The Government is continuing to engage with interested stakeholders, including public health professionals, on these reforms. A consultation was launched in October and stakeholders are encouraged to respond before the deadline of 30 January 2022. A tax information and impact note will be published following the consultation when the policy is final, or near final, in the usual way.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4169", "label" : {"_value" : "Biography information for Viscount Younger of Leckie"}
}
, "answeringMemberPrinted" : {"_value" : "Viscount Younger of Leckie"}
, "dateOfAnswer" : {"_value" : "2022-01-31", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2022-01-31T17:20:47.983Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2022-01-24", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Alcoholic Drinks: Excise Duties"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty's Government how the proposed alcohol duty system will impact on their ability to cover the costs of alcohol to (1) the NHS, and (2) on society.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4159", "label" : {"_value" : "Biography information for Baroness Hayter of Kentish Town"}
}
, "tablingMemberPrinted" : [{"_value" : "Baroness Hayter of Kentish Town"}
], "uin" : "HL5619"}
, {"_about" : "http://data.parliament.uk/resources/1404697", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1404697/answer", "answerText" : {"_value" : "
At Autumn Budget 2021, the Government announced that it will continue to explore the arguments for and against an Online Sales Tax (OST). No decisions on whether to proceed with an OST have yet been made. If implemented, the revenue from an OST would be used to provide business rates relief for in-store retail. The consultation will launch shortly.<\/p>
<\/p>
The Government would welcome views and evidence from a range of stakeholders, including small businesses and booksellers. Details of how interested stakeholders can engage with the process will be published alongside the consultation.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4169", "label" : {"_value" : "Biography information for Viscount Younger of Leckie"} } , "answeringMemberPrinted" : {"_value" : "Viscount Younger of Leckie"} , "dateOfAnswer" : {"_value" : "2022-01-31", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-01-31T17:13:34.913Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-01-19", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Home Shopping: Taxation"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what plans they have to introduce an online sales tax; and, as part of any such plans, whether they intend to hold consultative forums with small businesses, including booksellers.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/347", "label" : {"_value" : "Biography information for Baroness Merron"} } , "tablingMemberPrinted" : [{"_value" : "Baroness Merron"} ], "uin" : "HL5551"} , {"_about" : "http://data.parliament.uk/resources/1404713", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1404713/answer", "answerText" : {"_value" : "
There is not a dedicated regulatory framework for non-fungible tokens (NFTs) in the UK. On 18 January, the government announced its intention to legislate later this year to bring certain cryptoassets into the scope of financial promotions regulation; however, the government explained that NFTs will not be brought into financial promotions regulation. The consultation response noted:<\/p>
<\/p>
NFTs may represent a wide array of different assets which might constitute non-financial services products. Additionally, as the NFT market is evolving rapidly and remains at an early stage of development, the government does not yet have sufficient information on risks and use-cases. As such, seeking to bring NFTs into scope might have unintended consequences for the market. Instead, the government will continue to closely monitor market developments, and stands ready to take further legislative action if required.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4169", "label" : {"_value" : "Biography information for Viscount Younger of Leckie"} } , "answeringMemberPrinted" : {"_value" : "Viscount Younger of Leckie"} , "dateOfAnswer" : {"_value" : "2022-01-31", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-01-31T16:05:18.767Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-01-19", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Non-fungible Tokens"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what plans they have to create a regulatory framework for non-fungible tokens.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1796", "label" : {"_value" : "Biography information for Lord Taylor of Warwick"} } , "tablingMemberPrinted" : [{"_value" : "Lord Taylor of Warwick"} ], "uin" : "HL5567"} , {"_about" : "http://data.parliament.uk/resources/1404715", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1404715/answer", "answerText" : {"_value" : "
The Government has noted the open letter and the suggestion of an annual wealth tax.<\/p>
<\/p>
The Government is committed to a fair tax system in which those with the most contribute the most. For example, the UK\u2019s progressive Income Tax system means the top 1 per cent of Income Taxpayers are projected to pay 28 per cent of all Income Tax, and the top 5 per cent are projected to pay 49 per cent in the year 2021-22.<\/p>
