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1330360

	registered interest
	date	07/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bitcoin: Energy
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government, further to the establishment of the Bitcoin Mining Council, what steps they will take (1) to encourage the use of renewable power and sustainable Bitcoin mining, and (2) to monitor the effectiveness of the Council.
	tabling member printed	Lord Mendelsohn
	uin	HL787
	answer	answer is ministerial correction date of answer 16/06/2021 answer text The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.<p> </p><p>The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.</p><p> </p><p>In November 2020, the Chancellor announced that the UK will implement a green taxonomy – a common framework for determining which activities can be defined as environmentally sustainable – which will improve understanding of the impact of firms’ activities and investments on the environment and support our transition to a sustainable economy. More details on the green taxonomy will be announced in due course.</p>The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so. answering member printed Lord Agnew of Oulton grouped question UIN HL788 HL789 question first answered 16/06/2021 10:45:07 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4286 label Biography information for Lord Mendelsohn

1330361

	registered interest
	date	07/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies: Environment Protection
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether (1) the Cryptoasset Taskforce, or (2) any government department, collects or collates data on the environmental impact of cryptocurrencies; and if so, when any such data will be published.
	tabling member printed	Lord Mendelsohn
	uin	HL788
	answer	answer is ministerial correction date of answer 16/06/2021 answer text The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.<p> </p><p>The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.</p><p> </p><p>In November 2020, the Chancellor announced that the UK will implement a green taxonomy – a common framework for determining which activities can be defined as environmentally sustainable – which will improve understanding of the impact of firms’ activities and investments on the environment and support our transition to a sustainable economy. More details on the green taxonomy will be announced in due course.</p>The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so. answering member printed Lord Agnew of Oulton grouped question UIN HL787 HL789 question first answered 16/06/2021 10:45:08 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4286 label Biography information for Lord Mendelsohn

1330362

	registered interest
	date	07/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies: Environment Protection
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of the level of energy use in the mining of Bitcoin, as identified by the Cambridge Bitcoin Electricity Consumption Index; and what steps they will take to address the environmental harms of cryptocurrencies.
	tabling member printed	Lord Mendelsohn
	uin	HL789
	answer	answer is ministerial correction date of answer 16/06/2021 answer text The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.<p> </p><p>The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.</p><p> </p><p>In November 2020, the Chancellor announced that the UK will implement a green taxonomy – a common framework for determining which activities can be defined as environmentally sustainable – which will improve understanding of the impact of firms’ activities and investments on the environment and support our transition to a sustainable economy. More details on the green taxonomy will be announced in due course.</p>The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so. answering member printed Lord Agnew of Oulton grouped question UIN HL787 HL788 question first answered 16/06/2021 10:45:08 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4286 label Biography information for Lord Mendelsohn

1270993

	registered interest
	date	14/12/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Private Equity: Taxation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of the taxation of carried interest.
	tabling member printed	Lord Mendelsohn
	uin	HL11419
	answer	answer is ministerial correction date of answer 30/12/2020 answer text <p>The UK’s approach to the taxation of carried interest is in line with the approaches currently taken by other G7 countries.</p><p> </p><p>It is a balanced approach, which recognises that the hybrid nature of carried interest limits capital gains treatment to carried interest relating to long-term investments. The government keeps all taxes under review.</p> answering member printed Lord Agnew of Oulton question first answered 30/12/2020 11:00:53 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4286 label Biography information for Lord Mendelsohn

