Asked by: Lord Vaizey of Didcot (Conservative - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions he has had with the Financial Conduct Authority on the administration of London Capital and Finance PLC.
Answered by John Glen
The Treasury is monitoring developments relating to the failure of London Capital & Finance (LCF) very closely and is in regular contact with the Financial Conduct Authority.
However, the Treasury has no formal role in the administration process of a firm such as LCF and it would be inappropriate for us to comment on the administration process, which is a matter for the joint administrators – in this case, Finbarr O’Connell, Adam Stephens, Colin Hardman and Henry Shinners of Smith & Williamson LLP.
Further information regarding the administration itself can be found on the joint administrators’ website at the following link:
https://smithandwilliamson.com/business/services/restructuring-and-recovery-services/london-capital
Asked by: Lord Vaizey of Didcot (Conservative - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether A1 forms for artists and musicians will be accepted after the UK leaves the EU.
Answered by Mel Stride - Shadow Chancellor of the Exchequer
The Withdrawal Agreement provides for the continuation of social security coordination, which will maintain the current rules on A1 certificates in the UK and EU until the end of the implementation period in December 2020.
Asked by: Lord Vaizey of Didcot (Conservative - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has plans to assess the eligibility of music venues for discounted business rates.
Answered by Mel Stride - Shadow Chancellor of the Exchequer
Budget 2018 announced a two-year business rates discount of one third for small retailers. As set out in the published guidance, the government considers retail to mean properties being used as shops, cafes, restaurants, and drinking establishments. It will be for local authorities to implement the discount and decide whether properties are similar in nature to those listed as eligible in the guidance. Music venues will only be eligible where they are similar in nature to those properties listed as eligible.
This discount is part of Our Plan for the High Street, a £1.5bn support package. All ratepayers are benefitting from recent wide-ranging reductions to business rates; in total, cuts announced since Budget 2016 are worth more than £13bn to businesses over the next five years.
Asked by: Lord Vaizey of Didcot (Conservative - Life peer)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether he plans to review the effect of the Enterprise Investment Scheme on energy businesses; and if he will make a statement.
Answered by Jane Ellison
Energy generation is not a qualifying activity for the tax advantaged venture capital schemes, including the Enterprise Investment Scheme (EIS). The purpose of this rule is to ensure that the tax reliefs offered through the schemes are well targeted towards encouraging investment into companies that struggle to access the finance they need to grow. Companies that develop energy generation technology may still qualify for the schemes.