The UK does not have a single wealth tax, but it does have several taxes on assets and wealth. The UK already taxes assets and wealth across many different economic activities, including the acquisition, holding, transfer and disposal of assets, and income derived from assets.<\/p>
<\/p>
Notably, in 2020 the Wealth Tax Commission, which has no connection or link to the Government, found that if considering Inheritance Tax, Capital Gains Tax, Stamp Duty, and Stamp Duty Land Tax, the UK is among the top of the G7 countries for wealth taxes as a percentage of total wealth.<\/p>
<\/p>
The Wealth Tax Commission also concluded that an annual wealth tax, reportedly suggested by the UK branch of the group behind the letter, would not be effective because of high administrative costs relative to revenue and ease of avoidance. It is also clear that the Wealth Tax Commission\u2019s suggestion of a potential one-off wealth tax in the UK would be a complex undertaking and the amount of revenue raised would be highly dependent on the final design of the tax.<\/p>
It is also the case that any individual or private business wishing to make a greater contribution to the Exchequer can make voluntary payments to HM Government. More information about how to do so is available on GOV.UK.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4169", "label" : {"_value" : "Biography information for Viscount Younger of Leckie"} } , "answeringMemberPrinted" : {"_value" : "Viscount Younger of Leckie"} , "dateOfAnswer" : {"_value" : "2022-01-31", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-01-31T17:19:34.027Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-01-19", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Wealth: Taxation"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what assessment they have made, if any, of the letter from 102 millionaires and billionaires to attendees to the World Economic Forum in Davos, calling for the introduction of wealth taxes.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/2510", "label" : {"_value" : "Biography information for Baroness Whitaker"} } , "tablingMemberPrinted" : [{"_value" : "Baroness Whitaker"} ], "uin" : "HL5569"} , {"_about" : "http://data.parliament.uk/resources/1404198", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1404198/answer", "answerText" : {"_value" : "
The Government introduced unprecedented COVID support, helping millions of people across the UK. The schemes were designed to protect against Error and Fraud (E&F) by only making grants to individuals and businesses matched to information already on HMRC systems wherever possible, preventing ineligible claims, blocking suspicious claims up front, and investing in post-scheme compliance.<\/p>
<\/p>
The latest E&F estimates and expenditure across the COVID-19 support schemes are included in HMRC\u2019s 2021 Annual Report and Accounts, released on 4 November 2021, which can be found on the gov.uk website.<\/p>
<\/p>
HMRC has published a technical document alongside the Annual Report and Accounts 2020 to 2021 detailing the methodology for measuring E&F in the Coronavirus Job Retention Scheme (CJRS), the Self-Employment Income Support Scheme (SEISS) phases 1 to 3, and the Eat Out to Help Out scheme (EOHO). This can be found on the gov.uk website.<\/p>
<\/p>
HMRC aim to produce updated E&F estimates for CJRS and SEISS by Summer 2022.<\/p>
<\/p>
HMRC are taking tough action to tackle fraudulent behaviour. Anyone who keeps money despite knowing they were not entitled to it, faces repaying up to double the amount, plus interest, and potentially criminal prosecution in serious cases.<\/p>
<\/p>
HMRC established the Taxpayer Protection Taskforce and is estimated to recover approximately £800 million to £1 billion in the two years to 2022-23, on top of around £500 million recovered in the year 2020-21. HMRC will continue to address fraud and error in the schemes beyond the duration of the taskforce.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4169", "label" : {"_value" : "Biography information for Viscount Younger of Leckie"} } , "answeringMemberPrinted" : {"_value" : "Viscount Younger of Leckie"} , "dateOfAnswer" : {"_value" : "2022-01-31", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-01-31T15:26:27.2Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-01-18", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Business: Coronavirus"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government, further to the report HMRC responses to inaccurate claims, published on 12 January, what is the methodology for estimating the amount lost to fraud and error; what is the value of these claims; and what is the forecasted expenditure for such claims, for (1) the Coronavirus Job Retention Scheme (2) the Self-Employment Income Support Scheme phases 1 to 3, and (3) the Eat Out to Help Out scheme.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4885", "label" : {"_value" : "Biography information for Lord Sikka"} } , "tablingMemberPrinted" : [{"_value" : "Lord Sikka"} ], "uin" : "HL5515"} , {"_about" : "http://data.parliament.uk/resources/1403691", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1403691/answer", "answerText" : {"_value" : "
The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority (FCA). The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response.<\/p>
<\/p>
