Show Search Form

Search Results

registered interest	true false
date	exactly: or between: and
answering body
answering dept id
answering dept short name
answering dept sort name
hansard heading
house id
legislature	pref label
question text
tabling member printed
uin
answer	is ministerial correction true false date of answer exactly: or between: and answer text answering member printed grouped question UIN question first answered answering member label
tabling member	label

Search

1404713

registered interest
date	19/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Non-fungible Tokens
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to create a regulatory framework for non-fungible tokens.
tabling member printed	Lord Taylor of Warwick
uin	HL5567
answer	answer is ministerial correction date of answer 31/01/2022 answer text <p>There is not a dedicated regulatory framework for non-fungible tokens (NFTs) in the UK. On 18 January, the government announced its intention to legislate later this year to bring certain cryptoassets into the scope of financial promotions regulation; however, the government explained that NFTs will not be brought into financial promotions regulation. The consultation response noted:</p><p> </p><p>NFTs may represent a wide array of different assets which might constitute non-financial services products. Additionally, as the NFT market is evolving rapidly and remains at an early stage of development, the government does not yet have sufficient information on risks and use-cases. As such, seeking to bring NFTs into scope might have unintended consequences for the market. Instead, the government will continue to closely monitor market developments, and stands ready to take further legislative action if required.</p> answering member printed Viscount Younger of Leckie question first answered 31/01/2022 16:05:18 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	1796 label Biography information for Lord Taylor of Warwick

1404198

registered interest
date	18/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Business: Coronavirus
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the report HMRC responses to inaccurate claims, published on 12 January, what is the methodology for estimating the amount lost to fraud and error; what is the value of these claims; and what is the forecasted expenditure for such claims, for (1) the Coronavirus Job Retention Scheme (2) the Self-Employment Income Support Scheme phases 1 to 3, and (3) the Eat Out to Help Out scheme.
tabling member printed	Lord Sikka
uin	HL5515
answer	answer is ministerial correction date of answer 31/01/2022 answer text <p>The Government introduced unprecedented COVID support, helping millions of people across the UK. The schemes were designed to protect against Error and Fraud (E&amp;F) by only making grants to individuals and businesses matched to information already on HMRC systems wherever possible, preventing ineligible claims, blocking suspicious claims up front, and investing in post-scheme compliance.</p><p> </p><p>The latest E&amp;F estimates and expenditure across the COVID-19 support schemes are included in HMRC’s 2021 Annual Report and Accounts, released on 4 November 2021, which can be found on the gov.uk website.</p><p> </p><p>HMRC has published a technical document alongside the Annual Report and Accounts 2020 to 2021 detailing the methodology for measuring E&amp;F in the Coronavirus Job Retention Scheme (CJRS), the Self-Employment Income Support Scheme (SEISS) phases 1 to 3, and the Eat Out to Help Out scheme (EOHO). This can be found on the gov.uk website.</p><p> </p><p>HMRC aim to produce updated E&amp;F estimates for CJRS and SEISS by Summer 2022.</p><p> </p><p>HMRC are taking tough action to tackle fraudulent behaviour. Anyone who keeps money despite knowing they were not entitled to it, faces repaying up to double the amount, plus interest, and potentially criminal prosecution in serious cases.</p><p> </p><p>HMRC established the Taxpayer Protection Taskforce and is estimated to recover approximately £800 million to £1 billion in the two years to 2022-23, on top of around £500 million recovered in the year 2020-21. HMRC will continue to address fraud and error in the schemes beyond the duration of the taskforce.</p> answering member printed Viscount Younger of Leckie question first answered 31/01/2022 15:26:27 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	4885 label Biography information for Lord Sikka

