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1658470

registered interest
date	05/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Capital Gains Tax
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 tax revenues which could be raised by aligning the capital gains tax rates with those applied to wages and salaries.
tabling member printed	Lord Sikka
uin	HL9909
answer	answer is ministerial correction date of answer 13/09/2023 answer text <p>As set out in the Government’s response to the Office of Tax Simplification's report on Capital Gains Tax (CGT) on 30 November 2021, substantial reforms to CGT rates and allowances would involve a number of wider policy trade-offs and so careful thought must be given to the impact that they would have on taxpayers, as well as any additional administrative burden on HMRC.</p><p> </p><p>The Government will continue to keep the tax system under review to ensure it is simple and efficient.</p> answering member printed Baroness Penn question first answered 13/09/2023 10:38:44 answering member 4726 label Biography information for Baroness Penn
tabling member	4885 label Biography information for Lord Sikka

1658472

registered interest
date	05/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	National Insurance: Profits
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 revenues which could be raised by levying national insurance upon chargeable capital gains.
tabling member printed	Lord Sikka
uin	HL9911
answer	answer is ministerial correction date of answer 13/09/2023 answer text <p>National Insurance contributions (NICs) are part of the UK’s social security system. The system, based around the longstanding contributory principle, is centred around paid employment and self-employment, with employers, employees and the self-employed paying into the National Insurance Fund and providing funding for the NHS. Payment of NICs builds an individual’s entitlement to claim contributory benefits which then replace earnings in certain circumstances, for example if someone is unable to work or is retired. Non-employment income is generally excluded from liability to NICs as it is not derived from paid employment. Consequently, individuals with only non-employment income need to pay voluntary NICs in order to build entitlement.</p><p> </p><p>The Government keeps all taxes under review.</p> answering member printed Baroness Penn question first answered 13/09/2023 13:25:50 answering member 4726 label Biography information for Baroness Penn
tabling member	4885 label Biography information for Lord Sikka

1602590

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	Energy: Taxation
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what additional tax revenues they have collected since the implementation of the Energy (Oil and Gas) Profits Levy Act 2022.
tabling member printed	Lord Sikka
uin	HL6277
answer	answer is ministerial correction date of answer 22/03/2023 answer text <p>Monthly Energy Profits Levy receipts are published on GOV.UK in HMRC tax receipts and National Insurance contributions for the UK<sup><sup>[1]</sup></sup>.</p><p> </p><p>[1]<a href="https://www.gov.uk/government/statistics/hmrc-tax-and-nics-receipts-for-the-uk" target="_blank">here.</a></p> answering member printed Baroness Penn question first answered 22/03/2023 17:21:54 answering member 4726 label Biography information for Baroness Penn
tabling member	4885 label Biography information for Lord Sikka

1602591

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	Tax Evasion: Prosecutions
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government how many prosecutions were brought by HMRC against the enablers of tax evasion in each year for the last 10 years; for each year, how many penalties were secured as a result of successful prosecutions; and what was the value of those penalties.
tabling member printed	Lord Sikka
uin	HL6278
answer	answer is ministerial correction date of answer 23/03/2023 answer text <p>Tackling enablers of tax fraud is a top priority for HMRC. HMRC is working with partners across the World to take action against enablers.</p><p>Criminal investigation is only one route that HMRC pursues when it identifies serious non-compliance. The Department uses its full range of powers to tackle these abuses, including civil tax investigation methods which can result in punitive fines and penalties.</p><p> </p><p>Prosecutions of Professional Enablers of Tax Evasion</p><p> </p><p>Financial Year Prosecutions</p><p>2017-18 15</p><p>2018-19 29</p><p>2019-20 14</p><p>2020-21 4</p><p>2021-22 4</p><p> </p><p>Since the launch of our Fraud Investigation Service in 2015/16, we have launched over 80,000 civil cases and more than 3,600 criminal investigations, securing and protecting £25.5bn for our vital public services and securing 3,200 criminal convictions. We have in excess of 100 enablers currently under investigation.</p><p> </p><p>Information relating to earlier years is not available. HMRC officials are unable to provide data on civil penalties raised as a result of civil investigations into professional enablers of tax evasion as this cannot be extracted from management information held.</p> answering member printed Baroness Penn question first answered 23/03/2023 16:18:13 answering member 4726 label Biography information for Baroness Penn
tabling member	4885 label Biography information for Lord Sikka

1584005

registered interest
date	03/02/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Energy: Taxation
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to the Energy (Oil and Gas) Profits Levy Act 2022, whether they will publish a list showing the total amount (1) collected, and (2) paid, by each company.
tabling member printed	Lord Sikka
uin	HL5412
answer	answer is ministerial correction date of answer 17/02/2023 answer text <p>The government does not comment on individual taxpayers. At the time of the Autumn Statement, the Office for Budget Responsibility estimated that total revenues from the Energy Profits Levy were expected to be £41.6bn over the following five years. HMRC routinely publishes outturn oil and gas receipts on GOV.UK.</p> answering member printed Baroness Penn question first answered 17/02/2023 11:22:35 answering member 4726 label Biography information for Baroness Penn
tabling member	4885 label Biography information for Lord Sikka