HM Treasury and UK authorities have taken a\u202fseries\u202fof\u202factions\u202fto\u202fsupport innovation while mitigating risks to\u202fstability\u202fand market\u202fintegrity.\u202fThese include launching a new anti-money laundering\u202fand\u202fcounter-terrorist financing regime for\u202fcryptoassets\u202fin 2020; and consulting on a proposal to ensure\u202fcryptoassets\u202fknown as \u2018stablecoins\u2019 meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly.\u202fOn 18 January 2022, the Government announced its intention to legislate later this year to bring certain cryptoassets into the scope of financial promotions regulation, requiring them to be fair, clear and not misleading. This is aimed at improving consumers\u2019 understanding of the risks and benefits associated with cryptoasset purchases, and ensuring that cryptoasset promotions are held to the same high standards as broader financial services products.<\/p>
<\/p>
Consumer research conducted by the FCA in 2021 estimated that 2.3 million people in the UK currently hold cryptoassets. The FCA has announced plans for an £11 million digital marketing campaign to educate consumers on the risks associated with certain high-risk investments, including cryptoassets.<\/p>
<\/p>
Profits from trading in and gains from disposing of cryptoassets are taxed in the same way and at the same rate as those from other assets. HMRC\u2019s Cryptoassets\u202fManual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving\u202fcryptoassets\u202ffor both businesses accepting them and individuals using them.<\/p>
<\/p>
Cryptoassets are unregulated; this means they are not subject to consumer protection regulation and investors will not have recourse to the Financial Ombudsman Service, or the Financial Services Compensation Scheme.<\/p>
<\/p>
The Government does not currently plan to create a new regulator for cryptoassets. The Government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January 2021. It proposed new regulatory responsibilities for the FCA, Bank of England and Payment Systems Regulator (PSR).<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4169", "label" : {"_value" : "Biography information for Viscount Younger of Leckie"} } , "answeringMemberPrinted" : {"_value" : "Viscount Younger of Leckie"} , "dateOfAnswer" : {"_value" : "2022-01-31", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "HL5423"} , {"_value" : "HL5425"} , {"_value" : "HL5426"} , {"_value" : "HL5427"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-01-31T16:06:59.387Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-01-17", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Digital Assets"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what assessment they have made of (1) the size of the market for (a) cryptocurrencies, and (b) other digital assets, in the UK, and (2) the need for legislation to facilitate a well-regulated market of these; whether they have any plans to introduce legislation in order to regular this market; and if so, what is the timetable for that legislation.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/2594", "label" : {"_value" : "Biography information for Lord Cromwell"} } , "tablingMemberPrinted" : [{"_value" : "Lord Cromwell"} ], "uin" : "HL5422"} , {"_about" : "http://data.parliament.uk/resources/1403692", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1403692/answer", "answerText" : {"_value" : "
The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority (FCA). The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response.<\/p>
<\/p>
HM Treasury and UK authorities have taken a\u202fseries\u202fof\u202factions\u202fto\u202fsupport innovation while mitigating risks to\u202fstability\u202fand market\u202fintegrity.\u202fThese include launching a new anti-money laundering\u202fand\u202fcounter-terrorist financing regime for\u202fcryptoassets\u202fin 2020; and consulting on a proposal to ensure\u202fcryptoassets\u202fknown as \u2018stablecoins\u2019 meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly.\u202fOn 18 January 2022, the Government announced its intention to legislate later this year to bring certain cryptoassets into the scope of financial promotions regulation, requiring them to be fair, clear and not misleading. This is aimed at improving consumers\u2019 understanding of the risks and benefits associated with cryptoasset purchases, and ensuring that cryptoasset promotions are held to the same high standards as broader financial services products.<\/p>
<\/p>
Consumer research conducted by the FCA in 2021 estimated that 2.3 million people in the UK currently hold cryptoassets. The FCA has announced plans for an £11 million digital marketing campaign to educate consumers on the risks associated with certain high-risk investments, including cryptoassets.<\/p>
<\/p>
Profits from trading in and gains from disposing of cryptoassets are taxed in the same way and at the same rate as those from other assets. HMRC\u2019s Cryptoassets\u202fManual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving\u202fcryptoassets\u202ffor both businesses accepting them and individuals using them.<\/p>
<\/p>
Cryptoassets are unregulated; this means they are not subject to consumer protection regulation and investors will not have recourse to the Financial Ombudsman Service, or the Financial Services Compensation Scheme.<\/p>
<\/p>
