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  • Robert Jenrick – 2016 Parliamentary Question to the HM Treasury

    Robert Jenrick – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Robert Jenrick on 2016-03-07.

    To ask Mr Chancellor of the Exchequer, what the Government’s timetable is for the release of sanctioned Iranian assets; and what value of those assets the Government expects to release in 2016 and 2017.

    Harriett Baldwin

    Financial sanctions are implemented in the United Kingdom by HM Treasury. When assets are frozen they remain where they are held and are not seized or confiscated by the government or the Treasury. As such, the government does not hold frozen assets belonging to designated Iranian or other persons subject financial sanctions.

    Every year the Treasury requests information from businesses on funds they hold that are frozen under financial sanctions legislation. The most recent data from September 2015 showed that there was approximately £728,450,000 of funds frozen under the Iran (non-proliferation) sanctions regime.

    In July 2015 the EU/E3+3 and the Islamic Republic of Iran reached a Joint Comprehensive Plan of Action (JCPoA). On 16 January 2016 the initial sanctions relief provided for under the JCPoA came into effect. Part of this relief included the lifting of the asset freeze against certain individuals and entities with frozen balances of approximately £657,830,000. Therefore approximately £70,620,000 remains frozen.

    The next phase of sanctions relief under the JCPoA is due on Transition Day in eight years’ time, or when the International Atomic Energy Agency has concluded that all nuclear material in Iran remains in peaceful activities, whichever is earlier.

  • Robert Jenrick – 2016 Parliamentary Question to the HM Treasury

    Robert Jenrick – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Robert Jenrick on 2016-03-07.

    To ask Mr Chancellor of the Exchequer, what estimate his Department has made of the value of sanctioned Iranian assets currently held by (a) the Government and (b) any other entity within the UK.

    Harriett Baldwin

    Financial sanctions are implemented in the United Kingdom by HM Treasury. When assets are frozen they remain where they are held and are not seized or confiscated by the government or the Treasury. As such, the government does not hold frozen assets belonging to designated Iranian or other persons subject financial sanctions.

    Every year the Treasury requests information from businesses on funds they hold that are frozen under financial sanctions legislation. The most recent data from September 2015 showed that there was approximately £728,450,000 of funds frozen under the Iran (non-proliferation) sanctions regime.

    In July 2015 the EU/E3+3 and the Islamic Republic of Iran reached a Joint Comprehensive Plan of Action (JCPoA). On 16 January 2016 the initial sanctions relief provided for under the JCPoA came into effect. Part of this relief included the lifting of the asset freeze against certain individuals and entities with frozen balances of approximately £657,830,000. Therefore approximately £70,620,000 remains frozen.

    The next phase of sanctions relief under the JCPoA is due on Transition Day in eight years’ time, or when the International Atomic Energy Agency has concluded that all nuclear material in Iran remains in peaceful activities, whichever is earlier.

  • Robert Jenrick – 2016 Parliamentary Question to the HM Treasury

    Robert Jenrick – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Robert Jenrick on 2016-03-07.

    To ask Mr Chancellor of the Exchequer, what the value is of sanctioned Iranian assets which have been released by the Government or any other entity within the UK since the conclusion of the Iranian agreement in May 2015.

    Harriett Baldwin

    Financial sanctions are implemented in the United Kingdom by HM Treasury. When assets are frozen they remain where they are held and are not seized or confiscated by the government or the Treasury. As such, the government does not hold frozen assets belonging to designated Iranian or other persons subject financial sanctions.

    Every year the Treasury requests information from businesses on funds they hold that are frozen under financial sanctions legislation. The most recent data from September 2015 showed that there was approximately £728,450,000 of funds frozen under the Iran (non-proliferation) sanctions regime.

    In July 2015 the EU/E3+3 and the Islamic Republic of Iran reached a Joint Comprehensive Plan of Action (JCPoA). On 16 January 2016 the initial sanctions relief provided for under the JCPoA came into effect. Part of this relief included the lifting of the asset freeze against certain individuals and entities with frozen balances of approximately £657,830,000. Therefore approximately £70,620,000 remains frozen.

    The next phase of sanctions relief under the JCPoA is due on Transition Day in eight years’ time, or when the International Atomic Energy Agency has concluded that all nuclear material in Iran remains in peaceful activities, whichever is earlier.

  • Jim McMahon – 2016 Parliamentary Question to the Department for Communities and Local Government

    Jim McMahon – 2016 Parliamentary Question to the Department for Communities and Local Government

    The below Parliamentary question was asked by Jim McMahon on 2016-03-07.