1355118

	registered interest
	date	13/09/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Renewable Energy: Cryptocurrencies
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to support the Crypto Climate Accord initiative ahead of COP26; and what steps they plan to take to build support among the UK (1) crypto, and (2) fintech, industries for the cryptocurrency sector to be powered by 100 per cent renewable energy sources.
	tabling member printed	Lord Mendelsohn
	uin	HL2658
	answer	answer is ministerial correction date of answer 27/09/2021 answer text <p>The Government’s private finance objective for the upcoming COP26 climate change forum is to ensure that every professional financial decision takes climate change into account. The recovery from COVID-19 will determine the mitigation and adaptation pathways for decades to come.</p><p> </p><p>The finance campaign will provide the conditions for a future that is genuinely greener, more resilient and more sustainable than the past. Action on finance underpins all the other COP campaigns: adaptation and resilience, energy transition, nature and zero-emission vehicles. Without the right levels of finance, the rest is not possible.</p><p> </p><p>The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so.</p><p> </p><p>Additionally, the Government has committed to the implementation of a green taxonomy.  This will allow us to accelerate our work towards a greener financial sector, by providing a common definition for environmentally sustainable economy activities.</p><p> </p><p>The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.</p><p> </p><p>The Government is committed to upholding its pledge relating to the Paris Climate Agreement and have enacted a legally binding target to reach net zero greenhouse gas emissions by 2050. Between 1990 and 2018, the UK reduced its emissions by 43% while growing the economy by 75% – the best performance in the G7 on a per person basis and will continually assess any emerging environmental threats.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL2661 question first answered 27/09/2021 08:52:26 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4286 label Biography information for Lord Mendelsohn

1355122

	registered interest
	date	13/09/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Energy: Cryptocurrencies
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether managing the high energy impact of cryptocurrencies will be on the agenda at COP26.
	tabling member printed	Lord Mendelsohn
	uin	HL2661
	answer	answer is ministerial correction date of answer 27/09/2021 answer text <p>The Government’s private finance objective for the upcoming COP26 climate change forum is to ensure that every professional financial decision takes climate change into account. The recovery from COVID-19 will determine the mitigation and adaptation pathways for decades to come.</p><p> </p><p>The finance campaign will provide the conditions for a future that is genuinely greener, more resilient and more sustainable than the past. Action on finance underpins all the other COP campaigns: adaptation and resilience, energy transition, nature and zero-emission vehicles. Without the right levels of finance, the rest is not possible.</p><p> </p><p>The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so.</p><p> </p><p>Additionally, the Government has committed to the implementation of a green taxonomy.  This will allow us to accelerate our work towards a greener financial sector, by providing a common definition for environmentally sustainable economy activities.</p><p> </p><p>The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.</p><p> </p><p>The Government is committed to upholding its pledge relating to the Paris Climate Agreement and have enacted a legally binding target to reach net zero greenhouse gas emissions by 2050. Between 1990 and 2018, the UK reduced its emissions by 43% while growing the economy by 75% – the best performance in the G7 on a per person basis and will continually assess any emerging environmental threats.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL2658 question first answered 27/09/2021 08:52:26 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4286 label Biography information for Lord Mendelsohn

1312499

	registered interest
	date	27/04/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Accountancy and Taxation: Professional Organisations
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of the recommendation made by the Association of Accounting Technicians in its response, published on 6 August 2020, to the HM Revenue and Customs call for evidence on raising standards in the tax advice market, that anyone offering paid-for tax and accountancy services should be required by law to be a member of a relevant professional body.
	tabling member printed	Lord Mendelsohn
	uin	HL15302
	answer	answer is ministerial correction date of answer 29/04/2021 answer text <p>The Government published a call for evidence on raising standards in the tax advice market in March 2020. This explored a range of options to raise standards, including requiring all tax advisers to belong to a professional body. Responses to the call for evidence, including the response from the Association of Accounting Technicians (AAT), were carefully considered. A summary of responses and the Government’s proposed next steps were published in November 2020.</p><p> </p><p>Many respondents to the call for evidence suggested requiring tax advisers to hold professional indemnity insurance (PII) could provide a baseline level of taxpayer protection. The Government is now consulting on the merits of requiring tax advisers to hold PII, including assessing the impacts of this requirement. The consultation closes on 15 June 2021.</p><p> </p><p>Any decisions resulting from the consultation will be announced at a future fiscal event.</p><p> </p> answering member printed Lord Agnew of Oulton grouped question UIN HL15303 HL15304 question first answered 29/04/2021 12:46:13 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4286 label Biography information for Lord Mendelsohn

