Asked by: David Mundell (Conservative - Dumfriesshire, Clydesdale and Tweeddale)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what plans he has to ensure that the (a) Financial Conduct Authority (FCA) and (b) Financial Services Compensation Scheme (FSCS) (i) make consumers aware of FCA Comp rule 7.4.1, (ii) do not financially disadvantage consumers by not disclosing that rule and (iii) compensate consumers in the event that they are financially disadvantaged as a result of not disclosing that rule.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Financial Services Compensation Scheme (FSCS) seeks to recover some or all of the cost of compensation from financial firms that have failed. This benefits both the levy payers that fund the FSCS, and claimants who have been already been paid compensation by the FSCS but still have uncompensated losses. Since the start of the 2015-16 financial year, the FSCS has recovered more than £280mn from failed firms.
The Financial Conduct Authority’s (FCA) Compensation Manual, which sets out the rules regarding the FSCS’s duty to seek recoveries, is published and accessible to consumers on the FCA’s website. The FSCS also publishes information for consumers about its approach to recoveries on its website.
Asked by: David Mundell (Conservative - Dumfriesshire, Clydesdale and Tweeddale)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what plans he has to extend the tax return deadline to support (a) SMEs and (b) small accountancy practices during the January 2021 covid-19 lockdown period.
Answered by Jesse Norman
The Government has carefully considered the arguments for extending the Self-Assessment filing date from 31 January but presently has no plans to extend that deadline.
The Government encourages as many people as possible to file on time even if they cannot pay their tax straight away. Only by filing a Self-Assessment return will taxpayers and their agents be able to determine the tax due for 2019/20 and the amount of any payments on account for 2020/21.
The Government recognises that some taxpayers will have difficulty submitting their Self-Assessment return due to the impact that COVID-19 has had on their personal or business circumstances.
HMRC do not charge penalties for failure to submit a return on time where taxpayers have a reasonable excuse. HMRC’s guidance explains that they will accept the impact of COVID-19 as a reasonable excuse for submitting a return late, provided that taxpayers explain how they were affected and submit the return as soon as they can. More information is available in the HMRC online guidance covering the reasonable excuse provisions.
Asked by: David Mundell (Conservative - Dumfriesshire, Clydesdale and Tweeddale)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what progress HMRC has made on its assessment of Hill Top Leaf Ltd's application to the Enterprise Investment Scheme.
Answered by Jesse Norman
HMRC do not disclose information about individual taxpayers.