    To ask the Secretary of State for Communities and Local Government, what estimate his Department has made of the cost to the public purse of small business rate relief in each of the last three years.

    Mr Marcus Jones

    The net cost to the public purse of Small Business Rate Relief is given in the table below. It is the total relief provided, less the yield from the large business supplement.

    £ million

    2014-15

    2015-16

    2016-17

    Relief Provided

    1,060

    1,070

    1,130

    Yield from Supplement

    540

    630

    650

    Net Cost

    520

    440

    480

    Source: National Non-Domestic Rates. 2015-16 and 2016-17 are forecasts.

  • Julie Cooper – 2016 Parliamentary Question to the HM Treasury

    Julie Cooper – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Julie Cooper on 2016-03-07.

    To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the effect of raising the state pension age on levels of tax avoidance.

    Mr David Gauke

    Information on the impacts of State Pension age rises can be found in Annex A of the Pensions Act 2011 Impact Assessment, and in Annex B of the Pensions Act 2014 at:

    https://www.gov.uk/government/publications/pensions-act-2011-impact-assessment

    https://www.gov.uk/government/publications/pensions-act-2014-impact-assessments-may-2014

    The department has not made an assessment of the impact of raising the State Pension age on tax avoidance.

    “

  • Mrs Anne Main – 2016 Parliamentary Question to the HM Treasury

    Mrs Anne Main – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Mrs Anne Main on 2016-03-07.

    To ask Mr Chancellor of the Exchequer, if he will publish contingency plans that have been made by his Department in the event of a UK exit from the EU.

    Mr David Gauke

    As the Prime Minister and the Chancellor have said, the civil service is working to support the Government’s position that Britain is stronger, safer and better off remaining in a reformed EU

    As required by the EU Referendum Act 2015, the Government is producing clear information, ahead of the referendum, on the outcome of renegotiation, the rights and obligations in EU law, an assessment of alternatives to membership and publishing the process for leaving.

    The Treasury will publish a comprehensive analysis of our membership of a reformed EU and the alternatives, including the long-term economic costs and benefits of EU membership and the risks associated with an exit before 23 June.

  • Craig Whittaker – 2016 Parliamentary Question to the HM Treasury

    Craig Whittaker – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Craig Whittaker on 2016-03-07.

    To ask Mr Chancellor of the Exchequer, what estimate he has made of the potential savings for Government departments due to the falling price of oil over the course of this Parliament.

    Damian Hinds

    No such estimate has been made.

  • Craig Whittaker – 2016 Parliamentary Question to the HM Treasury

    Craig Whittaker – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Craig Whittaker on 2016-03-07.

    To ask Mr Chancellor of the Exchequer, what steps his Department is taking to tackle the use of money laundering services abroad by UK citizens.

    Harriett Baldwin

    The Government believes that money laundering is a critical enabler of both terrorism and serious and organised crime. This is why the UK’s own anti-money laundering regime contains controls and supervisory mechanisms which aim to make the UK financial system a hostile environment for illicit finances, whilst minimising the burden on legitimate businesses and reducing the overall burden of regulation.

    The Government expects UK citizens to comply with anti-money laundering regulations both at home and abroad and works hard, particularly through the Financial Action Task Force (FATF), to improve global standards and combat money laundering.

  • Craig Whittaker – 2016 Parliamentary Question to the HM Treasury

    Craig Whittaker – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Craig Whittaker on 2016-03-07.

    To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of the falling price of oil on consumer spending in all sectors of the economy.

    Damian Hinds

    Cheaper oil and low inflation will support living standards across the country for hardworking families and reduce business costs. The OBR noted in their November 2015 Economic and Fiscal Outlook document, that they expected the fall in oil prices in the second half of 2014 to have supported real income and consumption during 2015.

  • Liz McInnes – 2016 Parliamentary Question to the HM Treasury

    Liz McInnes – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Liz McInnes on 2016-03-07.

    To ask Mr Chancellor of the Exchequer, what estimate he has made of the financial loss to shareholders as a consequence of the collapse of the former Bradford and Bingley Building Society/Bank in 2008.

    Harriett Baldwin

    In 2009 Peter Clokey of PricewaterhouseCoopers LLP was appointed as an independent valuer to consider whether shareholders and holders of rights associated with dated subordinated notes were entitled to compensation after the collapse of Bradford & Bingley. On 5 July 2010 he published his report setting out his determination that no compensation is due to former shareholders and bondholders. The case was referred to the Upper Tribunal who upheld the decision in 2012 and concluded that the valuer carried out his valuation function wholly in accordance with the Compensation Scheme.