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1675921

registered interest
date	06/12/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Natwest: Shares
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the Autumn Statement 2023, whether his Department has appointed advisers to review the potential merits of a NatWest retail share offer.
tabling member constituency	North West Norfolk
tabling member printed	James Wild
uin	5600
answer	answer is ministerial correction date of answer 15/12/2023 answer text <p>At Autumn Statement 2023, the Chancellor set out that, as part of the plan to return NatWest to the private sector, the government will explore options to launch a share sale to retail investors in the next 12 months, subject to supportive market conditions and achieving value for money<em>.</em> Commercial advisers will be required to support the government’s assessment of options for a retail offer and any decisions regarding the merits of an offer will be taken by ministers in due course.</p><p> </p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 15/12/2023 08:21:23 answering member 4639 label Biography information for Bim Afolami
tabling member	4787 label Biography information for James Wild

1639968

registered interest
date	24/05/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	VAT: Registration
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential impact of the VAT registration threshold on incentives for small businesses to increase their turnover above that threshold.
tabling member constituency	North West Norfolk
tabling member printed	James Wild
uin	186707
answer	answer is ministerial correction date of answer 05/06/2023 answer text <p>The Government recognises that accounting for VAT can be a burden on small businesses. This is why, at £85,000, the UK has a higher VAT registration threshold than any EU Member State and the second highest in the OECD. This keeps the majority of UK businesses out of VAT altogether. Nearly half of businesses that are VAT registered are voluntarily registered under the threshold.</p><p>Views on the threshold are divided and the case for change has been regularly reviewed over the years. While some businesses have argued that a higher threshold would reduce administrative and financial burdens, others contend that a lower threshold would provide a fairer competitive environment.</p><p>Following the Office of Tax Simplification report published on 7 November 2017, the Government published a call for evidence on 13 March 2018 inviting views on the effect of the current threshold and what policy options could better incentivise growth. A summary of responses was published at Budget 2018. The responses did not provide a clear option for reform.</p><p> </p><p>While the Government continues to keep all taxes under review, it was announced at Autumn Budget 2022 that the VAT threshold will be maintained at its current level of £85,000 until 31 March 2026.</p><p> </p><p> </p> answering member constituency Louth and Horncastle answering member printed Victoria Atkins question first answered 05/06/2023 13:41:16 answering member 4399 label Biography information for Victoria Atkins
tabling member	4787 label Biography information for James Wild

1639822

registered interest
date	23/05/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	VAT: Tax Yields
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make an estimate of the potential impact of increasing the VAT registration threshold by the retail price index in each year to March 2026 on annual VAT revenues.
tabling member constituency	North West Norfolk
tabling member printed	James Wild
uin	186515
answer	answer is ministerial correction date of answer 01/06/2023 answer text <p>The UK has a higher VAT registration threshold than any EU member state and the second highest in the OECD at £85,000. This keeps the majority of businesses out of VAT altogether. Any business with turnover of £85,000 or less does not have to register for VAT.</p><p> </p><p> </p><p>At Autumn Statement 2022 the Government announced that the VAT Registration Threshold would be frozen for two further years until March 2026. The Exchequer impact of this measure is shown in Table 4.2, Spring Budget 2023: <a href="https://www.gov.uk/government/publications/spring-budget-2023" target="_blank"><em>Spring Budget 2023 - GOV.UK (www.gov.uk)</em></a>. This costing has been certified by the Office for Budget Responsibility.</p> answering member constituency Louth and Horncastle answering member printed Victoria Atkins question first answered 01/06/2023 08:16:09 answering member 4399 label Biography information for Victoria Atkins
tabling member	4787 label Biography information for James Wild

1639824

registered interest
date	23/05/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	VAT: Tax Thresholds
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will estimate the number of businesses that are not required to register for VAT at the current threshold that would be required to register if the threshold were increased to (a) £90,000 and (b) £100,000 as of 23 May 2023.
tabling member constituency	North West Norfolk
tabling member printed	James Wild
uin	186575
answer	answer is ministerial correction date of answer 01/06/2023 answer text <p>The numbers of VAT registered businesses in various turnover ranges can be found in Table 5a of this statistical publication on the GOV.UK website here: <a href="https://www.gov.uk/government/statistics/value-added-tax-vat-annual-statistics" target="_blank">https://www.gov.uk/government/statistics/value-added-tax-vat-annual-statistics</a>. Out of a total of 2,554,470 businesses registered for VAT in 2021-2022, a total of 1,222,240 were voluntarily registered below the threshold, representing slightly less than half the total.</p><p> </p> answering member constituency Louth and Horncastle answering member printed Victoria Atkins question first answered 01/06/2023 08:18:30 answering member 4399 label Biography information for Victoria Atkins
tabling member	4787 label Biography information for James Wild

1611936

registered interest
date	18/04/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	New Businesses: VAT
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent assessment he has made of the impact of the VAT threshold on small business growth.
tabling member constituency	North West Norfolk
tabling member printed	James Wild
uin	181479
answer	answer is ministerial correction date of answer 26/04/2023 answer text <p>The UK has a higher VAT registration threshold than any EU member state and second highest in the OECD – which keeps the majority of UK businesses out of VAT altogether.</p><p>The Government have also put in place a generous package of Business Rates relief worth £13.6 billion.</p><p>The Government has demonstrated its long-standing commitment to supporting small businesses. At Spring Budget, the Government confirmed that, from April 2023, the Small Profits Rate will mean 70 per cent of businesses will see no increase in Corporation Tax this April. In fact, the UK has the lowest corporation tax rate in the G7.</p><p>In addition, the Government continues to invest in the 38 Growth Hubs providing businesses across England with free one-to-one support and advice. Growth Hubs offer a triage, diagnostic and signposting service to make sure that all businesses, whatever their size or sector, know what help is available and can access the most appropriate support.</p><p>While the Government keeps all taxes under review, it was announced at Autumn Budget 2022 that the VAT threshold will be maintained at its current level of £85,000 until 31 March 2026.</p> answering member constituency Louth and Horncastle answering member printed Victoria Atkins question first answered 26/04/2023 15:08:15 answering member 4399 label Biography information for Victoria Atkins
tabling member	4787 label Biography information for James Wild