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Written Question
Salt and Sugar: Taxation
Wednesday 28th February 2024

Asked by: Baroness Ritchie of Downpatrick (Labour - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the recommendation contained in The National Food Strategy, published on 15 July 2021, to introduce a Sugar and Salt Reformulation Tax.

Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)

There are no current plans to introduce a Sugar and Salt Reformulation Tax. The Government published its response to the National Food Strategy on 13 June 2022, setting out the approach to working with the food industry to create a healthier food environment for all and investing in innovative approaches to address weight and diet related ill health.

However, the Soft Drinks Industry Levy (SDIL) encourages producers to remove added sugar from soft drinks. It has been very successful in this aim, with a reduction of sugar in soft drinks of 46% between 2015 and 2020.

The Government remains committed to helping people live healthier lives. Having a fit and healthy population is essential for a thriving economy, and reducing sugar and salt in food remains a priority for the Government through the voluntary reformulation and reduction programme.

The Government keeps all taxes under constant review and welcomes representations from stakeholders to inform policy development.


Written Question
Soft Drinks: Taxation
Tuesday 27th February 2024

Asked by: Baroness Ritchie of Downpatrick (Labour - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what consideration they have given to extending the Soft Drinks Industry Levy to other food and drink products that are high in sugar.

Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)

The primary aim of the Soft Drinks Industry Levy (SDIL) is to encourage producers to remove added sugar from soft drinks. It has been very successful in this aim, with a reduction of sugar in soft drinks of 46% between 2015 and 2020.

There are no current plans to extend SDIL to other food and drink products. As with all taxes, the Government keeps SDIL under constant review and welcomes representations from stakeholders to inform policy development.


Written Question
Insurance Companies: Regulation
Wednesday 21st February 2024

Asked by: Baroness Ritchie of Downpatrick (Labour - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government, further to their announcement in the Autumn Statement that they will consult on a framework for encouraging captive insurance companies in the UK, whether they will propose that such captive insurers will remain liable to the same solvency requirements as other insurers.

Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)

In Spring this year, the Government will publish a consultation on the design of a new UK regime for captive insurance companies.

The consultation will test views on proposals to introduce an attractive and competitive new UK captive insurance regime that works for businesses. Key to this will also be proportionate regulation that maintains the UK’s high regulatory standards.


Written Question
Insurance
Tuesday 6th February 2024

Asked by: Baroness Ritchie of Downpatrick (Labour - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government, further to the announcement in the Autumn Statement 2023, published in November 2023 (CPP 977), that "the government will consult on the design of a new framework for encouraging the establishment and growth of captive insurance companies in the UK", whether they have plans for captive insurers to be automatically treated as low-risk undertakings.

Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)

In Spring this year, the Government will publish a consultation on the design of a new UK regime for captive insurance companies.

The consultation will test views on proposals to introduce an attractive and competitive new UK captive insurance regime that works for businesses. Key to this will also be proportionate regulation that maintains the UK’s high regulatory standards.


Written Question
Household Support Fund
Tuesday 24th October 2023

Asked by: Baroness Ritchie of Downpatrick (Labour - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government whether they plan to extend the Household Support Fund beyond its scheduled end date of 31 March 2024.

Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)

I refer the noble Baroness to the answer given to PQ196466


Written Question
Disadvantaged: Finance
Friday 22nd September 2023

Asked by: Baroness Ritchie of Downpatrick (Labour - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what measures they plan to introduce to financially support vulnerable and marginalised members of our communities in the UK.

Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)

The Government has taken steps to protect the most vulnerable in society.

At Autumn Statement 2022, the Government announced Cost of Living Payments in 2023-24, including up to £900 for households on means-tested benefits, £300 for pensioner households and £150 for individuals on disability benefits.

In April 2023, working-age and disability benefits rose in line with September 2022 Consumer Price Index (CPI) inflation – 10.1%. As a result, more than 10 million working age families will have seen their benefit payments rise by an average increase of around £600 a year for those on Universal Credit.

This year (2023/24), the Government has also increased the State Pension by 10.1 per cent, in line with inflation and the Triple Lock. This delivered the biggest ever cash increase in the State Pension.

The Government is working hard to ensure that all families with children have access to the resources and assistance they need to thrive. The Government is introducing 30 hours of free childcare per week for working parents with children aged 9 months up to 3 years in England, alongside a substantial uplift to the hourly rate paid to providers.


Written Question
Social Security Benefits: Finance
Friday 22nd September 2023

Asked by: Baroness Ritchie of Downpatrick (Labour - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the need to financially invest additional resources for welfare benefits and social security measures.

Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)

The Secretary of State for the Department for Work and Pensions is legally required to review the rates of state pension and benefits each year. At the heart of the DWP's approach is the belief in people's autonomy to decide how to allocate their benefits based on their individual circumstances and needs.

