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1350529

registered interest
date	22/07/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Capital Gains Tax
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made of the amount of capital gains tax (a) collected and (b) that remains outstanding owed from taxpayers under (i) Bitcoin trading and (ii) other financial activity in decentralised finance in each tax year between 2013 and 2020.
tabling member constituency	Shrewsbury and Atcham
tabling member printed	Daniel Kawczynski
uin	37100
answer	answer is ministerial correction date of answer 06/09/2021 answer text <p>Capital Gains Tax (CGT) is due on gains from cryptoassets held as investments which are taxed in line with CGT tax rates and exemptions rules as for other assets. The Self-Assessment form does not currently separate capital gains made on cryptoassets from other assets. As a result, a reliable estimate for Capital Gains Tax due from cryptoassets would only be available at a disproportionate cost.</p><p> </p><p>Decentralised Finance (also known as DeFi) is a comparatively recent innovation with notable uptake during mid-2020. Amounts arising from decentralised finance are, generally, liable to either Income Tax or Capital Gains Tax. However, as with cryptoassets, the Self-Assessment form does not separate capital gains and/or income arising from decentralised finance. As a result, a reliable estimate of Capital Gains Tax or Income Tax collected from decentralised finance would only be available at a disproportionate cost.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 37101 question first answered 06/09/2021 15:21:45 answering member 3991 label Biography information for Jesse Norman
tabling member	1566 label Biography information for Daniel Kawczynski

1350530

registered interest
date	22/07/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Capital Gains Tax
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how much capital gains tax was collected from decentralised finance in each year tax year from 2013 to 2020.
tabling member constituency	Shrewsbury and Atcham
tabling member printed	Daniel Kawczynski
uin	37101
answer	answer is ministerial correction date of answer 06/09/2021 answer text <p>Capital Gains Tax (CGT) is due on gains from cryptoassets held as investments which are taxed in line with CGT tax rates and exemptions rules as for other assets. The Self-Assessment form does not currently separate capital gains made on cryptoassets from other assets. As a result, a reliable estimate for Capital Gains Tax due from cryptoassets would only be available at a disproportionate cost.</p><p> </p><p>Decentralised Finance (also known as DeFi) is a comparatively recent innovation with notable uptake during mid-2020. Amounts arising from decentralised finance are, generally, liable to either Income Tax or Capital Gains Tax. However, as with cryptoassets, the Self-Assessment form does not separate capital gains and/or income arising from decentralised finance. As a result, a reliable estimate of Capital Gains Tax or Income Tax collected from decentralised finance would only be available at a disproportionate cost.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 37100 question first answered 06/09/2021 15:21:45 answering member 3991 label Biography information for Jesse Norman
tabling member	1566 label Biography information for Daniel Kawczynski

1347319

registered interest
date	15/07/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Corporation Tax
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made, applying the Laffer curve, of the potential effect on tax revenues of a reduction in corporation tax.
tabling member constituency	Shrewsbury and Atcham
tabling member printed	Daniel Kawczynski
uin	33878
answer	answer is ministerial correction date of answer 20/07/2021 answer text <p>The fiscal and economic impact of changes in the rate of Corporation Tax (CT) have been set out in the Office for Budget Responsibility’s (OBR’s) Economic and Fiscal Outlooks which are published alongside fiscal events.</p><p> </p><p>The most recent forecast, published in March 2021, includes the revenue raised from the announcement made at Budget 2021: that the main rate will increase to 25% from April 2023, which is forecast to raise over £45 billion across the next 5 years.</p><p> </p><p>This forecast incorporates adjustments to reflect behavioural responses from businesses to changes in the rate of CT.</p><p> </p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 20/07/2021 11:22:20 answering member 3991 label Biography information for Jesse Norman
tabling member	1566 label Biography information for Daniel Kawczynski