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845722
registered interest false more like this
date remove maximum value filtermore like thismore than 2018-02-20
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Cryptocurrencies: Taxation more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
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
tabling member constituency Walsall North more like this
tabling member printed
Eddie Hughes remove filter
uin 128694 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2018-02-28more like thismore than 2018-02-28
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
answering member constituency Central Devon more like this
answering member printed Mel Stride more like this
question first answered
less than 2018-02-28T12:57:34.727Zmore like thismore than 2018-02-28T12:57:34.727Z
answering member
3935
label Biography information for Mel Stride more like this
tabling member
4635
label Biography information for Eddie Hughes more like this
843877
registered interest false more like this
date less than 2018-02-19more like thismore than 2018-02-19
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Customs: Distributed Ledger Technology more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
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
tabling member constituency Walsall North more like this
tabling member printed
Eddie Hughes remove filter
uin 128296 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2018-02-27more like thismore than 2018-02-27
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
answering member constituency South West Norfolk more like this
answering member printed Elizabeth Truss more like this
question first answered
less than 2018-02-27T14:37:02.767Zmore like thismore than 2018-02-27T14:37:02.767Z
answering member
4097
label Biography information for Elizabeth Truss more like this
tabling member
4635
label Biography information for Eddie Hughes more like this
834762
registered interest false more like this
date less than 2018-02-01more like thismore than 2018-02-01
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Football: Taxation more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
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
tabling member constituency Walsall North more like this
tabling member printed
Eddie Hughes remove filter
uin 126184 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2018-02-09more like thismore than 2018-02-09
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
answering member constituency Central Devon more like this
answering member printed Mel Stride more like this
question first answered
less than 2018-02-09T14:01:28.48Zmore like thismore than 2018-02-09T14:01:28.48Z
answering member
3935
label Biography information for Mel Stride more like this
tabling member
4635
label Biography information for Eddie Hughes more like this
804333
registered interest false more like this
date less than 2017-12-11more like thismore than 2017-12-11
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Cryptocurrencies more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what holdings of Bitcoin and other crypto-currencies are held by the Government. more like this
tabling member constituency Walsall North more like this
tabling member printed
Eddie Hughes remove filter
uin 118575 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-12-19more like thismore than 2017-12-19
answer text <p>HM Treasury does not have any holdings of Bitcoin or other crypto-currencies. HM Treasury and the Bank of England publish details of the UK’s current international reserves, including foreign currency assets, on a monthly basis.</p> more like this
answering member constituency Harrogate and Knaresborough more like this
answering member printed Andrew Jones more like this
question first answered
less than 2017-12-19T14:01:00.667Zmore like thismore than 2017-12-19T14:01:00.667Z
answering member
3996
label Biography information for Andrew Jones more like this
tabling member
4635
label Biography information for Eddie Hughes more like this
804334
registered interest false more like this
date less than 2017-12-11more like thismore than 2017-12-11
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Cryptocurrencies more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
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
tabling member constituency Walsall North more like this
tabling member printed
Eddie Hughes remove filter
uin 118577 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-12-19more like thismore than 2017-12-19
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
answering member constituency North East Cambridgeshire more like this
answering member printed Stephen Barclay more like this
question first answered
less than 2017-12-19T15:36:16.863Zmore like thismore than 2017-12-19T15:36:16.863Z
answering member
4095
label Biography information for Steve Barclay more like this
tabling member
4635
label Biography information for Eddie Hughes more like this
804335
registered interest false more like this
date less than 2017-12-11more like thismore than 2017-12-11
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Cryptocurrencies more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
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
tabling member constituency Walsall North more like this
tabling member printed
Eddie Hughes remove filter
uin 118579 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-12-19more like thismore than 2017-12-19
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
answering member constituency North East Cambridgeshire more like this
answering member printed Stephen Barclay more like this
grouped question UIN 118581 more like this
question first answered
less than 2017-12-19T14:05:17.2Zmore like thismore than 2017-12-19T14:05:17.2Z
answering member
4095
label Biography information for Steve Barclay more like this
tabling member
4635
label Biography information for Eddie Hughes more like this
804336
registered interest false more like this
date less than 2017-12-11more like thismore than 2017-12-11
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Cryptocurrencies: Regulation more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
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
tabling member constituency Walsall North more like this
tabling member printed
Eddie Hughes remove filter
uin 118581 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-12-19more like thismore than 2017-12-19
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
answering member constituency North East Cambridgeshire more like this
answering member printed Stephen Barclay more like this
grouped question UIN 118579 more like this
question first answered
less than 2017-12-19T14:05:17.263Zmore like thismore than 2017-12-19T14:05:17.263Z
answering member
4095
label Biography information for Steve Barclay more like this
tabling member
4635
label Biography information for Eddie Hughes more like this