Asked by: Jonathan Djanogly (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he plans to reduce the Share Incentive Plan holding period.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
The Government keeps all tax reliefs, including the Share Incentive Plan (SIP), under review. In June 2023, the Government published a call for evidence on SIP and the other non-discretionary share scheme, Save As You Earn. The government is carefully considering the responses and evidence submitted and will respond in due course. Any tax policy changes would be announced at a fiscal event in the usual way.
Asked by: Jonathan Djanogly (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact that a generational ban on the purchase of cigarettes will have on the (a) excise duty and (b) VAT gap on tobacco products.
Answered by Gareth Davies - Exchequer Secretary (HM Treasury)
As announced by the Prime Minister on 4 October 2023, the Government is creating the first smokefree generation, by bringing forward legislation so that children turning 14 this year or younger will never be legally sold tobacco products. This will prevent future generations from ever taking up smoking, as there is no safe age to smoke. The ‘Stopping the start: our new plan to create a smokefree generation’ command paper sets out the proposed actions the Government will take to tackle smoking and youth vaping: https://www.gov.uk/government/publications/stopping-the-start-our-new-plan-to-create-a-smokefree-generation
The Government launched the ‘Creating a smokefree generation and tackling youth vaping’ consultation on 12 October on the smokefree generation policy detailed in the command paper: https://www.gov.uk/government/consultations/creating-a-smokefree-generation-and-tackling-youth-vaping
Once final policy decisions are confirmed, the impact of those decisions on the public finances will be assessed and reflected in the Office for Budget Responsibility's forecast.
A smokefree generation will save the NHS billions over the long-term and put cash back in the pockets of millions of families across this country.
Asked by: Jonathan Djanogly (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many referrals have been made by the Office for Financial Sanctions Implementation to law enforcement for criminal investigations into financial sanctions breaches since February 2022.
Answered by James Cartlidge - Minister of State (Ministry of Defence)
Details of reports of potential financial sanctions breaches considered in 2021-2022 are included in OFSI’s latest annual review which is available on GOV.UK. Updated figures will be provided in the next annual review.
Breaches of financial sanctions are a criminal offence and OFSI continues to assess every reported suspected breach of UK sanctions regulations. OFSI does not initiate criminal investigations into suspected breaches. Where criminal investigation is appropriate, referrals are made to relevant law enforcement partners.
Companies and individuals looking to circumvent sanctions may have a specific interest in the number of law enforcement referrals arising from reports of suspected sanctions breaches. The disclosure of any information which could prejudice OFSI’s enforcement responsibilities would not be in the public interest and may aid crimes such as the circumvention of financial sanctions.
Asked by: Jonathan Djanogly (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many reports of possible sanctions breaches the Office for Financial Sanctions Implementation has received since August 2022.
Answered by James Cartlidge - Minister of State (Ministry of Defence)
Details of reports of potential financial sanctions breaches considered in 2021-2022 are included in OFSI’s latest annual review which is available on GOV.UK. Updated figures will be provided in the next annual review.
Breaches of financial sanctions are a criminal offence and OFSI continues to assess every reported suspected breach of UK sanctions regulations. OFSI does not initiate criminal investigations into suspected breaches. Where criminal investigation is appropriate, referrals are made to relevant law enforcement partners.
Companies and individuals looking to circumvent sanctions may have a specific interest in the number of law enforcement referrals arising from reports of suspected sanctions breaches. The disclosure of any information which could prejudice OFSI’s enforcement responsibilities would not be in the public interest and may aid crimes such as the circumvention of financial sanctions.
Asked by: Jonathan Djanogly (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when the review of the Save As You Earn Bonus Rate Mechanism Review will be concluded; and if he will make a statement.
Answered by Victoria Atkins - Secretary of State for Health and Social Care
Following the announcement of a review of the Save As You Earn (SAYE) Bonus Rate Mechanism, HM Revenue and Customs (HMRC) are consulting with administrators of SAYE schemes and their representatives to identify options to introduce a new, simpler and more transparent mechanism. HMRC is working closely with those groups to ensure any new mechanism will be appropriate for both current and future market conditions.
