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1416171

	registered interest
	date	24/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cost of Living
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what fiscal steps they will take to reduce the impact on households of the rise in the cost of living.
	tabling member printed	Baroness Ritchie of Downpatrick
	uin	HL5640
	answer	answer is ministerial correction date of answer 31/01/2022 answer text <p>The government is providing support worth around £12 billion this financial year and next to help families with the cost of living. We are cutting the Universal Credit taper rate to make sure work pays, freezing alcohol and fuel duties to keep costs down, and providing support to help households with the costs of essentials through the £500m Household Support Fund.</p><p> </p><p>In addition, the government’s Plan for Jobs is helping people into work and giving them the skills they need to progress – the best approach to managing the cost of living in the long term. The government is building on the success of the Plan for Jobs with a total of £6 billion for the three years from 2022-23 to 2024-25. This includes:</p><ul><li>Providing targeted additional support to help at risk groups find work, including younger and older age groups, the long-term unemployed and people with disabilities.</li><li>Continuing to invest over £900m for each year of this Spending Review on work coaches, to ensure UC claimants receive the best support to find employment.</li></ul> answering member printed Viscount Younger of Leckie question first answered 31/01/2022 16:08:13 answering member 4169 label Biography information for Viscount Younger of Leckie
	tabling member	4130 label Biography information for Baroness Ritchie of Downpatrick

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

1404715

	registered interest
	date	19/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Wealth: Taxation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made, if any, of the letter from 102 millionaires and billionaires to attendees to the World Economic Forum in Davos, calling for the introduction of wealth taxes.
	tabling member printed	Baroness Whitaker
	uin	HL5569
	answer	answer is ministerial correction date of answer 31/01/2022 answer text <p>The Government has noted the open letter and the suggestion of an annual wealth tax.</p><p> </p><p>The Government is committed to a fair tax system in which those with the most contribute the most. For example, the UK’s progressive Income Tax system means the top 1 per cent of Income Taxpayers are projected to pay 28 per cent of all Income Tax, and the top 5 per cent are projected to pay 49 per cent in the year 2021-22.</p><p>The UK does not have a single wealth tax, but it does have several taxes on assets and wealth. The UK already taxes assets and wealth across many different economic activities, including the acquisition, holding, transfer and disposal of assets, and income derived from assets.</p><p> </p><p>Notably, in 2020 the Wealth Tax Commission, which has no connection or link to the Government, found that if considering Inheritance Tax, Capital Gains Tax, Stamp Duty, and Stamp Duty Land Tax, the UK is among the top of the G7 countries for wealth taxes as a percentage of total wealth.</p><p> </p><p>The Wealth Tax Commission also concluded that an annual wealth tax, reportedly suggested by the UK branch of the group behind the letter, would not be effective because of high administrative costs relative to revenue and ease of avoidance. It is also clear that the Wealth Tax Commission’s suggestion of a potential one-off wealth tax in the UK would be a complex undertaking and the amount of revenue raised would be highly dependent on the final design of the tax.</p><p>It is also the case that any individual or private business wishing to make a greater contribution to the Exchequer can make voluntary payments to HM Government. More information about how to do so is available on GOV.UK.</p> answering member printed Viscount Younger of Leckie question first answered 31/01/2022 17:19:34 answering member 4169 label Biography information for Viscount Younger of Leckie
	tabling member	2510 label Biography information for Baroness Whitaker

1402052

	registered interest
	date	11/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Fuels: VAT
	house id	2
	legislature	25277 pref label House of Lords
	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.
	tabling member printed	Lord Allen of Kensington
	uin	HL5284
	answer	answer is ministerial correction date of answer 25/01/2022 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> answering member printed Viscount Younger of Leckie question first answered 25/01/2022 17:03:48 answering member 4169 label Biography information for Viscount Younger of Leckie
	tabling member	4304 label Biography information for Lord Allen of Kensington

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

1520143

	registered interest
	date	10/10/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Economic Growth: G7
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what has been the average annual rate of GDP growth since 2008 of (1) the UK, and (2) other G7 economies.
	tabling member printed	Lord Birt
	uin	HL2386
	answer	answer is ministerial correction date of answer 24/10/2022 answer text <p>The UK’s average annual GDP growth rate between 2008-2021 was the fourth highest in the G7 at 0.8%, below the US (1.6%), Canada (1.3%) and Germany (0.9%). It was above France (0.7%), Japan (0.2%) and Italy (-0.4%).</p> answering member printed Viscount Younger of Leckie question first answered 24/10/2022 15:05:24 answering member 4169 label Biography information for Viscount Younger of Leckie
	tabling member	2533 label Biography information for Lord Birt

1520194

	registered interest
	date	10/10/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Economic Growth
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what level of economic growth was achieved in the UK in each of the last 25 financial years.
	tabling member printed	Lord Blunkett
	uin	HL2389
	answer	answer is ministerial correction date of answer 24/10/2022 answer text <p>Data on GDP growth for the last 25 financial years can be found online at the following link and is provided in the attached. <a href="https://gbr01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.ons.gov.uk%2Feconomy%2Fgrossdomesticproductgdp%2Fdatasets%2Fuksecondestimateofgdpdatatables&amp;data=05%7C01%7CIlona.Diomidova%40hmtreasury.gov.uk%7Cc4e33aad247e4e57cb8008daacfa104f%7Ced1644c505e049e6bc39fcf7ac51c18c%7C0%7C0%7C638012487399352534%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&amp;sdata=hIJcAZ%2FuY9Xfs8bSDU5KC%2B%2F%2Bg7e3sRIH4GrEKaYGPcM%3D&amp;reserved=0" target="_blank">https://www.ons.gov.uk/economy/grossdomesticproductgdp/datasets/uksecondestimateofgdpdatatables</a></p> answering member printed Viscount Younger of Leckie question first answered 24/10/2022 15:36:22 answering member 4169 label Biography information for Viscount Younger of Leckie attachment 1 file name Quarterly National Accounts Data Tables.xlsx title ONS data
	tabling member	395 label Biography information for Lord Blunkett

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

1403691

	registered interest
	date	17/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Digital Assets
	house id	2
	legislature	25277 pref label House of Lords
	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.
	tabling member printed	Lord Cromwell
	uin	HL5422
	answer	answer is ministerial correction date of answer 31/01/2022 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> answering member printed Viscount Younger of Leckie grouped question UIN HL5423 HL5425 HL5426 HL5427 question first answered 31/01/2022 16:06:59 answering member 4169 label Biography information for Viscount Younger of Leckie
	tabling member	2594 label Biography information for Lord Cromwell