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1168470

	registered interest
	date	19/12/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Disguised Remuneration Loan Charge Review
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will publish Sir Amyas Morse's review of the Loan Charge on 8 January 2020; and if he will make an oral statement on that day.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	105
	answer	answer is ministerial correction date of answer 07/01/2020 answer text <p>The Government published Sir Amyas Morse’s independent review of the Loan Charge on 20 December, alongside the Government’s response to his recommendations. The Government welcomes Sir Amyas’ recognition that disguised remuneration schemes are a form of tax avoidance and that action was needed to tackle their use. However, the Government recognises concerns raised by the Review about the design of the Loan Charge and the impact on those liable to pay it and is therefore accepting all but one of the Review’s recommendations. The Government will ensure taxpayers have sufficient time to consider the impact of these changes on their tax position and individuals can now defer submitting their tax return and paying their Loan Charge liability until 30 September 2020, without incurring any penalties or interest.</p><p> </p><p> </p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 106 question first answered 07/01/2020 16:36:10 answering member 3991 label Biography information for Jesse Norman
	tabling member	4064 label Biography information for Mr Steve Baker

1168471

	registered interest
	date	19/12/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Tax Avoidance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will make it his policy to delay the Loan Charge payment deadline of 31 January 2020 until after he has made an assessment of Sir Amyas Morse's review of the Loan Charge; and if he will make a statement.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	106
	answer	answer is ministerial correction date of answer 07/01/2020 answer text <p>The Government published Sir Amyas Morse’s independent review of the Loan Charge on 20 December, alongside the Government’s response to his recommendations. The Government welcomes Sir Amyas’ recognition that disguised remuneration schemes are a form of tax avoidance and that action was needed to tackle their use. However, the Government recognises concerns raised by the Review about the design of the Loan Charge and the impact on those liable to pay it and is therefore accepting all but one of the Review’s recommendations. The Government will ensure taxpayers have sufficient time to consider the impact of these changes on their tax position and individuals can now defer submitting their tax return and paying their Loan Charge liability until 30 September 2020, without incurring any penalties or interest.</p><p> </p><p> </p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 105 question first answered 07/01/2020 16:36:10 answering member 3991 label Biography information for Jesse Norman
	tabling member	4064 label Biography information for Mr Steve Baker

1249190

	registered interest
	date	05/11/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Stamp Duty Land Tax
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will extend the stamp duty holiday for six to 12 months.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	112039
	answer	answer is ministerial correction date of answer 10/11/2020 answer text <p>The temporary increase in the Stamp Duty Land Tax nil rate band was designed to create immediate momentum within the property market, where property transactions fell by as much as 50 per cent during the COVID-19 lockdown. The downturn in the market meant that the future was uncertain for many people whose jobs relied on custom from the property industry. There are already early signs that demand and transactions have increased, and are continuing to rise, since the increase to the SDLT nil rate band was announced in July.</p><p> </p><p>As the relief was designed to provide an immediate stimulus to the property market, the Government does not plan to extend this relief and will continue to monitor the property market.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 10/11/2020 13:32:23 answering member 3991 label Biography information for Jesse Norman
	tabling member	4064 label Biography information for Mr Steve Baker

1249276

	registered interest
	date	05/11/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Stamp Duty Land Tax: Coronavirus
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of moving the trigger point for the Stamp Duty holiday from the date of completion to the date of sale.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	112042
	answer	answer is ministerial correction date of answer 10/11/2020 answer text <p>The Stamp Duty Land Tax temporary rates apply to transactions completed or substantially performed between 8 July 2020 and 31 March 2021. A transaction is substantially performed where the buyer has paid 90% of the purchase price, or where they have possession of the whole or substantially the whole of the property.</p><p> </p><p>Completion and substantial performance are recognised legal concepts and using them as trigger points for Stamp Duty Land Tax provides certainty to consumers and to HMRC. There is no standard definition of a point of sale in a housing transaction and so moving the trigger point for a transaction to the date of sale would lead to uncertainty and confusion among home buyers. This lack of certainty would also mean that such a trigger point would be open to abuse.</p><p> </p><p>As with all tax policy, the Government continues to monitor the impact of the SDLT temporary rates.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 10/11/2020 13:29:45 answering member 3991 label Biography information for Jesse Norman
	tabling member	4064 label Biography information for Mr Steve Baker

