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1141563
registered interest false more like this
date less than 2019-07-23more like thismore than 2019-07-23
answering body
Department for International Trade more like this
answering dept id 202 more like this
answering dept short name International Trade more like this
answering dept sort name International Trade more like this
hansard heading Trade Agreements: Canada more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government what assessment they have made of the impact of a reduction in import tariffs on a post-Brexit trade deal between the UK and Canada. more like this
tabling member printed
Lord Taylor of Warwick remove filter
uin HL17431 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-08-06more like thismore than 2019-08-06
answer text <p>We are working to transition existing EU trade agreements, including CETA, into bilateral deals as the UK leaves the EU. We continue to engage Canada to seek to achieve this at the earliest opportunity, and both sides are committed to a strong trading relationship moving forwards.</p><p> </p><p>If the UK leaves the EU without a deal, the UK will implement a temporary tariff which aims to minimise costs to business and mitigate price impacts on consumers. However, this will be temporary, applying for up to 12 months. It is not the basis for a long-term preferential trading relationship - transition of CETA remains the best foundation for the UK’s future trading relationship with Canada.</p> more like this
answering member printed Lord Young of Cookham remove filter
question first answered
less than 2019-08-06T14:23:50.757Zmore like thismore than 2019-08-06T14:23:50.757Z
answering member
57
label Biography information for Lord Young of Cookham more like this
tabling member
1796
label Biography information for Lord Taylor of Warwick more like this
1140039
registered interest false more like this
date less than 2019-07-17more like thismore than 2019-07-17
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Brexit more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
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. more like this
tabling member printed
Lord Taylor of Warwick remove filter
uin HL17274 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-07-23more like thismore than 2019-07-23
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> more like this
answering member printed Lord Young of Cookham remove filter
question first answered
less than 2019-07-23T11:14:00.283Zmore like thismore than 2019-07-23T11:14:00.283Z
answering member
57
label Biography information for Lord Young of Cookham more like this
tabling member
1796
label Biography information for Lord Taylor of Warwick more like this
1137398
registered interest false more like this
date less than 2019-07-08more like thismore than 2019-07-08
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Pensions: Doctors more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
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. more like this
tabling member printed
Lord Taylor of Warwick remove filter
uin HL17005 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-07-22more like thismore than 2019-07-22
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 remove filter
question first answered
less than 2019-07-22T12:55:51.367Zmore like thismore than 2019-07-22T12:55:51.367Z
answering member
57
label Biography information for Lord Young of Cookham more like this
tabling member
1796
label Biography information for Lord Taylor of Warwick more like this
1134330
registered interest false more like this
date less than 2019-06-24more like thismore than 2019-06-24
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Cryptocurrencies: Regulation more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government what plans they have to regulate the use of new crypto-currencies created by large technology companies; and what steps they are taking to protect private financial information in that sector. more like this
tabling member printed
Lord Taylor of Warwick remove filter
uin HL16615 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-07-08more like thisremove minimum value filter
answer text <p>The Government does not comment on details of the proposed business models of individual companies. However, large technology companies developing cryptoassets clearly raises wider questions for policy and financial regulation. The Government is working with the Bank of England, the Financial Conduct Authority and international counterparts to consider these issues.</p><p> </p><p>More broadly, the Government established the Cryptoassets Taskforce<sup><sup>[1]</sup></sup> to explore the risks and potential benefits of cryptoassets and consider the appropriate response. The Taskforce’s report set out commitments to further consider the regulatory approach to cryptoassets. The Government will consult on its approach to unregulated cryptoassets later this year.</p><p> </p><p>The Government takes the protection and privacy of personal data extremely seriously. All organisations, especially the biggest global tech firms who process private financial data containing personal information, must comply with the GDPR and the UK's Data Protection Act 2018, which poses strict obligations on organisations to ensure that UK citizen's data is stored safely and securely.</p><p> </p><p>[1] Comprised of HM Treasury, the FCA, and the Bank of England</p><p> </p>
answering member printed Lord Young of Cookham remove filter
question first answered
less than 2019-07-08T13:47:25.253Zmore like thismore than 2019-07-08T13:47:25.253Z
answering member
57
label Biography information for Lord Young of Cookham more like this
tabling member
1796
label Biography information for Lord Taylor of Warwick more like this
1136436
registered interest false more like this
date less than 2019-07-02more like thismore than 2019-07-02
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Financial Services more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government what steps they are taking to invest in infrastructure projects in the UK financial services industry to help address climate change. more like this
tabling member printed
Lord Taylor of Warwick remove filter
uin HL16886 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-07-09more like thismore than 2019-07-09
answer text <p>On 2<sup>nd</sup> July, the Government launched its Green Finance Strategy with the ambition to align private sector financial flows with clean, environmentally sustainable and resilient growth, and strengthen the competitiveness of our financial sector. The strategy outlines how we will drive the greening of the financial system and help mobilise private sector finance to meet our environmental objectives, including through infrastructure projects in the UK and overseas. We have also worked with the City of London to launch the Green Finance Institute on 2<sup>nd</sup> July.</p> more like this
answering member printed Lord Young of Cookham remove filter
question first answered
less than 2019-07-09T16:22:07.617Zmore like thismore than 2019-07-09T16:22:07.617Z
answering member
57
label Biography information for Lord Young of Cookham more like this
tabling member
1796
label Biography information for Lord Taylor of Warwick more like this
1135096
registered interest false more like this
date less than 2019-06-26more like thismore than 2019-06-26
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Inheritance Tax more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
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. more like this
tabling member printed
Lord Taylor of Warwick remove filter
uin HL16723 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-07-09more like thismore than 2019-07-09
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 remove filter
question first answered
less than 2019-07-09T16:39:20.767Zmore like thismore than 2019-07-09T16:39:20.767Z
answering member
57
label Biography information for Lord Young of Cookham more like this
tabling member
1796
label Biography information for Lord Taylor of Warwick more like this
1141192
registered interest false more like this
date less than 2019-07-22more like thismore than 2019-07-22
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Infrastructure more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
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. more like this
tabling member printed
Lord Taylor of Warwick remove filter
uin HL17375 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-07-23more like thismore than 2019-07-23
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> more like this
answering member printed Lord Young of Cookham remove filter
question first answered
less than 2019-07-23T16:29:08.073Zmore like thismore than 2019-07-23T16:29:08.073Z
answering member
57
label Biography information for Lord Young of Cookham more like this
tabling member
1796
label Biography information for Lord Taylor of Warwick more like this
1137396
registered interest false more like this
date less than 2019-07-08more like thismore than 2019-07-08
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Parcels: VAT more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
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. more like this
tabling member printed
Lord Taylor of Warwick remove filter
uin HL17003 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-07-22more like thismore than 2019-07-22
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> more like this
answering member printed Lord Young of Cookham remove filter
question first answered
less than 2019-07-22T12:55:01.37Zmore like thismore than 2019-07-22T12:55:01.37Z
answering member
57
label Biography information for Lord Young of Cookham more like this
tabling member
1796
label Biography information for Lord Taylor of Warwick more like this