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Written Question
Individual Savings Accounts
Wednesday 16th May 2018

Asked by: Chris Leslie (The Independent Group for Change - Nottingham East)

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what estimate his Department made of the number of people that would invest in a Lifetime ISA; how many people have invested in a Lifetime ISA; and if he will make an assessment of the potential merits of closing the Lifetime ISA to new entrants.

Answered by John Glen - Paymaster General and Minister for the Cabinet Office

The Lifetime ISA was introduced in 2017 to encourage younger people to get into the habit of saving for the long term. The Tax Information and Impact Note for the Lifetime LISA estimated over 200,000 accounts would be opened in the first year. Initial reports to HMRC for the 2017/18 tax year show approximately 170,000 accounts were opened. We expect the final figure for 2017/18 to change as a result of the receipt of late or amended returns from providers. The Government keeps all aspects of the tax system under review. Where appropriate, future changes may be made through the annual Budget process.


Written Question
Individual Savings Accounts
Wednesday 16th May 2018

Asked by: Chris Leslie (The Independent Group for Change - Nottingham East)

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, if he will make an assessment of the (a) cost to the public purse and (b) potential merits of the introduction of an ISA dashboard.

Answered by John Glen - Paymaster General and Minister for the Cabinet Office

The Government notes the Association of Accounting Technicians Individual Savings Account Working Group’s proposals regarding ISAs, including the introduction of an ISA dashboard. The Chancellor of the Exchequer keeps all tax policy under review and information provided to us is considered as part of this process.


Written Question
Brexit
Friday 1st December 2017

Asked by: Chris Leslie (The Independent Group for Change - Nottingham East)

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, when he plans to set before Parliament the itemised liabilities due for payment by the Government to the EU in respect of the forthcoming withdrawal agreement; and if he will make a statement.

Answered by Elizabeth Truss

The arrangements for exiting the European Union, including any financial settlement, are currently under negotiation. The Government’s broad position was set out by the Prime Minister in her speech in Florence: we do not want our European Partners to fear they will need to pay more or receive less over the remainder of the current budget plan as a result of our decision to leave, and the UK will honour commitments we have made during the period of our membership.

Ongoing discussions with the European Commission are focused on building a common technical understanding on every item in the financial settlement and we are making clear progress in this area.

I would direct The Honourable Gentlemen to the Treasury’s answer to his urgent Parliamentary Question on 29th November, where I confirmed the Government will update the house when there is more detail to give.


Written Question
Import Duties
Thursday 9th February 2017

Asked by: Chris Leslie (The Independent Group for Change - Nottingham East)

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what the top 20 categories as defined by HM Revenue and Customs (HMRC) were according to value of imports of goods imported into the UK in the most recent year for which records are available; and how much HMRC collected in gross customs duties in each of those categories.

Answered by Jane Ellison

The top 20 categories as defined by HM Revenue and Customs (HMRC), according to the value of imports into the UK and how much HMRC collected in gross customs duties in each of those categories, are set in the below table. This data covers the period from 1 December 2015 to 30 November 2016.

Rank

Tariff Chapter

Tariff Description

Customs Duty Paid

1

84

Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof

£150,361,671.11

2

87

Vehicles other than railway or tramway rolling stock, and parts and accessories thereof

£275,986,917.79

3

85

Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles

£221,484,925.55

4

61

Articles of apparel and clothing accessories, knitted or crocheted

£391,863,383.24

5

71

Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal and articles thereof; imitation jewellery; coins

£18,816,020.49

6

62

Articles of apparel and clothing accessories, not knitted or crocheted

£421,133,522.33

7

27

Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes

£2,027,350.73

8

88

Aircraft, spacecraft, and parts thereof

£6,550,507.58

9

97

Works of art, collectors' pieces and antiques

£160.60

10

73

Articles of iron or steel

£44,803,950.05

11

90

Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof

£46,001,258.87

12

64

Footwear, gaiters and the like; parts of such articles

£263,335,200.26

13

39

Plastics and articles thereof

£176,508,703.45

14

94

Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated nameplates and the like; prefabricated buildings

£51,244,638.13

15

95

Toys, games and sports requisites; parts and accessories thereof

£73,082,253.07

16

30

Pharmaceutical products

£0.00

17

82

Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal

£23,187,892.86

18

40

Rubber and articles thereof

£36,571,397.53

19

63

Other made-up textile articles; sets; worn clothing and worn textile articles; rags

£89,399,258.34

20

42

Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut)

£55,873,412.99


Written Question
Public Finance
Monday 9th January 2017

Asked by: Chris Leslie (The Independent Group for Change - Nottingham East)

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, when he plans to publish an estimate of the potential effect on the public finances of the UK's decision to leave the EU; and if he will make a statement.

