Preparations for the introduction of Making Tax Digital (MTD) for VAT in April 2019 are progressing well. MTD will make it easier for businesses to get their tax right, reducing the tax gap caused by avoidable errors and saving businesses time which can be devoted to maximising business opportunities, and helping foster good financial planning.<\/p>
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In October, HMRC opened the pilot to over 500,000 customers who will be required to join the service from April, and they are on track to open up the service to the remainder of mandated customers early in the New Year.<\/p>
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There has also been excellent progress with the software that businesses will use to keep their records and send HMRC their VAT information. A variety of products at different price points are available (including some that are free), and some can be used with a spreadsheet for those who prefer not to make the move to a fuller software product.<\/p>
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Businesses will need to join the new service in time to send HMRC their VAT return information before their first deadline for a return period which starts after 1 April. For the majority who file quarterly that will be by 7 August 2019 at the earliest. HMRC is continuing to send letters to all businesses in scope, raising their awareness and inviting them to join early so that they can test the service before mandation.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/3935", "label" : {"_value" : "Biography information for Mel Stride"} } , "answeringMemberConstituency" : {"_value" : "Central Devon"} , "answeringMemberPrinted" : {"_value" : "Mel Stride"} , "dateOfAnswer" : {"_value" : "2018-12-18", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-12-18T14:45:14.413Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2018-12-13", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Taxation: Electronic Government"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, whether all preparations for the introduction of the Making Tax Digital scheme in April 2019 are complete.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1409", "label" : {"_value" : "Biography information for Mr Gregory Campbell"} } , "tablingMemberConstituency" : {"_value" : "East Londonderry"} , "tablingMemberPrinted" : [{"_value" : "Mr Gregory Campbell"} ], "uin" : "202086"} , {"_about" : "http://data.parliament.uk/resources/1024809", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1024809/answer", "answerText" : {"_value" : "
Businesses and infrastructure projects raise finance from the private market, with important UK government support.<\/p>
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The European Investment Bank Group provides finance alongside other market participants. In 2017, the European Investment Bank, which predominantly invests in infrastructure projects, invested EUR 1.84bn in the UK. Its SME risk-finance focused subsidiary, the European Investment Fund, invested EUR 61.05m in UK operations in 2017.<\/p>
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As we leave the EU, we continue to actively explore options for a future relationship with the European Investment Bank Group. However, as the Chancellor has been clear, if we do not maintain our relationship with the EIB group, we will be prepared.<\/p>
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The government has a range of existing tools in place to support infrastructure and SME finance. This includes, the £40 billion UK Guarantees Scheme and the British Business Bank. British Business Bank programmes are supporting more than £5.5bn of finance to over 78,000 smaller businesses. The British Business Bank has capacity to make commitments this year exceeding the combined average annual commitments from the European Investment Fund and British Business Bank in the three years preceding the referendum.<\/p>
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The government announced at the Budget that we will review our support for infrastructure finance, to ensure good projects continue to be able to access the finance they need. If no future relationship with the EIB Group is in place when the UK leaves the EU on 29 March 2019, the government will provide the British Business Bank with new resources to enable it to make up to £200m additional investment in venture capital and growth finance in 2019/20.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4320", "label" : {"_value" : "Biography information for Robert Jenrick"} } , "answeringMemberConstituency" : {"_value" : "Newark"} , "answeringMemberPrinted" : {"_value" : "Robert Jenrick"} , "dateOfAnswer" : {"_value" : "2018-12-18", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-12-18T16:53:05.943Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2018-12-13", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "British Business Bank: Finance"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, whether he plans to increase funding for the British Business Bank to make up the difference between the £200 million it was allocated in Budget 2018 and the £1.89 billion that the European Investment Bank allocated to UK projects in 2017.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4124", "label" : {"_value" : "Biography information for Chi Onwurah"} } , "tablingMemberConstituency" : {"_value" : "Newcastle upon Tyne Central"} , "tablingMemberPrinted" : [{"_value" : "Chi Onwurah"} ], "uin" : "202139"} , {"_about" : "http://data.parliament.uk/resources/1024810", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1024810/answer", "answerText" : {"_value" : "
In the event the UK leaves the EU without an overall withdrawal agreement, HMG will guarantee the payment of awards for UK organisations which successfully bid directly to EU programmes (including research and innovation programmes such as Horizon 2020), until the end of 2020, for the whole lifetime of projects agreed. This includes where a project continues beyond the end of 2020.<\/p>
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As the Political Declaration states, the UK wishes to explore the option of association to EU research and innovation programmes post-2020, including Horizon Europe, Euratom R&T, JET, ITER and Copernicus. The UK\u2019s future participation in EU research and innovation programmes is subject to negotiations on the future UK-EU relationship. The Government will take a longer term look at spending through the Spending Review in 2019 to ensure it is in line with policy objectives. This includes replacements for EU programmes.<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4097", "label" : {"_value" : "Biography information for Elizabeth Truss"} } , "answeringMemberConstituency" : {"_value" : "South West Norfolk"} , "answeringMemberPrinted" : {"_value" : "Elizabeth Truss"} , "dateOfAnswer" : {"_value" : "2018-12-18", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-12-18T12:38:46.073Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2018-12-13", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Research: Finance"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, pursuant to the Answer of 20 November 2018 to Question 191916 on Research: Finance, how the Government plans to guarantee that funding after the end of the implementation period.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4124", "label" : {"_value" : "Biography information for Chi Onwurah"} } , "tablingMemberConstituency" : {"_value" : "Newcastle upon Tyne Central"} , "tablingMemberPrinted" : [{"_value" : "Chi Onwurah"} ], "uin" : "202140"} , {"_about" : "http://data.parliament.uk/resources/1020064", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1020064/answer", "answerText" : {"_value" : "
The rates of interest charged on Public Works Loan Board (PWLB) loans are determined by the UK Debt Management Office (DMO) using a methodology specified by HM Treasury (HMT) in accordance with section 5 of the National Loans Act 1968.<\/p>
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Under section 2 of the Public Works Loans Act 1965, loans to local authorities are automatically secured on all the revenues of the local authority.<\/p>
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The repayment terms of the loans are dependent on the type of loan and repayment method. This can be a mix of principal and interest during the life of the loan, or interest only with the entire principal repaid at the end of the term.<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/1091", "label" : {"_value" : "Biography information for Lord Bates"} } , "answeringMemberPrinted" : {"_value" : "Lord Bates"} , "dateOfAnswer" : {"_value" : "2018-12-18", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-12-18T16:32:19.627Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2018-12-04", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Public Works Loan Board"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what rates of interest the Public Works Loan Board charges to local authorities; what security, if any, it requires for such loans; and what are the normal repayment terms for its loans.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1132", "label" : {"_value" : "Biography information for Lord Lee of Trafford"} } , "tablingMemberPrinted" : [{"_value" : "Lord Lee of Trafford"} ], "uin" : "HL12038"} ], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 4, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }