Asked by: Henry Smith (Conservative - Crawley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will review the exclusion of nuclear energy from the Green Financing Framework with respect to the (a) inclusion in the International Capital Markets Association Green Bonds Principles of nuclear energy and (b) exclusion of nuclear energy from the Government’s Green Financing Framework which has been developed in accordance with the former principles.
Answered by John Glen
The government recognises that reaching net zero emissions by 2050 will require power to be generated from low carbon sources. As set out in the Government’s Energy White Paper last autumn, nuclear power will play an important role in achieving net zero.
Nuclear energy is excluded from the UK Government Green Financing Framework, which is in line with current international market standards for sovereign green bonds. The Green Bond Principles published by the International Capital Market Association do not address the question of nuclear energy. All other major sovereigns have explicitly excluded nuclear energy in their green bond frameworks.
The Government is developing a UK green taxonomy, which will create a shared understanding of which economic activities count as environmentally sustainable and will establish an Energy Working Group to provide expert advice on the treatment of energy in the taxonomy, including nuclear power.
We will review the framework on a regular basis with the aim of adhering to best practices in the market.
Asked by: Henry Smith (Conservative - Crawley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will extend the Coronavirus Job Retention Scheme for those employees with blood cancer whose work makes it difficult for reasonable covid-19 adjustments to be implemented.
Answered by Jesse Norman - Shadow Leader of the House of Commons
The Coronavirus Job Retention Scheme (CJRS) is available to all employers and employees providing they meet the eligibility criteria. This includes Clinically Extremely Vulnerable (CEV) individuals; such as those with cancers of the blood.
Shielding advice was paused on 1 April, and the Government is now advising clinically extremely vulnerable people generally to follow the same guidance as everyone else, taking appropriate precautions to keep themselves safe. The Health and Safety Executive has also published resources to support employers and CEV employees, which can be found on its website.
CEV individuals should also talk to their employer to discuss and agree options in relation to work, for example the ability to work from home, or returning to the workplace in a different role if their previous position cannot be fulfilled in a Covid-secure manner.
Closing the CJRS at the end of September is designed to strike a balance between supporting the economy as it opens up, continuing to provide support and protect incomes, and ensuring incentives are in place to get people back to work as demand returns.
Asked by: Henry Smith (Conservative - Crawley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what his most recent estimate is of the number of people subject to Loan Charge repayments who have been made bankrupt.
Answered by Jesse Norman - Shadow Leader of the House of Commons
No estimate can be provided for the number of people who have fallen into debt, or who have been declared bankrupt, and are subject to the loan charge.
Where debts arise, HMRC are not always the only creditor. Some individuals may fall into debt or are declared bankrupt as a result of a non-HMRC debt and some individuals may choose to enter insolvency themselves based on their overall financial position.
HMRC only ever consider insolvency as a last resort and they encourage taxpayers to get in contact to agree the best way to settle their tax debts. Anyone who is worried about being able to pay what they owe is encouraged to get in touch with HMRC as soon as possible on 0300 322 9494. Where a taxpayer is unable to pay their debt in full HMRC will work with them to agree an instalment arrangement based on their individual financial circumstances, and there is no maximum length.
Asked by: Henry Smith (Conservative - Crawley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent discussions he has had with Cabinet colleagues on compensation and support for those affected by the Equitable Life scandal.
Answered by John Glen
The Equitable Life Payment Scheme closed to claims in 2015 and there are no plans to reopen the Payment Scheme or review the £1.5 billion funding allocation previously made to it. Further guidance on the status of the Payment Scheme after closure is available at: www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.
Asked by: Henry Smith (Conservative - Crawley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department plans to include wholesalers in the guidance for local authorities on the administration of the new Business Rates Relief Fund.
Answered by Jesse Norman - Shadow Leader of the House of Commons
The Government has announced a £1.5 billion pot of additional business rates relief for businesses affected by the COVID-19 pandemic that have not otherwise been eligible for existing reliefs. The statement by the Minister of State for Regional Growth and Local Government of 25 March 2021 explained the relief will be allocated to local authorities based on the stock of properties in the area and the sector-specific economic impacts of COVID-19.
