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1692205

registered interest
date	27/02/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Wealth
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department has undertaken a gender equality impact assessment of the reforms to the Financial Promotion Order exemptions for high-net-worth individuals and sophisticated investors.
tabling member constituency	Portsmouth South
tabling member printed	Stephen Morgan
uin	16012
answer	answer is ministerial correction date of answer 05/03/2024 answer text <p>The changes to the financial promotion exemptions that came into force on 31 January 2024 were subject to a public consultation which closed in March 2022.</p><p>However, the Government recognises the significant concerns that have been raised recently about these changes. I met recently with the angel investing sector and listened carefully to the representations made, and the Government is working closely with the sector to address the concerns raised</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 16013 question first answered 05/03/2024 10:22:10 answering member 4639 label Biography information for Bim Afolami
tabling member	4653 label Biography information for Stephen Morgan

1685880

registered interest
date	30/01/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Wealth
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department completed an equality impact assessment on its proposals to change the (a) income and (b) net asset financial promotion exemption thresholds for defining high-net-worth (i) individuals and (ii) sophisticated investors.
tabling member constituency	Romsey and Southampton North
tabling member printed	Caroline Nokes
uin	12026
answer	answer is ministerial correction date of answer 07/02/2024 answer text <p>The changes to the financial promotion exemptions that came into force on 31 January 2024 were subject to a public consultation which closed in March 2022. Respondents to the consultation were broadly supportive of the changes being made. Impacts of the proposals were considered, and a de minimis impact assessment was published alongside the final reforms.</p><p>However, the Government recognises the significant concerns that have been raised recently about these changes. I met last week with the angel investing sector and listened carefully to the representations made, and the Government is working closely with the sector to address the concerns raised.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 12025 12027 12028 question first answered 07/02/2024 10:15:36 answering member 4639 label Biography information for Bim Afolami
tabling member	4048 label Biography information for Caroline Nokes

1685881

registered interest
date	30/01/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Wealth
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what representations his Department received from industry stakeholders on its proposals to change the (a) income and (b) net asset financial promotion exemption thresholds for defining high-net-worth (i) individuals and (ii) sophisticated investors.
tabling member constituency	Romsey and Southampton North
tabling member printed	Caroline Nokes
uin	12027
answer	answer is ministerial correction date of answer 07/02/2024 answer text <p>The changes to the financial promotion exemptions that came into force on 31 January 2024 were subject to a public consultation which closed in March 2022. Respondents to the consultation were broadly supportive of the changes being made. Impacts of the proposals were considered, and a de minimis impact assessment was published alongside the final reforms.</p><p>However, the Government recognises the significant concerns that have been raised recently about these changes. I met last week with the angel investing sector and listened carefully to the representations made, and the Government is working closely with the sector to address the concerns raised.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 12025 12026 12028 question first answered 07/02/2024 10:15:36 answering member 4639 label Biography information for Bim Afolami
tabling member	4048 label Biography information for Caroline Nokes

1568712

registered interest
date	19/01/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Wealth
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to Oxfam's report entitled Survival of the Richest, published on 16 January 2023, whether he has made an assessment of the implications for his policies of the finding that over the last two years the richest 1 per cent of individuals obtained nearly twice as much wealth as the rest of the world put together.
tabling member constituency	Liverpool, Walton
tabling member printed	Dan Carden
uin	127890
answer	answer is ministerial correction date of answer 26/01/2023 answer text <p>This Government is committed to creating an environment in which high economic growth benefits all.</p><p> </p><p>The UK system is designed to ensure, among other things, that the richest in our society pay their fair share on their wealth and assets.</p><p> </p><p>Distributional analysis to accompany Autumn Statement 2022 can be found on <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1118360/Impact_on_households_-_AS22.pdf" target="_blank">GOV.UK</a>.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 131292 question first answered 26/01/2023 14:07:31 answering member 4874 label Biography information for Andrew Griffith
tabling member	4651 label Biography information for Dan Carden

1486653

registered interest
date	05/07/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Wealth
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 number of people with wealth over £10 million in each of the past 10 years.
tabling member constituency	Leeds East
tabling member printed	Richard Burgon
uin	31172
answer	answer is ministerial correction date of answer 14/07/2022 answer text <p>The tax information HMRC holds does not include comprehensive data on the wealth of taxpayers.</p><p> </p><p>The Office for National Statistics undertakes a Wealth and Assets survey biennially, which can be found here: <a href="https://www.ons.gov.uk/peoplepopulationandcommunity/personalandhouseholdfinances/incomeandwealth/datasets/totalwealthwealthingreatbritain" target="_blank">https://www.ons.gov.uk/peoplepopulationandcommunity/personalandhouseholdfinances/incomeandwealth/datasets/totalwealthwealthingreatbritain</a>.</p><p> </p><p>Table 2.5 provides a percentage of households estimated to have wealth of over £1 million. The most recent estimate was 17 per cent of households.</p><p><strong> </strong></p> answering member constituency South East Cambridgeshire answering member printed Lucy Frazer question first answered 14/07/2022 13:33:52 answering member 4517 label Biography information for Lucy Frazer
tabling member	4493 label Biography information for Richard Burgon