1537037

registered interest
date	27/10/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Coronavirus Job Retention Scheme and Self-employment Income Support Scheme
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what is their latest estimate of fraud and error from (1) the Coronavirus Job Retention Scheme (CJRS), and (2) the Self-Employment Income Support Scheme (SEISS).
tabling member printed	Lord Sikka
uin	HL2991
answer	answer is ministerial correction date of answer 10/11/2022 answer text <p>HMRC published the latest estimates for error and fraud in their 2021-22 Annual Reports and Accounts and accompanying Technical Note. In Coronavirus Job Retention Scheme (CJRS) the estimate is 5 per cent, and in Self-Employment Income Support Scheme (SEISS) is 3.6 per cent. This is calculated on the net amounts (total paid out less unprompted repayments) paid to claimants from the start of the schemes to 31 March 2022.</p> answering member printed Baroness Penn question first answered 10/11/2022 15:10:22 answering member 4726 label Biography information for Baroness Penn
tabling member	4885 label Biography information for Lord Sikka

1537038

registered interest
date	27/10/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Government Securities
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what provisions they are making for the projected losses arising from the Bank of England’s sale of government bonds acquired as part of its quantitative easing programme.
tabling member printed	Lord Sikka
uin	HL2992
answer	answer is ministerial correction date of answer 09/11/2022 answer text <p>HM Treasury agreed to indemnify the Asset Purchase Facility (the vehicle used for quantitative easing) against losses when it was set up in 2009. To date, the APF has transferred over £120 billion of excess cash to HM Treasury from net interest payments on purchased assets. As quantitative easing is unwound, and gilts are sold back into the market, this cash flow is expected to reverse. The first payment to the APF was made in October 2022.</p><p>The overall gains or losses arising from the APF are highly uncertain and will be determined by the future path for Bank Rate and gilt prices as well as the independent Monetary Policy Committee’s (MPC) approach to sales.</p><p>Information on the provisions for future APF payments will be available through the normal Parliamentary Process as part of the Main Estimate expected to be published in May 2023.</p> answering member printed Baroness Penn question first answered 09/11/2022 12:06:22 answering member 4726 label Biography information for Baroness Penn
tabling member	4885 label Biography information for Lord Sikka

1535250

registered interest
date	24/10/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insider Trading
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government whether they will publish a table showing the names of the individuals and corporations who have been (1) prosecuted, and (2) convicted, for 'insider trading' offences since 2010; and what penalties were levied in each case.
tabling member printed	Lord Sikka
uin	HL2848
answer	answer is ministerial correction date of answer 07/11/2022 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has been passed on to the FCA. The FCA will reply directly to the noble Lord by letter. A copy of the letter will be placed in the Library of the House.</p> answering member printed Baroness Penn question first answered 07/11/2022 16:53:31 answering member 4726 label Biography information for Baroness Penn
tabling member	4885 label Biography information for Lord Sikka

1535256

registered interest
date	24/10/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Energy: VAT
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government whether they intend to abolish VAT from domestic fuel bills.
tabling member printed	Lord Sikka
uin	HL2852
answer	answer is ministerial correction date of answer 07/11/2022 answer text <p>VAT is a broad-based tax on consumption and the 20 per cent standard rate applies to most goods and services. Exceptions to the standard rate have always been limited by both legal and fiscal considerations.</p><p> </p><p>The Government recognises that families should not have to bear all of the VAT costs they incur to meet their needs, with domestic fuels such as gas, electricity and heating oil already subject to the reduced rate of VAT at 5 per cent of VAT.</p><p> </p><p>The Government's package of support to help households with their energy bills is more generous than an additional VAT cut on domestic fuel and power, and there would be no guarantee that suppliers would pass on the discounts from this relief to all customers.</p> answering member printed Baroness Penn question first answered 07/11/2022 17:45:21 answering member 4726 label Biography information for Baroness Penn
tabling member	4885 label Biography information for Lord Sikka

1487695

registered interest
date	08/07/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Income Tax
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 number of additional individuals who (1) have become, or (2) are likely to become, liable to pay income tax in 2022/23 because of the freezing of (a) tax-free personal allowance, and (b) income tax thresholds.
tabling member printed	Lord Sikka
uin	HL1614
answer	answer is ministerial correction date of answer 21/07/2022 answer text <p>The OBR’s 2022 Economic and Fiscal Outlook published the projected number of additional individuals brought into paying tax due to the freeze on the Personal Allowance and Income Tax thresholds as 575,000 in 2022-23.</p><p> </p><p>The number of UK adults that are not liable to pay Income Tax because their total income is less than the Personal Allowance can be estimated with the following two figures:</p><p> </p><ul><li>The ONS population projection for the number of UK adults (aged 16 and over) in 2022 is around 55 million.</li></ul><p> </p><ul><li>The total number of individual Income Tax payers is estimated by HMRC to be 34 million in 2022-23.</li></ul><p> </p><p>HMRC’s estimate is based on the 2019-20 Survey of Personal Incomes and is projected using economic assumptions consistent with the Office for Budget Responsibility’s March 2022 Economic and Fiscal Outlook. This represents a sample of individuals in contact with HMRC. However, HMRC do not hold information for all people with incomes below the Income Tax Personal Allowance.</p> answering member printed Baroness Penn grouped question UIN HL1616 question first answered 21/07/2022 15:42:41 answering member 4726 label Biography information for Baroness Penn
tabling member	4885 label Biography information for Lord Sikka