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Tag: Lord Myners

  • Lord Myners – 2015 Parliamentary Question to the HM Treasury

    Lord Myners – 2015 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Lord Myners on 2015-02-10.

    To ask Her Majesty’s Government whether they intend to ban United Kingdom banks from operating branches or subsidiaries in offshore tax havens; and whether United Kingdom regulators have any regulatory responsibility for those banks, their management or those in the United Kingdom who supervise such activities.

    Lord Deighton

    The Government does not impose restrictions on where UK banks can operate overseas. However, the UK has championed international tax transparency and through our G8 Presidency has driven the agreement and early implementation of the new global standard for automatic exchange of financial information for tax purposes. To date over 90 countries have committed to exchange such information on a multilateral basis. The UK also remains committed to ensuring that there are effective anti-avoidance rules in place to protect the UK corporation tax base.

    This includes the introduction of new Controlled Foreign Company rules (effective from the beginning of 2013) which help to deter and prevent artificial diversion of profits from the UK.

    It also includes supporting the G20-OECD Base Erosion and Profit Shifting project which is looking to address weaknesses in international tax rules which allow companies to avoid paying tax on their profits.

    The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) are the UK financial services regulators. The role of the FCA and PRA in regulating overseas branches and subsidiaries of UK banks is dependent on the specific circumstances of an individual case.

    However, I have asked the FCA and the PRA to reply directly to the Noble Lord by letter to explain their role in this area. A copy of the letter will be placed in the Library of the House.

  • Lord Myners – 2015 Parliamentary Question to the HM Treasury

    Lord Myners – 2015 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Lord Myners on 2015-02-10.

    To ask Her Majesty’s Government whether they have plans to consider setting the inflation target over an extended period, rather than a single year, in order to allow some catch-up for an extended period of under-target outcomes.

    Lord Deighton

    The Bank of England Act 1998 requires the Treasury to specify the objectives of the Monetary Policy Committee, namely what price stability is taken to consist of and the Government’s economic policy objective at least once every 12 months.

    At Budget 2013, the Government reviewed the UK’s flexible inflation targeting monetary policy framework in international and historical context.

    Based on the assessment set out in the review, the Government believes that low and stable medium-term inflation is a necessary, though not sufficient, pre-requisite for economic prosperity. As a result, in the remit for the independent Monetary Policy Committee of the Bank of England, the Government has retained a flexible inflation targeting framework and reaffirmed the 2 per cent Consumer Prices Index inflation target, which applies at all times. The Government updated the remit to clarify the trade-offs that are involved in setting monetary policy to meet a forward-looking inflation target.

  • Lord Myners – 2015 Parliamentary Question to the HM Treasury

    Lord Myners – 2015 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Lord Myners on 2015-02-12.

    To ask Her Majesty’s Government whether they will publish or place in the Library of the House the agreement under which HM Revenue and Customs received from its French equivalent details of accounts allegedly held at HSBC Suisse; whether the terms of that agreement were negotiated by HM Revenue and Customs and advised to ministers; whether HM Revenue and Customs took legal advice and sought the views of ministers on the agreement before its signing; and under which legal jurisdiction the agreement is enforceable.

    Lord Deighton

    Information provided to HM Revenue & Customs (HMRC) by the French tax authorities in respect of individuals indicated to hold accounts at the Geneva branch of HSBC Suisse and understood to be UK residents was supplied to HMRC under the terms of both the Mutual Assistance Directive 77/799/EEC[1] and the Double Taxation Convention in force between France and the United Kingdom at that time[2].

    The Mutual Assistance Directive had been in force since 23 December 1977. The Double Taxation Convention has been in force since 18 December 2009, replacing an earlier convention which had been in force since 1969.

    Since their entry into force each of these agreements has been a matter of public record.

    There was, therefore, no new agreement for the Board of HMRC to negotiate or consider in connection with the provision of the information by the French tax authorities.

    HMRC does not share copies of Board papers and minutes with HM Treasury. However, senior HM Treasury officials are standing invitees to HMRC’s monthly Executive Committee meeting, which is the Department’s main executive forum and the primary place where decisions are taken with regards to setting and delivering strategy and improving performance in key areas, and as such they have routine access to relevant committee meeting papers and minutes.

