Tag: Treasury

The press release issued by HM Treasury on 10 September 2004.

Europe needs even more radical reform if it is to tackle high unemployment and achieve sustained growth, the Chancellor, Gordon Brown, will say in a report to EU Finance Ministers today.

Gordon Brown tells Finance Ministers:

“Europe must create 21 million new jobs to meet the target for 2010 – and yet unemployment is still rising. So I will tell colleagues today that there is no security without change and that greater flexibility is an essential route to greater employment”.

Presenting a report to today’s meeting of European Finance Ministers on the progress of the Lisbon Agenda, the Chancellor outlined four urgent priorities to break down barriers to economic growth and employment:

• break down regulatory barriers for business with the Four Presidencies initiative insisting on a new competitiveness test for all new regulation;
• achieve greater flexibility in labour market employment policies so that we equip Europe’s peoples with the jobs and skills to compete in the new global economy;
• set a new and more urgent timetable for concrete and credible reforms to complete the Single Market with specific deadlines; and
• break down the barriers to better trading relationships with the United States and the rest of the world.

Gordon Brown said:

“Starting today, Europe must commit itself to radical new reforms, becoming more flexible and outward-looking, creating the jobs, growth and prosperity our citizens deserve and expect.

And in Britain, we will be coming forward in the Pre Budget Report with the measures needed to boost enterprise, raise productivity and make our economy more flexible.”

Details

European Finance Ministers will today debate Wim Kok’s mid-term review of Europe’s progress against the Lisbon agenda. The Treasury’s submission to Wim Kok’s review highlights the key steps needed to give renewed stimulus to growth and reform in Europe, including:

• action to refocus reform on jobs and productivity, by streamlining  the existing 102 Lisbon benchmarks and focusing on core headline targets;
• annual Lisbon scorecards and commitments ranking Member States’ progress with economic reform and setting out European leaders plans for reforms in the year ahead;
• further regulatory reform, building on the January 2004 Four Presidency Initiative (Ireland, Netherlands, United Kingdom and Luxembourg), to reduce the burden of new and existing legislation on enterprising and innovative businesses;
• reform of state aid, ending the use of aid to create national champions and protect declining industries from competition, and further flexibility for Member States to promote enterprise and innovation;
• urgent reform of labour markets, with all Member States implementing the detailed recommendations of the November 2003 European Employment Taskforce report;
• further steps to create a dynamic and competitive Single Market, through liberalisation in services and a more effective competition policy that ensures real gains for businesses and consumers;
• taking action to promote innovation and enterprise; and
• trade and investment liberalisation, with strong EU leadership in multilateral trade negotiations and further action to build a stronger transatlantic economic relationship.

The press release issued by HM Treasury on 21 September 2004.

A new permanent, more generous tax relief for small British films will ensure the ongoing success of the British film industry, Paymaster General Dawn Primarolo said today.

The new tax relief, to be unveiled at a No.11 Downing Street reception for leading representatives of the British film industry, will replace the old Section 48 relief, which is due to expire in July 2005.

Launching the new tax relief, Dawn Primarolo, said:

“2003 was a record year for film production in the UK and employment in the film and video industries has increased by over 75 per cent in the last decade.

“We now want to build upon the success of the old Section 48 relief in supporting the production of British films and creating investment and employment opportunities in the industry.

“This new, more generous relief will ensure that the UK continues to be recognised as one of the best places in the world to make a film.”

Estelle Morris, Films Minister, said:

“This new tax relief underlines the Government’s commitment to a stable, sustainable and successful film industry that will go on producing award-winners like Mike Leigh’s Vera Drake.

“In particular, the relief delivers on our determination to remain a major centre for international film-making. Our ongoing Review of the UK’s co-production treaties will produce a set of re-focused and fit-for-purpose agreements which the industry wants and needs. Announcements on the progress of this Review will be made later in the year.

“We will also continue working closely with the UK Film Council to improve distribution of British films, building on their excellent work to date in ensuring that home-grown cinema gets seen by as wide an audience as possible.”

John Woodward, Chief Executive Officer of the UK Film Council, said:

“Film makes a major contribution to our economy and to our culture. Obviously, as with Section 48, the new tax credit will take a few months to bed down but it is extremely good news that the new relief will apply to 100 per cent of the film’s costs – rather than just the money spent in the UK.

“The increase in the budget of films which qualify for the tax credit from £15 million to £20 million is also very much welcome.

“As well as securing this vital and effective support for film production, we now look forward to continuing discussions with the Government on the shared policy goal of improving the distribution of British films in the long term.”

