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1135096

	registered interest
	date	26/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Inheritance Tax
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to scrap the inheritance tax 40 per cent excess policy above an individual's £325,000 allowance.
	tabling member printed	Lord Taylor of Warwick
	uin	HL16723
	answer	answer is ministerial correction date of answer 09/07/2019 answer text <p>Inheritance tax makes an important contribution to the health of public finances and the Government has no plans to abolish it.</p><p> </p><p>The rate of inheritance tax is normally 40% on the value of an estate above a nil rate band of £325,000. Any unused nil rate band may be transferred to a surviving spouse or civil partner, increasing their combined threshold to up to £650,000.</p><p> </p><p>However, the Government recognises that individuals work hard to build up assets with the aim of passing these on to their families. Rising house prices have contributed to more families facing an inheritance tax bill. The Government is addressing this through the phased introduction of the additional £175,000 residence nil rate band. Any unused residence nil rate band may also be transferred to a surviving spouse or civil partner.</p><p> </p><p>Taken together, the combination of the nil rate bands means an individual could pass on up to £500,000 in 2020-21 and the estate of the remaining spouse or civil partner could pass on up to £1 million under certain circumstances in 2020-21. Around 96% of estates are forecast to be able to pass on all their assets without paying any inheritance tax as a result.</p><p> </p><p>In January 2018, the Chancellor of the Exchequer commissioned the Office of Tax Simplification to review the tax. The first report was published in November 2018 and the second report in July 2019. The Government will consider the recommendations.</p> answering member printed Lord Young of Cookham question first answered 09/07/2019 16:39:20 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1137396

	registered interest
	date	08/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Parcels: VAT
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what steps they are taking to ensure more foreign companies sign up to the new parcel tax scheme in preparation for a possible no-deal Brexit.
	tabling member printed	Lord Taylor of Warwick
	uin	HL17003
	answer	answer is ministerial correction date of answer 22/07/2019 answer text <p>HMRC’s Import VAT on Parcels online service was launched in February 2019 to allow businesses to prepare for a potential no deal EU exit, and remains open for registrations. HMRC are working with key partners to communicate the potential changes to overseas businesses. While HMRC expect registrations would increase if a no deal exit were confirmed, registration numbers for the online service are not a reliable indicator of overall readiness because there are other ways to pay import VAT on parcels via third parties.</p> answering member printed Lord Young of Cookham question first answered 22/07/2019 12:55:01 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1137398

	registered interest
	date	08/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions: Doctors
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to revisit the 2016 rule changes to tax relief for medical practitioners, in order to resolve the current staffing crisis.
	tabling member printed	Lord Taylor of Warwick
	uin	HL17005
	answer	answer is ministerial correction date of answer 22/07/2019 answer text <p>The Government keeps public sector pay and pensions policy under constant review in the context of the wider public finances.</p><p> </p><p>Pensions tax relief is one of the most expensive reliefs in the personal tax system. In 2017/18 income tax and employer National Insurance Contributions relief cost over £50 billion, with around two-thirds going to higher and additional rate taxpayers.</p><p> </p><p>The tapered annual allowance is therefore focused on the highest-earning savers, to ensure that the benefit they receive is not disproportionate to that of other pension savers. Less than one per cent of pension savers will have to reduce their saving or face an annual allowance charge as a result of the tapered annual allowance.</p><p> </p><p>The Government recognises that some senior clinicians face tax charges owing to the increase in the value of their pension accrual. The tax rules must apply identically to everyone in the same situation, regardless of their employer.</p><p> </p><p>However, the Secretary of State for Health and Social Care has announced plans to consult on proposals for a new flexibility for senior clinicians in the NHS pension scheme via the introduction of a 50:50 option. This option will give senior clinicians in England and Wales more choice in respect of their pension accrual, and therefore better control in relation to any pensions tax charges.</p><p> </p><p><strong> </strong></p><p><strong> </strong></p> answering member printed Lord Young of Cookham question first answered 22/07/2019 12:55:51 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1140039

	registered interest
	date	17/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Brexit
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to address any economic downturn that may be caused by a no-deal Brexit.
	tabling member printed	Lord Taylor of Warwick
	uin	HL17274
	answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>The government’s priority has been to ensure a smooth and orderly withdrawal from the EU with a deal as soon as possible. The government has reached agreement with the EU on an extension until October 31<sup>st</sup> at the latest, with the option to leave earlier as soon as a deal is ratified. However, “No Deal” remains the legal default at the end of the extension period if a deal cannot be reached. As a responsible government we have been preparing for this possibility for almost three years to minimise any disruption in the event of no deal. The Treasury and the Bank of England together have all the tools of fiscal and monetary policy available to us, including the fiscal headroom the Chancellor has held in reserve.</p><p> </p> answering member printed Lord Young of Cookham question first answered 23/07/2019 11:14:00 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1141192

	registered interest
	date	22/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Infrastructure
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what steps they are taking to implement a national infrastructure strategy to increase business growth after Brexit.
	tabling member printed	Lord Taylor of Warwick
	uin	HL17375
	answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>High quality infrastructure is crucial for supporting business growth.</p><p> </p><p>The Government established the National Infrastructure Commission (NIC) in 2015 to provide impartial, expert advice on major long-term infrastructure challenges.</p><p> </p><p>The NIC published their first National Infrastructure Assessment (NIA) last year, setting out their assessment of the UK’s long-term infrastructure needs.</p><p> </p><p>The NIA made over 60 recommendations, and the Government is planning to respond in full to all of the recommendations through a National Infrastructure Strategy, to be published later this year.</p> answering member printed Lord Young of Cookham question first answered 23/07/2019 16:29:08 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick