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804334
star this property registered interest false more like this
star this property date less than 2017-12-11more like thismore than 2017-12-11
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Cryptocurrencies more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what assessment his Department has been made of the risks to the UK economy of the potential failure of Bitcoin and other crypto-currencies. more like this
star this property tabling member constituency Walsall North more like this
star this property tabling member printed
Eddie Hughes more like this
star this property uin 118577 more like this
unstar this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2017-12-19more like thismore than 2017-12-19
star this property answer text <p>The independent Financial Policy Committee (FPC), established by the Government, aims to ensure the UK financial system is resilient to, and prepared for, the wide range of risks it could face — so that the system could support the real economy, even in difficult conditions.</p><p> </p><p>The Bank of England continues to monitor developments, and provided its latest assessment of the risks to financial stability in the Financial Stability Report, published in November 2017.</p><p> </p><p>In addition, the Financial Conduct Authority (FCA) has stated that it will continue to monitor distributed ledger technology (DLT)-related market developments, working collaboratively with industry, HM Treasury, the Bank of England, the Information Commissioner’s Office, and other UK bodies to ensure a coordinated approach towards DLT in the UK.</p> more like this
star this property answering member constituency North East Cambridgeshire more like this
star this property answering member printed Stephen Barclay more like this
star this property question first answered
less than 2017-12-19T15:36:16.863Zmore like thismore than 2017-12-19T15:36:16.863Z
star this property answering member
4095
star this property label Biography information for Stephen Barclay more like this
unstar this property tabling member
4635
unstar this property label Biography information for Eddie Hughes remove filter
804335
star this property registered interest false more like this
star this property date less than 2017-12-11more like thismore than 2017-12-11
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Cryptocurrencies more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what assessment his Department has been made of the value to the UK economy of Bitcoin and other cryptocurrencies. more like this
star this property tabling member constituency Walsall North more like this
star this property tabling member printed
Eddie Hughes more like this
star this property uin 118579 more like this
unstar this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2017-12-19more like thismore than 2017-12-19
star this property answer text <p>The government has not made any formal assessment of the value to the UK of Bitcoin or other cryptocurrencies.</p><p> </p><p>The government is currently negotiating amendments to the European Anti-Money Laundering Directive which will extend regulation to virtual currency exchange platforms and custodian wallet providers. These amendments will enable competent authorities to ensure these firms are mitigating the risks regarding money laundering and terrorist financing, and enable the legitimate sector to grow. We expect these negotiations to conclude at EU level by early 2018, with a year for Member States to then implement the Directive.</p> more like this
star this property answering member constituency North East Cambridgeshire more like this
star this property answering member printed Stephen Barclay more like this
star this property grouped question UIN 118581 more like this
star this property question first answered
less than 2017-12-19T14:05:17.2Zmore like thismore than 2017-12-19T14:05:17.2Z
star this property answering member
4095
star this property label Biography information for Stephen Barclay more like this
unstar this property tabling member
4635
unstar this property label Biography information for Eddie Hughes remove filter
804336
star this property registered interest false more like this
star this property date less than 2017-12-11more like thismore than 2017-12-11
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Cryptocurrencies: Regulation more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what plans his Department has to regulate the use of cryptocurrencies in the UK. more like this
star this property tabling member constituency Walsall North more like this
star this property tabling member printed
Eddie Hughes more like this
star this property uin 118581 more like this
unstar this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2017-12-19more like thismore than 2017-12-19
star this property answer text <p>The government has not made any formal assessment of the value to the UK of Bitcoin or other cryptocurrencies.</p><p> </p><p>The government is currently negotiating amendments to the European Anti-Money Laundering Directive which will extend regulation to virtual currency exchange platforms and custodian wallet providers. These amendments will enable competent authorities to ensure these firms are mitigating the risks regarding money laundering and terrorist financing, and enable the legitimate sector to grow. We expect these negotiations to conclude at EU level by early 2018, with a year for Member States to then implement the Directive.</p> more like this
star this property answering member constituency North East Cambridgeshire more like this
star this property answering member printed Stephen Barclay more like this
star this property grouped question UIN 118579 more like this
star this property question first answered
less than 2017-12-19T14:05:17.263Zmore like thismore than 2017-12-19T14:05:17.263Z
star this property answering member
4095
star this property label Biography information for Stephen Barclay more like this
unstar this property tabling member
4635
unstar this property label Biography information for Eddie Hughes remove filter
1136093
star this property registered interest false more like this
star this property date less than 2019-07-02more like thismore than 2019-07-02
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
unstar 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 Technology more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text What fiscal steps he is taking to grow the digital economy. more like this
star this property tabling member constituency Walsall North more like this
