Asked by: Anne Main (Conservative - St Albans)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will suspend the 2019 Loan Charge while the review of that charge is ongoing.
Answered by Jesse Norman
The Government remains committed to tackling tax avoidance schemes, but it has listened to concerns about the impact of the Loan Charge on individuals. An independent review is under way to consider the appropriateness of the Loan Charge as a policy response, and its impact on individuals.
The reviewer, Sir Amyas Morse, has been asked to provide recommendations by mid-November so that any individuals affected can have certainty about their next steps in advance of the 31 January 2020 Self - Assessment deadline.
While the Review is under way, it is right that the Loan Charge remains in force, in line with current legislation.
HMRC has made clear it will consider all personal circumstances to agree a manageable and sustainable payment plan wherever possible and there is no maximum limit on how long a customer can be given to pay the charge.
Further information about the Review and guidance for affected taxpayers is available at www.gov.uk/government/publications/disguised-remuneration-independent-loan-charge-review.
Asked by: Anne Main (Conservative - St Albans)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what (a) financial and (b) other support her Department provides to pubs in high value property areas.
Answered by Jesse Norman
To provide support for pubs, the Government announced a freeze on beer duty at Budget 2018. The price of a typical pint of beer in 2019 will be 2p lower than it would have been had duty increased with inflation. Cuts and freezes to alcohol duty since 2013 have provided over £5.2 billion in support for the alcoholic drinks sector; revenues that would have otherwise gone to the Exchequer.
Many pubs are also benefitting from the business rates retail discount announced at Budget 2018, which is cutting bills by one third for two years. It is available to properties with a rateable value below £51,000, and is worth an estimated £1 billion to businesses. Up to 75% of pubs in England could be eligible for the discount, subject to state aid limits and eligibility for other reliefs.
Pubs are also benefitting from wider reforms and reductions to business rates. In total, since Budget 2016 the Government has announced measures which are saving businesses more than £13 billion over the next five years.
Asked by: Anne Main (Conservative - St Albans)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to increase the level of support it provides to the FinTech sector in the UK.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The UK has been independently ranked as the best place in the world to start and grow a Fintech firm, and the government is committed to maintaining the UK’s leading edge in the sector. That is why the government has delivered against all of the commitments made in the Fintech Sector Strategy, which was launched last year.
The government announced at Mansion House 2019 that HM Treasury would launch a review into the payments landscape, which looks to ensure that regulation and infrastructure is able to keep pace with new payments models. The government also announced that it would explore building on the success of Open Banking by developing an agenda for ‘Open Finance’, looking at ways to safely and securely share data across a wider range of financial services products. This will further revolutionise the sector and increase the ability of Fintech firms to compete with traditional financial services firms.
Asked by: Anne Main (Conservative - St Albans)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if his Department will make an estimate of the potential costs of the UK's contributions to the EU budget in the event that the UK remains in the EU for a period of two years.
Answered by Elizabeth Truss
The Government will bring forward proposals for a third meaningful vote as soon as possible and, if it is passed, an extension to 22 May will provide the time to pass the necessary legislation. If Parliament does not agree a deal this week, the EU has agreed to extend Article 50 until 12 April.
If Article 50 were to be extended for two years, as an EU Member State we would continue to have rights and obligations until exit.
Asked by: Anne Main (Conservative - St Albans)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent discussions the Government has had with (a) peer-to-peer lenders and (b) other organisations in the fintech sector on proposals for regulation of the sector in the Financial Conduct Authority's July 2018 CP18/20 consultation paper.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government has regular conversations with the Financial Conduct Authority (FCA), the peer-to-peer (P2P) lending sector and other Fintech organisations on a range of topics, including the FCA’s proposed new rules for P2P lending.
The Government has implemented a proportionate, principles based regime for P2P lending that balances the need for consumer protection with allowing the sector to grow and evolve. As the FCA’s CP18/20 makes clear, P2P lending is an increasingly important source of finance for small businesses, and the Government remains supportive of the industry. As the independent conduct regulator for the financial services industry, the FCA is best placed to set the appropriate regulatory requirements for P2P lending.
The UK has been independently ranked by EY and Deloitte as the world’s leading hub for Fintech – the best place in the world to start and grow a Fintech firm. The Government is committed to ensuring that it remains the best place in the world for Fintech, and has set out how it intends to do that in the ambitious Fintech Sector Strategy, launched in March 2018.
Asked by: Anne Main (Conservative - St Albans)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential effect on the international competitiveness of the UK's fintech sector of the Financial Conduct Authority's proposals for regulation of the peer-to-peer lending sector in its July 2018 CP18/20 consultation paper.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government has regular conversations with the Financial Conduct Authority (FCA), the peer-to-peer (P2P) lending sector and other Fintech organisations on a range of topics, including the FCA’s proposed new rules for P2P lending.
The Government has implemented a proportionate, principles based regime for P2P lending that balances the need for consumer protection with allowing the sector to grow and evolve. As the FCA’s CP18/20 makes clear, P2P lending is an increasingly important source of finance for small businesses, and the Government remains supportive of the industry. As the independent conduct regulator for the financial services industry, the FCA is best placed to set the appropriate regulatory requirements for P2P lending.
The UK has been independently ranked by EY and Deloitte as the world’s leading hub for Fintech – the best place in the world to start and grow a Fintech firm. The Government is committed to ensuring that it remains the best place in the world for Fintech, and has set out how it intends to do that in the ambitious Fintech Sector Strategy, launched in March 2018.