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1694011

registered interest
date	05/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Retail Trade: VAT
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government whether they have any plans to restore VAT free shopping for foreign tourists.
tabling member printed	Lord Truscott
uin	HL3048
answer	answer is ministerial correction date of answer 12/03/2024 answer text <p>As set out at Spring Budget 2024, the government is considering the findings of the Office for Budget Responsibility’s review of the original costing of the withdrawal of tax-free shopping, published in the Economic and Fiscal Outlook on 6 March, alongside industry representations and broader data. The Government welcomes further submissions from stakeholders in response to the OBR’s findings. All taxes are kept under review.</p> answering member printed Baroness Vere of Norbiton question first answered 12/03/2024 15:17:19 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	3682 label Biography information for Lord Truscott

1691879

registered interest
date	26/02/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Taxation
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what consideration they have given to implementing a windfall tax on the excess profits of UK banks.
tabling member printed	Lord Truscott
uin	HL2769
answer	answer is ministerial correction date of answer 04/03/2024 answer text <p>Banks already face an additional rate of tax on their profits in the form of the Bank Corporation Tax Surcharge – meaning they pay 3 percentage points more on their profits (28%) than most other businesses (25%). This is in addition to a charge on the largest banks’ balance sheets in the form of the Bank Levy.</p> answering member printed Baroness Vere of Norbiton question first answered 04/03/2024 12:18:18 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	3682 label Biography information for Lord Truscott

1666302

registered interest
date	19/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Fees and Charges
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of whether banks charge fair and reasonable arrangement fees, and of the impact of such fees, combined with restrictive affordability criteria on the affordability of consumer mortgages.
tabling member printed	Lord Truscott
uin	HL10704
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>The availability and pricing of mortgages, including arrangement fees, is a commercial decision for lenders in which the Government does not intervene.</p><p> </p><p>It is important for both lenders and consumers that proper checks are carried out to ensure that borrowers will be well placed to repay the mortgage. Since April 2014 all lenders must now conduct an affordability assessment, which includes a robust income and expenditure analysis that will include a consideration of other debts owed. Lenders must also obtain evidence of that income to support this assessment.</p><p> </p><p>The Government remains committed to making the aspiration of homeownership a reality for as many households as possible.</p><p> </p><p>We operate a range of schemes that aim to increase the supply of low-deposit mortgages for credit-worthy households, including first-time buyers, increase the availability of new housing, and stimulate economic growth. These include the Mortgage Guarantee Scheme, which is open until the end of 2023, as well as First Homes and Shared Ownership through the Affordable Homes Programme. The Government also helps first-time buyers to save for a deposit through the Lifetime ISA and Help to Buy: ISA.</p> answering member printed Baroness Penn question first answered 26/10/2023 10:02:05 answering member 4726 label Biography information for Baroness Penn
tabling member	3682 label Biography information for Lord Truscott

1628344

registered interest
date	16/05/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Electric Vehicles: Charging Points
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to the Written Answer by Baroness Penn on 22 February (HL5634), how much it would cost the taxpayer to equalise the VAT rate for public charging (20 per cent) and home charging (5 per cent) for electric vehicles.
tabling member printed	Lord Truscott
uin	HL7886
answer	answer is ministerial correction date of answer 25/05/2023 answer text <p>As noted in the Written Answer of 22 February, the Government has no plans to change the VAT treatment of EV charging.</p><p> </p><p>The practical challenges of differentiating between the electricity used at home for general domestic purposes and the electricity used to charge electric vehicles (EVs) currently means that the reduced rate VAT relief for supplies of domestic energy is effectively being applied to EV charging at home. Given those practical challenges the Government has not estimated the additional cost to taxpayers from increasing the rate of VAT applied to home EV charging.</p><p> </p><p>The fiscal cost of introducing a new relief, to reduce the rate of VAT applied to public charging, would likely depend on a range of factors including the level of EV take-up, driver behaviour and the comparative energy costs for home and public charging, which can vary significantly. Introducing such relief would likely have a large fiscal cost, which would grow over time as use of EVs increases.</p><p> </p><p> </p> answering member printed Baroness Penn question first answered 25/05/2023 11:38:22 answering member 4726 label Biography information for Baroness Penn
tabling member	3682 label Biography information for Lord Truscott

1588453

registered interest
date	22/02/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Business: Taxation
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, what plans they have to tax UK businesses, aside from the private rented housing sector, on turnover rather than profits.
tabling member printed	Lord Truscott
uin	HL5819
answer	answer is ministerial correction date of answer 08/03/2023 answer text <p>The Government acknowledges the potential challenges and distortions that can arise from revenue-based taxes, and it does not currently plan to introduce another revenue-based tax.</p><p> </p><p>The UK has introduced a 2 per cent tax on the revenues derived from providing a social media platform, search engine or online marketplace to UK users: the Digital Services Tax (DST). However, the UK’s DST is an interim solution to widely held concerns with international corporate tax.</p><p> </p><p>The Government has introduced the Electricity Generator Levy (EGL) – a temporary 45% additional levy on extraordinary returns from 1 January 2023. It applies to generation from renewable (including biomass), nuclear and energy from waste sources. The EGL applies to revenues from selling electricity for a period above a benchmark price, which is set at approximately 50% more than the average price of electricity over the last decade.</p><p> </p><p>The Government has introduced a number of measures to ensure that large multinational businesses with entities in a number of jurisdictions pay their fair share of Corporation Tax in the UK. These include introducing the Diverted Profits Tax in April 2015 and the Corporate Interest Restriction Rules in 2017, which are designed to prevent profits attributable to UK activities from being shifted overseas.</p><p> </p><p>The Government keeps the tax system under constant review.</p> answering member printed Baroness Penn question first answered 08/03/2023 17:12:48 answering member 4726 label Biography information for Baroness Penn
tabling member	3682 label Biography information for Lord Truscott

