Asked by: Greg Knight (Conservative - East Yorkshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what recent assessment his Department has made of the level of unauthorised overdraft fees charged by banks in the UK.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
The Government has not made an assessment of the level of unauthorised overdraft fees charged by banks in the United Kingdom.
In November 2011, the Government announced an agreement with the major current account providers to enable customers to control their account and to take action to avoid unarranged overdraft charges.
The Office of Fair Trading found in January 2013 that there had been a significant reduction in bank fees and charges since their 2008 market study, and estimated that there had been an annual saving of £928million for consumers as a result.
On 6 November 2014, the Competition and Markets Authority (CMA) announced its decision to launch an in-depth market investigation into the supply of retail banking services to personal current account customers and to small and medium-sized enterprises in the UK. The CMA have indicated that they will obtain information and analyse the level of transparency in relation to pricing including on penalty charges, quality and service across banks.
Asked by: Greg Knight (Conservative - East Yorkshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate he has made of the amount that will be saved by the non-issuing of vehicle excise discs.
Answered by Priti Patel
It has been a long standing feature that Vehicle Excise Duty licences are issued from the first day of each month. Licensing on a date other than the first of the month would add administrative complexity and cost to the tax system.
As a consequence of the abolition of the tax disc, from 1 October 2014 there will be around 2.5 million motorists that will now receive automatic refunds upon selling their vehicle that would not have done so previously. The Tax Information and Impact Note published on 10 December 2013 estimated that the abolition of the tax disc would have no Exchequer revenue impact. We expect the revenue impact of the introduction of automatic refunds and the non-transferability of the vehicle licence to cancel each other out.
The administrative cost savings from the abolition of the tax disc are estimated to be £13.8m per year as set out in the Impact Assessment published by the Driver and Vehicle Licensing Agency (DVLA) on 8 September 2014. These savings reflect the costs associated with producing, issuing and posting the tax disc.
Asked by: Greg Knight (Conservative - East Yorkshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, for what reason it is his Department's policy to collect vehicle excise duty from both the vendor and the purchaser of a motor vehicle for the full month in which that motor vehicle is sold.
Answered by Priti Patel
It has been a long standing feature that Vehicle Excise Duty licences are issued from the first day of each month. Licensing on a date other than the first of the month would add administrative complexity and cost to the tax system.
As a consequence of the abolition of the tax disc, from 1 October 2014 there will be around 2.5 million motorists that will now receive automatic refunds upon selling their vehicle that would not have done so previously. The Tax Information and Impact Note published on 10 December 2013 estimated that the abolition of the tax disc would have no Exchequer revenue impact. We expect the revenue impact of the introduction of automatic refunds and the non-transferability of the vehicle licence to cancel each other out.
The administrative cost savings from the abolition of the tax disc are estimated to be £13.8m per year as set out in the Impact Assessment published by the Driver and Vehicle Licensing Agency (DVLA) on 8 September 2014. These savings reflect the costs associated with producing, issuing and posting the tax disc.
Asked by: Greg Knight (Conservative - East Yorkshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate he has made of the amount of additional revenue will be raised by the recent change to the law that results in both the vendor and the purchaser of a motor vehicle paying vehicle excise duty on that vehicle for the whole month in which it is sold.
Answered by Priti Patel
It has been a long standing feature that Vehicle Excise Duty licences are issued from the first day of each month. Licensing on a date other than the first of the month would add administrative complexity and cost to the tax system.
As a consequence of the abolition of the tax disc, from 1 October 2014 there will be around 2.5 million motorists that will now receive automatic refunds upon selling their vehicle that would not have done so previously. The Tax Information and Impact Note published on 10 December 2013 estimated that the abolition of the tax disc would have no Exchequer revenue impact. We expect the revenue impact of the introduction of automatic refunds and the non-transferability of the vehicle licence to cancel each other out.
The administrative cost savings from the abolition of the tax disc are estimated to be £13.8m per year as set out in the Impact Assessment published by the Driver and Vehicle Licensing Agency (DVLA) on 8 September 2014. These savings reflect the costs associated with producing, issuing and posting the tax disc.
Asked by: Greg Knight (Conservative - East Yorkshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what recent representations he has received from the tourism industry on the level of VAT applicable to leisure attractions in the UK; and if he will make a statement.
Answered by David Gauke
The Government has received a number of representations enclosing documents relating to the ‘Cut Tourism VAT’ campaign, which seeks a reduced rate of VAT for accommodation and attractions.
I refer the Rt Hon gentleman to my comments during the Westminster Hall debate on 11th February 2014.
Asked by: Greg Knight (Conservative - East Yorkshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many people in (a) the UK and (b) East Yorkshire constituency no longer pay income tax as a result of changes in the personal income tax threshold introduced since 2010.
Answered by David Gauke
By April this year this Government's increases in the personal allowance (for those born after 5 April 1948) are estimated to have taken over 3 million individuals out of the income tax system altogether. 266,000 of these individuals live in the Yorkshire and The Humber region, which includes the Parliamentary Constituency of East Yorkshire.
These estimates are based on the 2011-12 Survey of Personal Incomes, projected to 2014-15 using economic assumptions consistent with the Office for Budget Responsibility's March 2014 economic and fiscal outlook.
HM Treasury does not publish this information at constituency level.