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  • Stephen Barclay – 2015 Parliamentary Question to the HM Treasury

    Stephen Barclay – 2015 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Stephen Barclay on 2015-02-10.

    To ask Mr Chancellor of the Exchequer, what estimates his Department has made of the amount that would be raised from hedge funds, or similar financial institutions, by closing tax loopholes arising from the use of mixed membership partnerships.

    Mr David Gauke

    As part of the partnerships review legislation was introduced in Finance Act 2014 to prevent tax-motivated allocations of business profits in partnerships where the partners include both individuals and companies (mixed membership partnerships).

    During consultation, it became apparent that the use of mixed membership partnerships by hedge funds to avoid tax was widespread. As a result, the yield scored for the measure was increased by £1.92 bn over the scorecard period. All of this additional yield relates to the hedge fund sector.

  • Paul Flynn – 2015 Parliamentary Question to the HM Treasury

    Paul Flynn – 2015 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Paul Flynn on 2015-02-10.

    To ask Mr Chancellor of the Exchequer, if he will publish the names of individuals with whom HM Revenue and Customs has reached an out of court agreement to settle cases of tax evasion that came to light as a result of information from HSBC’s Swiss branch; and what the amount of tax evaded was in each case.

    Mr David Gauke

    HM Revenue and Customs (HMRC) can only name taxpayers in specific instances. The rules governing HMRC’s entitlement to publish details of deliberate defaulters are set out in Section 94 Finance Act 2009.

  • Alex Cunningham – 2015 Parliamentary Question to the HM Treasury

    Alex Cunningham – 2015 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Alex Cunningham on 2015-02-10.

    To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 9 February 2015 to Question 221932, when the Joint Oil and Gas Industrial Strategy was published; what discussions he has had regarding the Strategy with his ministerial colleagues in the Department for Business, Innovation and Skills since the fall in international oil prices; and what updates his Department has proposed to the Strategy since July 2014.

    Priti Patel

    Actions on fiscal matters fall under the responsibility of HM Treasury (as stated in the industrial strategy) and these actions are taken forward in collaboration with the Oil and Gas Fiscal Forum. The Forum is separate from the Oil and Gas Industry Council, who have responsibility for the Oil and Gas Industrial Strategy, in partnership with BIS.

    The Oil and Gas Industrial Strategy is kept under review by the Oil and Gas Industry Council. The Council met in November 2014 and is due to meet next in March 2015.

  • Alex Cunningham – 2015 Parliamentary Question to the HM Treasury

    Alex Cunningham – 2015 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Alex Cunningham on 2015-02-10.

    To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 9 February 2015 to Question 221932, what estimate he has made of the effect of the reduction in the rate of Supplementary Charge on levels of (a) employment, (b) exploration activity, (c) infrastructure maintenance and (d) decommissioning in the offshore oil and gas industry to date.

    Priti Patel

    The government recognises the importance of the UK oil and gas industry and its contribution to energy security and the UK economy. We are committed to the future of the industry and creating the right conditions to maximise economic recovery.

    At Autumn Statement, the government published a radical plan for the future of the oil and gas fiscal regime and set out a package of measures, including the reduction in the rate of the Supplementary Charge, to tackle the fiscal challenges and ensure the UKCS continues to attract investment, simplify the current system, and remove barriers at all stages of the production life cycle. The package is expected to drive around £7bn of additional investment and 350m barrels of oil equivalent production.

  • Daniel Kawczynski – 2015 Parliamentary Question to the HM Treasury

    Daniel Kawczynski – 2015 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Daniel Kawczynski on 2015-02-10.

    To ask Mr Chancellor of the Exchequer, what information his Department holds on the number of employees at Eurostar International Limited who receive more than 50 days’ paid holiday per year.

    Danny Alexander

    Eurostar is run on a standalone commercial basis, as a result my department does not hold this information.

  • Daniel Kawczynski – 2015 Parliamentary Question to the HM Treasury

    Daniel Kawczynski – 2015 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Daniel Kawczynski on 2015-02-10.

    To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the possible risk of Greek sovereign default and subsequent effects on the UK banking sector.

    Andrea Leadsom

    The Treasury regularly monitors global economic developments and their impact on the UK as part of the normal process of policy development. The UK is one of the most open economies in the world through trade and financial channels, and we are not immune to developments in the global economy. The best way to insulate the UK economy from any such instability is to stick to our long term economic plan.

    The exposure of UK banks to Greece is small. Moreover the Bank of England’s recent stress tests showed that our banking sector is far stronger and better capitalised than before.

  • Vernon Coaker – 2015 Parliamentary Question to the HM Treasury

    Vernon Coaker – 2015 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Vernon Coaker on 2015-02-10.

    To ask Mr Chancellor of the Exchequer, what recent representations he has received on Equitable Life compensation packages; and if he will make a statement.

    Andrea Leadsom

    The Treasury continues to talk to many interested parties on this important issue.

  • Katy Clark – 2015 Parliamentary Question to the HM Treasury

    Katy Clark – 2015 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Katy Clark on 2015-02-10.

    To ask Mr Chancellor of the Exchequer, if he will bring forward proposals to increase the island fuel rebate.

    Priti Patel

    The Government keeps all elements of the island rural fuel rebate scheme under review. In 2013, the Government published a report which found the rebate to be effectively reducing prices for motorists.

    The UK required EU approval to introduce the scheme. The EU permission for the island scheme is in place until 2017. Ahead of the scheme’s expiry in 2017, the Government will consider the case for applying to the EU for renewal, along with the case for altering aspects of the scheme.

  • Katy Clark – 2015 Parliamentary Question to the HM Treasury

    Katy Clark – 2015 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Katy Clark on 2015-02-10.

    To ask Mr Chancellor of the Exchequer, when he last reviewed the level of the island fuel rebate.

    Priti Patel

    The Government keeps all elements of the island rural fuel rebate scheme under review. In 2013, the Government published a report which found the rebate to be effectively reducing prices for motorists.

    The UK required EU approval to introduce the scheme. The EU permission for the island scheme is in place until 2017. Ahead of the scheme’s expiry in 2017, the Government will consider the case for applying to the EU for renewal, along with the case for altering aspects of the scheme.

  • Vernon Coaker – 2015 Parliamentary Question to the HM Treasury

    Vernon Coaker – 2015 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Vernon Coaker on 2015-02-10.

    To ask Mr Chancellor of the Exchequer, what plans he has to review the level of compensation paid to Equitable Life policy holders; and if he will make a statement.

    Andrea Leadsom

    The Government accepted all the Parliamentary Ombudsman’s findings of government maladministration and established the Equitable Life Payment Scheme. Taking into account of the state of the public finances, to be fair to both policyholders and tax payers, the Government allocated £1.5 billion to fund payments to around one million Equitable Life policyholders. At 31 January 2015 payments surpassing £1 billion have been issued to 896,367 policyholders.

    The Government is focussed on making the remaining payments to eligible policyholders and has no plans to increase the levels of funding available to the Scheme.