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1602561

registered interest
date	08/03/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Duty Free Allowances: Northern Ireland
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government whether Northern Ireland will be the only part of the UK from which passengers travelling to the EU will not be eligible for duty free allowances under the Windsor Framework; and if so, what assessment they have made of the appropriateness of this situation.
tabling member printed	Baroness Hoey
uin	HL6248
answer	answer is ministerial correction date of answer 22/03/2023 answer text The government’s duty-free policy remains unchanged after the agreement of the Windsor Framework. Northern Ireland enjoys frictionless trade with both the rest of the United Kingdom and the EU – the government is committed to ensuring that remains the case.<p> </p><p> </p>Duty free shopping is only ever available for goods purchased by individuals for personal consumption. Any goods purchased for commercial use are ineligible for this relief. answering member printed Baroness Penn grouped question UIN HL6249 HL6250 question first answered 22/03/2023 17:21:12 answering member 4726 label Biography information for Baroness Penn
tabling member	210 label Biography information for Baroness Hoey

1602200

registered interest
date	07/03/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Research: Tax Allowances
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of the impact on (1) small businesses, and (2) innovation and growth, if the current Research and Development (R&D) tax relief scheme, including the available rebate of R&D costs, is withdrawn.
tabling member printed	Baroness Redfern
uin	HL6212
answer	answer is ministerial correction date of answer 21/03/2023 answer text <p>As part of the ongoing Research and Development (R&amp;D) tax reliefs review, the Government announced at Autumn Statement 2022 that we are reforming the R&amp;D tax reliefs to ensure taxpayer’s money is spent as effectively as possible, whilst leaving the level of R&amp;D related business investment in the economy unchanged.</p><p> </p><p>The permanent increase from 13 per cent to 20 per cent for the R&amp;D Expenditure Credit rate announced at Autumn Statement 2022 also means the UK now has the joint highest uncapped headline rate of tax relief in the G7 for large companies.</p><p> </p><p>The Government recognises the value of R&amp;D intensive SMEs to the UK’s wider innovation ecosystem, and at Autumn Statement 2022 committed to working with industry ahead of Budget to understand whether further support is necessary for R&amp;D intensive SMEs. Following this, the Chancellor has announced further support targeted at those R&amp;D intensive companies most affected by the previous changes.</p><p> </p><p>The Government will introduce an higher rate of tax relief for R&amp;D intensive SMEs. Loss-making companies claiming the existing SME tax relief will be eligible for a higher payable credit rate of 14.5 per cent if they meet the definition for R&amp;D intensity, instead of the 10 per cent credit rate for non-intensive companies.</p><p> </p><p>Alongside this, from April the Government will extend the scope of qualifying expenditures the reliefs to include data and cloud computing costs.</p> answering member printed Baroness Penn question first answered 21/03/2023 14:54:52 answering member 4726 label Biography information for Baroness Penn
tabling member	4551 label Biography information for Baroness Redfern

1602209

registered interest
date	07/03/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Assets: Russia
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what estimate they have made of the total value of the assets in the UK belonging to sanctioned Russian citizens.
tabling member printed	Lord Swire
uin	HL6221
answer	answer is ministerial correction date of answer 14/03/2023 answer text <p>Between February and October 2022, £18.39 billion in frozen funds were reported to the Office of Financial Sanctions Implementation (OFSI) as being held or controlled on behalf of an individual or entity designated under the Russia sanctions regime. This is in addition to frozen funds reported to OFSI as part of the 2021 Frozen Asset Review, which totalled £44.5 million under the Russia regime. These figures are provided in aggregate so as not to disclose the value of any funds held by particular individuals. HM Treasury does not break down reported assets in the manner requested.</p><p> </p><p>Each year, OFSI undertakes a review of frozen assets as a result of UK financial sanctions legislation. The value of assets reported to OFSI as part of the 2022 Frozen Asset Review will be published in OFSI’s 2022-2023 Annual Review, in Autumn 2023.</p> answering member printed Baroness Penn question first answered 14/03/2023 16:20:51 answering member 4726 label Biography information for Baroness Penn
tabling member	1408 label Biography information for Lord Swire

1601214

registered interest
date	03/03/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Devon
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government how many bank branches in Devon closed in (1) 2018, (2) 2019, (3) 2020, (4) 2021, and (5) 2022.
tabling member printed	The Lord Bishop of Exeter
uin	HL6110
answer	answer is ministerial correction date of answer 14/03/2023 answer text <p>The Government believes that all customers, wherever they live, should have appropriate access to banking services. Nonetheless, decisions on opening and closing branches are a commercial issue for banks and building societies. The Government does not intervene in these decisions nor make direct assessments of these branch networks. Based on constituency level data published by LINK there are over 650 ATMs and more than 80 bank branches in the county of Devon.</p><p> </p><p>Guidance from the Financial Conduct Authority sets out its expectation of firms when they are deciding to close their branches. Firms are expected to carefully consider the impact of planned branch closures on the everyday banking and cash access needs of their customers and consider possible alternative access arrangements. This ensures that the implementation of closure decisions is undertaken in a way that treats customers fairly.</p><p> </p><p>Alternative options for access include via telephone banking, through digital means such as mobile or online banking, or the Post Office. The Post Office Banking Framework allows 99% of personal banking and 95% of business banking customers to deposit cheques, check their balance and withdraw and deposit cash at 11,500 Post Office branches in the UK. New shared banking hubs are also being piloted, providing basic banking services and dedicated space where community bankers from major banks can meet customers of that bank.</p> answering member printed Baroness Penn question first answered 14/03/2023 15:57:58 answering member 4726 label Biography information for Baroness Penn
tabling member	4929 label Biography information for The Lord Bishop of Exeter

1601219

registered interest
date	03/03/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Import Duties: Urine Drainage Bags
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government whether they plan to ask HMRC to work with the World Customs Organisation’s Harmonised System Committee to reclassify urine drainage bags as medical devices for import tariff purposes.
tabling member printed	Lord Hunt of Kings Heath
uin	HL6115
answer	answer is ministerial correction date of answer 17/03/2023 answer text <p>HMRC has reviewed the classification of urine drainage bags and consider the classification 3926 to be correct. This is in line with classification decisions previously issued by the World Customs Organization, which member countries are expected to follow.</p><p> </p><p>Businesses who wish to make representations to reduce the UK import duty rate for these goods, or to make an application for a temporary suspension of import duties, may contact the Department for Business and Trade via <a href="mailto:TariffSuspensions@trade.gov.uk" target="_blank">TariffSuspensions@trade.gov.uk</a></p><p> </p><p>Covid-19 critical goods, which include Urine drainage bags, are currently subject to a 0 per cent rate of Customs duty until the end of 2023.</p> answering member printed Baroness Penn question first answered 17/03/2023 13:17:15 answering member 4726 label Biography information for Baroness Penn
tabling member	2024 label Biography information for Lord Hunt of Kings Heath

1600580

registered interest
date	01/03/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Duty Free Allowances: Northern Ireland
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of the impact of the Windsor Framework on duty free purchases when flying from airports in Northern Ireland.
tabling member printed	Baroness Hoey
uin	HL6036
answer	answer is ministerial correction date of answer 15/03/2023 answer text <p>The Windsor Framework does not impact the government’s duty-free policy. The government has always been committed to maintaining frictionless trade between Northern Ireland and Ireland and between Northern Ireland and Great Britain.</p><p> </p><p>Enabling duty-free shopping between Ireland and Northern Ireland or between Northern Ireland and Great Britain would lead to significant distortions of trade on the island of Ireland as well as a significant revenue loss for both UK and Ireland by creating a legal route for unlimited amounts of alcohol and tobacco to flow into the UK market duty-free.</p> answering member printed Baroness Penn question first answered 15/03/2023 16:06:37 answering member 4726 label Biography information for Baroness Penn
tabling member	210 label Biography information for Baroness Hoey

1599662

registered interest
date	27/02/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pension Funds: Advisory Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government whether they intend to adopt the Competition and Market Authority’s recommendation of December 2018 to make investment consultants advising on pension funds subject to regulation by the Financial Conduct Authority; and if so, when.
tabling member printed	Baroness Altmann
uin	HL5877
answer	answer is ministerial correction date of answer 10/03/2023 answer text <p>The principal finding of the Competition and Markets Authority’s (CMA) 2018 Investment Consultants Market Investigation report was that the investment consultancy and fiduciary management market was insufficiently competitive, leading to adverse impacts for their customers. One of the recommendations of that report was that investment consultants should be brought into Financial Conduct Authority’s (FCA) regulation.</p><p> </p><p>In the March 2019 response to the recommendations of the CMA’s final report, HM Treasury committed to consulting on the CMA’s recommendation that the FCA’s regulatory perimeter be extended to cover the activities of investment consultants. A number of other priorities, including the urgent work required to respond to the Covid-19 pandemic, meant that the work to develop this consultation has been delayed.</p><p> </p><p>However, a number of other recommendations made by the CMA to address competition in this market have been taken forward, such as the Department for Work and Pensions’ legislation requiring pension scheme trustees to carry out a competitive tender for fiduciary management services.</p><p> </p><p>HM Treasury works closely with the FCA and has held regular discussions with them on this matter.</p> answering member printed Baroness Penn grouped question UIN HL5878 question first answered 10/03/2023 11:04:58 answering member 4726 label Biography information for Baroness Penn
tabling member	4533 label Biography information for Baroness Altmann