    Each HMRC Executive Committee member also takes responsibility for the management of activities within a specific portfolio, including enforcement and compliance and business or personal tax customer services; HM Treasury officials do not have access to this level of information which ‎contains operational compliance and taxpayer confidential information.

    [1] http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:31977L0799

    [2] http://www.hmrc.gov.uk/taxtreaties/in-force/france.pdf

    “

  • Lord Myners – 2015 Parliamentary Question to the HM Treasury

    Lord Myners – 2015 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Lord Myners on 2015-02-12.

    To ask Her Majesty’s Government whether the terms of the agreement between HM Revenue and Customs and its French equivalent relating to HSBC Suisse was shown to the Board of HM Revenue and Customs or discussed at a HM Revenue and Customs Board meeting.

    Lord Deighton

    Information provided to HM Revenue & Customs (HMRC) by the French tax authorities in respect of individuals indicated to hold accounts at the Geneva branch of HSBC Suisse and understood to be UK residents was supplied to HMRC under the terms of both the Mutual Assistance Directive 77/799/EEC[1] and the Double Taxation Convention in force between France and the United Kingdom at that time[2].

    The Mutual Assistance Directive had been in force since 23 December 1977. The Double Taxation Convention has been in force since 18 December 2009, replacing an earlier convention which had been in force since 1969.

    Since their entry into force each of these agreements has been a matter of public record.

    There was, therefore, no new agreement for the Board of HMRC to negotiate or consider in connection with the provision of the information by the French tax authorities.

    HMRC does not share copies of Board papers and minutes with HM Treasury. However, senior HM Treasury officials are standing invitees to HMRC’s monthly Executive Committee meeting, which is the Department’s main executive forum and the primary place where decisions are taken with regards to setting and delivering strategy and improving performance in key areas, and as such they have routine access to relevant committee meeting papers and minutes.

    Each HMRC Executive Committee member also takes responsibility for the management of activities within a specific portfolio, including enforcement and compliance and business or personal tax customer services; HM Treasury officials do not have access to this level of information which ‎contains operational compliance and taxpayer confidential information.

    [1] http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:31977L0799

    [2] http://www.hmrc.gov.uk/taxtreaties/in-force/france.pdf

    “

  • Lord Myners – 2015 Parliamentary Question to the HM Treasury

    Lord Myners – 2015 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Lord Myners on 2015-02-12.

    To ask Her Majesty’s Government whether copies of HM Revenue and Customs Board papers and minutes of Board meetings are provided to HM Treasury and the Board of HM Treasury or its Council of Economic Advisers.

    Lord Deighton

    Information provided to HM Revenue & Customs (HMRC) by the French tax authorities in respect of individuals indicated to hold accounts at the Geneva branch of HSBC Suisse and understood to be UK residents was supplied to HMRC under the terms of both the Mutual Assistance Directive 77/799/EEC[1] and the Double Taxation Convention in force between France and the United Kingdom at that time[2].

    The Mutual Assistance Directive had been in force since 23 December 1977. The Double Taxation Convention has been in force since 18 December 2009, replacing an earlier convention which had been in force since 1969.

    Since their entry into force each of these agreements has been a matter of public record.

    There was, therefore, no new agreement for the Board of HMRC to negotiate or consider in connection with the provision of the information by the French tax authorities.

    HMRC does not share copies of Board papers and minutes with HM Treasury. However, senior HM Treasury officials are standing invitees to HMRC’s monthly Executive Committee meeting, which is the Department’s main executive forum and the primary place where decisions are taken with regards to setting and delivering strategy and improving performance in key areas, and as such they have routine access to relevant committee meeting papers and minutes.

    Each HMRC Executive Committee member also takes responsibility for the management of activities within a specific portfolio, including enforcement and compliance and business or personal tax customer services; HM Treasury officials do not have access to this level of information which ‎contains operational compliance and taxpayer confidential information.

