Blog

  • Christopher Chope – 2016 Parliamentary Question to the HM Treasury

    Christopher Chope – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Christopher Chope on 2016-01-27.

    To ask Mr Chancellor of the Exchequer, how many people have claimed the marriage allowance introduced in April 2015 to date; and what steps his Department is taking to ensure that eligible people apply for that allowance.

    Mr David Gauke

    As of 28 January 2016, 332,301 couples have successfully claimed Marriage Allowance. All eligible couples can apply on the GOV.UK website, or by phoning HM Revenue and Customs (HMRC).

    HMRC has extensively marketed Marriage Allowance, including through digital and press advertising, and social and free media. HMRC plans further activities over the coming months to raise awareness.

  • Rob Marris – 2016 Parliamentary Question to the HM Treasury

    Rob Marris – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Rob Marris on 2016-01-27.

    To ask Mr Chancellor of the Exchequer, what the evidential basis is for tax relief on pension contributions encouraging savings in pension schemes.

    Mr David Gauke

    The Government launched a consultation on the future of pensions tax relief at the Summer Budget 2015. The Government has been consulting on whether there is a case for reforming pensions tax relief to strengthen incentives to save, and offer savers greater simplicity and transparency, or whether it would be best to keep with the current system. The Government will publish its response to the consultation at Budget 2016.

  • Patrick Grady – 2016 Parliamentary Question to the HM Treasury

    Patrick Grady – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Patrick Grady on 2016-01-27.

    To ask Mr Chancellor of the Exchequer, what assessment he has made of the merits of making public the rules for country-by-country reporting of tax and profits by multinational companies.

    Mr David Gauke

    The UK supports efforts to improve tax transparency. The UK initiated the international work on country-by-country reporting during its G8 Presidency in 2013, calling on the OECD to develop a template for country-by-country (CbC) reporting as part of the BEPS project.

    The UK was the first out of 44 to commit to implement the OECD model for CbC reporting with legislation in Finance Act 2015.

    We understand that the Commission is also undertaking an analysis of the various tax transparency requirements for multinationals as part of its public consultation, and we look forward to the outcomes of this work.

    The Government recognises the case for publishing country-by-country reports on a multilateral basis.

  • Tim Loughton – 2016 Parliamentary Question to the HM Treasury

    Tim Loughton – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Tim Loughton on 2016-01-27.

    To ask Mr Chancellor of the Exchequer, when he plans to reply to the letter from the hon. Members for East Worthing and Shoreham and Kingston upon Hull West and Hessle on the British Mercantile Marine Memorial Collection which was sent on 28 October 2015 and resent on 5 January 2016.

    Greg Hands

    I replied to the Hon. Member on 19 November 2015. A copy of my reply has been resent.

  • Paul Flynn – 2016 Parliamentary Question to the HM Treasury

    Paul Flynn – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Paul Flynn on 2016-01-27.

    To ask Mr Chancellor of the Exchequer, which companies have had meetings with Ministers of his Department since May 2015 to discuss those companies’ tax status.

    Mr David Gauke

    Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery.

    Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available on Gov.uk.

  • Tom Tugendhat – 2016 Parliamentary Question to the HM Treasury

    Tom Tugendhat – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Tom Tugendhat on 2016-01-27.

    To ask Mr Chancellor of the Exchequer, what information his Department holds on the annual cost of commission and other charges levied by financial advisers during the sale of financial products to individuals in the last five years.

    Harriett Baldwin

    Adviser remuneration is regulated by the Financial Conduct Authority (FCA). Through the Retail Distribution Review (RDR), introduced at the end of 2012, the FCA has taken a number of steps to ensure that adviser remuneration on retail investment business is disclosed in advance of any services required. Product providers no longer have any influence over the remuneration received for advising on investments. Where commission remains on investments sold prior to the RDR, this will have been disclosed as required by the rules in force at the time the product was sold.

  • Tom Tugendhat – 2016 Parliamentary Question to the HM Treasury

    Tom Tugendhat – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Tom Tugendhat on 2016-01-27.

    To ask Mr Chancellor of the Exchequer, what steps his Department has taken to ensure transparency of commission and other charges levied by financial advisers on individual pension plans.

    Harriett Baldwin

    Adviser remuneration is regulated by the Financial Conduct Authority (FCA). Through the Retail Distribution Review (RDR), introduced at the end of 2012, the FCA has taken a number of steps to ensure that adviser remuneration on retail investment business is disclosed in advance of any services required. Product providers no longer have any influence over the remuneration received for advising on investments. Where commission remains on investments sold prior to the RDR, this will have been disclosed as required by the rules in force at the time the product was sold.

  • Tom Tugendhat – 2016 Parliamentary Question to the HM Treasury

    Tom Tugendhat – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Tom Tugendhat on 2016-01-27.

    To ask Mr Chancellor of the Exchequer, what steps his Department has taken to ensure transparency of commission and other charges levied by financial advisers during the sale of financial products to individuals.

    Harriett Baldwin

    Adviser remuneration is regulated by the Financial Conduct Authority (FCA). Through the Retail Distribution Review (RDR), introduced at the end of 2012, the FCA has taken a number of steps to ensure that adviser remuneration on retail investment business is disclosed in advance of any services required. Product providers no longer have any influence over the remuneration received for advising on investments. Where commission remains on investments sold prior to the RDR, this will have been disclosed as required by the rules in force at the time the product was sold.

  • Tom Tugendhat – 2016 Parliamentary Question to the HM Treasury

    Tom Tugendhat – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Tom Tugendhat on 2016-01-27.

    To ask Mr Chancellor of the Exchequer, what steps his Department has taken to measure the annual cost of commission and other charges levied on individual private pension plans by financial advisers in the last five years.

    Harriett Baldwin

    Adviser remuneration is regulated by the Financial Conduct Authority (FCA). Through the Retail Distribution Review (RDR), introduced at the end of 2012, the FCA has taken a number of steps to ensure that adviser remuneration on retail investment business is disclosed in advance of any services required. Product providers no longer have any influence over the remuneration received for advising on investments. Where commission remains on investments sold prior to the RDR, this will have been disclosed as required by the rules in force at the time the product was sold.

  • Jim Shannon – 2016 Parliamentary Question to the HM Treasury

    Jim Shannon – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Jim Shannon on 2016-01-27.

    To ask Mr Chancellor of the Exchequer, what steps he is taking to minimise the risk of future bank failures.

    Harriett Baldwin

    Since the financial crisis, the government has taken a number of steps to improve the regulation of banks. The Financial Services Act 2012 overhauled the regulatory architecture, putting the Bank of England in charge of prudential supervision, and establishing the Financial Policy Committee to monitor and take action in respect of macroprudential risks.

    The government has implemented further reforms, including legislating through the Financial Services (Banking Reform) Act 2013 for the “ring-fencing” regime to separate banks’ riskier investment activities from their retail banking activities. The government has implemented the Bank Recovery and Resolution Directive, ensuring the Bank of England has the tools to resolve banks.