Asked by: Lord Brennan of Canton (Labour - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the effectiveness of the support offered by the Enterprise Investment Scheme to the independent film industry.
Answered by Jesse Norman - Shadow Leader of the House of Commons
The Enterprise Investment Scheme is intended to incentivise investment in early-stage, entrepreneurial businesses seeking growth finance. The EIS is designed to apply equally across all qualifying businesses to prevent market distortions.
As such, there has been no assessment on the application of the EIS to specific industries or sectors. In 2018/19, 3,900 companies from a range of industries used EIS to raise over £1.9 billion of capital.
The Government recognises the valuable contribution of the film industry to the UK economy, which is why it also provides industry-specific support via the film tax relief. In 2018-19 alone, the film sector benefitted from over £595m worth of support, and 245 completed films had claimed film tax relief.
Asked by: Lord Brennan of Canton (Labour - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions he has had with Cabinet colleagues on the adequacy of the support offered by the Enterprise Investment Scheme to the independent film industry.
Answered by Jesse Norman - Shadow Leader of the House of Commons
The Enterprise Investment Scheme is intended to incentivise investment in early-stage, entrepreneurial businesses seeking growth finance. The EIS is designed to apply equally across all qualifying businesses to prevent market distortions.
As such, there has been no assessment on the application of the EIS to specific industries or sectors. In 2018/19, 3,900 companies from a range of industries used EIS to raise over £1.9 billion of capital.
The Government recognises the valuable contribution of the film industry to the UK economy, which is why it also provides industry-specific support via the film tax relief. In 2018-19 alone, the film sector benefitted from over £595m worth of support, and 245 completed films had claimed film tax relief.
Asked by: Lord Brennan of Canton (Labour - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what plans he has to ensure (a) the continued validity of UK-issued A1 certificates or (b) that freelance workers are exempted from social security contributions for work undertaken in the EU27 in the event that the UK leaves the EU without a deal.
Answered by Jesse Norman - Shadow Leader of the House of Commons
In the event that the UK leaves the EU without an agreement the current system of reciprocal social security coordination with the EU, EEA and Switzerland will end. A replacement for the A1/E101 form will be issued for new applications after Brexit. The Government is encouraging individuals or their employers to contact the relevant EU social security institution to check if they need to start paying social security contributions in that country, as well as in the UK.
The Government is calling on Member States to protect UK nationals by reaching reciprocal arrangements with the EU so individuals, including freelance workers, will only pay social security contributions in one country at a time.
Asked by: Lord Brennan of Canton (Labour - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what plans he has to regulate complaints made by claims management companies on behalf of complainants on the same basis as independent and other financial advisors, banks and building societies.
Answered by Rishi Sunak
The Financial Conduct Authority (FCA) has taken over regulation of claims management companies (CMCs). The FCA rules mean CMCs must meet the same basic standards as other FCA-regulated firms on conduct, as well as additional CMC-specific rules.