1312500

	registered interest
	date	27/04/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Accountancy and Taxation: Professional Organisations
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of the impact of their recent proposals to require unregulated tax advisers and accountants to hold professional indemnity insurance on the insurance premiums for those who already hold such insurance by virtue of their membership of a relevant professional body.
	tabling member printed	Lord Mendelsohn
	uin	HL15303
	answer	answer is ministerial correction date of answer 29/04/2021 answer text <p>The Government published a call for evidence on raising standards in the tax advice market in March 2020. This explored a range of options to raise standards, including requiring all tax advisers to belong to a professional body. Responses to the call for evidence, including the response from the Association of Accounting Technicians (AAT), were carefully considered. A summary of responses and the Government’s proposed next steps were published in November 2020.</p><p> </p><p>Many respondents to the call for evidence suggested requiring tax advisers to hold professional indemnity insurance (PII) could provide a baseline level of taxpayer protection. The Government is now consulting on the merits of requiring tax advisers to hold PII, including assessing the impacts of this requirement. The consultation closes on 15 June 2021.</p><p> </p><p>Any decisions resulting from the consultation will be announced at a future fiscal event.</p><p> </p> answering member printed Lord Agnew of Oulton grouped question UIN HL15302 HL15304 question first answered 29/04/2021 12:46:13 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4286 label Biography information for Lord Mendelsohn

1312501

	registered interest
	date	27/04/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Money Laundering
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of the desirability of requiring those who provide tax and accountancy services in the UK (1) to be appropriately qualified, (2) to undertake Continuing Professional Development, (3) to be subject to robust complaints and disciplinary processes, and (4) to be regulated by an Office for Professional Body Anti-Money Laundering Supervision-supervised professional body in relation to Anti-Money laundering activity; and whether they have any plans to implement any such requirements.
	tabling member printed	Lord Mendelsohn
	uin	HL15304
	answer	answer is ministerial correction date of answer 29/04/2021 answer text <p>The Government published a call for evidence on raising standards in the tax advice market in March 2020. This explored a range of options to raise standards, including requiring all tax advisers to belong to a professional body. Responses to the call for evidence, including the response from the Association of Accounting Technicians (AAT), were carefully considered. A summary of responses and the Government’s proposed next steps were published in November 2020.</p><p> </p><p>Many respondents to the call for evidence suggested requiring tax advisers to hold professional indemnity insurance (PII) could provide a baseline level of taxpayer protection. The Government is now consulting on the merits of requiring tax advisers to hold PII, including assessing the impacts of this requirement. The consultation closes on 15 June 2021.</p><p> </p><p>Any decisions resulting from the consultation will be announced at a future fiscal event.</p><p> </p> answering member printed Lord Agnew of Oulton grouped question UIN HL15302 HL15303 question first answered 29/04/2021 12:46:13 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4286 label Biography information for Lord Mendelsohn

1314180

	registered interest
	date	12/05/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies: Carbon Emissions
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of the environmental impact of cryptocurrencies on companies trying to achieve carbon neutral status.
	tabling member printed	Lord Mendelsohn
	uin	HL175
	answer	answer is ministerial correction date of answer 19/05/2021 answer text <p>The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.</p><p>The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so.</p><p>Additionally, the Government has committed to the implementation of a green taxonomy. This will allow us to accelerate our work towards a greener financial sector, by providing a common definition for environmentally sustainable economy activities.</p><p>The Government’s private finance objective for the upcoming COP26 climate change forum is to ensure that every professional financial decision takes climate change into account. The recovery from COVID-19 will determine the mitigation and adaptation pathways for decades to come.</p><p>The finance campaign will provide the conditions for a future that is genuinely greener, more resilient and more sustainable than the past. Action on finance underpins all the other COP campaigns: adaptation and resilience, energy transition, nature and zero-emission vehicles. Without the right levels of finance, the rest is not possible.</p><p>The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL178 question first answered 19/05/2021 13:28:15 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4286 label Biography information for Lord Mendelsohn