Asked by: Austin Mitchell (Labour - Great Grimsby)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what the derivatives exposure is of each bank regulated by the UK authorities.
Answered by Andrea Leadsom
HM Treasury does not preserve specific information relating to the value, maturity or exposure of derivatives. Aggregate data on the derivative positions of UK banks is collected every quarter and made publicly available online by the Bank of England. The specific balance sheet position on derivatives for each bank will be published regularly in their annual report to shareholders.
Asked by: Austin Mitchell (Labour - Great Grimsby)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many companies have applied the lower rate of corporation tax associated with patent box legislation.
Answered by David Gauke
The patent box was introduced in April 2013 and companies have up to two years from the end of their accounting period to elect into the regime. The first complete set of data will therefore not be available before end April 2016.
Asked by: Austin Mitchell (Labour - Great Grimsby)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what the value of tax reductions for companies under the patent box legislation has been since April 2013.
Answered by David Gauke
The patent box was introduced in April 2013 and companies have up to two years from the end of their accounting period to elect into the regime. The first complete set of data will therefore not be available before end April 2016.
Asked by: Austin Mitchell (Labour - Great Grimsby)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what the capital value is of each PFI contract formed since the inception of that policy; and what amount the Government is contracted to repay in each such case.
Answered by Danny Alexander
A spreadsheet containing data on all operational PFI projects can be found on the following link, www.gov.uk/government/publications/private-finance-initiative-projects-2014-summary-data.
Asked by: Austin Mitchell (Labour - Great Grimsby)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what representations he plans to make to the President of the EU Commission on tax deals given by Luxemburg to corporations trading in the UK.
Answered by David Gauke
The Government does not comment on the tax decisions of other Member States. There are, however, regular discussions of international tax issues in the ECOFIN Council, in the OECD and in other international fora including the G20. The UK is playing a leading role in reform of the international tax rules to ensure that companies pay the taxes they owe.
Asked by: Austin Mitchell (Labour - Great Grimsby)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what information his Department holds for comparative purposes on VAT taxes and rates on (a) books and (b) eBooks in other EU countries.
Answered by David Gauke
E-books supplied from a business in Luxembourg to a consumer in the UK are currently subject to a 3% rate of VAT in Luxembourg. E- books supplied by a UK VAT registered business are subject to UK VAT at 20%. From 1 January 2015 UK VAT of 20% will apply to both.
The European Commission publishes a summary of the VAT rates that apply in all Member States including those applicable to books and e-books. This is available on the Commission’s website at: http://ec.europa.eu/taxation_customs/resources/documents/taxation/vat/how_vat_works/rates/vat_rates_en.pdf
Asked by: Austin Mitchell (Labour - Great Grimsby)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what rate of VAT is payable on eBooks (a) supplied by Amazon from Luxembourg and (b) supplied in the UK.
Answered by David Gauke
E-books supplied from a business in Luxembourg to a consumer in the UK are currently subject to a 3% rate of VAT in Luxembourg. E- books supplied by a UK VAT registered business are subject to UK VAT at 20%. From 1 January 2015 UK VAT of 20% will apply to both.
The European Commission publishes a summary of the VAT rates that apply in all Member States including those applicable to books and e-books. This is available on the Commission’s website at: http://ec.europa.eu/taxation_customs/resources/documents/taxation/vat/how_vat_works/rates/vat_rates_en.pdf
Asked by: Austin Mitchell (Labour - Great Grimsby)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will make it his policy to require that multinational corporations produce a breakdown of their profits earned in the UK and to report all payments of royalties, interest on borrowing and transfer pricing to other tax areas.
Answered by David Gauke
At the Autumn Statement the Chancellor announced that the UK will introduce legislation to implement the G20-OECD agreed model for country-by-country reporting, which requires multinational companies to provide tax authorities with high level information on profit, corporation tax paid and certain indicators of economic activity for risk assessment.
Draft legislation for Finance Bill 2015 was published on 10 December 2014 together with a Tax Information and Impact Note and an Explanatory Note.