The estimate is the tax recovered from insolvencies that HM Revenue and Customs (HMRC) would not otherwise have collected before the policy was implemented. Adjustments were made for tax and payment timing.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/57", "label" : {"_value" : "Biography information for Lord Young of Cookham"} } , "answeringMemberPrinted" : {"_value" : "Lord Young of Cookham"} , "dateOfAnswer" : {"_value" : "2019-05-22", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-05-22T16:21:03.407Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-05-13", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Insolvency"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what was the basis for their estimate in the consultation by HMRC Protecting your taxes in insolvency, published on 26 February, that the reintroduction of preferential status for any Crown creditor would yield £185 million per annum in additional tax revenue.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4159", "label" : {"_value" : "Biography information for Baroness Hayter of Kentish Town"} } , "tablingMemberPrinted" : [{"_value" : "Baroness Hayter of Kentish Town"} ], "uin" : "HL15665"} , {"_about" : "http://data.parliament.uk/resources/1126306", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1126306/answer", "answerText" : {"_value" : "
The \u2018Protecting your taxes in insolvency\u2019 proposals take into account lost government revenue resulting from other taxpayers suffering additional bad debts due to the priority payment of HMRC.<\/p>
<\/p>
Lending against fixed assets will not be impacted by this measure, but lending against floating assets will be impacted, as HMRC will move above secured creditors with floating charges in insolvencies.<\/p>
<\/p>
At Budget 2018, the independent OBR chose not to make any adjustments to their economic forecast in response to this measure.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/57", "label" : {"_value" : "Biography information for Lord Young of Cookham"} } , "answeringMemberPrinted" : {"_value" : "Lord Young of Cookham"} , "dateOfAnswer" : {"_value" : "2019-05-22", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-05-22T16:22:56.03Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-05-13", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Insolvency"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government whether the proposals in the consultation by HMRC Protecting your taxes in insolvency, published on 26 February, to reintroduce preferential status for any Crown creditor takes into account lost Government revenue resulting from other taxpayers suffering additional bad debts due to the priority payment of HMRC, and any consequential loss to the economy resulting other taxpayers themselves becoming insolvent due to an increased burden of bad debt; and what assessment, if any, they have made of the impact of that change on lending.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4159", "label" : {"_value" : "Biography information for Baroness Hayter of Kentish Town"} } , "tablingMemberPrinted" : [{"_value" : "Baroness Hayter of Kentish Town"} ], "uin" : "HL15666"} ], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 2, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }