Asked by: Lord Willoughby de Broke (Non-affiliated - Excepted Hereditary)
Question to the HM Treasury:
To ask His Majesty's Government what steps they will take as a shareholder to ensure that NatWest Bank does not close accounts solely on the basis of their customers’ political views.
Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)
The Government’s shareholding in NatWest Group is managed at arm’s length and on a commercial basis by UK Government Investments (UKGI). UKGI’s role is to manage the shareholding, not the bank itself. In its capacity as a shareholder, the Government does not intervene in the operational decisions of NatWest. NatWest retains its own board for strategic and operational decisions.The Government notes that NatWest has published a statement on this matter, clarifying that it is not its policy to exit a customer on the basis of legally held political and personal views. [1]
More broadly, the Government has published a policy statement setting out its plans to enhance requirements applying to the termination of payment accounts.[2]
[1]. https://www.natwestgroup.com/news-and-insights/news-room/press-releases/our-updates/2023/jul/statement-on-review-of-bank-accounts-closure-process.html#:~:text=Customers%20have%20a%20right%20to,this%2C%20wider%20change%20is%20required.
[2]. https://www.gov.uk/government/publications/payment-account-contract-termination-and-freedom-of-expression
Asked by: Lord Willoughby de Broke (Non-affiliated - Excepted Hereditary)
Question to the HM Treasury:
To ask Her Majesty's Government whether they intend to permit Swiss financial institutions to continue to operate in London until the UK leaves the EU.
Answered by Lord Young of Cookham
Switzerland is an important financial partner for the UK. Swiss financial institutions can operate in the UK in line with existing applicable UK and EU law.
The UK has also taken steps to ensure the continuity of this relationship once we exit the European Union, including the transition of the EU-Swiss Direct Insurance Agreement into a UK-Swiss Direct Insurance Agreement.
Asked by: Lord Willoughby de Broke (Non-affiliated - Excepted Hereditary)
Question to the HM Treasury:
To ask Her Majesty's Government whether they have any plans to change the tax treatment accorded to pension contributions.
Answered by Lord Bates
Autumn Budget 2017 made a number of announcements about the Government’s plans for ISAs, Venture Capital Trusts, the Enterprise Investment Scheme, and the tax treatment accorded to pension contributions.
The ISA annual subscription limit for 2018-2019 will remain unchanged at £20,000. In April 2017 the annual ISA allowance increased by a record amount to £20,000.
Both the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCT) scheme are being expanded to provide further support for knowledge intensive companies while re-directing investment from low-risk ‘capital preservation’ investments into entrepreneurial, growth companies. Full details of the EIS and VCT changes can be found in the Government’s response to the consultation Financing Growth in Innovative Firms, published alongside Autumn Budget 2017.
The Budget also confirmed that the lifetime allowance for pension savings will increase in line with the Consumer Price Index, rising to £1,030,000 for the tax year 2018 to 2019.
Asked by: Lord Willoughby de Broke (Non-affiliated - Excepted Hereditary)
Question to the HM Treasury:
To ask Her Majesty's Government whether they have any plans to change the tax treatment accorded to contributions made to (1) ISAs, (2) Venture Capital Trusts, and (3) Enterprise Investment Schemes.
Answered by Lord Bates
Autumn Budget 2017 made a number of announcements about the Government’s plans for ISAs, Venture Capital Trusts, the Enterprise Investment Scheme, and the tax treatment accorded to pension contributions.
The ISA annual subscription limit for 2018-2019 will remain unchanged at £20,000. In April 2017 the annual ISA allowance increased by a record amount to £20,000.
Both the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCT) scheme are being expanded to provide further support for knowledge intensive companies while re-directing investment from low-risk ‘capital preservation’ investments into entrepreneurial, growth companies. Full details of the EIS and VCT changes can be found in the Government’s response to the consultation Financing Growth in Innovative Firms, published alongside Autumn Budget 2017.
The Budget also confirmed that the lifetime allowance for pension savings will increase in line with the Consumer Price Index, rising to £1,030,000 for the tax year 2018 to 2019.
Asked by: Lord Willoughby de Broke (Non-affiliated - Excepted Hereditary)
Question to the HM Treasury:
To ask Her Majesty’s Government what will be the legal basis permitting HM Revenue and Customs to remove money from personal bank accounts without first obtaining a Court Order, as announced by the Chancellor of the Exchequer in his Budget speech in March.
Answered by Lord Deighton
The Government consulted on the process and safeguards for the Direct Recovery of Debts between 6 May and 29 July 2014. This policy will modernise and strengthen HM Revenue’s and Customs’ ability to recover tax and tax credit debts from those who are refusing to pay what they owe but have sufficient funds in their accounts.
The Government will publish draft legislation in due course.
In line with the Government’s Tax Policy Framework, this draft legislation will be consulted on before it is included in the Finance Bill, where it will be subject to the usual Parliamentary scrutiny