Answered by David Gauke

The Government continues to undertake a range of analyses to inform the UK’s position for the upcoming EU exit negotiations. We are seeking the best possible arrangement for the United Kingdom and the work being conducted reflects this.


Written Question
Insurance: Competition
Thursday 1st December 2016

Asked by: Chris Leslie (The Independent Group for Change - Nottingham East)

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment he has made of the level of support the prudential regulatory regime provides to ensure the competitiveness of the UK insurance industry.

Answered by Simon Kirby

The UK insurance industry is the largest in Europe and the third largest in the world. The government is aware of the important contribution of insurance to the nation’s economy and is keen to ensure the industry remains competitive. The Prudential Regulation Authority (PRA) is the independent regulator for major insurance firms in the UK, with a general objective to promote the safety and soundness of the firms it regulates.

The government continues to improve competitiveness and encourage growth in the sector. For example, as announced in the Autumn Statement, the government is consulting on draft regulations which will introduce a competitive regulatory and tax regime for Insurance Linked Securities in the UK. The regulations are designed to allow the UK to compete in this innovative area and will enhance our position as a global insurance hub.


Written Question
Insurance: Competition
Wednesday 30th November 2016

Asked by: Chris Leslie (The Independent Group for Change - Nottingham East)

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what steps he is taking as part of the negotiations for the UK to leave the EU to improve the competitiveness of the UK insurance industry.

Answered by Simon Kirby

The UK insurance industry is the largest in Europe and the third largest in the world. The government is aware of the important contribution of insurance to the nation’s economy and it is also keen to ensure the industry remains competitive as the United Kingdom leaves the European Union. The steps we will take in the EU negotiations will be to achieve the best possible deal for the financial services sector as a whole.

In the meantime, the government continues to improve competitiveness and encourage growth in the sector. For example, as announced in the Autumn Statement, the government is consulting on draft regulations which will introduce a competitive regulatory and tax regime for Insurance Linked Securities in the UK. The regulations are designed to allow the UK to compete in this innovative area and will enhance our position as a global insurance hub.


Written Question
Banks: EU Action
Tuesday 29th November 2016

Asked by: Chris Leslie (The Independent Group for Change - Nottingham East)

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential effect of the recent EU Commission capital requirement directive proposal for foreign banks operating in the EU to set aside specific capital within EU intermediary holding companies on the long-term interests of the UK as a global financial centre; and if he will make a statement.

Answered by Simon Kirby

Following publication of the proposal on 23rd November, we are performing analysis to evaluate the impact of these rules. How much the proposals might affect individual EEA groups operating in the UK would depend on their particular group structure.

The rules are not final, but are the starting point for negotiations. The proposals will be taken forward in Council and the European Parliament, and the UK will continue to engage fully in that process, where we will robustly defend Britain’s interest.

The UK already requires that subsidiaries of large foreign financial firms in London are well capitalised, meeting local capital and liquidity requirements.


Written Question
Employee Ownership: Income Tax
Monday 11th April 2016

Asked by: Chris Leslie (The Independent Group for Change - Nottingham East)

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, with reference to Table 2.1 of the March Budget 2013, what his most recent estimate is of the effect of employee shareholder status income tax measures in 2015-16.

Answered by David Gauke

The most recent estimate of the Exchequer cost in 2015-16 of employee shareholder status from Income Tax and National Insurance Contribution relief is the figure published in Table 2.1 of the 2013 March Budget.


Written Question
Betting: Taxation
Monday 11th April 2016

Asked by: Chris Leslie (The Independent Group for Change - Nottingham East)

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 14 March 2016 to Question 30533, for what reasons a separate breakdown for revenue accrued from financial spread betting and other general betting duties is not available; and if he will make a statement.

Answered by Damian Hinds - Minister of State (Education)

Published information on General Betting Duty receipts is not split down into constituent types of bets (such as financial or other types of spread bets).