In April 2023, millions of people’s benefits rose by 10.1%, in line with the September 2022 inflation rate – including Universal Credit. This is alongside Cost of Living payments totalling £900 to be paid to households on means tested benefits during 2023-24, in addition to a Cost of Living payment of £300 to pensioner households during winter 2023 and a Cost of Living payment of £150 to people on disability benefits during summer 2023.

These actions will ensure that those most vulnerable in society get the support they need, including those in work as well as out of work.


Written Question
Public Sector: Finance
Friday 22nd September 2023

Asked by: Baroness Ritchie of Downpatrick (Labour - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the need to financially invest in public services.

Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)

The government regularly assesses the level of investment needed in public services.

Spending Review 2021 set the government’s spending plans for the rest of this Parliament (up to 2024-25). Since then, targeted additional funding has been provided for key public services. This includes access to funding of £14.1 billion over the next two years to support the NHS and adult social care; and an additional £5.2 billion over the next two years for schools.


Written Question
Companies and Financial Institutions: Sustainable Development
Monday 28th November 2022

Asked by: Baroness Ritchie of Downpatrick (Labour - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what powers they have to require (1) listed and unlisted companies, (2) fund managers, and (3) pension funds to (a) produce and publish net zero transition plans, and (b) meet sustainability disclosure requirements.

Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)

The powers to require the production and publication of transitions plans and the meeting of sustainability disclosure requirements for listed and unlisted companies, fund managers, and pension funds sit with the relevant department or regulator with responsibility for the sector. The government’s approach to Sustainability Disclosure Requirements and net zero transition plans was set out in Greening Finance: A Roadmap to Sustainable Investing. His Majesty’s Treasury works closely with the Financial Conduct Authority (FCA), the Department of Work and Pensions (DWP), and the Department for Business, Energy and Industrial Strategy (BEIS) to advance sustainability disclosure requirements.

Powers over listed companies and regulated fund managers in this policy area reside with the FCA, where these policies advance the FCA’s objectives as set out in the Financial Services and Markets Act of: protecting consumers of financial services, ensuring market integrity and promoting effective competition in relation to sustainable finance.

The FCA has extensive powers to require companies within the scope of their authority to prepare and publish net zero transition plans and to impose some of the Sustainability Disclosure Requirements (SDR) that the Treasury has proposed. The FCA’s approach can be seen in the FCA documents including: PS21/23, PS21/24 and CP22/20 and the references therein. However, HM Treasury does not have the power to require the FCA to require specific disclosures, or to direct matters to which the FCA must have regard in developing its approach.

Powers over occupational pension schemes reside with DWP. DWP introduced the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021, which came into force on 1 October 2021. The Regulations impose requirements on trustees of larger occupational pension schemes, for the identification, assessment and management of climate-related risks and opportunities.

Powers over UK-registered companies reside with the Secretary of State for BEIS. BEIS have already made regulations requiring disclosure against the standards set out by the Taskforce on Climate-related Financial Disclosures. These regulations came into force on 6 April 2022.


Written Question
Companies and Financial Institutions: Taxation
Friday 25th November 2022

Asked by: Baroness Ritchie of Downpatrick (Labour - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government whether they have powers to require (1) listed and large unlisted companies to provide information on their UK taxation compliance, and (2) fund and pension fund managers to pass information about a company’s taxation compliance to their clients.

Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)

There is no HM Government power that requires:

(1) listed and large unlisted companies to provide information on their UK taxation compliance (to their shareholders), and

(2) fund and pension fund managers to pass information about a company’s taxation compliance to their clients.

However, there are two legislative obligations that require disclosure about a large company’s approach to their tax obligations.

  1. Senior Accounting Officer regime

Large companies are required to appoint a senior accounting officer (SAO). The SAO must take reasonable steps to ensure that the company establishes and maintains appropriate accounting arrangements that will enable the company’s relevant liabilities to be calculated accurately in all material respects.

Additionally, the SAO must annually provide HMRC with a certificate to confirm that the company has maintained appropriate accounting arrangements throughout the year. Where the SAO is unable to provide that assurance, they must provide an explanation of the respects in which the accounting arrangements of the company fell short of being able to accurately calculate the company’s tax liability.

This certification is provided to HMRC but is not available publicly.

  1. Publication of Tax Strategies

Large companies are required to annually publish a tax strategy which includes the:

  • approach of the group to risk management and governance arrangements in relation to UK taxation,
  • attitude of the group towards tax planning (so far as affecting UK taxation),
  • level of risk in relation to UK taxation that the group is prepared to accept, and
  • their approach of the group towards its dealings with HMRC.

This information is available to shareholders and the general public. However, it does not require the company to publish the amount of taxes and duties paid as part of their tax strategy, or information that is commercially sensitive.

In addition to these two general information powers, HMRC has the power to require specific information as part of a compliance check. However, this information would be to confirm or quantify a company’s tax liability, and not provide information on their general tax compliance.

None of the powers described above oblige fund managers to pass details of their approach to tax compliance to their clients.