Key features of the new relief include the following:

• the money will be paid direct to film-makers, not through third parties, so it will be less open to abuse;
• the relief will cover 20 per cent of production costs compared to the 15 per cent covered by the old Section 48 relief;
• films with budgets of up to £20 million will be able to benefit, compared to a limit of £15 million under Section 48;
• for the first time, the relief will include an added incentive for films to be profitable;
• the relief applies to all production expenditure, not just that spent in the UK; and
• the maximum relief which can be claimed on a qualifying film will rise typically to £4 million compared to £2.25 million under Section 48

The new relief will come into effect from July next year, but details are being announced today so that the industry can plan the finances of films in development with confidence about what the tax arrangements will be when those films are completed.

The new relief will be unveiled at a reception hosted by Dawn Primarolo at 5.30pm at 11 Downing Street, to be attended by Estelle Morris, Sir Alan Parker, Lord Attenborough, Tim Bevan, Andrew MacDonald, Barbara Broccoli and several of Britain’s other leading film producers.

The press release issued by HM Treasury on 1 October 2004.

The first meeting of the independent advisory panel appointed by Sir Derek Morris to advise him on the conduct of his independent review of the actuarial profession was held this week following the closure of the Morris Review consultation exercise. The review received over one hundred responses from a wide range or individuals and organisations including individual actuaries, users of actuarial services, professional bodies, actuarial consulting firms, and clients of the Government Actuary’s Department. Commenting on the success of the consultation exercise, Sir Derek said:

“The response to our consultation has been highly encouraging. This is an important exercise that I hope will make a significant contribution to the future development of the actuarial profession itself and to the direction of Government policy towards the profession.”

“I should like to thank all those individuals and organisations that contributed. The review team will read with interest the views that have been expressed and publish an interim assessment paper in the autumn. This will set out the key issues that have been raised in the consultation process and will identify possible options for change.”

The members of the advisory panel are:

Adair Turner: currently chair of the UK Pensions Commission, vice chairman of Merrill Lynch Europe, a director of United Business Media plc, and chair of the UK Low Pay Commission.

Philip Broadley: Group Finance Director and a board member of Prudential plc since 2000. Previously worked for the UK firm of Arthur Andersen where he became a partner in 1993. He is a chartered accountant.

Steven Haberman : Deputy Dean and Professor of Actuarial Science at the Cass Business School, City University. Fellow of the Institute of Actuaries, Royal Statistical Society, Institute of Mathematics and its Applications, and an invited member of the New York Academy of Sciences.

Paul McCrossan; Fellow of the Society of Actuaries and the Canadian Institute of Actuaries. Served on the Council, and as President, of the Canadian Institute of Actuaries. Elected chairman/president of the IFAA, the then international organisation of actuarial associations representing professional actuaries worldwide, in 1995.

Peter Tompkins: partner in the Human Resource Services business of PricewaterhouseCoopers. Heads the practice’s Investment Consulting Business and provides retirement and actuarial advice to a range of investment and insurance clients.

Elaine Kempson: Professor of Personal Finance and Social Policy Research and Director of the Personal Finance Research Center at Bristol University.

Roger Munson OBE: a chartered accountant, formerly a  partner with the UK accountancy firm Coopers & Lybrand. Also held a number of other professional responsibilities, including membership of the Accounting Standards Board. Member of the Competition Commission 1996-2003.  From 2002 has been an advisory director of Ofwat.

The press release issued by HM Treasury on 1 October 2004.

At this weekend’s meeting of G7 Finance Ministers the Chancellor of the Exchequer, the Rt Hon Gordon Brown MP, will propose new measures to bring stability to oil markets and help ensure high oil prices do not undermine global growth.

Speaking in advance of the G7 meeting, the Chancellor said:

“A global recovery is under way with growth stronger over the past year but it remains uneven and fragile. High and volatile oil prices pose a risk to the outlook, dampening consumer spending and company profitability. If high prices persist, the consequences could become more serious, denting confidence and pushing up inflationary pressures. I believe there are four steps that must be taken now to reduce this risk.

“First, that while OPEC has responded to earlier calls for action by increasing supplies, oil stocks remain low with only limited spare production capacity available. Oil prices, which reached record levels this week, remain high and volatile. So OPEC must continue to take the necessary action to return oil prices to levels consistent with global economic prosperity.

“Second, action must also be taken to improve the functioning of the oil market to ensure lower and more stable prices over the medium term. That is why, as a next step, I am calling for actions to improve the transparency and efficiency of the oil market. A lack of transparency in oil markets and poor quality information contributes to volatility and uncertainties. So today I am calling for renewed co-operation between oil producers, consumers and market participants to ensure oil market decisions are based on timely, reliable and transparent information. And I am also calling for an enhanced role for the IMF and World Bank, building on their experience with improving data and Codes and Standards, in encouraging better and more timely information.

“Third, more needs to be done to encourage the investment that is required to guarantee the stability of supply needed to maintain global growth, including from non-OPEC countries. So concerted action is needed by oil producing countries to promote sustainable investment in their reserves and productive capacity, consistent with their wider development goals. Oil producers also need to make more use of the Fund and World Bank’s expertise to improve their investment frameworks.