1175578

	registered interest
	date	03/02/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Tax Avoidance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will take steps to ensure taxpayers are adequately informed of the implications of Disclosure of tax avoidance schemes (DOTAS) registration; and if he will make a statement.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	11487
	answer	answer is ministerial correction date of answer 11/02/2020 answer text <p>Under the Disclosure of Tax Avoidance Scheme (DOTAS) regime introduced in 2004, promoters of a tax scheme are required to notify HM Revenue and Customs (HMRC) where a scheme contains various hallmarks of tax avoidance. Once notified, HMRC send the promoter a Scheme Reference Number (SRN) to give to any user of the scheme. Users must then include the reference number on their tax return. This helps identify users to HMRC for possible investigation.</p><p> </p><p>Since 2009 promoters have been required to inform their clients that disclosure under DOTAS does not represent approval of the scheme by HMRC. Employers involved in disguised remuneration schemes and promoters are legally obliged to inform their employees and clients via forms AAG7 or AAG6. Both forms AAG6 and AAG7 make it absolutely clear that the recipient is involved in a disclosed tax avoidance scheme, that the scheme is not HMRC approved, and that DOTAS registration means the recipient is likely to be investigated for tax avoidance by HMRC.</p><p>Failure to inform clients carries a penalty of £5,000 per failure for promoters, and up to the same amount per employee, for employers.</p><p> </p><p>Further information about forms AAG6 and AAG7 is available at the links below: <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/491693/AAG6_10_15.pdf" target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/491693/AAG6_10_15.pdf</a>; <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/491713/AAG7_10_15.pdf" target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/491713/AAG7_10_15.pdf</a></p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 11/02/2020 09:25:55 answering member 3991 label Biography information for Jesse Norman
	tabling member	4064 label Biography information for Mr Steve Baker

1419033

	registered interest
	date	02/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Regulation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether he has taken steps to review the corpus of retained EU law, other UK regulations and potential new financial services regulations, for the purposes of improving UK competitiveness; and what steps he is taking to ensure that any such new regulations and legislative changes are introduced in a timely manner.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	116913
	answer	answer is ministerial correction date of answer 09/02/2022 answer text <p>In his Mansion House statement last July, the Chancellor set out the Government’s vision for an open, competitive, green, and technologically advanced financial services sector. A sweeping set of reforms to sharpen the UK’s competitive advantage in financial services is already underway.</p><p> </p><p>In November, the Government published the second consultation in its Future Regulatory Framework (FRF) Review. This provides a once-in-a-generation opportunity to ensure that, having left the EU, the UK establishes a coherent, agile, and internationally respected approach to financial services regulation that is right for the UK. This includes proposals to repeal a significant volume of retained EU law relating to financial services, so that the financial services regulators can take responsibility for making the appropriate rules in these areas.</p><p>As set out in the recent publication, <em>The Benefits of Brexit: How the UK is taking advantage of leaving the EU, </em>the Government is actively seeking out opportunities to tailor the regulation of our financial services sector, within the new framework the FRF Review will deliver, through measures including:</p><p> </p><ul><li>A ground-breaking Mutual Recognition Agreement with Switzerland.</li><li>Reforming our capital markets through the Wholesale Markets Review and Prospectus Regime Review.</li><li>Establishing a new Centre for Finance, Innovation and Technology.</li><li>Becoming the world’s first net zero-aligned financial centre.</li></ul> answering member constituency Salisbury answering member printed John Glen question first answered 09/02/2022 08:54:12 answering member 4051 label Biography information for John Glen
	tabling member	4064 label Biography information for Mr Steve Baker

1256018

	registered interest
	date	26/11/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Foreign Investment in UK
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what fiscal steps his Department is taking to create a positive environment for investment in the UK after the end of the transition period on 31 December 2020.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	121245
	answer	answer is ministerial correction date of answer 01/12/2020 answer text <p>The Government will maintain a competitive tax environment for business, ensuring the UK remains one of the most attractive places in the world to invest, start and grow a business.</p><p> </p><p>As part of this, last month the Government announced a year-long extension to the £1 million temporary cap of the Annual Investment Allowance (AIA). The AIA provides firms 100% same year tax relief on qualifying capital expenditure, up to a fixed limit; and it responds to the needs of business, providing further upfront support for investment in 2021.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 01/12/2020 16:35:24 answering member 3991 label Biography information for Jesse Norman
	tabling member	4064 label Biography information for Mr Steve Baker

