The UK\u2019s legislative framework for payment services, including cross-border payments, places various disclosure requirements on payment firms. This includes the ability to opt out of disclosures for certain corporates, where both parties agree.<\/p>
This legislation derives from EU law, which will be replaced under the government\u2019s Smarter Regulatory Framework programme. Under this, it is intended that government legislation will set the framework within which the regulators will operate. In general, firm-facing requirements, such as these cross-border disclosures, will be determined by the relevant regulator (in this case, the FCA).<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2024-03-14", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-03-14T17:04:02.723Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-03-11", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Foreign Exchange"} , "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 has plans to remove the corporate opt-out for cross-border payments pricing disclosures.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/163", "label" : {"_value" : "Biography information for Sir Stephen Timms"} } , "tablingMemberConstituency" : {"_value" : "East Ham"} , "tablingMemberPrinted" : [{"_value" : "Sir Stephen Timms"} ], "uin" : "17767"} , {"_about" : "http://data.parliament.uk/resources/1687851", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1687851/answer", "answerText" : {"_value" : "
The Government continues to keep all of its existing policies and programmes under review in the usual way.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4780", "label" : {"_value" : "Biography information for Laura Trott"} } , "answeringMemberConstituency" : {"_value" : "Sevenoaks"} , "answeringMemberPrinted" : {"_value" : "Laura Trott"} , "dateOfAnswer" : {"_value" : "2024-02-19", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-02-19T09:23:31.297Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-02-06", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Household Support Fund"} , "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 (a) is taking and (b) plans to take steps to assess the potential merits of extending the Household Support Fund into the next financial year.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/163", "label" : {"_value" : "Biography information for Sir Stephen Timms"} } , "tablingMemberConstituency" : {"_value" : "East Ham"} , "tablingMemberPrinted" : [{"_value" : "Sir Stephen Timms"} ], "uin" : "13211"} , {"_about" : "http://data.parliament.uk/resources/1685243", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1685243/answer", "answerText" : {"_value" : "
Insurance companies make commercial decisions about the investments they make and the coverage they provide. The Government does not intervene in these commercial decisions as it could damage market competition.<\/p>
<\/p>
However, the Government recognises the important role insurers play as investors in supporting the transition to net zero and has introduced a framework for Sustainability Disclosure Requirements (SDR) to help provide the market, including insurance companies, with information to inform their decision making and allocation of capital.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2024-01-31", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-01-31T12:19:37.74Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-01-26", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Insurance Companies: Carbon Emissions"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, if he will issue guidance to insurance companies on reducing emissions from installations financed by those companies.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/163", "label" : {"_value" : "Biography information for Sir Stephen Timms"} } , "tablingMemberConstituency" : {"_value" : "East Ham"} , "tablingMemberPrinted" : [{"_value" : "Sir Stephen Timms"} ], "uin" : "11554"} , {"_about" : "http://data.parliament.uk/resources/1685244", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1685244/answer", "answerText" : {"_value" : "
The financial regulators\u2019 primary focus must be to ensure the safety, soundness and integrity of the markets they regulate. While the government expects that the regulators will play a crucial role in supporting the achievement of the government\u2019s net zero target, it is not their primary responsibility given many of the levers for change sit outside of financial services regulation.<\/p>
<\/p>
However, the Financial Services and Markets Act 2023 introduced a new regulatory principle for the Financial Conduct Authority, Bank of England and Payment Systems Regulator to consider in their work. To further strengthen the UK\u2019s regulatory regime relating to climate and the environment, the government has embedded the consideration of the UK\u2019s climate and environmental targets across the full breadth of the regulators\u2019 general functions on a statutory basis.<\/p>
<\/p>
This regulatory principle seeks to cement the government\u2019s long-term commitment to transform the economy in line with its target to reach net zero by 2050, and to make progress towards the government\u2019s long-term environmental goals, by ensuring the regulators must have regard to the government\u2019s commitment to achieve these targets when discharging their functions.<\/p>
<\/p>
This principle does not create any specific requirements on firms. Rather, they are expected to inform the future work of the regulators.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2024-01-31", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "11556"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-01-31T12:21:32.497Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-01-26", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Financial Conduct Authority and Prudential Regulation Authority: Climate Change"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of placing statutory duties on the (a) Financial Conduct Authority and (b) Prudential Regulation Authority to help meet the UK's climate targets.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/163", "label" : {"_value" : "Biography information for Sir Stephen Timms"} } , "tablingMemberConstituency" : {"_value" : "East Ham"} , "tablingMemberPrinted" : [{"_value" : "Sir Stephen Timms"} ], "uin" : "11555"} , {"_about" : "http://data.parliament.uk/resources/1685247", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1685247/answer", "answerText" : {"_value" : "
