Written Question
Tuesday 30th April 2024
Asked by:
Andy Carter (Conservative - Warrington South)
Question
to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has plans to introduce a specific advisory fuel rate for hybrid vehicles.
Answered by Gareth Davies
- Shadow Minister (Business and Trade)
Advisory Fuel Rates apply when an employer reimburses an employee for business travel in a company car, or when an employee reimburses an employer for the cost of fuel used for private travel. Rates vary by engine size and fuel type and are reviewed quarterly. There are no current plans to introduce a specific advisory rate for hybrid vehicles.
The Advisory Fuel Rates are not mandatory. Employers and employees can instead agree to reimburse different amounts, subject to certain tax conditions.
Written Question
Thursday 26th October 2023
Asked by:
Andy Carter (Conservative - Warrington South)
Question
to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to ensure consistency of collection of tax on the interest of savings that are not due until maturity of the savings bond.
Answered by Andrew Griffith
- Shadow Secretary of State for Business and Trade
The taxation of interest arising on savings bonds depends on the terms and conditions applying to each and may differ as not all savings bonds are the same.
Income tax is charged on the full amount of interest ‘arising’ to a person in a tax year and interest normally ‘arises’ when the amount is received or is credited to an account on which the holder is free to draw.
The terms of a savings bond may be that interest is credited each year and, once credited, the bondholder is able to draw on it. In this case, the interest arises each year and is taxed each year as it is credited.
On the other hand, it is possible that interest may be credited each year, but the terms of the bond may mean the bondholder cannot draw on it or benefit from it until the end of the term. In that case all the interest paid on the bond would be regarded as ‘arising’ when it became available to the bondholder on maturity of the bond.
This long-standing position is explained in HMRC’s guidance at SAIM2440, and there have been no recent changes.
In either case, to the extent that the interest arising in any year is not covered by personal allowances, such as the Personal Savings Allowance, the tax will be collected in the same way, usually through a taxpayer’s PAYE code or a self-assessment tax return.
Speech in Commons Chamber - Fri 28 Oct 2022
Co-operatives, Mutuals and Friendly Societies Bill
"I am grateful to the hon. Gentleman for his speech and very supportive of his Bill. He talked about how the Bill would protect mutuals and co-operatives. Will he give us some examples of when things have gone as he suggests they could and some assets have been used for …..."Andy Carter - View Speech
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Speech in Commons Chamber - Fri 28 Oct 2022
Co-operatives, Mutuals and Friendly Societies Bill
"I congratulate the hon. Member for Preston (Sir Mark Hendrick) on introducing this private Member’s Bill, and it is a great pleasure to take part in the Second Reading debate. I am very supportive of the measures in the Bill, and I know that the Government have also indicated their …..."Andy Carter - View Speech
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Speech in Commons Chamber - Fri 28 Oct 2022
Co-operatives, Mutuals and Friendly Societies Bill
"My hon. Friend is generous in accepting interventions. As he knows, I grew up in his constituency. One of the first things my mum and dad did was open an account at the Earl Shilton Building Society, and I still have that account today. I think that they put in …..."Andy Carter - View Speech
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Speech in Commons Chamber - Tue 15 Mar 2022
Oral Answers to Questions
"2. What assessment he has made of the progress of the kickstart Scheme. ..."Andy Carter - View Speech
View all Andy Carter (Con - Warrington South) contributions to the debate on: Oral Answers to Questions
Speech in Commons Chamber - Tue 15 Mar 2022
Oral Answers to Questions
"I am grateful for that response. Last week, I went to visit Sigma, a great local business in Warrington South, which has employed nine people under kickstart, and that has made a massive difference. Can my right hon. Friend tell me what steps the Government are taking to help businesses …..."Andy Carter - View Speech
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Speech in Commons Chamber - Wed 25 Nov 2020
Spending Review 2020 and OBR Forecast
"I praise the measured and sensible way that the Chancellor has approached this spending review, and I welcome in particular the infrastructure fund. With levelling up in the north of England a real priority, I look forward to discussing more projects for Warrington South with him. I am particularly pleased …..."Andy Carter - View Speech
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Speech in Commons Chamber - Wed 21 Oct 2020
Additional Covid-19 Restrictions: Fair Economic Support
"Much of the discussion in the past week has centred around support for packages in Greater Manchester, in Lancashire and in the wider Merseyside region—three areas that border my constituency. We sit, in Warrington South, at a tipping point, but still in tier 2.
It is a great shame that …..."Andy Carter - View Speech
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Speech in Commons Chamber - Thu 17 Sep 2020
Support for Self-employed and Freelance Workers
"I thank the Backbench Business Committee for securing this debate on an important topic. It is a topic that has featured frequently in my inbox and consistently at surgeries. I am sad that I follow my hon. Friend the Member for Buckingham (Greg Smith), because he has taken so many …..."Andy Carter - View Speech
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