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93704
registered interest false more like this
date less than 2014-10-15more like thismore than 2014-10-15
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading North Sea Oil more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty’s Government what is the total revenue they have received from the extraction and exploration of North Sea oil. more like this
tabling member printed
Lord Hodgson of Astley Abbotts more like this
uin HL2133 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-10-29more like thismore than 2014-10-29
answer text <p>Government revenues from UK oil and gas production for all years to 2013-14 are published by HM Revenue &amp; Customs (HMRC) as National Statistics on the GOV.UK website[1]. Total revenues can be found in Table 11.11 from the <em>Statistics of Government revenues from UK oil and gas production</em> publication[2].</p><p> </p><p> </p><p> </p><p>The values in Table 11.11 are detailed in current prices, so for previous years they do not reflect the value of total revenue today. The total revenue received from the extraction and exploration of North Sea oil is £187.8 billion in current prices.</p><p> </p><p> </p><p>[1] https://www.gov.uk/government/collections/petroleum-revenue-tax-prt-and-government-revenues-from-uk-oil-and-gas-production</p><p>[2] <a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/306225/140424_Table_11_11.pdf" target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/306225/140424_Table_11_11.pdf</a></p><p> </p>
answering member printed Lord Deighton more like this
question first answered
less than 2014-10-29T15:24:02.7416658Zmore like thismore than 2014-10-29T15:24:02.7416658Z
answering member
4262
label Biography information for Lord Deighton more like this
attachment
1
file name t11.11 gov revenue.docx more like this
title Government revenues from oil and gas production more like this
tabling member
1651
label Biography information for Lord Hodgson of Astley Abbotts more like this
93406
registered interest false more like this
date less than 2014-10-14more like thismore than 2014-10-14
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Currencies more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty’s Government what work is being undertaken by HM Treasury in respect of bitcoin and other digital currencies in the context of the speech by the Chancellor of the Exchequer on 6 August; and what consultation has taken place with the UK Digital Currency Association, as the representative body of those United Kingdom businesses engaged with digital currency. more like this
tabling member printed
Lord Harris of Haringey more like this
uin HL2072 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-10-27more like thismore than 2014-10-27
answer text <p>On 6 August, the Chancellor announced a major programme of work looking into digital currencies and associated technologies, with a particular focus on whether they should be regulated. The Government is now considering the benefits offered by digital currencies and the technology that underpins them, and whether it should take action to support innovation in this area. At the same time, the Government is examining the risks presented by digital currencies, and assessing whether action is required to mitigate any concerns. The Government is engaging with a wide range of stakeholders, including the UK Digital Currency Association, as part of this work.</p><p> </p> more like this
answering member printed Lord Deighton more like this
question first answered
less than 2014-10-27T12:43:05.3499054Zmore like thismore than 2014-10-27T12:43:05.3499054Z
answering member
4262
label Biography information for Lord Deighton more like this
tabling member
2671
label Biography information for Lord Harris of Haringey more like this
93430
registered interest false more like this
date less than 2014-10-14more like thismore than 2014-10-14
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Public Sector: Workplace Pensions more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty’s Government what estimate they have made of how many individuals in defined contribution funded public sector pension schemes will withdraw their entire accrued entitlements under the new Freedom and Choice for Pensioner arrangements in the first year from April 2015, and at what cost. more like this
tabling member printed
Lord Laird more like this
uin HL2096 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-10-29more like thismore than 2014-10-29
answer text <p>The government believes that people should be free to make their own</p><p> </p><p>choice about how to use their savings - individuals who have worked hard and saved responsibly throughout their adult life should have a choice about their pension savings and the reforms announced at Budget 2014 will deliver this.</p><p> </p><p> </p><p> </p><p>The new tax framework, which will allow, from April 2015, individuals with a defined contribution pension to access their entire pension flexibly will apply equally across trust and contract based money purchase pension schemes. In the public sector, members of defined contribution schemes will also have access to these flexibilities, including members with savings in Additional Voluntary Contribution (AVC) arrangements.</p><p> </p><p> </p><p> </p><p>The Government’s assessment of the impact of the policy is set out in detail in the Budget costing note and the Tax Information and Impact Note, published alongside the Taxation of Pensions Bill.</p><p> </p><p> </p><p> </p><p>The government wants to extend the principles of freedom and choice to as many pension savers as possible which is why, following an extensive public consultation, it was decided to permit transfers out of private sector and funded public sector defined benefit schemes to continue. Giving scheme members the choice to transfer their accrued benefits into a defined contribution scheme, in order to access their pension pot flexibly if they wish to.</p><p> </p><p> </p><p>To ensure due consideration is given to the interests of scheme members, scheme funds and the taxpayer in the continuation of these transfers for the public service schemes, government set out in the response to the consultation, <em>Freedom and Choice in Pensions,</em> that it would look to implement, where appropriate, safeguards akin to those which already exist in the private sector. We are continuing to discuss these options and others, including with the Department for Local Government as the department responsible for the Local Government Pension Scheme, the largest of the funded public service pension schemes, and will set out further detail on this issue in due course.</p>
answering member printed Lord Deighton more like this
grouped question UIN
HL2097 more like this
HL2098 more like this
HL2099 more like this
question first answered
less than 2014-10-29T15:20:53.4326554Zmore like thismore than 2014-10-29T15:20:53.4326554Z
answering member
4262
label Biography information for Lord Deighton more like this
tabling member
2479
label Biography information for Lord Laird more like this
93431
registered interest false more like this
date less than 2014-10-14more like thismore than 2014-10-14
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Public Sector: Workplace Pensions more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty’s Government whether they consider that delaying transfer payments and reducing transfer values are sufficient safeguards to stabilise public sector funded pension schemes threatened by large-scale withdrawals under the new Freedom and Choice for Pensioners arrangements. more like this
tabling member printed
Lord Laird more like this
uin HL2097 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-10-29more like thismore than 2014-10-29
answer text <p>The government believes that people should be free to make their own</p><p> </p><p>choice about how to use their savings - individuals who have worked hard and saved responsibly throughout their adult life should have a choice about their pension savings and the reforms announced at Budget 2014 will deliver this.</p><p> </p><p> </p><p> </p><p>The new tax framework, which will allow, from April 2015, individuals with a defined contribution pension to access their entire pension flexibly will apply equally across trust and contract based money purchase pension schemes. In the public sector, members of defined contribution schemes will also have access to these flexibilities, including members with savings in Additional Voluntary Contribution (AVC) arrangements.</p><p> </p><p> </p><p> </p><p>The Government’s assessment of the impact of the policy is set out in detail in the Budget costing note and the Tax Information and Impact Note, published alongside the Taxation of Pensions Bill.</p><p> </p><p> </p><p> </p><p>The government wants to extend the principles of freedom and choice to as many pension savers as possible which is why, following an extensive public consultation, it was decided to permit transfers out of private sector and funded public sector defined benefit schemes to continue. Giving scheme members the choice to transfer their accrued benefits into a defined contribution scheme, in order to access their pension pot flexibly if they wish to.</p><p> </p><p> </p><p>To ensure due consideration is given to the interests of scheme members, scheme funds and the taxpayer in the continuation of these transfers for the public service schemes, government set out in the response to the consultation, <em>Freedom and Choice in Pensions,</em> that it would look to implement, where appropriate, safeguards akin to those which already exist in the private sector. We are continuing to discuss these options and others, including with the Department for Local Government as the department responsible for the Local Government Pension Scheme, the largest of the funded public service pension schemes, and will set out further detail on this issue in due course.</p>
answering member printed Lord Deighton more like this
grouped question UIN
HL2096 more like this
HL2098 more like this
HL2099 more like this
question first answered
less than 2014-10-29T15:20:53.9247195Zmore like thismore than 2014-10-29T15:20:53.9247195Z
answering member
4262
label Biography information for Lord Deighton more like this
tabling member
2479
label Biography information for Lord Laird more like this
93432
registered interest false more like this
date less than 2014-10-14more like thismore than 2014-10-14
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Public Sector: Workplace Pensions more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty’s Government whether, under their proposed entire pension withdrawal arrangements, they will include in the legislation a power to suspend the concession for such schemes in the event of serious destabilisation of funded public service pension schemes or extreme cost to the Exchequer. more like this
tabling member printed
Lord Laird more like this
uin HL2098 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-10-29more like thismore than 2014-10-29
answer text <p>The government believes that people should be free to make their own</p><p> </p><p>choice about how to use their savings - individuals who have worked hard and saved responsibly throughout their adult life should have a choice about their pension savings and the reforms announced at Budget 2014 will deliver this.</p><p> </p><p> </p><p> </p><p>The new tax framework, which will allow, from April 2015, individuals with a defined contribution pension to access their entire pension flexibly will apply equally across trust and contract based money purchase pension schemes. In the public sector, members of defined contribution schemes will also have access to these flexibilities, including members with savings in Additional Voluntary Contribution (AVC) arrangements.</p><p> </p><p> </p><p> </p><p>The Government’s assessment of the impact of the policy is set out in detail in the Budget costing note and the Tax Information and Impact Note, published alongside the Taxation of Pensions Bill.</p><p> </p><p> </p><p> </p><p>The government wants to extend the principles of freedom and choice to as many pension savers as possible which is why, following an extensive public consultation, it was decided to permit transfers out of private sector and funded public sector defined benefit schemes to continue. Giving scheme members the choice to transfer their accrued benefits into a defined contribution scheme, in order to access their pension pot flexibly if they wish to.</p><p> </p><p> </p><p>To ensure due consideration is given to the interests of scheme members, scheme funds and the taxpayer in the continuation of these transfers for the public service schemes, government set out in the response to the consultation, <em>Freedom and Choice in Pensions,</em> that it would look to implement, where appropriate, safeguards akin to those which already exist in the private sector. We are continuing to discuss these options and others, including with the Department for Local Government as the department responsible for the Local Government Pension Scheme, the largest of the funded public service pension schemes, and will set out further detail on this issue in due course.</p>
answering member printed Lord Deighton more like this
grouped question UIN
HL2096 more like this
HL2097 more like this
HL2099 more like this
question first answered
less than 2014-10-29T15:20:54.0028001Zmore like thismore than 2014-10-29T15:20:54.0028001Z
answering member
4262
label Biography information for Lord Deighton more like this
tabling member
2479
label Biography information for Lord Laird more like this
93433
registered interest false more like this
date less than 2014-10-14more like thismore than 2014-10-14
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Public Sector: Workplace Pensions more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty’s Government what is the key difference between trust-based and contract-based public sector defined contribution schemes in relation to the proposed pension withdrawal arrangements; and what was the result of their consultation with the Local Government Pension Scheme on extra safeguards for such trust-based schemes. more like this
tabling member printed
Lord Laird more like this
uin HL2099 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-10-29more like thismore than 2014-10-29