star this property tabling member printed
Eddie Hughes more like this
star this property uin 911693 more like this
unstar this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-07-02more like thismore than 2019-07-02
star this property answer text <p>The UK's digital economy is thriving - growing ten times as fast as the wider economy - and we are pursuing a range of measures to reinforce its world-leading position. These include:</p><ul><li>Implementing a 10-year action plan to unlock over £20 billion to finance growth in innovative firms;</li><li>Committing a further £7 billion for research and development since 2016, with major investments in artificial intelligence and quantum technologies; and</li><li>Providing internationally competitive research and development tax reliefs to support investment.</li></ul><p>We are also embracing the opportunities presented by Distributed Ledger Technologies, including by:</p><ul><li>Investing over £10 million through Innovate UK and the research councils; and</li><li>Creating the £20 million GovTech Catalyst Fund, to explore technology-based solutions for public sector challenges.</li></ul> more like this
star this property answering member constituency Newark more like this
star this property answering member printed Robert Jenrick more like this
star this property question first answered
less than 2019-07-02T15:33:01.993Zmore like thismore than 2019-07-02T15:33:01.993Z
star this property answering member
4320
star this property label Biography information for Robert Jenrick more like this
unstar this property tabling member
4635
unstar this property label Biography information for Eddie Hughes remove filter
1051412
star this property registered interest false more like this
star this property date less than 2019-01-30more like thismore than 2019-01-30
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
unstar 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 Customs: Distributed Ledger Technology more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, pursuant to the Answer of 19 February 2018 to Question 128296 on Brexit, if he will provide an update on (a) the potential use of distributed ledger technology for any new customs system after the UK leaves the EU and (b) the outcome of the proof of concept trials referenced in the Answer. more like this
star this property tabling member constituency Walsall North more like this
star this property tabling member printed
Eddie Hughes more like this
star this property uin 214643 more like this
unstar this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-02-07more like thismore than 2019-02-07
star this property answer text <p>The pilot focussed on building a single ‘permissioned’ Blockchain that could be used to inform a trader’s ‘Authorised Economic Operator’ status. The proof of concept ran for six weeks, and established that government could use Blockchain to securely share the results of sensitive risk checks to improve the efficiencies of certain customs processes.</p><p> </p><p>Any significant implementation of Blockchain would require significant further work by HMRC. Further work on the application of Blockchain to ‘Authorised Economic Operator’ status is deferred until after the UK leaves the EU when timescales and cost will be revisited.</p><p> </p><p>We are working with the cross government Future Borders Programme to progress the pilot as part of their Trusted Trader initiative</p><p> </p> more like this
star this property answering member constituency Central Devon more like this
star this property answering member printed Mel Stride more like this
star this property question first answered
less than 2019-02-07T15:01:12.39Zmore like thismore than 2019-02-07T15:01:12.39Z
star this property answering member
3935
star this property label Biography information for Mel Stride more like this
unstar this property tabling member
4635
unstar this property label Biography information for Eddie Hughes remove filter
1060793
star this property registered interest false more like this
star this property date less than 2019-02-13more like thismore than 2019-02-13
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
unstar 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 Revenue and Customs: Automation more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, when small businesses will be able to automate the payment to HMRC of National Insurance and PAYE for employees. more like this
star this property tabling member constituency Walsall North more like this
star this property tabling member printed
Eddie Hughes more like this
star this property uin 221008 more like this
unstar this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-02-22more like thismore than 2019-02-22
star this property answer text <p>HMRC currently enables employers to pay their PAYE/NIC liability by Direct Debit. Guidance on how to do this can be found on the gov.uk website at <a href="https://www.gov.uk/pay-paye-tax/direct-debit" target="_blank">https://www.gov.uk/pay-paye-tax/direct-debit</a>.</p><p> </p><p>Employers can currently only make single Direct Debit payments, meaning they must set up a payment each time they pay. This is because the amount owed can include elements which do not have to be reported to HMRC until too close to the payment deadline to allow us to automatically collect by Direct Debit.</p><p> </p><p>HMRC recognises the benefits of payment by Direct Debit and will continue to look at how to enable customers to set up ongoing Direct Debit arrangements.</p> more like this
star this property answering member constituency Central Devon more like this
star this property answering member printed Mel Stride more like this
star this property question first answered
less than 2019-02-22T12:14:15.69Zmore like thismore than 2019-02-22T12:14:15.69Z
star this property answering member
3935
star this property label Biography information for Mel Stride more like this
unstar this property tabling member
4635
unstar this property label Biography information for Eddie Hughes remove filter
834762
star this property registered interest false more like this
star this property date less than 2018-02-01more like thismore than 2018-02-01
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Football: Taxation more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what assessment his Department has made of trends in the level of tax that professional football clubs have paid on player transfers in each of the last five years. more like this
star this property tabling member constituency Walsall North more like this
star this property tabling member printed
Eddie Hughes more like this
