Asked by: Bob Blackman (Conservative - Harrow East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many companies make use of the Section 317 exemption of the Income Tax (Earnings and Pensions) Act 2003.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
This information is not collected as the provision of these benefits are not subject to Income Tax or National Insurance contributions, therefore there is nothing for employers to report to HM Revenue & Customs.
Asked by: Bob Blackman (Conservative - Harrow East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many tax-free sales were made where the goods were delivered straight to an address outside the UK in Great Britain in 2022.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
Goods exported from the UK can be zero rated for VAT purposes provided export conditions are met, although local taxes and duties remain due upon import into the destination country. UK VAT registered exporters are required to account for this in their VAT records and retain evidence to prove the goods have left the UK to support the zero-rating. However, the reporting requirements are such that HMRC does not hold the specific information requested.
Asked by: Bob Blackman (Conservative - Harrow East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to his Department's Tourism Recovery Plan: Update on Delivery, published in March 2023, what assessment he has made of the impact of the removal of the VAT-free shopping scheme on businesses.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
The Government engaged with varied stakeholders and produced analysis on the cost of VAT-free shopping before withdrawing the previous scheme.
Our analysis, which took increased tourist spending into account, found that introducing worldwide VAT-free shopping would come at a fiscal cost of £2 billion each year.
Furthermore, the OBR’s assessment of the previous VAT-free shopping scheme showed that its withdrawal would have a limited behavioural effect on decisions to visit, or spend, in the UK.
Asked by: Bob Blackman (Conservative - Harrow East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of exempting operators of Integrated Retirement Communities from liability for Stamp Duty Land Tax when buying back leases as part of the sale of a units to a new resident.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
The Government has recently been made aware of this proposal for a Stamp Duty Land Tax relief. All taxes are kept under review.
Asked by: Bob Blackman (Conservative - Harrow East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to improve the regulatory framework for the financial services sector.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The Financial Services and Markets Bill seizes the opportunities of Brexit, tailoring financial services regulation to UK markets to bolster our competitiveness and deliver better outcomes for consumers and businesses.
The Bill implements the outcomes of the Future Regulatory Framework Review, revoking retained EU law, so it can be replaced with an approach designed for the UK.
The Bill introduces secondary growth and competitiveness objectives and measures to ensure clear accountability, appropriate democratic input, and transparent oversight of the regulators.
Asked by: Bob Blackman (Conservative - Harrow East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to ensure that algorithms used in the insurance markets do not lead to racial discrimination in pricing.
Answered by John Glen
Insurers are required to abide by the Equality Act (2010) and are not allowed to use ethnicity as a risk factor when determining the price of insurance.
The recent Citizens Advice report highlights an important point that there is the risk of discrimination in pricing in the insurance market and this matter should be looked into further.
Insurers must treat customers fairly and firms are required to do so under the Financial Conduct Authority’s (FCA) rules. The FCA is an independent non-governmental body responsible for regulating and supervising the financial services industry, including insurers.
The Government is keen to ensure that all consumers have access to a range of financial products that suits their needs and is keeping this situation under review.
Asked by: Bob Blackman (Conservative - Harrow East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to ensure that (a) car insurance firms are abiding by the Equality Act 2010 and (b) no one is paying more for car insurance due to protected characteristics.
Answered by John Glen
Insurers are required to abide by the Equality Act (2010) and are not allowed to use ethnicity as a risk factor when determining the price of insurance.
The recent Citizens Advice report highlights an important point that there is the risk of discrimination in pricing in the insurance market and this matter should be looked into further.
Insurers must treat customers fairly and firms are required to do so under the Financial Conduct Authority’s (FCA) rules. The FCA is an independent non-governmental body responsible for regulating and supervising the financial services industry, including insurers.
The Government is keen to ensure that all consumers have access to a range of financial products that suits their needs and is keeping this situation under review.
Asked by: Bob Blackman (Conservative - Harrow East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will ensure that Equitable Life policyholders who invested in regulated products will be entitled to similar levels of compensation to those who invested in unregulated mini-bonds marketed by London Capital and Finance.
Answered by John Glen
The schemes are not comparable as there are important differences between the situations at Equitable Life and London Capital Finance. The Government compensation schemes in each case sought to achieve a fair outcome for investors and taxpayers based on the particular circumstances surrounding each firm.