Asked by: Andrew Bingham (Conservative - High Peak)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate he has made of the number of financial providers that will be offering the Lifetime ISA, as announced in Budget 2016, on the launch date of 6 April 2017.
Answered by Jane Ellison
At launch, there were five providers offering the Lifetime ISA. Other providers have announced their intention to offer the Lifetime ISA, including the first cash provider.
The Government anticipates that the market will continue to grow over the course of the year as providers put their systems in place and develop their products.
Asked by: Andrew Bingham (Conservative - High Peak)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate he has made of the loss of tax revenues from road fund licences arising from incorrect emissions figures for Volkswagen vehicles.
Answered by Damian Hinds
The Government takes the unacceptable actions of Volkswagen extremely seriously and is taking robust action to get to the bottom of the emissions scandal.
The Government has announced that UK taxpayers will not incur higher Vehicle Excise Duty (VED) if their existing vehicles are found to be affected by the emissions scandal.
The Government continues to monitor the actions of Volkswagen closely and will consider all options once the facts are fully clarified.
Asked by: Andrew Bingham (Conservative - High Peak)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what the average waiting time is for responses to correspondence to HM Revenue and Customs.
Answered by David Gauke
HM Revenue and Customs has published the information on the performance results including post turnaround in the Annual Report and Accounts 2014-15. Link available below: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/449343/HMRC_Annual_Report_and_Accounts_2014-15__Web_accessible_version_.pdf
Asked by: Andrew Bingham (Conservative - High Peak)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will extend eligibility for the main residence nil rate band of inheritance tax to non-direct descendants.
Answered by David Gauke
The Government has sought to strike the appropriate balance and ensure that this policy allows the family home to be passed onto the next generation but is also affordable. Around 80% of estates with both a residence and an inheritance tax liability are expected to be in a position to benefit from the nil rate band.
Asked by: Andrew Bingham (Conservative - High Peak)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate he has made of the cost to the public purse of businesses invoicing VAT on goods and services discounted for early payment in cases when the discount is not subsequently applied.
Answered by David Gauke
The introduction of this measure will protect over £250 million pounds of tax revenue per annum.
Asked by: Andrew Bingham (Conservative - High Peak)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will make an estimate of the cost to businesses of the requirement to double invoice VAT on goods and services which have been discounted for early payment.
Answered by David Gauke
There is no requirement to double invoice.
Asked by: Andrew Bingham (Conservative - High Peak)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what discussions he has had with business organisations about changes to VAT invoicing requirements when discounting for early payment.
Answered by David Gauke
HMRC consulted on VAT accounting for prompt payment discounts between 17 June and 9 September 2014. HMRC listened to business concerns and issued guidance in December 2014 which will make it easier for businesses to account for VAT on prompt payment discounts.