star this property uin 126184 more like this
unstar this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2018-02-09more like thismore than 2018-02-09
star this property answer text <p>The information requested cannot be provided as it is not collated centrally by HMRC. Football transfer fees are subject to VAT according to the normal rules. Any profits made by football clubs are subject to Corporation Tax in the usual way. Payments made to players as part of their transfer, such as signing-on fees, are taxable as earnings.</p> more like this
star this property answering member constituency Central Devon more like this
star this property answering member printed Mel Stride more like this
star this property question first answered
less than 2018-02-09T14:01:28.48Zmore like thismore than 2018-02-09T14:01:28.48Z
star this property answering member
3935
star this property label Biography information for Mel Stride more like this
unstar this property tabling member
4635
unstar this property label Biography information for Eddie Hughes remove filter
845722
star this property registered interest false more like this
star this property date less than 2018-02-20more like thismore than 2018-02-20
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Taxation: Cryptocurrencies more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the potential benefits of using blockchain for (a) the tax system and (b) the customs and excise system; and if he will make a statement. more like this
star this property tabling member constituency Walsall North more like this
star this property tabling member printed
Eddie Hughes more like this
star this property uin 128694 more like this
unstar this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2018-02-28more like thismore than 2018-02-28
star this property answer text <p>HM Revenue and Customs are considering the use of blockchain alongside other technical options for both tax and customs and excise systems.</p> more like this
star this property answering member constituency Central Devon more like this
star this property answering member printed Mel Stride more like this
star this property question first answered
less than 2018-02-28T12:57:34.727Zmore like thismore than 2018-02-28T12:57:34.727Z
star this property answering member
3935
star this property label Biography information for Mel Stride more like this
unstar this property tabling member
4635
unstar this property label Biography information for Eddie Hughes remove filter
1037836
star this property registered interest false more like this
star this property date less than 2019-01-08more like thismore than 2019-01-08
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
unstar 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 Distributed Ledger Technology more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what (a) fiscal and (b) regulatory steps his Department is taking to (i) support UK and (ii) encourage overseas blockchain and crypto-based companies establish themselves in the UK. more like this
star this property tabling member constituency Walsall North more like this
star this property tabling member printed
Eddie Hughes more like this
star this property uin 206446 more like this
unstar this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-01-11more like thismore than 2019-01-11
star this property answer text <p>The Government has invested over £10 million through Innovate UK and the research councils to support a wide variety of DLT related projects. The Government has also created a £20 million GovTech Catalyst Fund to explore technology-based solutions for public sector challenges, potentially including the use of DLT.</p><p> </p><p>The Government set out its approach to cryptoassets and the underlying distributed ledger technology (DLT) in the report of the Cryptoassets Taskforce<sub><sub>[1]</sub></sub>. The Government wants to encourage responsible development of legitimate distributed ledger technology (DLT) and cryptoasset-related activity in the UK, while also mitigating risks.</p><p> </p><p>The financial regulators continue to provide a platform that facilitates innovation and the development of new technologies in the financial system. For example, the Financial Conduct Authority has accepted a significant number of DLT-based projects into its Regulatory Sandbox. The Bank of England has also committed to ensure that its new RTGS service will be compatible with DLT-based payment systems.</p><p>[1] The full report of the HM Treasury/Financial Conduct Authority/Bank of England Cryptoassets Taskforce is available here: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752070/cryptoassets_taskforce_final_report_final_web.pdf</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property question first answered
less than 2019-01-11T11:18:43.683Zmore like thismore than 2019-01-11T11:18:43.683Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
unstar this property tabling member
4635
unstar this property label Biography information for Eddie Hughes remove filter
843877
star this property registered interest false more like this
star this property date less than 2018-02-19more like thismore than 2018-02-19
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Customs: Distributed Ledger Technology more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the merits of using distributed ledger technology for any new customs system after the UK leaves the EU. more like this
star this property tabling member constituency Walsall North more like this
star this property tabling member printed
Eddie Hughes more like this
star this property uin 128296 more like this
unstar this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2018-02-27more like thismore than 2018-02-27
star this property answer text <p>HMRC are actively considering the use of distributed ledger technologies alongside other technical options for both tax and the Customs and Excise systems. The department is currently running a proof of concept exercise in support of one of their Customs initiatives and will provide further updates as this work progresses.</p> more like this
star this property answering member constituency South West Norfolk more like this
star this property answering member printed Elizabeth Truss more like this
star this property question first answered
less than 2018-02-27T14:37:02.767Zmore like thismore than 2018-02-27T14:37:02.767Z
star this property answering member
4097
star this property label Biography information for Elizabeth Truss more like this
unstar this property tabling member
4635
unstar this property label Biography information for Eddie Hughes remove filter