The Government does not currently plan to create a new regulator for cryptoassets. The Government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January 2021. It proposed new regulatory responsibilities for the FCA, Bank of England and Payment Systems Regulator (PSR).<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4169", "label" : {"_value" : "Biography information for Viscount Younger of Leckie"} } , "answeringMemberPrinted" : {"_value" : "Viscount Younger of Leckie"} , "dateOfAnswer" : {"_value" : "2022-01-31", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "HL5422"} , {"_value" : "HL5425"} , {"_value" : "HL5426"} , {"_value" : "HL5427"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-01-31T16:06:59.433Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-01-17", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Cryptoassets: Regulation"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what their timetable is to (1) determine, or (2) create, an appropriate regulatory authority with a full regulatory perimeter for crypto assets.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/2594", "label" : {"_value" : "Biography information for Lord Cromwell"} } , "tablingMemberPrinted" : [{"_value" : "Lord Cromwell"} ], "uin" : "HL5423"} , {"_about" : "http://data.parliament.uk/resources/1403693", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1403693/answer", "answerText" : {"_value" : "
To comply with the Money Laundering Regulations (MLRs), cryptoasset firms must demonstrate systems, controls, policies and procedures adequate to deal with the particular risks of the cryptoasset market; any officers, managers and beneficial owners must be fit and proper; and they are required to register with the FCA for the purposes of money laundering supervision.<\/p>
In some cases, the FCA has needed to request additional information from firms when applications contained insufficient supporting information and evidence. The application process for cryptoasset firms has therefore taken longer than originally anticipated.<\/p>
The government does not believe it would be appropriate for the FCA to relax the standard against which firms are assessed. To do so would risk undermining the UK\u2019s high anti-money laundering and counter-terrorist financing standards.<\/p>
<\/p>
To manage delays in the processing of applications for registration, the FCA has established the Temporary Registration Regime. It allows existing cryptoasset firms, which had applied to be registered with the FCA by 16 December 2020, to continue trading whilst their applications are assessed. This has prevented undue disruption to established cryptoasset businesses and their customers, whilst ensuring all firms are subject to a rigorous assessment process.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4169", "label" : {"_value" : "Biography information for Viscount Younger of Leckie"} } , "answeringMemberPrinted" : {"_value" : "Viscount Younger of Leckie"} , "dateOfAnswer" : {"_value" : "2022-01-31", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-01-31T16:09:15.657Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-01-17", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Cryptocurrencies"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what plans they have to accelerate registration with the Financial Conduct Authority of companies involved in the crypto sector.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/2594", "label" : {"_value" : "Biography information for Lord Cromwell"} } , "tablingMemberPrinted" : [{"_value" : "Lord Cromwell"} ], "uin" : "HL5424"} , {"_about" : "http://data.parliament.uk/resources/1403694", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1403694/answer", "answerText" : {"_value" : "
The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority (FCA). The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response.<\/p>
<\/p>
HM Treasury and UK authorities have taken a\u202fseries\u202fof\u202factions\u202fto\u202fsupport innovation while mitigating risks to\u202fstability\u202fand market\u202fintegrity.\u202fThese include launching a new anti-money laundering\u202fand\u202fcounter-terrorist financing regime for\u202fcryptoassets\u202fin 2020; and consulting on a proposal to ensure\u202fcryptoassets\u202fknown as \u2018stablecoins\u2019 meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly.\u202fOn 18 January 2022, the Government announced its intention to legislate later this year to bring certain cryptoassets into the scope of financial promotions regulation, requiring them to be fair, clear and not misleading. This is aimed at improving consumers\u2019 understanding of the risks and benefits associated with cryptoasset purchases, and ensuring that cryptoasset promotions are held to the same high standards as broader financial services products.<\/p>
<\/p>
Consumer research conducted by the FCA in 2021 estimated that 2.3 million people in the UK currently hold cryptoassets. The FCA has announced plans for an £11 million digital marketing campaign to educate consumers on the risks associated with certain high-risk investments, including cryptoassets.<\/p>
<\/p>
Profits from trading in and gains from disposing of cryptoassets are taxed in the same way and at the same rate as those from other assets. HMRC\u2019s Cryptoassets\u202fManual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving\u202fcryptoassets\u202ffor both businesses accepting them and individuals using them.<\/p>
<\/p>