answer text <p>The government believes that people should be free to make their own</p><p> </p><p>choice about how to use their savings - individuals who have worked hard and saved responsibly throughout their adult life should have a choice about their pension savings and the reforms announced at Budget 2014 will deliver this.</p><p> </p><p> </p><p> </p><p>The new tax framework, which will allow, from April 2015, individuals with a defined contribution pension to access their entire pension flexibly will apply equally across trust and contract based money purchase pension schemes. In the public sector, members of defined contribution schemes will also have access to these flexibilities, including members with savings in Additional Voluntary Contribution (AVC) arrangements.</p><p> </p><p> </p><p> </p><p>The Government’s assessment of the impact of the policy is set out in detail in the Budget costing note and the Tax Information and Impact Note, published alongside the Taxation of Pensions Bill.</p><p> </p><p> </p><p> </p><p>The government wants to extend the principles of freedom and choice to as many pension savers as possible which is why, following an extensive public consultation, it was decided to permit transfers out of private sector and funded public sector defined benefit schemes to continue. Giving scheme members the choice to transfer their accrued benefits into a defined contribution scheme, in order to access their pension pot flexibly if they wish to.</p><p> </p><p> </p><p>To ensure due consideration is given to the interests of scheme members, scheme funds and the taxpayer in the continuation of these transfers for the public service schemes, government set out in the response to the consultation, <em>Freedom and Choice in Pensions,</em> that it would look to implement, where appropriate, safeguards akin to those which already exist in the private sector. We are continuing to discuss these options and others, including with the Department for Local Government as the department responsible for the Local Government Pension Scheme, the largest of the funded public service pension schemes, and will set out further detail on this issue in due course.</p>
answering member printed Lord Deighton more like this
grouped question UIN
HL2096 more like this
HL2097 more like this
HL2098 more like this
question first answered
less than 2014-10-29T15:20:54.0965935Zmore like thismore than 2014-10-29T15:20:54.0965935Z
answering member
4262
label Biography information for Lord Deighton more like this
tabling member
2479
label Biography information for Lord Laird more like this
93434
registered interest false more like this
date less than 2014-10-14more like thismore than 2014-10-14
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Pensions: Northern Ireland more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty’s Government whether and how the new Freedom and Choice for Pensioners arrangements will apply to Northern Ireland; and whether they have discussed the matter of a legislative consent motion with the Northern Ireland Executive. more like this
tabling member printed
Lord Laird more like this
uin HL2100 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-10-29more like thismore than 2014-10-29
answer text <p>The tax changes necessary to deliver the Freedom and Choice in Pensions agenda are contained in the Taxation of Pensions Bill. The provisions in this Bill will apply across the UK as the relevant tax legislation is not, in the main, a matter over which powers have been devolved.<sup>[</sup><sup>1]</sup> The Pension Schemes Bill is being used to introduce further changes relevant to the Freedom and Choice agenda. Where these do relate to devolved matters in Northern Ireland, the Government is in the process of obtaining the necessary legislative consent motion and approval from the Northern Ireland Assembly.</p><p> </p><p> </p><p>[1] Explanatory notes for the Taxation of Pensions Bill were published on the Parliament Website. Territorial extent is detailed in paragraph 52 http://www.publications.parliament.uk/pa/bills/cbill/2014-2015/0097/en/15097en.htm</p><p> </p><p> </p><p> </p><p> </p> more like this
answering member printed Lord Deighton more like this
question first answered
less than 2014-10-29T15:21:46.8315879Zmore like thismore than 2014-10-29T15:21:46.8315879Z
answering member
4262
label Biography information for Lord Deighton more like this
tabling member
2479
label Biography information for Lord Laird more like this
92802
registered interest false more like this
date less than 2014-10-13more like thismore than 2014-10-13
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Public Expenditure: Northern Ireland more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty’s Government whether they will publish the conditions that apply to the access to the DEL Reserve of up to £100 million by the Northern Ireland Executive. more like this
tabling member printed
Lord Empey more like this
uin HL2038 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-10-27more like thismore than 2014-10-27