    [1] http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:31977L0799

    [2] http://www.hmrc.gov.uk/taxtreaties/in-force/france.pdf

    “

  • Lord Myners – 2015 Parliamentary Question to the Cabinet Office

    Lord Myners – 2015 Parliamentary Question to the Cabinet Office

    The below Parliamentary question was asked by Lord Myners on 2015-02-11.

    To ask Her Majesty’s Government whether it is routine policy for the Cabinet Office to contact HM Revenue and Customs to consult it prior to the appointment of a non-elected Minister.

    Baroness Stowell of Beeston

    As was the case under previous administrations, ministerial appointments are a matter for the Prime Minister, in line with the Ministerial Code.

    For those individuals upon whom the Prime Minister wishes to confer a life peerage, the independent House of Lords Appointments Commission vets nominations. For those individuals upon whom the Prime Minister wishes to confer a peerage in order that they might sit in the House of Lords to take up a ministerial role, the Commission consults the main regulatory authorities, including HMRC, before giving advice.

  • Lord Myners – 2015 Parliamentary Question to the HM Treasury

    Lord Myners – 2015 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Lord Myners on 2015-02-11.

    To ask Her Majesty’s Government whether they still consider it appropriate to allow Chinese banks to open branches in the United Kingdom.

    Lord Deighton

    The decision-making on applications from Chinese banks to establish branches in the United Kingdom is a matter for the independent Prudential Regulation Authority, consistent with its broader policy on the regulation of non-European Economic Area banks.

  • Lord Myners – 2014 Parliamentary Question to the HM Treasury

    Lord Myners – 2014 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Lord Myners on 2014-04-01.

    To ask Her Majesty’s Government whether the external law firm appointed by the Financial Conduct Authority (FCA) to review its handling of its announcement on closed life funds is independent of the FCA and the firms covered by the FCA investigation.

    Lord Deighton

    The Financial Conduct Authority (FCA) have announced that the FCA Non-Executive Directors have appointed Simon Davis, a senior commercial litigation partner at Clifford Chance, to conduct an independent inquiry into the handling of the FCA’s announcement of proposed supervisory work on the fair treatment of long standing customers in life insurance.

  • Lord Myners – 2014 Parliamentary Question to the HM Treasury

    Lord Myners – 2014 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Lord Myners on 2014-04-01.

    To ask Her Majesty’s Government whether they have commissioned any investigation into, or received any report about, possible manipulation of auctions conducted by the Debt Management Office on behalf of HM Treasury or of purchases of securities under the Asset Purchase Scheme.

    Lord Newby

    Any evidence relating to the potential manipulation of financial markets received by a public or private body or member of the public should be passed to the Financial Conduct Authority (FCA), which has a statutory responsibility for regulating conduct in financial markets.

    Any investigation into the potential manipulation of financial markets would be a matter for the FCA. As a matter of policy the FCA does not normally provide any comment about potential or actual investigations or potential enforcement so as to avoid prejudicing cases.

    The FCA announced on 20 March 2014 that it had taken enforcement action against an individual for the manipulation of a government bond in the run up to a Bank of England operation on 10 October 2011. The FCA’s investigation found this was the action of one trader on one day, and there was no evidence of collusion with traders in other banks.

  • Lord Myners – 2014 Parliamentary Question to the HM Treasury

    Lord Myners – 2014 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Lord Myners on 2014-03-31.

    To ask Her Majesty’s Government whether they will establish a formal investigation, independent of the Financial Conduct Authority (FCA), into the FCA’s handling of the announcement it made via the press on 28 March of an investigation into closed insurance funds; and whether they have made an estimate of the financial consequences of the creation of a possible false market in insurance securities as a result of the initial announcement and subsequent amendments.

    Lord Newby

    The Financial Conduct Authority (FCA) Board has announced an investigation which will be independent of the FCA executive. A senior independent lawyer will investigate what went wrong and make appropriate recommendations.

    The Chancellor has written to the Chair of the FCA setting out the questions that the investigation should answer. This includes the question of to what extent a false or disorderly market was present in the period before the FCA issued its statement of clarification. The letter was copied to the Treasury Committee and has been published on the Treasury’s website.