1346347

registered interest
date	13/07/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Wealth
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made for the distribution of wealth in real terms per (a) household and (b) person among the UK population for years (i) 2019, (ii) 2020 and (iii) 2021 by quintile or decile.
tabling member constituency	Hemsworth
tabling member printed	Jon Trickett
uin	32283
answer	answer is ministerial correction date of answer 19/07/2021 answer text <p>The most recent comprehensive data on the distribution of wealth is available for the period 2016-18, collected by the Office for National Statistics and published in its biennial ‘Wealth in Great Britain’ publication. Owing to the time lag in more recent data becoming available, the Treasury has not conducted analysis of the distribution of wealth by quintile or decile in the years 2019, 2020 and 2021.</p><p> </p><p>The government is committed to supporting household living standards during this difficult time for the country, and has announced an unprecedented package of support – including a boost to Universal Credit, the Coronavirus Job Retention Scheme (CJRS), and the Self-Employment Income Support Scheme (SEISS) – helping to protect incomes, jobs, and support those most in need. Treasury analysis has shown that these interventions have supported the poorest working households most (as a proportion of income).</p> answering member constituency Saffron Walden answering member printed Kemi Badenoch question first answered 19/07/2021 07:29:07 answering member 4597 label Biography information for Kemi Badenoch
tabling member	410 label Biography information for Jon Trickett

1182709

registered interest
date	04/03/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Wealth
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the February 2020 report entitled Health Equity in England: The Marmot Review 10 Years On, what steps he is taking to narrow wealth differentials between the richest and poorest (a) individuals and (b) regions.
tabling member constituency	Dulwich and West Norwood
tabling member printed	Helen Hayes
uin	25165
answer	answer is ministerial correction date of answer 09/03/2020 answer text <p>Income inequality is lower now than it was in 2010, and the top 1% pay over 29% of income tax - higher than at any time over the last 10 years. The government has taken steps to ensure those with the broadest shoulders bear the greatest burden, including reforming dividend taxation so those with very large shareholdings pay more and taxing the capital gains that non-residents make on UK property.</p><p> </p><p>This government will unleash Britain’s potential by investing in public services and infrastructure, and spreading opportunity and prosperity across every region and nation. We will continue to transform the UK economy through the Budget this week and in the Comprehensive Spending Review later this year.</p> answering member constituency North East Cambridgeshire answering member printed Steve Barclay question first answered 09/03/2020 17:18:57 answering member 4095 label Biography information for Steve Barclay
tabling member	4510 label Biography information for Helen Hayes

1141760

registered interest
date	24/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Wealth
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he is taking to narrow wealth differentials between the richest and poorest (a) individuals, (b) regions, (c) counties and (d) constituencies.
tabling member constituency	South Holland and The Deepings
tabling member printed	Sir John Hayes
uin	281595
answer	answer is ministerial correction date of answer 05/09/2019 answer text <p>Addressing inequalities is an important consideration for this Government, and steps have already been taken to ensure those with the broadest shoulders bear the greatest burden. That is why we have introduced reforms to dividend taxation and capital gains tax, and ended permanent non-domicile status – to ensure the rich pay their fair share. This has led to the top 1% of income taxpayers paying 29% of income tax – a record high.</p><p> </p><p>This Government is also committed to ensuring opportunities are shared in every part of the country. People across all regions are benefitting from investments the Government is making. For example, since 2015, £12bn from the Local Growth Fund has been provided to local enterprise partnerships for projects that benefit the local area and economy. In addition to this, our new £3.6 billion Towns Fund will level up opportunity and create places across the UK where people want to live and thrive – supporting an initial 100 towns.</p><p> </p><p>By supporting all places to reach their potential, we can drive growth at a national level and readily share the benefits of a more prosperous United Kingdom.</p> answering member constituency Richmond (Yorks) answering member printed Rishi Sunak question first answered 05/09/2019 16:04:18 answering member 4483 label Biography information for Rishi Sunak
tabling member	350 label Biography information for Sir John Hayes