Asked by: Jon Trickett (Labour - Hemsworth)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of increasing the tax on (a) capital gains and (b) dividends to the same rate as income tax.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
The Government is committed to ensuring that the UK tax system encourages investment whilst also taxing income from capital sources like dividends and Capital Gains fairly.
As set out in the Government’s response to the Office of Tax Simplification's report on Capital Gains Tax (CGT) on 30 November 2021, substantial reforms to CGT rates and allowances would involve a number of wider policy trade-offs and so careful thought must be given to the impact that they would have on taxpayers, as well as any additional administrative burden on HMRC.
The Government keep all aspects of the tax system under review to ensure it is simple and efficient.
Asked by: Jon Trickett (Labour - Hemsworth)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much their Department spent on hospitality in (a) 2021, (b) 2022 and (c) 2023.
Answered by Gareth Davies - Exchequer Secretary (HM Treasury)
We do not routinely publish this data, as has been the case under successive administrations. All Business Units within HM Treasury have a responsibility to keep official hospitality costs as low as possible and demonstrate good value for money.
Details of ministerial and senior official hospitality are published on a quarterly basis, and are available on GOV.UK
Asked by: Jon Trickett (Labour - Hemsworth)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential impact on tax receipts of the introduction of an annual wealth tax.
Answered by Victoria Atkins - Secretary of State for Health and Social Care
The UK system is designed to ensure among other things that the richest in our society pay their fair share on their wealth and assets, with the tax system taxing wealth across many different economic activities, including acquisition, holding, transfer and disposal of assets and income derived from assets. These tax levers generate substantial revenue, including Inheritance Tax revenues of £7 billion, Capital Gains Tax revenues of £18.1 billion and property transaction taxes of £17.3 billion in 2022-2023.
Asked by: Jon Trickett (Labour - Hemsworth)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential impact on tax receipts if the rate of capital gains tax rate was equal to the rate of income tax.
Answered by Victoria Atkins - Secretary of State for Health and Social Care
As set out in the Government’s response to the Office of Tax Simplification's report on Capital Gains Tax (CGT) on 30 November 2021, substantial reforms to CGT rates and allowances would involve a number of wider policy trade-offs and so careful thought must be given to the impact that they would have on taxpayers, as well as any additional administrative burden on HMRC.
The Government will continue to keep the tax system under review to ensure it is simple and efficient.
Asked by: Jon Trickett (Labour - Hemsworth)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the average time was for new businesses to have their VAT registration processed in each of the last five years.
Answered by Victoria Atkins - Secretary of State for Health and Social Care
HMRC publishes monthly and quarterly performance data on GOV.UK
https://www.gov.uk/government/collections/hmrc-monthly-performance-reports
https://www.gov.uk/government/collections/hmrc-quarterly-performance-updates