Formal guidance will follow in due course, setting out the specific considerations that Local Authorities (LAs) should have regard for when providing relief. Relief will be for LAs to award on a discretionary basis. Funding will be available once the legislation relating to material change in circumstance provisions has passed and LAs have established their own local relief schemes. The Government will support LAs to do this as quickly as possible, including through new burdens funding.
Asked by: Henry Smith (Conservative - Crawley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will review self-certification tax declaration rules which currently prevent small company directors being able to access covid-19 support packages.
Answered by Jesse Norman - Shadow Leader of the House of Commons
Company directors who are also owner managers can earn a salary and receive shareholder dividends from their company as part of their total remuneration package. Company directors who pay themselves a salary through PAYE are eligible for the Coronavirus Job Retention Scheme (CJRS), but neither the CJRS nor the Self-Employment Income Support Scheme (SEISS) cover dividends or other investment income.
The SEISS relies on the information provided through tax returns to determine eligibility for the scheme and to calculate the grant amount. These returns are also used to protect the scheme from abuse by organised crime groups and fraudulent operators; when an individual applies to the SEISS, HMRC can cross-check the person’s SEISS application against their tax returns.
It is not possible under current reporting mechanisms for HMRC to distinguish between dividends paid in lieu of employment income and those paid as returns on investment in the company. The Government has considered proposals under which company directors would be allowed to self-certify how much of their dividends are in lieu of salary, and then claim SEISS based on that self-certification. However, it is clear that this would open up the scheme to an unacceptable risk of opportunistic fraud and criminal activity.
Those not eligible for the CJRS and SEISS may still be eligible for other elements of the support available. The Universal Credit standard allowance has been temporarily increased for 2020-21 and the Minimum Income Floor relaxed for the duration of the crisis, so that where self-employed claimants' earnings have fallen significantly, their Universal Credit award will have increased to reflect their lower earnings. In addition to this, they may also have access to other elements of the package, including Bounce Back loans, tax deferrals, rental support, mortgage holidays, self-isolation support payments and other business support grants.
Asked by: Henry Smith (Conservative - Crawley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will review ease of access arrangements to Child Trust Fund accounts for 18 year olds with learning disabilities.
Answered by John Glen
All 18 year olds can access the funds from a Child Trust Fund as they would any other account, whether or not they have learning disabilities.
Where the young adult does not have the mental capacity to provide instructions to the account manager, the Mental Capacity Act 2005 and its equivalents in Scotland and Northern Ireland makes provision for another person to provide instructions on their behalf.
A cross-government working group comprising representatives from MOJ, HMT, HMRC and DWP has been established to look at the issues raised in relation to accessing matured Child Trust Funds (CTFs) in the light of the Mental Capacity Act.
Asked by: Henry Smith (Conservative - Crawley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will reintroduce the Job Retention Bonus at an increased rate of £6,000 per employee retained in the business who have either been fully or part-time furloughed.
Answered by Jesse Norman - Shadow Leader of the House of Commons
The objective of the Job Retention Bonus (JRB) was to incentivise employers to retain employees between November, when the Coronavirus Job Retention Scheme (CJRS) was due to end, and the end of January through a £1,000 bonus paid to the employer. However, the subsequent extension of the CJRS allowed employers to retain their staff during that period by covering 80% of furloughed employees’ wages. Given this extension to the end of April, the policy intent of the JRB falls away.
The Government remains committed to deploying a retention incentive set at a suitable level, at the appropriate time.
Asked by: Henry Smith (Conservative - Crawley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will extend the Coronavirus Job Retention Scheme until end of July 2021 for aviation sector employees.
Answered by Jesse Norman - Shadow Leader of the House of Commons
The Government will set out the next phase of the plan to tackle the virus and protect jobs at Budget 2021.