business rates relief for in-store retail. The consultation will launch shortly.</p><p> </p><p>No decisions on whether to proceed with an OST have yet been made. It is the Government’s intention to use the forthcoming consultation to consider in detail the issues surrounding proposals for an OST. This will include exploring the range of products, both physical and digital, which are sold online, including books.</p> more like this
star this property answering member printed Viscount Younger of Leckie more like this
star this property question first answered
less than 2022-01-25T17:59:55.873Zmore like thismore than 2022-01-25T17:59:55.873Z
star this property answering member
4169
star this property label Biography information for Viscount Younger of Leckie more like this
star this property tabling member
3391
unstar this property label Biography information for The Earl of Clancarty more like this
1403691
star this property registered interest false more like this
star this property date less than 2022-01-17more like thismore than 2022-01-17
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Digital Assets more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what assessment they have made of (1) the size of the market for (a) cryptocurrencies, and (b) other digital assets, in the UK, and (2) the need for legislation to facilitate a well-regulated market of these; whether they have any plans to introduce legislation in order to regular this market; and if so, what is the timetable for that legislation. more like this
star this property tabling member printed
Lord Cromwell more like this
star this property uin HL5422 more like this
unstar this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2022-01-31more like thismore than 2022-01-31
star this property answer text <p>The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority (FCA). The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response.</p><p> </p><p>HM Treasury and UK authorities have taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly. On 18 January 2022, the Government announced its intention to legislate later this year to bring certain cryptoassets into the scope of financial promotions regulation, requiring them to be fair, clear and not misleading. This is aimed at improving consumers’ understanding of the risks and benefits associated with cryptoasset purchases, and ensuring that cryptoasset promotions are held to the same high standards as broader financial services products.</p><p> </p><p>Consumer research conducted by the FCA in 2021 estimated that 2.3 million people in the UK currently hold cryptoassets. The FCA has announced plans for an £11 million digital marketing campaign to educate consumers on the risks associated with certain high-risk investments, including cryptoassets.</p><p> </p><p>Profits from trading in and gains from disposing of cryptoassets are taxed in the same way and at the same rate as those from other assets. HMRC’s Cryptoassets Manual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving cryptoassets for both businesses accepting them and individuals using them.</p><p> </p><p>Cryptoassets are unregulated; this means they are not subject to consumer protection regulation and investors will not have recourse to the Financial Ombudsman Service, or the Financial Services Compensation Scheme.</p><p> </p><p>The Government does not currently plan to create a new regulator for cryptoassets. The Government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January 2021. It proposed new regulatory responsibilities for the FCA, Bank of England and Payment Systems Regulator (PSR).</p>
star this property answering member printed Viscount Younger of Leckie more like this
star this property grouped question UIN
HL5423 more like this
HL5425 more like this
HL5426 more like this
HL5427 more like this
star this property question first answered
less than 2022-01-31T16:06:59.387Zmore like thismore than 2022-01-31T16:06:59.387Z
star this property answering member
4169
star this property label Biography information for Viscount Younger of Leckie more like this
star this property tabling member
2594
unstar this property label Biography information for Lord Cromwell more like this
1403692
star this property registered interest false more like this
star this property date less than 2022-01-17more like thismore than 2022-01-17
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Cryptoassets: Regulation more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what their timetable is to (1) determine, or (2) create, an appropriate regulatory authority with a full regulatory perimeter for crypto assets. more like this
star this property tabling member printed
Lord Cromwell more like this
star this property uin HL5423 more like this
unstar this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2022-01-31more like thismore than 2022-01-31
star this property answer text <p>The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority (FCA). The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response.</p><p> </p><p>HM Treasury and UK authorities have taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly. On 18 January 2022, the Government announced its intention to legislate later this year to bring certain cryptoassets into the scope of financial promotions regulation, requiring them to be fair, clear and not misleading. This is aimed at improving consumers’ understanding of the risks and benefits associated with cryptoasset purchases, and ensuring that cryptoasset promotions are held to the same high standards as broader financial services products.</p><p> </p><p>Consumer research conducted by the FCA in 2021 estimated that 2.3 million people in the UK currently hold cryptoassets. The FCA has announced plans for an £11 million digital marketing campaign to educate consumers on the risks associated with certain high-risk investments, including cryptoassets.</p><p> </p><p>Profits from trading in and gains from disposing of cryptoassets are taxed in the same way and at the same rate as those from other assets. HMRC’s Cryptoassets Manual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving cryptoassets for both businesses accepting them and individuals using them.</p><p> </p><p>Cryptoassets are unregulated; this means they are not subject to consumer protection regulation and investors will not have recourse to the Financial Ombudsman Service, or the Financial Services Compensation Scheme.</p><p> </p><p>The Government does not currently plan to create a new regulator for cryptoassets. The Government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January 2021. It proposed new regulatory responsibilities for the FCA, Bank of England and Payment Systems Regulator (PSR).</p>
