The below Parliamentary question was asked by Stephen Hammond on 2015-10-20.
To ask Mr Chancellor of the Exchequer, how many new distilleries have been registered in the UK since 2012.
Damian Hinds
HM Revenue and Customs does not hold real time information on the number of distillery licenses issued.
The below Parliamentary question was asked by Stephen Hammond on 2015-10-20.
To ask Mr Chancellor of the Exchequer, what support his Department is providing to the UK spirits industry.
Damian Hinds
The government is committed to supporting the UK spirits industry. The duty on spirits was cut by 2% at March Budget 2015, building on the duty freeze at Budget 2014.
The below Parliamentary question was asked by Mark Williams on 2015-10-20.
To ask the Secretary of State for Business, Innovation and Skills, what fiscal steps he plans to take to help unincorporated businesses with the introduction of the living wage.
Nick Boles
The Government believes that the new National Living Wage is affordable given the strength of the UK economy and labour market.
The Government will publish a full impact assessment for the introduction of the National Living Wage alongside the implementing regulations. This will contain a section on the impact on small businesses which includes many unincorporated businesses.
The Government is reducing Corporation Tax to 19% from 2017-18 and then to 18% from 2020-21; setting the Annual Investment Allowance at a new permanent level of £200,000; and increasing the Employment Allowance by £1,000 to £3,000 from 2016-17. The increase in the employment allowance means a business could employ four people on the National Living Wage and pay no National Insurance Contributions.
The below Parliamentary question was asked by Jonathan Ashworth on 2015-10-20.
To ask Mr Chancellor of the Exchequer, if he will estimate what the annual tax credit award for a single-earner family with two children, with no childcare costs, earning (a) £8,000, (b) £12,000, (c) £15,000, (d) £20,000 and (e) £25,000 a year will be in (i) 2015-16 and (ii) 2016-17.
Damian Hinds
The Summer Budget offered a new deal for working people. It means Britain moving from a high welfare, high tax, low wage economy to a lower welfare, lower tax, higher wage society.
A new National Living Wage for workers aged 25 and above, initially set at £7.20 per hour from April 2016, will directly benefit 2.7 million low wage workers, and up to 6 million could see a pay rise as a result of a ripple effect up the earnings distribution. The new National Living Wage will boost pay for those currently earning the National Minimum Wage by £4,800 a year by 2020 when the National Living Wage is expected to rise to over £9 per hour.
To help working families keep more of what they earn, the personal allowance will increase to £11,000 in 2016-17 and £11,200 in 2017-18. The government has committed to increase the personal allowance to £12,500 by 2020 which will mean that a typical basic rate taxpayer will see their income tax cut by £1,205 a year compared to 2010.
An illustrative renting family with two children, where one parent works full-time on the minimum wage, will be over £2,400 better off in cash terms by 2020.
The government set out its assessment of the impacts of the Summer Budget policies in the Welfare Reform and Work Bill on 20th July 2015. Taken together, the introduction of the National Living Wage, increases in the personal allowance and welfare changes mean that 8 out of 10 working households will be better off as a result of the Summer Budget.
In response to a request from the Secondary Legislation Scrutiny Committee, the government has chosen to produce and release an impact assessment on the tax credit changes to the Committee. The impact assessment shows that 60% of the tax credit savings come from the half of tax credit claimants with the highest income.
The below Parliamentary question was asked by Jonathan Ashworth on 2015-10-20.
To ask Mr Chancellor of the Exchequer, if he will estimate what the net income, including tax credits and child benefit, will be of a single parent with two children working 35 hours per week at the (a) national minimum wage and (b) National Living Wage in (i) 2015-16 and (ii) 2016-17.
Harriett Baldwin
By 2017-18, 8 out of 10 working households will be better off as a result of the Personal Allowance, National Living Wage and welfare changes in this Budget. 17.7m households will benefit in total.
The effect on any given household will depend on their specific circumstances. Treasury analysis in the Budget document shows that an example lone parent, who is renting, and works 35 hours on the minimum wage, will see their net income increase by over £1,500 by 2020-21 compared to 2015-16. This represents an increase in real terms.
In order to help parents move into full time employment, the Chancellor of the Exchequer confirmed in the Summer Budget that from September 2017, free childcare entitlement will be doubled from 15 hours to 30 hours a week for working parents of 3 and 4 year olds, an entitlement worth around £5,000 a year.
The below Parliamentary question was asked by Jonathan Ashworth on 2015-10-20.
To ask Mr Chancellor of the Exchequer, if he will estimate how many households will be entitled to tax credits in 2016-17.
Damian Hinds
The Summer Budget offered a new deal for working people. It means Britain moving from a high welfare, high tax, low wage economy to a lower welfare, lower tax, higher wage society.
A new National Living Wage for workers aged 25 and above, initially set at £7.20 per hour from April 2016, will directly benefit 2.7 million low wage workers, and up to 6 million could see a pay rise as a result of a ripple effect up the earnings distribution. The new National Living Wage will boost pay for those currently earning the National Minimum Wage by £4,800 a year by 2020 when the National Living Wage is expected to rise to over £9 per hour.