The financial regulators\u2019 primary focus must be to ensure the safety, soundness and integrity of the markets they regulate. While the government expects that the regulators will play a crucial role in supporting the achievement of the government\u2019s net zero target, it is not their primary responsibility given many of the levers for change sit outside of financial services regulation.<\/p>
<\/p>
However, the Financial Services and Markets Act 2023 introduced a new regulatory principle for the Financial Conduct Authority, Bank of England and Payment Systems Regulator to consider in their work. To further strengthen the UK\u2019s regulatory regime relating to climate and the environment, the government has embedded the consideration of the UK\u2019s climate and environmental targets across the full breadth of the regulators\u2019 general functions on a statutory basis.<\/p>
<\/p>
This regulatory principle seeks to cement the government\u2019s long-term commitment to transform the economy in line with its target to reach net zero by 2050, and to make progress towards the government\u2019s long-term environmental goals, by ensuring the regulators must have regard to the government\u2019s commitment to achieve these targets when discharging their functions.<\/p>
<\/p>
This principle does not create any specific requirements on firms. Rather, they are expected to inform the future work of the regulators.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2024-01-31", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "11555"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-01-31T12:21:32.42Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-01-26", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Lloyds of London and Prudential Regulation Authority: Climate Change"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, if he will take steps to amend the cooperation agreement between the Society of Lloyds and the Prudential Regulation Authority to place obligations on Lloyds of London to help meet the UK's climate targets.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/163", "label" : {"_value" : "Biography information for Sir Stephen Timms"} } , "tablingMemberConstituency" : {"_value" : "East Ham"} , "tablingMemberPrinted" : [{"_value" : "Sir Stephen Timms"} ], "uin" : "11556"} , {"_about" : "http://data.parliament.uk/resources/1678553", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1678553/answer", "answerText" : {"_value" : "
Rent a room relief provides an effective incentive for people to make spare rooms available for rent. It aligns with the Government\u2019s objectives of supporting living standards, increasing the availability of low-cost housing, giving more choice to tenants, and making it easier for people to move around the country for work.<\/p>
<\/p>
The relief also reduces and simplifies the tax and administration burden for those affected and has taken some taxpayers out of self-assessment entirely.<\/p>
<\/p>
Landlords with income up to the threshold of £7,500 from renting rooms in their own homes (or £3,750 if let jointly) and who have no other property rental income are exempt from Income Tax on this income and do not need to declare it to HMRC.<\/p>
<\/p>
Landlords with rent a room income above the threshold will declare the amount of income and pay tax on any income above the threshold. In these cases, rent a room income is amalgamated on the tax return with other property rental income in a landlord\u2019s self-assessment return.<\/p>
<\/p>
Landlords with rent a room income below the threshold who also have other property income to declare do not have to declare how much rental income they have that falls under the scheme. Instead, they simply tick a box to indicate that they are using the scheme.<\/p>
<\/p>
HMRC publishes the estimated cost of the relief as part of its non-structural tax reliefs statistics (https://www.gov.uk/government/statistics/main-tax-expenditures-and-structural-reliefs<\/a>).<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4407", "label" : {"_value" : "Biography information for Nigel Huddleston"}
}
, "answeringMemberConstituency" : {"_value" : "Mid Worcestershire"}
, "answeringMemberPrinted" : {"_value" : "Nigel Huddleston"}
, "dateOfAnswer" : {"_value" : "2024-01-09", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : [{"_value" : "7240"}
, {"_value" : "7241"}
], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-01-09T09:44:01.49Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2023-12-18", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Rent a Room Scheme"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, what recent assessment his Department has made of the impact of the rent a room relief scheme on the supply of rooms for rent.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/163", "label" : {"_value" : "Biography information for Sir Stephen Timms"}
}
, "tablingMemberConstituency" : {"_value" : "East Ham"}
, "tablingMemberPrinted" : [{"_value" : "Sir Stephen Timms"}
], "uin" : "7239"}
, {"_about" : "http://data.parliament.uk/resources/1678554", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1678554/answer", "answerText" : {"_value" : " Rent a room relief provides an effective incentive for people to make spare rooms available for rent. It aligns with the Government\u2019s objectives of supporting living standards, increasing the availability of low-cost housing, giving more choice to tenants, and making it easier for people to move around the country for work.<\/p> <\/p> The relief also reduces and simplifies the tax and administration burden for those affected and has taken some taxpayers out of self-assessment entirely.<\/p> <\/p> Landlords with income up to the threshold of £7,500 from renting rooms in their own homes (or £3,750 if let jointly) and who have no other property rental income are exempt from Income Tax on this income and do not need to declare it to HMRC.<\/p> <\/p> Landlords with rent a room income above the threshold will declare the amount of income and pay tax on any income above the threshold. In these cases, rent a room income is amalgamated on the tax return with other property rental income in a landlord\u2019s self-assessment return.<\/p> <\/p> Landlords with rent a room income below the threshold who also have other property income to declare do not have to declare how much rental income they have that falls under the scheme. Instead, they simply tick a box to indicate that they are using the scheme.<\/p> <\/p>