1599663

registered interest
date	27/02/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pension Funds: Advisory Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what discussions they have had with the Financial Conduct Authority on the regulation of investment consultants for pension fund investors, including the regulation of their net zero and sustainability strategies.
tabling member printed	Baroness Altmann
uin	HL5878
answer	answer is ministerial correction date of answer 10/03/2023 answer text <p>The principal finding of the Competition and Markets Authority’s (CMA) 2018 Investment Consultants Market Investigation report was that the investment consultancy and fiduciary management market was insufficiently competitive, leading to adverse impacts for their customers. One of the recommendations of that report was that investment consultants should be brought into Financial Conduct Authority’s (FCA) regulation.</p><p> </p><p>In the March 2019 response to the recommendations of the CMA’s final report, HM Treasury committed to consulting on the CMA’s recommendation that the FCA’s regulatory perimeter be extended to cover the activities of investment consultants. A number of other priorities, including the urgent work required to respond to the Covid-19 pandemic, meant that the work to develop this consultation has been delayed.</p><p> </p><p>However, a number of other recommendations made by the CMA to address competition in this market have been taken forward, such as the Department for Work and Pensions’ legislation requiring pension scheme trustees to carry out a competitive tender for fiduciary management services.</p><p> </p><p>HM Treasury works closely with the FCA and has held regular discussions with them on this matter.</p> answering member printed Baroness Penn grouped question UIN HL5877 question first answered 10/03/2023 11:04:58 answering member 4726 label Biography information for Baroness Penn
tabling member	4533 label Biography information for Baroness Altmann

1599713

registered interest
date	27/02/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what plans they have to review the effectiveness of the provision of high street banking facilities and services (1) for all holders of bank accounts, (2) for those with disabilities, and (3) for those without access to the internet.
tabling member printed	Lord Birt
uin	HL5892
answer	answer is ministerial correction date of answer 09/03/2023 answer text <p>The Government believes that everyone, wherever they live, should have appropriate access to banking services. Nonetheless, decisions on opening and closing high street banking facilities are a commercial issue for banks and building societies.</p><p> </p><p>Guidance from the Financial Conduct Authority (FCA) sets out its expectation of firms when they are deciding to close their branches or free-to-use ATMs. Firms are expected to carefully consider the impact of planned branch closures on the everyday banking and cash access needs of their customers and consider possible alternative access arrangements. This ensures that the implementation of closure decisions is undertaken in a way that treats customers fairly.</p><p> </p><p>UK banks’ and building societies’ treatment of their customers is governed by the Financial Conduct Authority (FCA) in its Principles for Businesses. This includes a general requirement for firms to provide a prompt, efficient and fair service to all of their customers. The FCA’s Handbook requires firms to identify particularly vulnerable customers, and to deal with such customers appropriately. This includes older or disabled people, and those who may lack the capacity to manage their account on their own. In addition, like all service providers, banks and building societies are bound under the Equality Act 2010 to make reasonable adjustments, where necessary, in the way they deliver their services.</p><p> </p><p>Those without access to the internet can access banking services via telephone banking, and the Post Office. The Post Office Banking Framework allows 99% of personal banking and 95% of business banking customers to deposit cheques, check their balance and withdraw and deposit cash at 11,500 Post Office branches in the UK. New shared bank hubs are also being piloted, providing basic banking services and dedicated space where community bankers from major banks can meet customers of that bank.</p> answering member printed Baroness Penn question first answered 09/03/2023 16:53:03 answering member 4726 label Biography information for Baroness Penn
tabling member	2533 label Biography information for Lord Birt

1599723

registered interest
date	27/02/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Stamp Duty Reserve Tax
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what plans they have to update the Stamp Duty Reserve Tax legislation so that the growth market exemption applies to regulated recognised growth markets that are not part of a recognised stock exchange.
tabling member printed	Lord Hunt of Kings Heath
uin	HL5917
answer	answer is ministerial correction date of answer 10/03/2023 answer text <p>As with all aspects of the tax system, the Government will continue to keep this legislation under review.</p><p> </p><p>However, there are currently no plans to extend the recognised growth market exemption from Stamp Duty Reserve Tax to markets that are not part of a recognised stock exchange.</p> answering member printed Baroness Penn question first answered 10/03/2023 11:03:46 answering member 4726 label Biography information for Baroness Penn
tabling member	2024 label Biography information for Lord Hunt of Kings Heath