1422627

	registered interest
	date	18/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit: Regulation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps his Department is taking to regulate buy now, pay later products.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	125128
	answer	answer is ministerial correction date of answer 28/02/2022 answer text <p>The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free Buy-Now Pay-Later (BNPL) products. The Government recognises those risks, but also notes that as an interest-free product, BNPL can often be lower-risk than other forms of borrowing and a useful tool to help consumers manage their finances. That is why on 2 February 2021 the Government announced its intention to regulate BNPL products in a proportionate manner.</p><p> </p><p>The Government published a consultation on policy proposals for the regulation of BNPL on 21 October 2021, which closed on 6 January. The consultation sought stakeholder views on how to define the scope of regulation and how to draw boundaries in legislation between different types of credit agreements that make use of the exemption from consumer credit regulation that is currently used by BNPL products.</p><p> </p><p>The Government is now reviewing responses to this consultation and considering next steps and intends to publish a consultation response in the spring.</p><p> </p><p>HMT does not hold information regarding the savings to consumers resulting from the use of BNPL products in 2021, or the impact of BNPL on the UK’s retail industry. Instead, HMT draws on the research of various stakeholders, including consumer groups and the wider financial services industry, to inform policy development.</p><p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 125129 125130 125131 question first answered 28/02/2022 15:02:19 answering member 4051 label Biography information for John Glen
	tabling member	4064 label Biography information for Mr Steve Baker

1422628

	registered interest
	date	18/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what plans his Department has to create a definition of buy now, pay later in statute; and whether he has made an assessment of the potential impact of establishing that definition.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	125129
	answer	answer is ministerial correction date of answer 28/02/2022 answer text <p>The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free Buy-Now Pay-Later (BNPL) products. The Government recognises those risks, but also notes that as an interest-free product, BNPL can often be lower-risk than other forms of borrowing and a useful tool to help consumers manage their finances. That is why on 2 February 2021 the Government announced its intention to regulate BNPL products in a proportionate manner.</p><p> </p><p>The Government published a consultation on policy proposals for the regulation of BNPL on 21 October 2021, which closed on 6 January. The consultation sought stakeholder views on how to define the scope of regulation and how to draw boundaries in legislation between different types of credit agreements that make use of the exemption from consumer credit regulation that is currently used by BNPL products.</p><p> </p><p>The Government is now reviewing responses to this consultation and considering next steps and intends to publish a consultation response in the spring.</p><p> </p><p>HMT does not hold information regarding the savings to consumers resulting from the use of BNPL products in 2021, or the impact of BNPL on the UK’s retail industry. Instead, HMT draws on the research of various stakeholders, including consumer groups and the wider financial services industry, to inform policy development.</p><p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 125128 125130 125131 question first answered 28/02/2022 15:02:20 answering member 4051 label Biography information for John Glen
	tabling member	4064 label Biography information for Mr Steve Baker

1422629

	registered interest
	date	18/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what estimate his Department has made of the savings to consumers resulting from the use of buy now, pay later low interest credit schemes in 2021.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	125130
	answer	answer is ministerial correction date of answer 28/02/2022 answer text <p>The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free Buy-Now Pay-Later (BNPL) products. The Government recognises those risks, but also notes that as an interest-free product, BNPL can often be lower-risk than other forms of borrowing and a useful tool to help consumers manage their finances. That is why on 2 February 2021 the Government announced its intention to regulate BNPL products in a proportionate manner.</p><p> </p><p>The Government published a consultation on policy proposals for the regulation of BNPL on 21 October 2021, which closed on 6 January. The consultation sought stakeholder views on how to define the scope of regulation and how to draw boundaries in legislation between different types of credit agreements that make use of the exemption from consumer credit regulation that is currently used by BNPL products.</p><p> </p><p>The Government is now reviewing responses to this consultation and considering next steps and intends to publish a consultation response in the spring.</p><p> </p><p>HMT does not hold information regarding the savings to consumers resulting from the use of BNPL products in 2021, or the impact of BNPL on the UK’s retail industry. Instead, HMT draws on the research of various stakeholders, including consumer groups and the wider financial services industry, to inform policy development.</p><p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 125128 125129 125131 question first answered 28/02/2022 15:02:20 answering member 4051 label Biography information for John Glen
	tabling member	4064 label Biography information for Mr Steve Baker