Cryptoassets are unregulated; this means they are not subject to consumer protection regulation and investors will not have recourse to the Financial Ombudsman Service, or the Financial Services Compensation Scheme.<\/p>
<\/p>
The Government does not currently plan to create a new regulator for cryptoassets. The Government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January 2021. It proposed new regulatory responsibilities for the FCA, Bank of England and Payment Systems Regulator (PSR).<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4169", "label" : {"_value" : "Biography information for Viscount Younger of Leckie"} } , "answeringMemberPrinted" : {"_value" : "Viscount Younger of Leckie"} , "dateOfAnswer" : {"_value" : "2022-01-31", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "HL5422"} , {"_value" : "HL5423"} , {"_value" : "HL5426"} , {"_value" : "HL5427"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-01-31T16:06:59.48Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-01-17", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Cryptoassets: Regulation"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what plans they have to increase the skills in the workforce of regulatory authorities in relation to crypto assets.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/2594", "label" : {"_value" : "Biography information for Lord Cromwell"} } , "tablingMemberPrinted" : [{"_value" : "Lord Cromwell"} ], "uin" : "HL5425"} , {"_about" : "http://data.parliament.uk/resources/1403695", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1403695/answer", "answerText" : {"_value" : "
The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority (FCA). The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response.<\/p>
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HM Treasury and UK authorities have taken a\u202fseries\u202fof\u202factions\u202fto\u202fsupport innovation while mitigating risks to\u202fstability\u202fand market\u202fintegrity.\u202fThese include launching a new anti-money laundering\u202fand\u202fcounter-terrorist financing regime for\u202fcryptoassets\u202fin 2020; and consulting on a proposal to ensure\u202fcryptoassets\u202fknown as \u2018stablecoins\u2019 meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly.\u202fOn 18 January 2022, the Government announced its intention to legislate later this year to bring certain cryptoassets into the scope of financial promotions regulation, requiring them to be fair, clear and not misleading. This is aimed at improving consumers\u2019 understanding of the risks and benefits associated with cryptoasset purchases, and ensuring that cryptoasset promotions are held to the same high standards as broader financial services products.<\/p>
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Consumer research conducted by the FCA in 2021 estimated that 2.3 million people in the UK currently hold cryptoassets. The FCA has announced plans for an £11 million digital marketing campaign to educate consumers on the risks associated with certain high-risk investments, including cryptoassets.<\/p>
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Profits from trading in and gains from disposing of cryptoassets are taxed in the same way and at the same rate as those from other assets. HMRC\u2019s Cryptoassets\u202fManual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving\u202fcryptoassets\u202ffor both businesses accepting them and individuals using them.<\/p>
<\/p>
Cryptoassets are unregulated; this means they are not subject to consumer protection regulation and investors will not have recourse to the Financial Ombudsman Service, or the Financial Services Compensation Scheme.<\/p>
<\/p>
The Government does not currently plan to create a new regulator for cryptoassets. The Government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January 2021. It proposed new regulatory responsibilities for the FCA, Bank of England and Payment Systems Regulator (PSR).<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4169", "label" : {"_value" : "Biography information for Viscount Younger of Leckie"} } , "answeringMemberPrinted" : {"_value" : "Viscount Younger of Leckie"} , "dateOfAnswer" : {"_value" : "2022-01-31", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "HL5422"} , {"_value" : "HL5423"} , {"_value" : "HL5425"} , {"_value" : "HL5427"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-01-31T16:06:59.51Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-01-17", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Cryptoassets"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what plans they have to expand consumer protection in relation to crypto assets, in particular through access to the (1) Financial Ombudsman Service, and (2) Financial Services Compensation Scheme.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/2594", "label" : {"_value" : "Biography information for Lord Cromwell"} } , "tablingMemberPrinted" : [{"_value" : "Lord Cromwell"} ], "uin" : "HL5426"} ], "itemsPerPage" : 10, "next" : "https://eldaddp.azurewebsites.net/answeredquestions.text?_page=1&max-ddpModified.=2022-01-24T22%3A46%3A08.548Z&min-ddpCreated=2018-11-06T20%3A33%3A12.010Z&min-ddpModified.=2019-02-11T17%3A40%3A06.434Z&answer.answeringMemberPrinted=Viscount+Younger+of+Leckie", "page" : 0, "startIndex" : 1, "totalResults" : 429, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }