Asked by: John Healey (Labour - Rawmarsh and Conisbrough)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what the projected annual cost is of bonuses due to holders of Help-to-Buy and Lifetime ISAs for each financial year from 2017-18 onwards.
Answered by Steve Barclay
An update to the costings for the Help to Buy: ISA can be found in the supporting documents to the Autumn Statement 2016. The expected cost of the government bonus payments through the Help to Buy: ISA is £1.2 billion from 2016-17 to 2019-20.
The expected cost of government bonus payments through the Lifetime ISA is as follows:
£170m in 2017/18
£330m in 2018/19
£580m in 2019/20
£830m in 2020/21
Asked by: John Healey (Labour - Rawmarsh and Conisbrough)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what guidance government departments receive on when they are (a) required and (b) encouraged to conduct an impact assessment.
Answered by David Gauke
HM Treasury’s Green Book guidance applies to the appraisal of all proposals that require use of public resources or assessment of public value. The Green Book also applies to the appraisal of value in Regulatory Impact Assessments.
BEIS provides specific guidance for Regulatory Impact Assessments, which are mandatory for any measure that has a significant regulatory impact on business and civil society organisations.
Asked by: John Healey (Labour - Rawmarsh and Conisbrough)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how much he expects the higher rate of stamp duty land tax on additional properties to raise in each year from 2017-18 to 2020-21.
Answered by Jane Ellison
Forecast revenues for the higher rate of stamp duty land tax on additional properties for 2017-2018 to 2020-21 are published by the Office of Budget Responsibility in Table 2.6 of the Economic and Fiscal Outlook – supplementary fiscal tables.
Asked by: John Healey (Labour - Rawmarsh and Conisbrough)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of how many landlords will be (a) affected by, (b) exempted because they are a corporate landlord and (c) exempted because they fall into another exempted group from the restriction on the ability to deduct loan interest and other financial costs as an expense against income from residential property to the basic rate of income tax announced in Summer Budget 2015.
Answered by Jane Ellison
The restriction of finance cost relief to the basic rate of income tax will reduce the tax advantage landlords have over homeowners in the property market, and will ensure all individual landlords receive the same rate of tax relief on their finance costs. HM Revenue and Customs estimates that 1 in 5 landlords will pay more tax as a result of this measure.
Asked by: John Healey (Labour - Rawmarsh and Conisbrough)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the potential effect of the UK's vote to leave the EU on future funding for housing from the European Investment Bank.
Answered by David Gauke
The UK remains a full member of the European Union and it retains all of the rights, obligations and benefits that membership brings. The EIB continues to lend to UK projects and a number of UK project financing deals have been approved and signed since the referendum result. The long-term relationship between the UK and the EIB will need to be resolved as part of the UK’s withdrawal from the EU.
The Chancellor of the Exchequer is the UK Governor of the European Investment Bank and continues to fulfil his governance duties. The Chancellor continues to meet his European counterparts on a regular basis to discuss a range of issues.
The Government is committed to social housing and the Spending Review announced that the government will invest over £8 billion in housing over the next five years to deliver 400,000 affordable homes.
Asked by: John Healey (Labour - Rawmarsh and Conisbrough)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what discussions he has had with the European Investment Bank on future funding for affordable housing.
Answered by David Gauke
The UK remains a full member of the European Union and it retains all of the rights, obligations and benefits that membership brings. The EIB continues to lend to UK projects and a number of UK project financing deals have been approved and signed since the referendum result. The long-term relationship between the UK and the EIB will need to be resolved as part of the UK’s withdrawal from the EU.
The Chancellor of the Exchequer is the UK Governor of the European Investment Bank and continues to fulfil his governance duties. The Chancellor continues to meet his European counterparts on a regular basis to discuss a range of issues.
The Government is committed to social housing and the Spending Review announced that the government will invest over £8 billion in housing over the next five years to deliver 400,000 affordable homes.
Asked by: John Healey (Labour - Rawmarsh and Conisbrough)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what contingency plans his Department had in place before the EU Referendum for loss of European Investment Bank finance for affordable homes; and if he will place a copy of such plans in the Library.
Answered by David Gauke
The UK remains a full member of the European Union and it retains all of the rights, obligations and benefits that membership brings. The EIB continues to lend to UK projects and a number of UK project financing deals have been approved and signed since the referendum result. The long-term relationship between the UK and the EIB will need to be resolved as part of the UK’s withdrawal from the EU.
The Chancellor of the Exchequer is the UK Governor of the European Investment Bank and continues to fulfil his governance duties. The Chancellor continues to meet his European counterparts on a regular basis to discuss a range of issues.
The Government is committed to social housing and the Spending Review announced that the government will invest over £8 billion in housing over the next five years to deliver 400,000 affordable homes.
Asked by: John Healey (Labour - Rawmarsh and Conisbrough)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will make it his policy to ensure that any shortfall in European Investment Bank finance for affordable homes as a result of the UK leaving the EU will be met by the UK Government.
Answered by David Gauke
The UK remains a full member of the European Union and it retains all of the rights, obligations and benefits that membership brings. The EIB continues to lend to UK projects and a number of UK project financing deals have been approved and signed since the referendum result. The long-term relationship between the UK and the EIB will need to be resolved as part of negotiations surrounding the UK’s withdrawal from the EU.
The Government is committed to social housing and the Spending Review announced that the government will invest over £8 billion in housing over the next five years to deliver 400,000 affordable homes.
Asked by: John Healey (Labour - Rawmarsh and Conisbrough)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 21 April 2016 to Question 34489, which acquisitions by social landlords are exempt from stamp duty land tax.
Answered by David Gauke
Section 71 of the Finance Act 2003 sets out exemptions from Stamp Duty Land Tax available to certain acquisitions by social landlords.