HMRC will provide a further update on the review for interested groups in due course.
Asked by: Jonathan Djanogly (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the Office of Financial Sanctions Implementation’s Annual Review, April 2021 to August 2022, how many warning letters have been sent by the OFSI since Russia’s invasion of Ukraine on 24 February 2022.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Office of Financial Sanctions Implementation (OFSI) does not hold complete data on ‘warning letters’ as a sub-category of case closures since the invasion of Ukraine on 24 February 2022. However, OFSI has recorded case closures where it has been acknowledged that no breach occurred, where warnings or advice have been given, and where stakeholders have been put on notice to improve compliance. As of September, 33 case closure letters had been issued in 2022.
Asked by: Jonathan Djanogly (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the Office of Financial Sanctions Implementation’s Annual Review, April 2021 to August 2022, whether the OFSI has expanded to around 100 staff.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
OFSI has expanded to around 100 full-time employees, accelerating and enhancing the ambitious transformation programme it already had underway. HM Treasury and OFSI have been at the front and centre of an unprecedented financial sanctions response to Russia’s unprovoked and unwarranted attack on a sovereign nation, which brought war back to Europe.
Asked by: Jonathan Djanogly (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the Office of Financial Sanctions Implementation’s Annual Review, April 2021 to August 2022, who the eleven designated persons removed from the Russian regime Consolidated List were.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
Between 22 February and 24 August 2022, 11 entries designated under the Russia financial sanctions regime were removed from the Consolidated List. The Consolidated List was updated following changes to the UK Sanctions List, published by the Foreign, Commonwealth and Development Office (FCDO).
6 entries were removed from the Consolidated List as they were identified to be duplicates of existing entries. The original entries remain on the Consolidated List and the respective individuals remain subject to an asset freeze. These persons are:
In the same period, the following 3 entries were removed from the Consolidated List and are no longer subject to an asset freeze:
The following entries were removed from the Consolidated List on 15 July 2022 and subsequently readded on 2 August 2022:
Asked by: Jonathan Djanogly (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the value is of Russian Federation state assets frozen in (a) the UK and (b) British Overseas Territories.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
Relevant firms are legally obliged to report to the Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, if they hold frozen assets of a designated person or entity they suspect to be on the list of asset freeze targets.
The aggregate figure of funds reported as frozen under the Russia regime (as at October 2022) in OFSI’s Annual Review, published 10 November 2022 was approximately £18.39 billion. However, the Treasury does not break down the return data by category and/or institution in the manner requested.
The value of frozen funds in the UK can fluctuate for numerous reasons. These include changes to sanctions designations, changes in share or market values, or certain financial activity being licensed.
OFSI is not the competent authority for financial sanctions implementation in the Overseas Territories which are self-governing jurisdictions with their own democratically elected governments, and which are responsible for their own financial services policy. UK sanctions apply in all Overseas Territories. The Foreign, Commonwealth and Development Office work closely with the Territories on implementation of sanctions. The Territories have publicly reported frozen Russian assets with a combined estimated value in excess of US$9bn to date.
Asked by: Jonathan Djanogly (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the value is of the assets of sanctioned Russian nationals frozen in (a) the UK and (b) British Overseas Territories.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
Relevant firms are legally obliged to report to the Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, if they hold frozen assets of a designated person or entity they suspect to be on the list of asset freeze targets.
The aggregate figure of funds reported as frozen under the Russia regime (as at October 2022) in OFSI’s Annual Review, published 10 November 2022 was approximately £18.39 billion. However, the Treasury does not break down the return data by category and/or institution in the manner requested.
The value of frozen funds in the UK can fluctuate for numerous reasons. These include changes to sanctions designations, changes in share or market values, or certain financial activity being licensed.
OFSI is not the competent authority for financial sanctions implementation in the Overseas Territories which are self-governing jurisdictions with their own democratically elected governments, and which are responsible for their own financial services policy. UK sanctions apply in all Overseas Territories. The Foreign, Commonwealth and Development Office work closely with the Territories on implementation of sanctions. The Territories have publicly reported frozen Russian assets with a combined estimated value in excess of US$9bn to date.