Asked by: Andrea Leadsom (Conservative - South Northamptonshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what progress he has made on his Department's Net Zero Review announced November 2019; and what his timescale is for the publication of the outcome of that review.
Answered by Kemi Badenoch - President of the Board of Trade
The government has announced that the Net Zero Review will be published in Spring 2021. In the meantime, HMT will publish an Interim Report this Autumn. This will set out our approach and initial analysis which will inform the Net Zero Review final report.
Asked by: Andrea Leadsom (Conservative - South Northamptonshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he is making an assessment of the potential merits of introducing funding schemes similar to the Eat Out to Help Out initiative in support of events organisers and trade fairs.
Answered by Kemi Badenoch - President of the Board of Trade
The Government recognises the extreme disruption the necessary actions to combat Covid-19 are having on sectors like events and the trade fair industry.
That is why the Government has announced unprecedented support for businesses and individuals during the pandemic, including those in events industries. This includes the deferral of VAT payments, a yearlong business rates holiday for eligible businesses, a range of government-backed and guaranteed loan schemes, the Retail, Hospitality and Leisure Fund, and the Discretionary Grant. Additionally, many events are able to reopen at a small scale with social distancing measures.
During this difficult time the Treasury is working intensively with employers, delivery partners, industry groups and other government departments to understand the long-term effects of social distancing across all key areas of the economy.
We will continue to monitor the impact of government support on public services, businesses, individuals and sectors as we respond to this pandemic, and keep all policies under review
Asked by: Andrea Leadsom (Conservative - South Northamptonshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what additional provisions he has under assessment to help self-employed individuals who do not qualify for the Self-employed Income Support Scheme.
Answered by Jesse Norman
The Self-Employment Income Support Scheme (SEISS) is helping those that have been adversely affected by COVID-19, and has already helped 2.6 million people with over £7.6 billion of support. As set out in the Winter Economy Plan last week, the Government is extending the SEISS Grant; an initial taxable grant will be provided to cover three months’ worth of profits for the period from November to the end of January 2021.
Those ineligible for the SEISS Grant Extension may still be eligible for other elements of the very large package of financial support available. The Government has temporarily increased the Universal Credit standard allowance for 2020-21 by £20 per week and relaxed the Minimum Income Floor, so that where self-employed claimants' earnings have significantly reduced, their Universal Credit award will have increased to reflect their lower earnings. The self-employed also have access to other elements of the package, including tax deferrals, rental support, mortgage holidays, and other business support grants.
Furthermore, the Winter Economy Plan announced further support to reduce pressure on business finances. The application deadline for four temporary coronavirus loan schemes – Bounce Back Loans, Coronavirus Business Interruption Loans, Coronavirus Large Business Interruption Loans (CBILS) and the Future Fund – has also been extended to 30 November. The Government is introducing Pay as you Grow, a new option for Bounce Back Loan borrowers to repay their loan over a period of up to ten years, and enabling CBILS lenders to extend the term of these loans to ten years where they deem this necessary.
Up to half a million businesses who deferred their VAT bills will also be given more breathing space through the New Payment Scheme, which gives them the option to spread their payments over the financial year 2021-2022. All 11 million UK self-assessment taxpayers will be able to benefit from the recently enhanced Time to Pay ‘self-service’ facility to create a 12-month, interest-free payment arrangement for up to £30,000 of self-assessment debt.
Asked by: Andrea Leadsom (Conservative - South Northamptonshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the treatment by Germany and Italy of (a) business events and (b) trade fairs as critical business opportunities for tax purposes.
Answered by Jesse Norman
HM Treasury monitors domestic and international policies when considering changes to UK tax policies, and the Government keeps all tax policy under review.