1403691

registered interest
date	17/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Digital Assets
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of (1) the size of the market for (a) cryptocurrencies, and (b) other digital assets, in the UK, and (2) the need for legislation to facilitate a well-regulated market of these; whether they have any plans to introduce legislation in order to regular this market; and if so, what is the timetable for that legislation.
tabling member printed	Lord Cromwell
uin	HL5422
answer	answer is ministerial correction date of answer 31/01/2022 answer text <p>The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority (FCA). The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response.</p><p> </p><p>HM Treasury and UK authorities have taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly. On 18 January 2022, the Government announced its intention to legislate later this year to bring certain cryptoassets into the scope of financial promotions regulation, requiring them to be fair, clear and not misleading. This is aimed at improving consumers’ understanding of the risks and benefits associated with cryptoasset purchases, and ensuring that cryptoasset promotions are held to the same high standards as broader financial services products.</p><p> </p><p>Consumer research conducted by the FCA in 2021 estimated that 2.3 million people in the UK currently hold cryptoassets. The FCA has announced plans for an £11 million digital marketing campaign to educate consumers on the risks associated with certain high-risk investments, including cryptoassets.</p><p> </p><p>Profits from trading in and gains from disposing of cryptoassets are taxed in the same way and at the same rate as those from other assets. HMRC’s Cryptoassets Manual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving cryptoassets for both businesses accepting them and individuals using them.</p><p> </p><p>Cryptoassets are unregulated; this means they are not subject to consumer protection regulation and investors will not have recourse to the Financial Ombudsman Service, or the Financial Services Compensation Scheme.</p><p> </p><p>The Government does not currently plan to create a new regulator for cryptoassets. The Government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January 2021. It proposed new regulatory responsibilities for the FCA, Bank of England and Payment Systems Regulator (PSR).</p> answering member printed Viscount Younger of Leckie grouped question UIN HL5423 HL5425 HL5426 HL5427 question first answered 31/01/2022 16:06:59 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	2594 label Biography information for Lord Cromwell

1403692

registered interest
date	17/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptoassets: Regulation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what their timetable is to (1) determine, or (2) create, an appropriate regulatory authority with a full regulatory perimeter for crypto assets.
tabling member printed	Lord Cromwell
uin	HL5423
answer	answer is ministerial correction date of answer 31/01/2022 answer text <p>The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority (FCA). The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response.</p><p> </p><p>HM Treasury and UK authorities have taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly. On 18 January 2022, the Government announced its intention to legislate later this year to bring certain cryptoassets into the scope of financial promotions regulation, requiring them to be fair, clear and not misleading. This is aimed at improving consumers’ understanding of the risks and benefits associated with cryptoasset purchases, and ensuring that cryptoasset promotions are held to the same high standards as broader financial services products.</p><p> </p><p>Consumer research conducted by the FCA in 2021 estimated that 2.3 million people in the UK currently hold cryptoassets. The FCA has announced plans for an £11 million digital marketing campaign to educate consumers on the risks associated with certain high-risk investments, including cryptoassets.</p><p> </p><p>Profits from trading in and gains from disposing of cryptoassets are taxed in the same way and at the same rate as those from other assets. HMRC’s Cryptoassets Manual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving cryptoassets for both businesses accepting them and individuals using them.</p><p> </p><p>Cryptoassets are unregulated; this means they are not subject to consumer protection regulation and investors will not have recourse to the Financial Ombudsman Service, or the Financial Services Compensation Scheme.</p><p> </p><p>The Government does not currently plan to create a new regulator for cryptoassets. The Government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January 2021. It proposed new regulatory responsibilities for the FCA, Bank of England and Payment Systems Regulator (PSR).</p> answering member printed Viscount Younger of Leckie grouped question UIN HL5422 HL5425 HL5426 HL5427 question first answered 31/01/2022 16:06:59 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	2594 label Biography information for Lord Cromwell