To help working families keep more of what they earn, the personal allowance will increase to £11,000 in 2016-17 and £11,200 in 2017-18. The government has committed to increase the personal allowance to £12,500 by 2020 which will mean that a typical basic rate taxpayer will see their income tax cut by £1,205 a year compared to 2010.
An illustrative renting family with two children, where one parent works full-time on the minimum wage, will be over £2,400 better off in cash terms by 2020.
The government set out its assessment of the impacts of the Summer Budget policies in the Welfare Reform and Work Bill on 20th July 2015. Taken together, the introduction of the National Living Wage, increases in the personal allowance and welfare changes mean that 8 out of 10 working households will be better off as a result of the Summer Budget.
In response to a request from the Secondary Legislation Scrutiny Committee, the government has chosen to produce and release an impact assessment on the tax credit changes to the Committee. The impact assessment shows that 60% of the tax credit savings come from the half of tax credit claimants with the highest income.
The below Parliamentary question was asked by Mark Williams on 2015-10-20.
To ask Mr Chancellor of the Exchequer, what support the Government is giving to unincorporated businesses via the taxation system.
Mr David Gauke
The government is committed to supporting unincorporated businesses. At Budget 2015, the government announced that it would transform the tax system over the course of this Parliament by introducing digital tax accounts for everyone, removing the need for annual tax returns.
In addition, the government has introduced cash basis accounting so that the smallest businesses can report their income and expenses to HMRC in a simpler way.
Building on recommendations by the Office of Tax Simplification (OTS), the government will consult in autumn 2015 on abolishing Class 2 NICs and reforming Class 4 NICs. This will simplify the NICs system and reduce the administrative burden of NICs for millions of self-employed individuals.
At Summer Budget 2015, the Chancellor announced the Annual Investment Allowance would rise to its highest ever permanent level from January 2016.
The allowance enables businesses, including unincorporated businesses, to write down 100% of all qualifying investment in plant and machinery against its taxable profits up to £200,000, providing a cash flow benefit to companies who invest.
The below Parliamentary question was asked by Mark Williams on 2015-10-20.
To ask the Secretary of State for Business, Innovation and Skills, what assessment he has made of the effect of the introduction of the Government’s living wage on unincorporated businesses.
Nick Boles
The Government believes that the new National Living Wage is affordable given the strength of the UK economy and labour market.
The Government will publish a full impact assessment for the introduction of the National Living Wage alongside the implementing regulations. This will contain a section on the impact on small businesses which includes many unincorporated businesses.
The Government is reducing Corporation Tax to 19% from 2017-18 and then to 18% from 2020-21; setting the Annual Investment Allowance at a new permanent level of £200,000; and increasing the Employment Allowance by £1,000 to £3,000 from 2016-17. The increase in the employment allowance means a business could employ four people on the National Living Wage and pay no National Insurance Contributions.
The below Parliamentary question was asked by Henry Smith on 2015-10-20.
To ask Mr Chancellor of the Exchequer, what plans he has to raise the income tax personal allowance during this Parliament.
Mr David Gauke
The government has committed to raising the income tax personal allowance to £12,500 by the end of this parliament, alongside our commitment to raise the higher rate threshold to £50,000. These changes will benefit over 30 million individuals.
Summer Budget 2015 set out the first step in meeting this commitment. The personal allowance will increase from £10,600 in 2015-16 to £11,000 in 2016-17, and £11,200 in 2017-18.
These changes will benefit over 29 million individuals and take 570,000 individuals out of income tax altogether by 2016-17. This will increase to over 660,000 by 2017-18. A typical basic rate taxpayer will see their income tax bill reduced by £905 by 2016-17, compared to 2010.
The below Parliamentary question was asked by Stephen Timms on 2015-10-20.
To ask Mr Chancellor of the Exchequer, what estimate he has made of how many families are likely to be more than (a) £1,000, (b) £2,000, (c) £3,000 and (d) £4,000 worse off in 2016-17 compared with 2015-16 due to proposed reductions in tax credit.
Harriett Baldwin
The Summer Budget offered a new deal for working people. It means Britain moving from a high welfare, high tax, low wage economy to a lower welfare, lower tax, higher wage society.
A new National Living Wage for workers aged 25 and above, initially set at £7.20 per hour from April 2016, will directly benefit 2.7 million low wage workers, and up to 6 million could see a pay rise as a result of a ripple effect up the earnings distribution. The new National Living Wage will boost pay for those currently earning the National Minimum Wage by £4,800 a year by 2020 when the National Living Wage is expected to rise to over £9 per hour.
To help working families keep more of what they earn, the personal allowance will increase to £11,000 in 2016-17 and £11,200 in 2017-18. The government has committed to increase the personal allowance to £12,500 by 2020 which will mean that a typical basic rate taxpayer will see their income tax cut by £1,205 a year compared to 2010.