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1504654

	registered interest
	date	05/09/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Monetary Policy
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what was the extent of quantitative easing for each quarter since the beginning of 2021.
	tabling member printed	Lord Field of Birkenhead
	uin	HL2100
	answer	answer is ministerial correction date of answer 22/09/2022 answer text <p>In 2021, the total gilt purchases of the Asset Purchase Facility (APF), including purchases to redeem maturing assets, was £57.7bn in Q1, £49.7bn in Q2, £44.7bn in Q3 and £37.8bn in Q4 following a decision by the Monetary Policy Committee to increase its Quantitative Easing target stock to £875bn. As of Q1 2022, The Bank of England begun the process of unwinding QE by ceasing to reinvest in maturing assets or purchasing new assets. In March 2022, total size of the APF gilt holdings was £847bn by purchase value, a decrease of £27.9bn from the start of the quarter.</p> answering member printed Viscount Younger of Leckie question first answered 22/09/2022 10:10:51 answering member 4169 label Biography information for Viscount Younger of Leckie
	tabling member	478 label Biography information for Lord Field of Birkenhead

1504752

	registered interest
	date	05/09/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Buses and Large Goods Vehicles: Fuels
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what steps they plan to take, if any, to introduce a fuel duty rebate of 15 pence per litre for road haulage vehicles and coaches.
	tabling member printed	Baroness Ritchie of Downpatrick
	uin	HL2162
	answer	answer is ministerial correction date of answer 22/09/2022 answer text <p>At Spring Statement 2022, in response to high fuel prices, the Government introduced a temporary 12-month cut to duty on petrol and diesel of 5p per litre.</p><p> </p><p>This represents a tax cut worth around £2.4 billion in 2022-23, benefiting anyone who consumes fuel across the UK – including the road haulage and coach sector.</p><p> </p><p>All taxes remain under review.</p> answering member printed Viscount Younger of Leckie question first answered 22/09/2022 09:50:10 answering member 4169 label Biography information for Viscount Younger of Leckie
	tabling member	4130 label Biography information for Baroness Ritchie of Downpatrick

1504872

	registered interest
	date	05/09/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Energy: Housing
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to remove the VAT on household energy bills.
	tabling member printed	Lord Taylor of Warwick
	uin	HL2189
	answer	answer is ministerial correction date of answer 22/09/2022 answer text <p>The Government has announced a new ‘Energy Price Guarantee’ to limit the price suppliers can charge customers for units of gas and electricity. This will save the average household £1,000 a year based on current energy prices from October.</p><p> </p><p>In recognition of the fact that families should not have to bear all of the VAT costs they incur to meet their needs, domestic fuels such as gas, electricity and heating oil are already subject to the reduced rate of VAT at 5 per cent.</p> answering member printed Viscount Younger of Leckie question first answered 22/09/2022 09:49:21 answering member 4169 label Biography information for Viscount Younger of Leckie
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1504873

	registered interest
	date	05/09/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Energy: Business
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to remove the VAT on business energy bills.
	tabling member printed	Lord Taylor of Warwick
	uin	HL2190
	answer	answer is ministerial correction date of answer 22/09/2022 answer text <p>Most businesses that are VAT registered can normally reclaim any VAT incurred on energy, so a VAT cut would not benefit them. If a business is under the VAT registration threshold – the level at which they must register for VAT - they can choose to register for VAT voluntarily which would allow them to reclaim VAT on their supplies of energy, subject to the usual rules.</p><p> </p><p>Any businesses that use fuels for energy below a de minimis level are deemed to be in receipt of ‘domestic supplies’ and can therefore already benefit from the reduced rate of VAT for domestic fuel and power at 5%.</p> answering member printed Viscount Younger of Leckie question first answered 22/09/2022 09:59:44 answering member 4169 label Biography information for Viscount Younger of Leckie
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1505633

	registered interest
	date	06/09/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Private Rented Housing: Income
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government how many people have declared income from letting property by parliamentary constituency for the most recent period for which figures are available.
	tabling member printed	Lord Carrington
	uin	HL2207
	answer	answer is ministerial correction date of answer 22/09/2022 answer text <p>The number of individuals that have declared property income and that pay each of the marginal rates of income tax specified, rounded to the nearest thousand, are as follows:</p><p> </p><table><tbody><tr><td><p>Tax rate</p></td><td><p>Number of individuals</p></td></tr><tr><td><p>Additional higher rate</p></td><td><p>91,000</p></td></tr><tr><td><p>Higher rate</p></td><td><p>543,000</p></td></tr><tr><td><p>Basic rate</p></td><td><p>1,439,000</p></td></tr></tbody></table><p> </p><p>The numbers of individuals in each parliamentary constituency that declared income from property lettings via their self-assessment tax returns in 2020-21, rounded to the nearest 10 are provided in the attached table.</p><p> </p><p> </p><p> </p><p>Please also note that:</p><ul><li>- Taxpayers in Scotland will not pay the tax rates referred to in the question as they are subject to a separate income tax regime, and are therefore excluded from the figures on individuals per marginal income tax rate, above;</li><li>- Not all individuals with property income are required to declare it. For example, those with income below the £1,000 property allowance are not required to tell HMRC; and</li><li>- Some individuals with property income between £1,000 to £2,500 will declare this via PAYE rather than self-assessment. These individuals are not included here.</li></ul> answering member printed Viscount Younger of Leckie grouped question UIN HL2208 question first answered 22/09/2022 10:09:55 answering member 4169 label Biography information for Viscount Younger of Leckie attachment 1 file name docforlibrariesParliamentary constituency.docx title Supporting table as reference in the answer
	tabling member	4712 label Biography information for Lord Carrington

1505634

	registered interest
	date	06/09/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Private Rented Housing: Income
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government how many people declaring an income from letting property pay the (1) additional, (2) higher, and (3) standard, rates of income tax for the most recent period for which figures are available.
	tabling member printed	Lord Carrington
	uin	HL2208
	answer	answer is ministerial correction date of answer 22/09/2022 answer text <p>The number of individuals that have declared property income and that pay each of the marginal rates of income tax specified, rounded to the nearest thousand, are as follows:</p><p> </p><table><tbody><tr><td><p>Tax rate</p></td><td><p>Number of individuals</p></td></tr><tr><td><p>Additional higher rate</p></td><td><p>91,000</p></td></tr><tr><td><p>Higher rate</p></td><td><p>543,000</p></td></tr><tr><td><p>Basic rate</p></td><td><p>1,439,000</p></td></tr></tbody></table><p> </p><p>The numbers of individuals in each parliamentary constituency that declared income from property lettings via their self-assessment tax returns in 2020-21, rounded to the nearest 10 are provided in the attached table.</p><p> </p><p> </p><p> </p><p>Please also note that:</p><ul><li>- Taxpayers in Scotland will not pay the tax rates referred to in the question as they are subject to a separate income tax regime, and are therefore excluded from the figures on individuals per marginal income tax rate, above;</li><li>- Not all individuals with property income are required to declare it. For example, those with income below the £1,000 property allowance are not required to tell HMRC; and</li><li>- Some individuals with property income between £1,000 to £2,500 will declare this via PAYE rather than self-assessment. These individuals are not included here.</li></ul> answering member printed Viscount Younger of Leckie grouped question UIN HL2207 question first answered 22/09/2022 10:09:55 answering member 4169 label Biography information for Viscount Younger of Leckie attachment 1 file name docforlibrariesParliamentary constituency.docx title Supporting table as reference in the answer
	tabling member	4712 label Biography information for Lord Carrington

1505813

	registered interest
	date	07/09/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Hospitality Industry: Finance
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to introduce an emergency financial support package for the hospitality sector.
	tabling member printed	Lord Taylor of Warwick
	uin	HL2287
	answer	answer is ministerial correction date of answer 28/09/2022 answer text <p>The Government appreciates that many businesses are exposed to increased energy costs, driven by global factors.</p><p>The new Energy Bill Relief Scheme (EBSS), unveiled on 21 September, will provide a discount on wholesale gas and electricity prices for businesses, including those in the hospitality sectors. This will apply to fixed term contracts – agreed on or after 1 April 2022 – as well as deemed, variable and flexible tariffs and contracts. The guarantee will apply to energy usage from 1 October 2022 to 31 March 2023, and this support will be automatically applied to bills.</p><p>The Growth Plan (2022) fulfilled the Government’s commitments to cut taxes and set the direction for regulatory reform. The planned rise in the rate of Corporation Tax will not go ahead and the Annual Investment Allowance will be permanently set at £1 million, freeing businesses to invest and grow. The reduction in the rate of National Insurance will make it cheaper for businesses to employ staff and pay higher wages; and reforms to Universal Credit will ensure claimants are supported to seek more and better paid work. In the coming weeks, the Government will set out further supply side reforms which will promote growth and ease the burden on businesses.</p><p>This is in addition to the 50% business rates relief for eligible hospitality businesses, and the increased Employment Allowance worth up to £5,000.</p><p>The Government has taken action to protect businesses from soaring energy costs and provided them with the certainty they need to plan, invest, and grow.</p> answering member printed Viscount Younger of Leckie question first answered 28/09/2022 14:19:33 answering member 4169 label Biography information for Viscount Younger of Leckie
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1505814

	registered interest
	date	07/09/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Small Businesses: National Insurance Contributions
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to temporarily reverse national insurance contributions for small and medium sized enterprises.
	tabling member printed	Lord Taylor of Warwick
	uin	HL2288
	answer	answer is ministerial correction date of answer 28/09/2022 answer text <p>The Government announced on 22 September that it will be reversing the Health and Social Care Levy. This will provide a tax cut for the 60 per cent (920,000) of businesses who pay National Insurance contributions (NICs) bills by an average of £9,600 in 2023-24. 20,000 businesses will be taken out of paying NICs entirely.</p><p> </p><p>The other 40 per cent of businesses already pay no NICs as a result of the Employment Allowance (EA). In April 2022, the Government increased the EA, a relief which allows eligible businesses to reduce their employer NICs bills each year, from £4,000 to £5,000.</p><p> </p><p>This means that businesses and charities who had employer NICs bills of £100,000 or less in the previous tax year are able to claim up to £5,000 off their employer NICs bills. As a result, eligible businesses are able to employ 4 full-time employees on the National Living Wage without paying any employer NICs. 94 per cent of businesses that benefitted from this change were small and micro businesses.</p><p>The Government also recognises that many businesses are exposed to increased energy costs driven by global factors. The Government has announced new support for households, businesses and public sector organisations facing rising energy bills in Great Britain and Northern Ireland – supporting growth, preventing unnecessary insolvencies and protecting jobs.</p><p>Through a new Energy Bill Relief Scheme, the Government will provide a discount on wholesale gas and electricity prices for all non-domestic customers (including all UK businesses, the voluntary sector like charities and the public sector such as schools and hospitals) whose current gas and electricity prices have been significantly inflated in light of global energy prices. This support will be equivalent to the Energy Price Guarantee put in place for households.</p> answering member printed Viscount Younger of Leckie question first answered 28/09/2022 14:40:19 answering member 4169 label Biography information for Viscount Younger of Leckie
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1518482

	registered interest
	date	26/09/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Taxation: Disclosure of Information
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what plans they have fully to meet the standards for tax transparency set by the General Assembly of the Global Initiative for Fiscal Transparency, including its 14 guiding principles.
	tabling member printed	Baroness Bennett of Manor Castle
	uin	HL2324
	answer	answer is ministerial correction date of answer 10/10/2022 answer text <p>HMRC, in combination with HM Treasury, the Office of Budget Responsibility, Office for National Statistics, and other Government departments are already meeting, or exceeding, areas identified in the 14 guiding principles set by the General Assembly of the Global Initiative for Fiscal Transparency for tax transparency, for example:</p><p> </p><ul><li>HMRC publish an annual report which includes information on the prevailing tax gap and action taken to reduce it, as well as comprehensive accounts and other information on revenues, expenditure, performance and performance plans. This is in addition to separate publications on the measurement of tax gaps and other research conducted by HMRC on taxpayers’ behaviour and tax administration;</li><li>HMRC’s published Annual Report and Accounts, as well as other aspects of its performance and expenditure, are regularly audited by the independent National Audit Office (NAO), and subject to Parliamentary scrutiny. NAO reports of its audits are also published. Revenue and other statistics published by HMRC adhere to the Official Statistics Code of Practice and are also subject to independent audit by the UK’s Statistics Authority;</li><li>The UK Government and HMRC have increased their own transparency by publishing more data, including information about the exercise of powers. Government departments also publish data as part of a cross-Government transparency data publishing requirement, as directed by several letters from the Prime Minister since 2010;</li><li>The UK Government collaborates with international and regional financial institutions, contributing to their published revenue statistics, to improve the fairness, efficiency, and effectiveness of tax administration, including through the <a href="https://www.oecd.org/tax/forum-on-tax-administration/" target="_blank">Forum on Tax Administration</a>; and</li><li>The Tax Assurance Commissioner (TAC) role was created in 2012 to strengthen governance and assurance of tax disputes. The TAC provides assurance to Parliament and the public on the handling of civil tax disputes<em>, </em>and their Report is published as part of HMRC’s Annual Report.</li></ul><p> </p><p>Increasing transparency to improve the public’s trust in the tax system and Government accountability remains a focus for this administration.</p> answering member printed Viscount Younger of Leckie question first answered 10/10/2022 11:29:53 answering member 4169 label Biography information for Viscount Younger of Leckie
	tabling member	4719 label Biography information for Baroness Bennett of Manor Castle

1518483

	registered interest
	date	26/09/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Exchange Rates: Dollar
	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 main reasons for the long-term decline of the value of the pound against the US dollar.
	tabling member printed	Lord Birt
	uin	HL2327
	answer	answer is ministerial correction date of answer 10/10/2022 answer text Financial market movements are determined by a wide range of domestic and international factors. It is not appropriate for the government to comment on specific currency market movements. The UK does not have an exchange rate target and the Government does not have a desired level for sterling – the price is determined by the market. The UK's macroeconomic framework is based on an inflation target, and it is for the independent Monetary Policy Committee to set monetary policy to meet this target. answering member printed Viscount Younger of Leckie question first answered 10/10/2022 16:33:17 answering member 4169 label Biography information for Viscount Younger of Leckie
	tabling member	2533 label Biography information for Lord Birt