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1434339

registered interest
date	21/02/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Investment Income
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate his Department has made of the number of companies that received support through the Coronavirus Job Retention Scheme that issued dividends of £1 million or more in (a) 2019-20, (b) 2020-21 and (c) 2021-22.
tabling member constituency	St Albans
tabling member printed	Daisy Cooper
uin	127595
answer	answer is ministerial correction date of answer 01/03/2022 answer text <p>An estimate of the number of companies that received support through the Coronavirus Job Retention Scheme (CJRS) that issued dividends of £1 million or more in (a) 2019-20, (b) 2020-21 and (c) 2021-22, and an estimate of whether any of these companies have repaid or returned support received is not available.</p><p> </p><p>Data on dividends issued by companies and of claims made through the CJRS are not held together in the same system and undertaking the analysis to do the estimate requested could only be done at disproportionate cost to HMRC.</p> answering member constituency South East Cambridgeshire answering member printed Lucy Frazer grouped question UIN 127596 question first answered 01/03/2022 11:47:38 answering member 4517 label Biography information for Lucy Frazer
tabling member	4769 label Biography information for Daisy Cooper

1304421

registered interest
date	19/03/2021
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Investment Income
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 27 October 2020 (HL9157), whether they will provide (1) the names of the “Several bodies” who have “powers in certain circumstances to investigate and take action if illegal dividends have been paid”; and (2) the number of cases examined by each such body.
tabling member printed	Lord Sikka
uin	HL14424
answer	answer is ministerial correction date of answer 31/03/2021 answer text <p>Compliance is primarily a matter for the directors, and there are rights of recourse to the courts in response to unlawful distributions. Where a company becomes insolvent after paying dividends the courts have wide powers to apply a variety of sanctions and remedies. Data on illegal dividends is not collected.</p><p> </p><p>A number of bodies, however, have an interest in dividend payments from their particular regulatory perspectives. They include the Insolvency Service and insolvency practitioners who will investigate dividend payments and seek to recover them if they are found to be illegal. HM Revenue and Customs has an interest in the proper payment of dividends to the extent that there may be tax consequences leading to a loss to the Exchequer. The Prudential Regulation Authority has rules and powers under financial services legislation regarding dividends and other distributions for the purpose of banks and building societies’ capital conservation. Data on this aspect of the regulators’ work is not collected.</p><p> </p><p>Proposals in the Government’s recently published consultation document on <em>Restoring Trust in Audit and Corporate Governance</em> would improve dividend transparency and provide stronger reassurance that dividends are being paid in line with the requirements of the Companies Act 2006. These include proposals to require companies to disclose their known distributable reserves in their financial statements, and to require directors to confirm that dividends are within known distributable reserves and that it is their reasonable expectation that payment of the dividend will not threaten the solvency of the company over the next two years.</p> answering member printed Lord Callanan question first answered 31/03/2021 13:54:54 answering member 4336 label Biography information for Lord Callanan
tabling member	4885 label Biography information for Lord Sikka

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

1188649

registered interest
date	20/04/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Investment Income
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent estimate he has made of the number of people who draw dividends in lieu of a salary from a Limited Company in the UK.
tabling member constituency	Cardiff West
tabling member printed	Kevin Brennan
uin	37472
answer	answer is ministerial correction date of answer 28/04/2020 answer text <p>HMRC administrative data does not cover the sources of dividend income. It is therefore not possible to determine accurately the number of individuals who have taken dividend income in lieu of a salary from Limited Companies.</p><p> </p><p>HMRC publish statistics on the number of taxpayers receiving dividend income and the amounts received for tax years from 2010-11 to 2017-18. These statistics do not distinguish between dividends paid as salary, and dividends received as returns from investments. These statistics are published here: <a href="https://www.gov.uk/government/statistics/investment-income-2010-to-2011" target="_blank">https://www.gov.uk/government/statistics/investment-income-2010-to-2011</a>.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 28/04/2020 16:50:21 answering member 3991 label Biography information for Jesse Norman
tabling member	1400 label Biography information for Kevin Brennan

1142715

registered interest
date	02/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Investment Income
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what reports he has received on the level of the practice of dividend arbitrage; and what steps he is taking to end dividend arbitrage.
tabling member constituency	Hayes and Harlington
tabling member printed	John McDonnell
uin	284235
answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>The Financial Conduct Authority published requirements for firms relating to dividend arbitrage in Market Watch 52, along with a summary of the findings of a review of firms engaged in the practice. These requirements are designed to ensure that firms maintain effective systems and controls to ensure they are not used to facilitate market abuse, or are used for a purpose connected with financial crime.</p><p> </p><p>The UK is taking a leading role internationally in preventing the use of these practices for illicit purposes and I am working closely with the Financial Conduct Authority to ensure that these practices are not used to facilitate market abuse.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/09/2019 11:31:16 answering member 4051 label Biography information for John Glen
tabling member	178 label Biography information for John McDonnell