“Improving the broader investment climate, and establishing a clear, transparent and competitive oil investment framework will help insure future supplies match demand and support global growth, in the interests of all.

“Fourth, as IMF Managing Director Rodrigo Rato has said recently, all countries need to do more to promote greater energy efficiency and develop new sources of energy. That is why international co-operation on tackling climate change will be a key theme of our G8 presidency.

The press release issued by HM Treasury on 14 October 2004.

Chancellor Gordon Brown today instructed the Bank of England, as agent for Her Majesty’s Treasury, to direct financial institutions that any funds which they hold for or on behalf of the group Jama’at al-Tawhid Wa’al-Jihad (JTJ) must be frozen with immediate effect.

The press release issued by HM Treasury on 7 November 2004.

Chancellor of the Exchequer Gordon Brown today announced that the Treasury will refund the VAT paid on purchases of the new Live Aid DVD and Band Aid 20 record.

In Spring 1985, following months of campaigning led by Sir Bob Geldof, the then government agreed to make a donation to charities working in Ethiopia and Chad of an amount equivalent to VAT collected on sales of the original 1984 Band Aid record ‘Do They Know It’s Christmas?’.

The Chancellor has decided to make a similar donation in relation to sales of the new DVD of the 1985 Live Aid concert, released today, and of the new version of ‘Do They Know It’s Christmas?’ to be released in December.

The donation is forecast to be approximately  £5 million, with sales of more than 500,000 copies of the DVD and 1 million copies of the record expected this Christmas.

The Chancellor of the Exchequer Gordon Brown will meet Sir Bob Geldof at No.11 Downing Street today ahead of a special screening of the Live Aid DVD in London this evening.

Gordon Brown said today:

“Ever since its launch twenty years ago, Band Aid has had a huge impact, raising the plight of the world’s poorest and raising funds to help them. More than that, Band Aid has won millions to the cause of fighting global poverty. I want to do everything I can to support their work and so people can buy the DVD and record this Christmas knowing that all the money they spend will go to support the vital work of the Band Aid Trust in the poorest countries of Africa.”

Bob Geldof said:

“In a remarkable gesture and one that is wholly in the spirit of Band Aid, Gordon Brown, has announced that the Government, through the Treasury, have refused to take a single penny from sales of the Band Aid 20 record and the Live Aid DVD. They will do this by collecting and returning VAT receipts received through sales. It will be a hugely significant sum of money that will help alleviate the misery of the hungry in Africa. Those of us old enough to remember the original song, twenty years ago, will have noted the contrast between the Government’s response then and now. It is further proof that the Band Aid 20 record has already become the starting pistol for the vital political year of 2005.”

The press release issued by HM Treasury on 3 January 2023.

There is less than one month for around 5.7 million Self Assessment customers to file their tax return or they may face a penalty, HM Revenue and Customs (HMRC) said.

More than 12 million customers are expected to file a tax return for the 2021 to 2022 tax year by 31 January 2023. HMRC has revealed that 129 customers submitted theirs on 1 January between 00:00 and 00:59, joining those customers who have already met their obligations.

More than 42,500 customers chose to see in the new year by submitting their return on 31 December and 1 January:

New Year’s Eve: 25,043 tax returns were filed. The peak time for filing was between 14:00 and 14:59, when 2,713 returns were received.
New Year’s Day: 17,571 tax returns were filed. The peak time for filing was between 15:00 and 15:59, when 1,697 returns were received.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

There is less than one month for customers to submit their tax returns and my message to those yet to start is: don’t delay, do it online. HMRC provides lots of useful information to help you get started. Visit GOV.UK and search ‘Self Assessment’.

HMRC is warning customers that the deadline to submit a paper return has passed and tax returns can only be submitted online. Anyone who files after 31 January may face a penalty.

HMRC will treat those with genuine excuses leniently, as it focuses on those who persistently fail to complete their tax returns and deliberate tax evaders. Customers who provide HMRC with a reasonable excuse before the 31 January deadline can avoid a penalty after this date. The penalties for late tax returns are:

an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time
after 3 months, additional daily penalties of £10 per day, up to a maximum of £900
after 6 months, a further penalty of 5% of the tax due or £300, whichever is greater
after 12 months, another 5% or £300 charge, whichever is greater
There are also additional penalties for paying late of 5% of the tax unpaid at 30 days, 6 months and 12 months.

The press release issued by HM Treasury on 2 December 2004.

The Government today announced the outcome of its review of the regulations facing small firms and their ‘business angel’ investors. This formed part of the two year review of the Financial Services and Markets Act 2000 (FSMA).

