Asked by: Ian Liddell-Grainger (Conservative - Bridgwater and West Somerset)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the steps he plans to take following the publication of the responses to the call for evidence on the consultation on VAT reform in the sharing economy.
Answered by Jesse Norman
The Government is continuing to evaluate the potential VAT challenges created by the growth of the sharing economy and remains committed to continuing engagement with all interested stakeholders.
In accordance with the Government’s tax policy making process, it will provide updates on this work in due course and will consult widely on any proposed policy changes.
Asked by: Ian Liddell-Grainger (Conservative - Bridgwater and West Somerset)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of UK investor concerns on conditions for investing in or providing financial services to Brazil as a result of the increasing deforestation in the Amazon.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government acknowledges reports of continued high rates of deforestation in the Amazon and understands that this may create concerns for UK investors. Many UK financial services firms are increasingly cognizant of the environmental impact of their activities, and the demand for investment products that avoid environmentally damaging activities such as deforestation is growing. The Government is committed to ensuring that UK investors have the tools, frameworks, and information necessary to make informed decisions about the sustainability of their investments.
In his July 2021 Mansion House speech, the Chancellor announced plans to introduce economy-wide Sustainability Disclosure Requirements for businesses and investment products to report on their impact on climate and the environment – and the risks and opportunities these pose to their business. This builds on and streamlines existing sustainability reporting requirements such as our commitment to fully mandatory economy-wide TCFD reporting, where the UK is already a world-leader. It will also include disclosures made under the UK green taxonomy, which will provide firms and investors a common definition for environmentally sustainable economic activities.
Furthermore, the Government will also work with the Financial Conduct Authority to create a new sustainable investment label so that consumers can clearly compare the environmental impacts of their investments for the first time.
More broadly, the UK is working to promote increased sustainability through the global financial system ahead of COP26 and beyond. For instance, the Government is encouraging global financial firms, including in Brazil, to commit to net zero through membership of the Glasgow Financial Alliance for Net Zero (GFANZ).
Lastly, the UK continues to encourage other governments to raise capital specifically to finance projects that tackle climate change and other environmental challenges. For instance, Mexico and Chile have issued several green and sustainable on the London Stock Exchange in recent years.
Asked by: Ian Liddell-Grainger (Conservative - Bridgwater and West Somerset)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent discussions he has had with HMRC on the potential merits of introducing a six-month period of grace after April 2020 to ensure the effective implementation of the IR35 reforms; and if he will make a statement.
Answered by Jesse Norman
On 17 March 2020, the Government announced that the reform to the off-payroll working rules that would have applied for people contracting their services to large or medium-sized organisations outside the public sector will be delayed for one year from 6 April 2020 until 6 April 2021.
This is part of additional support for businesses and individuals to deal with the economic impacts of Covid-19.
This announcement is a deferral of the introduction of the reforms, not a cancellation. The Government remains committed to introducing this policy to ensure that people working like employees, but through their own limited company, pay broadly the same tax as individuals who are employed directly.
Asked by: Ian Liddell-Grainger (Conservative - Bridgwater and West Somerset)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has received representations from Exmoor National Park for additional funding to expand the National Park beyond it present boundaries.
Answered by Elizabeth Truss
National Parks represent some of England’s most important landscapes, protecting their exceptional natural beauty and cultural heritage. In 2017/18 they received a total grant allocation of more than £47 million, with Exmoor National Park in receipt of more than £3 million. Officials have searched HM Treasury’s records and advise that HM Treasury has not received representations from Exmoor National Park for additional funding to expand its present boundaries.