1403694

registered interest
date	17/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptoassets: Regulation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to increase the skills in the workforce of regulatory authorities in relation to crypto assets.
tabling member printed	Lord Cromwell
uin	HL5425
answer	answer is ministerial correction date of answer 31/01/2022 answer text <p>The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority (FCA). The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response.</p><p> </p><p>HM Treasury and UK authorities have taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly. On 18 January 2022, the Government announced its intention to legislate later this year to bring certain cryptoassets into the scope of financial promotions regulation, requiring them to be fair, clear and not misleading. This is aimed at improving consumers’ understanding of the risks and benefits associated with cryptoasset purchases, and ensuring that cryptoasset promotions are held to the same high standards as broader financial services products.</p><p> </p><p>Consumer research conducted by the FCA in 2021 estimated that 2.3 million people in the UK currently hold cryptoassets. The FCA has announced plans for an £11 million digital marketing campaign to educate consumers on the risks associated with certain high-risk investments, including cryptoassets.</p><p> </p><p>Profits from trading in and gains from disposing of cryptoassets are taxed in the same way and at the same rate as those from other assets. HMRC’s Cryptoassets Manual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving cryptoassets for both businesses accepting them and individuals using them.</p><p> </p><p>Cryptoassets are unregulated; this means they are not subject to consumer protection regulation and investors will not have recourse to the Financial Ombudsman Service, or the Financial Services Compensation Scheme.</p><p> </p><p>The Government does not currently plan to create a new regulator for cryptoassets. The Government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January 2021. It proposed new regulatory responsibilities for the FCA, Bank of England and Payment Systems Regulator (PSR).</p> answering member printed Viscount Younger of Leckie grouped question UIN HL5422 HL5423 HL5426 HL5427 question first answered 31/01/2022 16:06:59 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	2594 label Biography information for Lord Cromwell

1403695

registered interest
date	17/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptoassets
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to expand consumer protection in relation to crypto assets, in particular through access to the (1) Financial Ombudsman Service, and (2) Financial Services Compensation Scheme.
tabling member printed	Lord Cromwell
uin	HL5426
answer	answer is ministerial correction date of answer 31/01/2022 answer text <p>The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority (FCA). The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response.</p><p> </p><p>HM Treasury and UK authorities have taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly. On 18 January 2022, the Government announced its intention to legislate later this year to bring certain cryptoassets into the scope of financial promotions regulation, requiring them to be fair, clear and not misleading. This is aimed at improving consumers’ understanding of the risks and benefits associated with cryptoasset purchases, and ensuring that cryptoasset promotions are held to the same high standards as broader financial services products.</p><p> </p><p>Consumer research conducted by the FCA in 2021 estimated that 2.3 million people in the UK currently hold cryptoassets. The FCA has announced plans for an £11 million digital marketing campaign to educate consumers on the risks associated with certain high-risk investments, including cryptoassets.</p><p> </p><p>Profits from trading in and gains from disposing of cryptoassets are taxed in the same way and at the same rate as those from other assets. HMRC’s Cryptoassets Manual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving cryptoassets for both businesses accepting them and individuals using them.</p><p> </p><p>Cryptoassets are unregulated; this means they are not subject to consumer protection regulation and investors will not have recourse to the Financial Ombudsman Service, or the Financial Services Compensation Scheme.</p><p> </p><p>The Government does not currently plan to create a new regulator for cryptoassets. The Government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January 2021. It proposed new regulatory responsibilities for the FCA, Bank of England and Payment Systems Regulator (PSR).</p> answering member printed Viscount Younger of Leckie grouped question UIN HL5422 HL5423 HL5425 HL5427 question first answered 31/01/2022 16:06:59 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	2594 label Biography information for Lord Cromwell