The key changes are:

• Introducing self-certification for high net worth and sophisticated investors, making it much easier for these groups to exempt themselves from the financial promotion rules. This will make it easier for small firms to approach wealthy or experienced investors.
• Making it easier for small firms to promote to potential investors by allowing them to promote to anyone they ‘reasonably believe’ to be self-certified high net worth or sophisticated.
• Ensuring consumer protection by ensuring that unapproved financial promotions come with a prominent health warning, and by including clear warnings, tested with consumers, on the self-certification statements.

The Government believes today’s changes will mean that many companies facing difficulties in obtaining funding will find it easier to approach and attract investors. Addressing barriers to finance is a key part of delivering the Government’s agenda to build a more enterprising Britain. The changes are in response to a consultation paper on informal capital raising and the financial promotions regime published earlier in the year.

Announcing the outcome of this part of the two-year review, Stephen Timms said:

“Today’s changes should improve access to finance for small and high growth firms who are looking for equity investment from business angels.  It is an excellent example of Government responding to concerns that legislation isn’t doing its job. Now business angels should find it easier to become certificated, and small firms should find it easier to reach a pool of certificated investors. Both groups will face less burdensome regulation.”

The press release issued by HM Treasury on 8 December 2004.

Better regulation holds the key to jobs and growth in Europe, according to a new joint statement on regulatory reform agreed yesterday. The statement was signed by the Chancellor, the Secretary of State for Trade and Industry, and the Finance and Economics Ministers of Ireland, the Netherlands, Luxembourg, Austria and Finland.

The joint statement, endorsed by the six consecutive Presidencies of the European Union during 2004, 2005 and 2006, highlights the important advances made in reforming EU regulation since the launch of the original Four Presidency statement in January of this year. It presents further concrete proposals to reduce the economic burden of EU regulation.

The joint statement, Advancing regulatory reform in Europe, notes both the EU’s achievements over the past year, and the challenges that lie ahead if Europe is genuinely to put in place a world-class regulatory framework. In particular, it calls for further action to:

• reduce the administrative burden associated with EU regulation, with regulatory impact assessments to measure and explain administrative costs by the end of 2005;
• ensure that new regulations are effectively scrutinised for their impact on competitiveness, with a cross-cutting role for the EU’s Competitiveness Council of Ministers;
• tackle economic burdens in the stock of existing EU law, with further action taken in 2005 to identify priority areas for simplification;
• establish clear and measurable objectives and goals for monitoring and controlling the economic and administrative burden of EU law;
• strengthen business input into the regulatory process, for example through a new standing business taskforce to advise on reform and report annually to the EU institutions;
• develop new arrangements for formal external audit and quality control of EU regulatory impact assessments;
• enhance pre-legislative consultation, including through greater use of Green and White Papers; and
• ensure non-legislative options get stronger consideration in EU policy discussions.

The statement builds on the announcements in last week’s Pre-Budget Report on changes to relieve regulatory burdens on businesses in the UK, including the interim report of the Hampton Review, the extension of common commencement dates, and systematic post-implementation reviews.

The press release issued by HM Treasury on 10 December 2004.

Paul Boateng, the Chief Secretary to the Treasury this week jointly chaired the UK-China Finance Dialogue, designed to extend and deepen the “comprehensive and strategic partnership” between the UK and China.

The dialogue covered UK and Chinese macroeconomic developments, industrial restructuring in a globalised economy; G7 and G8 co-operation, and financial reform. It also covered the need to promote enterprise and increase investment in science and innovation, to ensure that both nations and their citizens are equipped to cope with the challenges of greater global competition and the pace of technological change.

Paul Boateng and senior representatives from the UK financial services sector participated in a roundtable with counterparts from the Chinese banking sector.  They discussed a broad range of issues, covering in particular financial market liberalisation and the mutual benefit to the UK and China of closer co-operation.  Paul Boateng offered UK expertise in aiding the ongoing financial reform programme in China, an offer which was warmly received.

The meeting comes after the Pre-Budget Report produced a detailed analysis of the long term economic challenges and opportunities facing the UK, including the growth of China as a major economic power, with the Chancellor saying:

“By 2015 Asia will be responsible for as much as 25 per cent of world trade.  Yet only 1 per cent of British exports go to China and just 1 per cent to India. So having set an objective to build trade links with Asia that match those in Europe and America, we propose that the China-UK Financial Dialogue now expand its role with enhanced private sector participation.”

Mr Boateng held a number of bilateral meetings including with the Finance Minister, the Governor of the People’s Bank of China, the senior Vice Minister at the National Development and Reform Commission (NDRC), and the Chairman of the China Banking Regulatory Commission.

Mr Boateng said:

“The emergence of China as a modern economic powerhouse is having a major impact on world markets, and this is set to increase.

We know that a more open and prosperous China will be to the benefit of us all – and we welcome this opportunity to strengthen the economic ties between our countries, and to develop stronger links between our Governments, and also between our businesses and our citizens.”