1586041

registered interest
date	09/02/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Electric Vehicles: Charging Points
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government whether they have any plans to equalise the VAT rate for public charging (20 per cent) and home charging (5 per cent) for electric vehicles.
tabling member printed	Lord Truscott
uin	HL5634
answer	answer is ministerial correction date of answer 22/02/2023 answer text There are no current plans to change the VAT treatment of electric vehicle charging. However, the Government is committed to supporting the transition to zero emission vehicles to help the UK meet its net-zero obligations. The Government has committed £2.5 billion since 2020 to support the transition to zero emission vehicles, which funds targeted vehicle grants and the rollout of charging infrastructure. answering member printed Baroness Penn question first answered 22/02/2023 14:18:40 answering member 4726 label Biography information for Baroness Penn
tabling member	3682 label Biography information for Lord Truscott

1581429

registered interest
date	26/01/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Revenue and Customs: Telephone Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they are taking to reduce waiting times for taxpayers seeking to access HMRC’s telephone helpline.
tabling member printed	Lord Truscott
uin	HL5161
answer	answer is ministerial correction date of answer 09/02/2023 answer text <p>We encourage these taxpayers who can contact us digitally to do, so that our staff can focus their support on those who need one-to-one support on the telephone.</p><p> </p><p>The quickest and easiest way for customers to manage their tax affairs and get answers to queries is online through the HMRC mobile app or the web-based Personal Tax Account here <a href="https://www.gov.uk/personal-tax-account" target="_blank"><em>https://www.gov.uk/personal-tax-account</em></a>, which enables taxpayers to view all their tax affairs in one place and complete everyday tasks. We continue to invest in high quality digital services which will allow HMRC to offer a more efficient service. When more customers use our online services, this frees up our advisers to offer a better service for those customers who have more complex queries or are unable to go online.</p><p> </p><p>January is the busiest time of the year on HMRC’s telephony lines due to the Self-Assessment peak. To ensure that Self-Assessment customers can get the help they need during this period, HMRC has redeployed 850 colleagues from other areas to enable us to focus on the highest priority Self-Assessment calls.</p> answering member printed Baroness Penn question first answered 09/02/2023 12:19:02 answering member 4726 label Biography information for Baroness Penn
tabling member	3682 label Biography information for Lord Truscott

1546237

registered interest
date	28/11/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Private Rented Housing: Taxation
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 effect of recent tax changes on the supply of homes in the private rented sector.
tabling member printed	Lord Truscott
uin	HL3825
answer	answer is ministerial correction date of answer 12/12/2022 answer text <p>The Government is committed to supporting the rental market.</p><p> </p><p>On 23 September, the Government announced an increase in the nil-rate threshold of Stamp Duty Land Tax from £125,000 to £250,000 for all purchases of residential property. At Autumn Statement, the Chancellor announced that this measure will end on 31 March 2025 as part of the Government’s commitment to fiscal responsibility. It will remain in place until then to boost transactions by reducing the upfront costs of purchasing homes, including in the private rented sector, and support the hundreds of thousands of jobs and businesses reliant on the property industry.</p><p> </p><p>The Government keeps all tax policy under review.</p> answering member printed Baroness Penn question first answered 12/12/2022 17:21:34 answering member 4726 label Biography information for Baroness Penn
tabling member	3682 label Biography information for Lord Truscott

1546238

registered interest
date	28/11/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Private Rented Housing: Taxation
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what plans they have, if any, to review the role of the tax system in meeting the demand for rental homes in the private rented sector.
tabling member printed	Lord Truscott
uin	HL3826
answer	answer is ministerial correction date of answer 14/12/2022 answer text <p>The Government keeps all tax policy, including that affecting the private rented sector, under review.</p><p>The Government has increased the nil-rate threshold of Stamp Duty Land Tax from £125,000 to £250,000 to support the property market until March 2025 and remains committed to supporting the rental market.</p><p>The Levelling Up and Regeneration Bill currently before parliament also contains provisions to increase Council Tax on second and empty homes.</p><p>Ensuring a fair deal for renters remains a priority for this government.</p> answering member printed Lord Harlech question first answered 14/12/2022 17:57:00 answering member 4928 label Biography information for Lord Harlech
tabling member	3682 label Biography information for Lord Truscott

1545536

registered interest
date	24/11/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Growth
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government whether they have carried out any assessment of the costs to pension funds and pensioners from the impact of the Growth Plan statement by the then Chancellor of the Exchequer, Kwarsi Kwarteng, on 22 September; and what those costs are forecasted to be.
tabling member printed	Lord Truscott
uin	HL3780
answer	answer is ministerial correction date of answer 02/12/2022 answer text <p>Pension funds are managed by independent trustees and managers and the performance of funds can vary significantly, depending on the investments that have been made, or as a consequence of market fluctuations.</p><p> </p><p>Over time, the value of pension funds will change and its value at a point in time will depend on several factors, including the length of time it has been invested and the performance of the investments.</p><p> </p><p>Changes to the value of pension funds in the U.K are not measured by any single data source, making it difficult to assess the impact of a particular event.</p><p> </p><p>The Pensions Regulator is also actively monitoring the financial markets to assess the impact on defined benefit pension scheme funding and liquidity and they continue to meet with the Bank of England and other regulators on this.</p> answering member printed Baroness Penn question first answered 02/12/2022 11:20:44 answering member 4726 label Biography information for Baroness Penn
tabling member	3682 label Biography information for Lord Truscott