Asked by: Andrew Stephenson (Conservative - Pendle)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many landlords have made a voluntary disclosure to HM Revenue and Customs through the Let Property Campaign in (a) the North West, (b) Lancashire and (c) Pendle constituency since that campaign began.
Answered by David Gauke
HM Revenue and Customs (HMRC) launched the Let Property campaign in September 2013 with the objective of raising landlords’ awareness of the need to review their tax affairs to ensure they are in order. The campaign provides a voluntary disclosure opportunity to put right any previous errors or omissions, helping landlords to stay on track in future.
HMRC will publish these figures in due course.
Asked by: Andrew Stephenson (Conservative - Pendle)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, when he expects to be able to provide information about how much previously-undeclared income has been declared as a result of the Let Property Campaign.
Answered by David Gauke
HM Revenue and Customs (HMRC) launched the Let Property campaign in September 2013 with the objective of raising landlords’ awareness of the need to review their tax affairs to ensure they are in order. The campaign provides a voluntary disclosure opportunity to put right any previous errors or omissions, helping landlords to stay on track in future.
HMRC will publish these figures in due course.
Asked by: Andrew Stephenson (Conservative - Pendle)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what recent representations he has received on the EU Mortgage Credit Directive; and if he will make a statement.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
The Government has not recently received any representations on the EU Mortgage Credit Directive.
Asked by: Andrew Stephenson (Conservative - Pendle)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the potential effect of the European Standardised Information Sheet on the availability of mortgages for first-time house buyers.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
The UK already has a robust regulatory regime to protect consumers in the UK mortgage market.
As such, the Government’s approach to the implementation of the Mortgage Credit Directive, has been to minimise the impact on the UK market by building on the existing UK regulatory framework.
Under this framework, the independent regulator, the Financial Conduct Authority (FCA) is responsible for the rules that mortgage providers must comply with, including what type of information they must provide to consumers. The FCA is therefore responsible for considering how to ensure that mortgage lenders are using the European Standardised Information Sheet (ESIS) or an equivalent by 21 March 2016, and the impact that this could have on UK consumers.
The FCA have published details on the changes they will make to their mortgage rules, including what the impact of the ESIS may be, and these are publicly available on their website.
Asked by: Andrew Stephenson (Conservative - Pendle)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many people in Pendle constituency had their income tax reduced as a result of personal allowance increases since May 2010.
Answered by David Gauke
By the tax year beginning April 2017 this Government's increases in the personal allowance (for those born after 5 April 1948) are forecast to have reduced the income tax liability of 27.2 million individuals in the UK. It is forecast that 2.9 million of them live in the North West and Merseyside region, which includes the Parliamentary Constituency of Pendle.
These forecasts are based on the 2012-13 Survey of Personal Incomes, projected to 2017-18 using economic assumptions consistent with the Office for Budget Responsibility’s March 2015 economic and fiscal outlook.
HM Treasury does not publish this information at constituency level.