Asked by: Craig Mackinlay (Conservative - South Thanet)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will make it his policy to suspend penalties for tax credit over-payments arising from the high income child benefit tax charge for PAYE taxpayers and apply the suspended penalty provisions of Paragraph 14, Schedule 24, of the Finance Act 2007 to any outstanding penalties.
Answered by Elizabeth Truss
The High Income Child Benefit Charge (HICBC) was introduced to ensure that support is targeted at those who need it most. It applies to anyone with an income over £50,000 who claims Child Benefit, or whose partner claims Child Benefit. The tax charge increases gradually for taxpayers with incomes between £50,000 and £60,000.
Those who continue to receive Child Benefit must register for Self Assessment to declare their Child Benefit payments and pay the tax charge through their tax return. HM Revenue and Customs encourages individuals to contact it straightaway to pay the tax charge and the vast majority do so.
Failure to notify penalties are chargeable where an individual does not register for Self Assessment by 5 October following the tax year when the tax charge becomes due. Penalties are only charged if the tax due is not paid in full by the following 31 January. These penalties are statutory and are charged unless the individual has a reasonable excuse given their individual circumstances.
Asked by: Craig Mackinlay (Conservative - South Thanet)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether his Department plans to commission a commemorative 50p coin to mark the UK leaving the EU on 29 March 2019.
Answered by Robert Jenrick
The independent Royal Mint Advisory Committee on the Design of Coins, Medals, Seals and Decorations (RMAC), established in 1922, is the body responsible for the development of the nation’s coin themes and designs. Themes and designs are selected by this body to commemorate a selection of significant anniversaries and events relating to the United Kingdom.
The Government has passed the suggestion of commemorating the UK leaving the EU on a coin to the Committee for consideration.
Asked by: Craig Mackinlay (Conservative - South Thanet)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, with reference to the oral contribution of the Economic Secretary to the Treasury of 19 October 2016 sale of annuities Official Report, column 812, what the timetable is for his Department to publish plans to support pensioners on low incomes with annuities.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
In October 2016, the Government announced that it would not continue with proposals to create a secondary market in annuities. The conditions required for a competitive market could not be balanced with sufficient consumer protections and it would not have been appropriate to allow a market to develop which would have produced poor outcomes for consumers.
The Government is committed to ensuring that older people are able to live with the dignity and respect they deserve and the State Pension is the foundation of state support for older people, with a full new State Pension now worth £164.35 per week. In addition, the Government provides Pension Credit which targets help towards the poorest pensioners who for whatever reason have been unable to provide for their retirement.
The Government also provides bus passes for free travel once an individual reaches the female State Pension age and Winter Fuel Payments to help with heating costs during the winter.