answer text <p>The NI Executive is expected to manage emerging pressures by identifying savings and reallocating resources within its overall allocations set by the Treasury. The First Minister has made it clear that he believes this is no longer achievable in 2014/15. The Treasury has therefore agreed that exceptional access to the DEL Reserve of up to £100 million will be permitted in-year.</p><p> </p><p> </p><p> </p><p>An amount equivalent to the access to the DEL Reserve taken up by the Northern Ireland Executive will be reflected in the relevant control total at Supplementary Estimates and will subsequently be deducted from the Northern Ireland Executive’s 2015/16 control total.</p><p> </p><p> </p><p> </p><p>Internal Northern Ireland departmental allocations remain a matter for the Executive itself.</p><p> </p><p> </p><p> </p><p> </p> more like this
answering member printed Lord Deighton more like this
grouped question UIN
HL2039 more like this
HL2040 more like this
HL2041 more like this
question first answered
less than 2014-10-27T15:11:15.3979878Zmore like thismore than 2014-10-27T15:11:15.3979878Z
answering member
4262
label Biography information for Lord Deighton more like this
tabling member
4216
label Biography information for Lord Empey more like this
92803
registered interest false more like this
date less than 2014-10-13more like thismore than 2014-10-13
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Public Expenditure: Northern Ireland more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty’s Government what will be the consequences for the Northern Ireland Executive if it does not agree with the Treasury, before the end of October, a plan for a balanced 2015/16 budget. more like this
tabling member printed
Lord Empey more like this
uin HL2039 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-10-27more like thismore than 2014-10-27
answer text <p>The NI Executive is expected to manage emerging pressures by identifying savings and reallocating resources within its overall allocations set by the Treasury. The First Minister has made it clear that he believes this is no longer achievable in 2014/15. The Treasury has therefore agreed that exceptional access to the DEL Reserve of up to £100 million will be permitted in-year.</p><p> </p><p> </p><p> </p><p>An amount equivalent to the access to the DEL Reserve taken up by the Northern Ireland Executive will be reflected in the relevant control total at Supplementary Estimates and will subsequently be deducted from the Northern Ireland Executive’s 2015/16 control total.</p><p> </p><p> </p><p> </p><p>Internal Northern Ireland departmental allocations remain a matter for the Executive itself.</p><p> </p><p> </p><p> </p><p> </p> more like this
answering member printed Lord Deighton more like this
grouped question UIN
HL2038 more like this
HL2040 more like this
HL2041 more like this
question first answered
less than 2014-10-27T15:11:15.9292461Zmore like thismore than 2014-10-27T15:11:15.9292461Z
answering member
4262
label Biography information for Lord Deighton more like this
tabling member
4216
label Biography information for Lord Empey more like this
92804
registered interest false more like this
date less than 2014-10-13more like thismore than 2014-10-13
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Public Expenditure: Northern Ireland more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty’s Government whether they will have to approve Northern Ireland Departmental financial allocations for the remainder of 2014/15 if access to the DEL Reserve is available to the Northern Ireland Executive. more like this
tabling member printed
Lord Empey more like this
uin HL2040 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-10-27more like thismore than 2014-10-27
answer text <p>The NI Executive is expected to manage emerging pressures by identifying savings and reallocating resources within its overall allocations set by the Treasury. The First Minister has made it clear that he believes this is no longer achievable in 2014/15. The Treasury has therefore agreed that exceptional access to the DEL Reserve of up to £100 million will be permitted in-year.</p><p> </p><p> </p><p> </p><p>An amount equivalent to the access to the DEL Reserve taken up by the Northern Ireland Executive will be reflected in the relevant control total at Supplementary Estimates and will subsequently be deducted from the Northern Ireland Executive’s 2015/16 control total.</p><p> </p><p> </p><p> </p><p>Internal Northern Ireland departmental allocations remain a matter for the Executive itself.</p><p> </p><p> </p><p> </p><p> </p> more like this
answering member printed Lord Deighton more like this
grouped question UIN
HL2038 more like this
HL2039 more like this
HL2041 more like this
question first answered
less than 2014-10-27T15:11:16.0386723Zmore like thismore than 2014-10-27T15:11:16.0386723Z
answering member
4262
label Biography information for Lord Deighton more like this
tabling member
4216
label Biography information for Lord Empey more like this