Asked by: Blair McDougall (Labour - East Renfrewshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what information her Department holds on the amount of interest that has been raised from the Chelsea Football Club Fund for Ukraine since February 2022.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, is the authority for the implementation of financial sanctions in the UK.
An asset freeze does not involve a change in ownership of the frozen funds or economic resources, nor are they transferred to HM Treasury. The proceeds from the sale of Chelsea FC are therefore not held by the UK Government. They are currently frozen in a UK bank account after OFSI issued a licence to permit the sale of the football club.
Any interest accrued on these assets is subject to the asset freeze, to be frozen immediately by the person in possession or control of them.
In the latest Annual Review published in December 2023, OFSI announced that £22.7 billion in Russian Assets has been reported as frozen as of October 2023. This figure is provided in aggregate so as not to disclose the value of any funds held by particular designated persons and is a cumulative total of assets reported.
Asked by: Blair McDougall (Labour - East Renfrewshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she had discussions with her Chinese counterpart on the recent arrest of AstraZeneca's China executives as part of the UK-China Economic and Financial Dialogue.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
This government will continue to support the certainty and stability businesses need to invest in the high growth sectors that will drive our growth mission. At the UK-China Economic and Financial Dialogue, the Chancellor of the Exchequer was clear on the importance of open and candid conversation and secured China's agreement on the importance of a fair, open and non-discriminatory business environment.
Asked by: Blair McDougall (Labour - East Renfrewshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she plans to make representations to her Chinese counterpart at the UK-China Pensions Symposium on unfreezing the mandatory provident fund savings of Hong Kongers who have moved to the UK under the British National (Overseas) visa scheme.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
This government is deeply committed to supporting members of the Hong Kong community who have relocated to the UK. We are aware that individuals who have chosen to take up the British National (Overseas) route are having difficulties accessing their Mandatory Provident Fund.
As documentary requirements for withdrawing funds are a matter for the Hong Kong authorities, officials have raised this issue directly with the Hong Kong Special Administrative Region Government and the Hong Kong MPF Schemes Authority. We have urged them to facilitate early draw down of funds as is the case for other Hong Kong residents who move overseas permanently and have made clear such discrimination of BN(O)s is unacceptable.
We will continue to raise the issue with the relevant authorities and work towards a solution.
Asked by: Blair McDougall (Labour - East Renfrewshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what information her Department holds on the number of UK companies that have jointly listed on the (a) Shanghai and (b) Shenzhen stock exchange since 2019.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
Launched in 2019, the UK and China launched the London-Shanghai Stock Connect which allows Chinese companies listed on the Shanghai Stock Exchange to issue depository receipts (DRs) in the UK, and for UK-listed companies to do the same in China. In 2023, the scheme was extended with the launch of London-Shenzhen Stock Connect.
Since 2019, six Chinese companies have issued DRs in the UK via Stock Connect. To date, no UK companies have issued DRs in China.
Asked by: Blair McDougall (Labour - East Renfrewshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will issue guidance to (a) HSBC and (b) Standard Chartered on the validity of British National (Overseas) passports for Hong Kongers to use to secure early withdrawals of their Mandatory Provident Fund savings after permanently leaving Hong Kong.
Answered by Tulip Siddiq
This government is deeply committed to supporting members of the Hong Kong community who have relocated to the UK. We are aware that individuals who have chosen to take up the British National (Overseas) route are having difficulties accessing their Mandatory Provident Fund from Hong Kong.
Whilst documentary requirements for withdrawing funds are a matter for the Hong Kong authorities, officials have raised this issue directly with the Hong Kong Special Administrative Region Government and the Hong Kong MPF Schemes Authority. We have urged them to facilitate early draw down of funds as is the case for other Hong Kong residents who move overseas permanently and have made clear such discrimination of BN(O)s is unacceptable.
Asked by: Blair McDougall (Labour - East Renfrewshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of amending paragraph 1(b) of Schedule 29 to the Finance Act 2004 to ensure that people with enhanced protection are not limited in the amount of pension commencement lump sum they can obtain.
Answered by Tulip Siddiq
Paragraph 1(b) of Schedule 29 to the Finance Act 2004 provides for a pension commencement lump sum where all or part of a member’s lump sum allowance, and all or part of their lump sum and death benefit allowance, is available.
Those with enhanced protection against pension tax charges are entitled to the same amount of pension commencement lump sum they would have expected to receive prior to 6 April 2023. This enables them to receive up to £375,000 if they have sufficient available lump sum allowance.
The government has no plans to enable those with enhanced protection, or any other protection, to access additional tax-free lump sums where they have already taken the maximum amount. This maintains members’ expectations in respect of their tax-free lump sums.
Asked by: Blair McDougall (Labour - East Renfrewshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what progress she has made on establishing an (a) independent and (b) wide-ranging review into the loan charge.
Answered by James Murray - Chief Secretary to the Treasury
The Chancellor and I know the loan charge is a very important one for many members and their constituents. We have been considering this matter since taking office and will provide an update in due course.