HM Treasury<p>HM Revenue and Customs are considering the use of blockchain alongside other technical options for both tax and customs and excise systems.</p>Central DevonMel Stride2018-02-28false2018-02-28T12:57:34.727Z14TreasuryCaTreasury2018-02-20Cryptocurrencies: Taxation1House of CommonsTo ask Mr Chancellor of the Exchequer, what assessment his Department has made of the potential benefits of using blockchain for (a) the tax system and (b) the customs and excise system; and if he will make a statement.falseWalsall NorthEddie Hughes128694HM Treasury<p>HMRC are actively considering the use of distributed ledger technologies alongside other technical options for both tax and the Customs and Excise systems. The department is currently running a proof of concept exercise in support of one of their Customs initiatives and will provide further updates as this work progresses.</p>South West NorfolkElizabeth Truss2018-02-27false2018-02-27T14:37:02.767Z14TreasuryCaTreasury2018-02-19Customs: Distributed Ledger Technology1House of CommonsTo ask Mr Chancellor of the Exchequer, what assessment his Department has made of the merits of using distributed ledger technology for any new customs system after the UK leaves the EU.falseWalsall NorthEddie Hughes128296HM Treasury<p>The information requested cannot be provided as it is not collated centrally by HMRC. Football transfer fees are subject to VAT according to the normal rules. Any profits made by football clubs are subject to Corporation Tax in the usual way. Payments made to players as part of their transfer, such as signing-on fees, are taxable as earnings.</p>Central DevonMel Stride2018-02-09false2018-02-09T14:01:28.48Z14TreasuryCaTreasury2018-02-01Football: Taxation1House of CommonsTo ask Mr Chancellor of the Exchequer, what assessment his Department has made of trends in the level of tax that professional football clubs have paid on player transfers in each of the last five years.falseWalsall NorthEddie Hughes126184HM Treasury<p>HM Treasury does not have any holdings of Bitcoin or other crypto-currencies. HM Treasury and the Bank of England publish details of the UK’s current international reserves, including foreign currency assets, on a monthly basis.</p>Harrogate and KnaresboroughAndrew Jones2017-12-19false2017-12-19T14:01:00.667Z14TreasuryCaTreasury2017-12-11Cryptocurrencies1House of CommonsTo ask Mr Chancellor of the Exchequer, what holdings of Bitcoin and other crypto-currencies are held by the Government.falseWalsall NorthEddie Hughes118575HM Treasury<p>The independent Financial Policy Committee (FPC), established by the Government, aims to ensure the UK financial system is resilient to, and prepared for, the wide range of risks it could face — so that the system could support the real economy, even in difficult conditions.</p><p> </p><p>The Bank of England continues to monitor developments, and provided its latest assessment of the risks to financial stability in the Financial Stability Report, published in November 2017.</p><p> </p><p>In addition, the Financial Conduct Authority (FCA) has stated that it will continue to monitor distributed ledger technology (DLT)-related market developments, working collaboratively with industry, HM Treasury, the Bank of England, the Information Commissioner’s Office, and other UK bodies to ensure a coordinated approach towards DLT in the UK.</p>North East CambridgeshireStephen Barclay2017-12-19false2017-12-19T15:36:16.863Z14TreasuryCaTreasury2017-12-11Cryptocurrencies1House of CommonsTo ask Mr Chancellor of the Exchequer, what assessment his Department has been made of the risks to the UK economy of the potential failure of Bitcoin and other crypto-currencies.falseWalsall NorthEddie Hughes118577HM Treasury<p>The government has not made any formal assessment of the value to the UK of Bitcoin or other cryptocurrencies.</p><p> </p><p>The government is currently negotiating amendments to the European Anti-Money Laundering Directive which will extend regulation to virtual currency exchange platforms and custodian wallet providers. These amendments will enable competent authorities to ensure these firms are mitigating the risks regarding money laundering and terrorist financing, and enable the legitimate sector to grow. We expect these negotiations to conclude at EU level by early 2018, with a year for Member States to then implement the Directive.</p>North East CambridgeshireStephen Barclay2017-12-19118581false2017-12-19T14:05:17.2Z14TreasuryCaTreasury2017-12-11Cryptocurrencies1House of CommonsTo ask Mr Chancellor of the Exchequer, what assessment his Department has been made of the value to the UK economy of Bitcoin and other cryptocurrencies.falseWalsall NorthEddie Hughes118579HM Treasury<p>The government has not made any formal assessment of the value to the UK of Bitcoin or other cryptocurrencies.</p><p> </p><p>The government is currently negotiating amendments to the European Anti-Money Laundering Directive which will extend regulation to virtual currency exchange platforms and custodian wallet providers. These amendments will enable competent authorities to ensure these firms are mitigating the risks regarding money laundering and terrorist financing, and enable the legitimate sector to grow. We expect these negotiations to conclude at EU level by early 2018, with a year for Member States to then implement the Directive.</p>North East CambridgeshireStephen Barclay2017-12-19118579false2017-12-19T14:05:17.263Z14TreasuryCaTreasury2017-12-11Cryptocurrencies: Regulation1House of CommonsTo ask Mr Chancellor of the Exchequer, what plans his Department has to regulate the use of cryptocurrencies in the UK.falseWalsall NorthEddie Hughes11858110017