1402900

registered interest
date	13/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Home Shopping: Taxation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they have considered the introduction of an online sales tax for the purpose of levelling the playing field between high street and online retailers, with particular regard to the sale of books.
tabling member printed	The Earl of Clancarty
uin	HL5381
answer	answer is ministerial correction date of answer 25/01/2022 answer text <p>At Autumn Budget 2021, the Government announced that it will continue to explore the arguments for and against an Online Sales Tax (OST), the revenue from which would be used to provide business rates relief for in-store retail. The consultation will launch shortly.</p><p> </p><p>No decisions on whether to proceed with an OST have yet been made. It is the Government’s intention to use the forthcoming consultation to consider in detail the issues surrounding proposals for an OST. This will include exploring the range of products, both physical and digital, which are sold online, including books.</p> answering member printed Viscount Younger of Leckie question first answered 25/01/2022 17:59:55 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	3391 label Biography information for The Earl of Clancarty

1402536

registered interest
date	12/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Key Workers: Pay
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the claim by the Trades Union Congress that thousands of key workers are earning less in real terms than they were a decade earlier.
tabling member printed	The Lord Bishop of Southwark
uin	HL5367
answer	answer is ministerial correction date of answer 25/01/2022 answer text <p>To examine the real terms earnings of key workers, we focus on public sector workers - which represent the majority of key workers.</p><p> </p><p>Public sector pay in real terms (total pay, deflated by CPI) has grown at an annualised rate of 0.2% over the last decade (since the three months to November 2011). The level of public sector average weekly earnings (in real terms) is now in line with that of the private sector in the three months to November 2021.</p><p> </p><p>The public sector has, on average, better remuneration packages than the private sector. ONS suggested a 7% premium in 2019 (controlling for characteristics, including pensions). In 2020, the median salary in the public sector was £3,500 higher than the private sector, this gap is most acute amongst the lowest paid, where ONS data suggests public sector average hourly wages are 20% higher.</p><p> </p><p>Looking ahead, pay for most frontline workforces – including nurses, police officers, prison officers and teachers is set through an independent Pay Review Body process. Public sector workers will see pay rises across the whole Spending Review period (2022/23-2024/25) as the strong recovery in the economy and labour market has allowed us to return to a normal pay setting process.</p> answering member printed Viscount Younger of Leckie question first answered 25/01/2022 17:08:58 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	4345 label Biography information for The Lord Bishop of Southwark

1402052

registered interest
date	11/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Fuels: VAT
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what representations they have received from industry and consumer groups to end or suspend VAT on fuel bills; and what steps they intend to take on this matter.
tabling member printed	Lord Allen of Kensington
uin	HL5284
answer	answer is ministerial correction date of answer 25/01/2022 answer text <p>In recognition of the fact that families should not have to bear all the VAT costs they incur to meet their needs, domestic fuels such as gas and electricity are already subject to the reduced rate of 5 per cent of VAT. The Government keeps all taxes under review but going further would impose significant additional pressure on the public finances, to which VAT makes a significant contribution.</p><p> </p><p>The Government has introduced a raft of measures to support vulnerable households with the cost of energy, including increasing the Warm Home Discount, Winter Fuel Payments, and Cold Weather Payments. This is alongside introducing the £500 million Household Support Fund and giving working families on Universal Credit an average of £1,000 more per year.</p> answering member printed Viscount Younger of Leckie question first answered 25/01/2022 17:03:48 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	4304 label Biography information for Lord Allen of Kensington

1402093

registered interest
date	11/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Offshore Industry: North Sea
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to introduce a windfall tax on North Sea oil and gas producers to support relief for households struggling with their energy bills.
tabling member printed	Lord Taylor of Warwick
uin	HL5345
answer	answer is ministerial correction date of answer 25/01/2022 answer text <p>The UK Government places additional taxes on the extraction of oil and gas, with companies engaged in the production of oil and gas on the UK Continental Shelf subject to headline tax rates on their profits that are currently more than double those paid by other businesses. To date, the sector has paid more than £375 billion in production taxes.</p><p> </p><p>All taxes are kept under review and any changes are considered and announced by the Chancellor.</p> answering member printed Viscount Younger of Leckie question first answered 25/01/2022 17:06:01 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	1796 label Biography information for Lord Taylor of Warwick