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  • Toby Perkins – 2016 Parliamentary Question to the HM Treasury

    Toby Perkins – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Toby Perkins on 2016-02-03.

    To ask Mr Chancellor of the Exchequer, what representations he has received over the additional burdens to small businesses of the move to quarterly tax returns.

    Mr David Gauke

    Making Tax Digital will not involve quarterly tax returns. Instead, this is about making life easier for businesses – saving them time and money. These changes are a central part of a package of reforms that will save businesses £400m in administrative burdens.

    Many taxpayers have told HM Revenue and Customs (HMRC) that they want more certainty over their tax bill and access to an in-year picture of their tax position. Instead of an onerous tax return, once a quarter businesses will update HMRC from their digital records and in most cases, little or no further entry of information will be needed. These reforms will make it easier for business to understand how much tax they owe, giving them far more certainty over their tax position, helping them budget, invest and grow.

    The Government has received a number of representations from individuals, businesses, professional bodies and the software industry about Making Tax Digital. I also refer the honourable Member to my response of 11 January 2016 (with references 20876 and 21032).

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  • Graham Brady – 2016 Parliamentary Question to the HM Treasury

    Graham Brady – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Graham Brady on 2016-02-03.

    To ask Mr Chancellor of the Exchequer, in which EU countries the purchasing power of sterling is currently less than in the UK; and whether the Government has made an assessment of the likelihood that, under proposals for reform of the UK’s relationship with the EU, EU law would require proposed child benefit payment adjustments to be increased in such countries.

    Mr David Gauke

    Information regarding the purchasing power of the sterling compared with other EU Member States is publically available at the following address:

    ec.europa.eu/eurostat/tgm/table.do?tab=table&init=1&plugin=1&pcode=tec00120&language=en.

    Details of the proposals for child benefit is subject to the ongoing negotiation.

  • Stephen Doughty – 2016 Parliamentary Question to the HM Treasury

    Stephen Doughty – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Stephen Doughty on 2016-02-03.

    To ask Mr Chancellor of the Exchequer, how many complaints from members of the public were received by HM Revenue and Customs (HMRC) relating to the closure of the HMRC enquiry centre in Cardiff in the last 18 months.

    Mr David Gauke

    HM Revenue and Customs does not hold this information.

  • Stella Creasy – 2016 Parliamentary Question to the HM Treasury

    Stella Creasy – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Stella Creasy on 2016-02-03.

    To ask Mr Chancellor of the Exchequer, if he will publish the equity return information provided as part of all PF2 projects commissioned in the last five years.

    Greg Hands

    The first PF2 projects reached financial close last year. The Treasury will publish the equity return information on PF2 projects periodically.

  • Paul Blomfield – 2016 Parliamentary Question to the HM Treasury

    Paul Blomfield – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Paul Blomfield on 2016-02-03.

    To ask Mr Chancellor of the Exchequer, what progress his Department and the FCA have made on the Connaught Income Fund Series 1.

    Harriett Baldwin

    The FCA is an independent, non-governmental organisation, and so it would not be appropriate for the government to intervene in, or comment on, their ongoing investigation into the Connaught Income Fund Series 1.

    On 29 January, the FCA published on their website an update to investors on the Connaught Income Fund. This update outlines that a settlement has been reached between the liquidators of the fund and Capita Financial Managers Ltd. The FCA have asked the liquidators to distribute the settlement sum to investors as soon as possible. The update also states that while the FCA’s investigation is ongoing, they will not provide any comments or details on progress because to do so may later turn out to be misleading.

  • Stephen Doughty – 2016 Parliamentary Question to the HM Treasury

    Stephen Doughty – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Stephen Doughty on 2016-02-03.

    To ask Mr Chancellor of the Exchequer, how many enquiries regarding self-assessment originating from each constituency were handled by HM Revenue and Customs call centres in each of the last three tax years.

    Mr David Gauke

    HM Revenue and Customs does not hold data by constituency and regularly publishes general performance reports at Gov.uk.

  • Ruth Cadbury – 2016 Parliamentary Question to the HM Treasury

    Ruth Cadbury – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Ruth Cadbury on 2016-02-03.

    To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential effect of the planned increase in stamp duty on the ability of people to purchase a retirement property in advance of selling their primary home.

    Mr David Gauke

    From 1 April 2016 higher rates of SDLT will be charged on purchases of additional residential properties, such as second homes and buy-to-let properties. The higher rates will be 3 percentage points above the current SDLT rates. This is part of the Government’s commitment to supporting home ownership and first-time buyers.

    The Government has carefully considered the case where a purchaser buys a new main home in advance of selling an old one. Where there is a temporary overlap between replacing and selling a main residence, the Government intends that higher rates will apply but the purchaser will be entitled to a refund of the higher amounts when they dispose of their previous main residence within 18 months.

    The Government has consulted on the changes to ensure they are introduced in a fair way. The final policy design will be confirmed at Budget on 16 March 2016.

  • Seema Malhotra – 2016 Parliamentary Question to the HM Treasury

    Seema Malhotra – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Seema Malhotra on 2016-02-03.

    To ask Mr Chancellor of the Exchequer, what the (a) primary and (b) secondary policy purposes are of income tax and corporation tax relief on payments to relevant scientific research associations.

    Mr David Gauke

    This is a longstanding tax relief which ensures that business payments made to scientific research associations which carry out research relevant to the business can be taken into account in calculating taxable profits.

  • Seema Malhotra – 2016 Parliamentary Question to the HM Treasury

    Seema Malhotra – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Seema Malhotra on 2016-02-03.

    To ask Mr Chancellor of the Exchequer, what the (a) primary and (b) secondary policy purposes are of stamp duty exemption for transfers under schemes of company reconstruction and similar arrangements.

    Mr David Gauke

    Relief from stamp duty is available for company reconstructions where the same people hold the same proportion of shares before and after the reconstruction. The relief ensures that stamp duty does not apply where there is no real change in ownership of a company. The relief also recognises that reconstructions of companies often occur for genuine commercial reasons unrelated to tax, so in strictly defined circumstances should be able to take place in a tax neutral way. All claims are adjudicated by HM Revenue and Customs to ensure the strict conditions for relief are met.

  • Seema Malhotra – 2016 Parliamentary Question to the HM Treasury

    Seema Malhotra – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Seema Malhotra on 2016-02-03.

    To ask Mr Chancellor of the Exchequer, what the (a) primary and (b) secondary policy purposes are of VAT exemption for supplies of commercial property.

    Mr David Gauke

    Supplies of commercial property are subject to a mandatory VAT exemption under the European VAT Directive.