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1244939

registered interest
date	20/10/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Renewable Energy: VAT
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 case for removing VAT from domestic microgeneration renewable products and installations to help consumers to adopt domestic renewable energy sources.
tabling member printed	Baroness Bennett of Manor Castle
uin	HL9352
answer	answer is ministerial correction date of answer 03/11/2020 answer text <p>Under current VAT rules, the installation of water and wind turbines is subject to the standard rate of VAT. However, the installation of other energy saving materials that generate domestic energy, such as solar panels and micro combined heat and power units, are subject to the reduced rate of VAT when certain conditions are met.</p><p>Although there are no current plans to extend the scope of the relief already in place, the Government keeps all taxes under review.</p> answering member printed Lord Agnew of Oulton question first answered 03/11/2020 12:10:49 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4719 label Biography information for Baroness Bennett of Manor Castle

1235822

registered interest
date	18/09/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Investment Income
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 impact that dividend recapitalisations have on financial security (1) nationally, and (2) internationally.
tabling member printed	Baroness Bennett of Manor Castle
uin	HL8266
answer	answer is ministerial correction date of answer 01/10/2020 answer text <p>A key part of the government’s economic policy objective is to preserve and enhance the stability of the UK’s financial system. This is reflected in the remit of the Financial Policy Committee (FPC) at the Bank of England, which is responsible for identifying, monitoring and taking action to remove or reduce systemic risks.</p><p> </p><p>There is little sign of dividend recapitalisations further increasing the leverage of borrowers in 2020 to levels above post-Global Financial Crisis average.</p><p> </p><p>Dividend recapitalisations are a small part of the broader leveraged loan market. They’ve accounted for slightly under 25% of September 2020 issuances to date. All the dividend recapitalisation issuances from July to September 2020 have been from US corporates.</p><p> </p><p>In addition, the Bank of England has ensured that the major UK banks hold enough capital to withstand losses on their leveraged loan portfolios commensurate with loss rates more severe than those experienced in the 2008 Global Financial Crisis.</p><p> </p><p>Given the US-focussed nature of the market, the Bank is also active in international discussions related to banks and non-banks. The Bank remains a key contributor to the work of the Financial Stability Board, including their analysis of leveraged loans.</p> answering member printed Lord Agnew of Oulton question first answered 01/10/2020 11:56:22 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4719 label Biography information for Baroness Bennett of Manor Castle

1233558

registered interest
date	10/09/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Retail Trade: Corporation Tax
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to ensure that online retail businesses pay corporate taxation (1) at similar levels to high street retailers, and (2) which is relative to profits.
tabling member printed	Baroness Bennett of Manor Castle
uin	HL8014
answer	answer is ministerial correction date of answer 22/09/2020 answer text <p>Corporation tax is charged on profits that businesses generate from the activities they undertake in the UK.</p><p> </p><p>Significant measures have been put in place to counter arrangements designed to shift profits derived from UK activities overseas.</p><p> </p><p>Furthermore, the UK is actively involved in continuing OECD discussions which aim to deliver a fairer and more sustainable approach to the taxation of highly digital businesses.</p> answering member printed Lord Agnew of Oulton question first answered 22/09/2020 11:09:05 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4719 label Biography information for Baroness Bennett of Manor Castle

1228031

registered interest
date	27/07/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Working Hours
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to encourage and support firms in reducing working hours in an equitable manner while avoiding redundancies, on a model similar to the German Kurzarbeit scheme.
tabling member printed	Baroness Bennett of Manor Castle
uin	HL7324
answer	answer is ministerial correction date of answer 10/08/2020 answer text <p>The Government is committed to ensuring that people are able to return to work in a manner that is sustainable and adjustable to the reopening of the economy.</p><p> </p><p>The Government therefore introduced flexible furloughing from 1 July. Firms can now bring back employees that have been furloughed for any amount of time and any shift pattern, while still being able to claim Coronavirus Job Retention Scheme grants for the hours not worked, with no minimum furlough period.</p><p> </p><p>It is right that state support is slowly reduced and the focus shifts to getting furloughed employees back to work. As such, from August 2020, the level of the grant will be slowly tapered to reflect that people will be returning to work. Employees will continue to receive 80% of wages up to a cap of £2,500 when furloughed.</p><p>While other countries have announced similar schemes, the UK response remains among the most comprehensive.</p> answering member printed Lord Agnew of Oulton question first answered 10/08/2020 14:32:13 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4719 label Biography information for Baroness Bennett of Manor Castle