star this property answering member printed Viscount Younger of Leckie more like this
star this property grouped question UIN
HL5422 more like this
HL5425 more like this
HL5426 more like this
HL5427 more like this
star this property question first answered
remove maximum value filtermore like thismore than 2022-01-31T16:06:59.433Z
star this property answering member
4169
star this property label Biography information for Viscount Younger of Leckie more like this
star this property tabling member
2594
unstar this property label Biography information for Lord Cromwell more like this
1404198
star this property registered interest false more like this
star this property date less than 2022-01-18more like thismore than 2022-01-18
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Business: Coronavirus more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government, further to the report HMRC responses to inaccurate claims, published on 12 January, what is the methodology for estimating the amount lost to fraud and error; what is the value of these claims; and what is the forecasted expenditure for such claims, for (1) the Coronavirus Job Retention Scheme (2) the Self-Employment Income Support Scheme phases 1 to 3, and (3) the Eat Out to Help Out scheme. more like this
star this property tabling member printed
Lord Sikka more like this
star this property uin HL5515 more like this
unstar this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2022-01-31more like thismore than 2022-01-31
star this property answer text <p>The Government introduced unprecedented COVID support, helping millions of people across the UK. The schemes were designed to protect against Error and Fraud (E&amp;F) by only making grants to individuals and businesses matched to information already on HMRC systems wherever possible, preventing ineligible claims, blocking suspicious claims up front, and investing in post-scheme compliance.</p><p> </p><p>The latest E&amp;F estimates and expenditure across the COVID-19 support schemes are included in HMRC’s 2021 Annual Report and Accounts, released on 4 November 2021, which can be found on the gov.uk website.</p><p> </p><p>HMRC has published a technical document alongside the Annual Report and Accounts 2020 to 2021 detailing the methodology for measuring E&amp;F in the Coronavirus Job Retention Scheme (CJRS), the Self-Employment Income Support Scheme (SEISS) phases 1 to 3, and the Eat Out to Help Out scheme (EOHO). This can be found on the gov.uk website.</p><p> </p><p>HMRC aim to produce updated E&amp;F estimates for CJRS and SEISS by Summer 2022.</p><p> </p><p>HMRC are taking tough action to tackle fraudulent behaviour. Anyone who keeps money despite knowing they were not entitled to it, faces repaying up to double the amount, plus interest, and potentially criminal prosecution in serious cases.</p><p> </p><p>HMRC established the Taxpayer Protection Taskforce and is estimated to recover approximately £800 million to £1 billion in the two years to 2022-23, on top of around £500 million recovered in the year 2020-21. HMRC will continue to address fraud and error in the schemes beyond the duration of the taskforce.</p>
star this property answering member printed Viscount Younger of Leckie more like this
star this property question first answered
less than 2022-01-31T15:26:27.2Zmore like thismore than 2022-01-31T15:26:27.2Z
star this property answering member
4169
star this property label Biography information for Viscount Younger of Leckie more like this
star this property tabling member
4885
unstar this property label Biography information for Lord Sikka more like this
1404713
star this property registered interest false more like this
star this property date less than 2022-01-19more like thismore than 2022-01-19
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Non-fungible Tokens more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what plans they have to create a regulatory framework for non-fungible tokens. more like this
star this property tabling member printed
Lord Taylor of Warwick more like this
star this property uin HL5567 more like this
unstar this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2022-01-31more like thismore than 2022-01-31
star this property answer text <p>There is not a dedicated regulatory framework for non-fungible tokens (NFTs) in the UK. On 18 January, the government announced its intention to legislate later this year to bring certain cryptoassets into the scope of financial promotions regulation; however, the government explained that NFTs will not be brought into financial promotions regulation. The consultation response noted:</p><p> </p><p>NFTs may represent a wide array of different assets which might constitute non-financial services products. Additionally, as the NFT market is evolving rapidly and remains at an early stage of development, the government does not yet have sufficient information on risks and use-cases. As such, seeking to bring NFTs into scope might have unintended consequences for the market. Instead, the government will continue to closely monitor market developments, and stands ready to take further legislative action if required.</p> more like this
star this property answering member printed Viscount Younger of Leckie more like this
star this property question first answered
less than 2022-01-31T16:05:18.767Zmore like thismore than 2022-01-31T16:05:18.767Z
star this property answering member
4169
star this property label Biography information for Viscount Younger of Leckie more like this
star this property tabling member
1796
unstar this property label Biography information for Lord Taylor of Warwick more like this