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Written Question
Enterprise Investment Scheme and Seed Enterprise Investment Scheme
Thursday 16th November 2017

Asked by: Kit Malthouse (Conservative - North West Hampshire)

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, whether his Department has assessed the effectiveness of the (a) Enterprise Investment Scheme and (b) Seed Enterprise Investment Scheme.

Answered by Mel Stride - Secretary of State for Work and Pensions

HM Revenue and Customs have previously commissioned studies into the use and impact of the Enterprise Investment Scheme (EIS). These were published in April 2008 and February 2016 respectively. Details can be found at:

2008 study: http://www.employment-studies.co.uk/resource/study-impact-enterprise-investment-scheme-eis-and-venture-capital-trusts-vct-company

2016 study: https://www.ipsos.com/ipsos-mori/en-uk/use-and-impact-venture-capital-schemes

Seed EIS, introduced in 2012, was not included in the studies. Both these reliefs are currently being considered as part of the Patient Capital Review, the consultation for which was published in August.


Written Question
Enterprise Investment Scheme
Monday 13th November 2017

Asked by: Kit Malthouse (Conservative - North West Hampshire)

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, how much has been collected by HM Revenue and Customs in corporation tax from companies that had previously received Enterprise Investment Scheme tax relief in each of the last 10 years.

Answered by Mel Stride - Secretary of State for Work and Pensions

HMRC estimates that companies which raised funds under the Enterprise Investment Scheme (EIS) between 2006‑07 and 2015‑16 had a Corporation Tax liability of £95 million in 2015‑16, the latest year for which data are available.

This cannot be considered to be additional tax generated due to EIS, as it does not take account of the additionality or opportunity cost of investment.

The information requested about VAT and PAYE Income Tax is only available at disproportionate cost.


Written Question
Enterprise Investment Scheme
Monday 13th November 2017

Asked by: Kit Malthouse (Conservative - North West Hampshire)

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, how much has been collected in Pay as You Earn income from companies that had previously received Enterprise Investment Scheme tax relief in each of the last 10 years.

Answered by Mel Stride - Secretary of State for Work and Pensions

HMRC estimates that companies which raised funds under the Enterprise Investment Scheme (EIS) between 2006‑07 and 2015‑16 had a Corporation Tax liability of £95 million in 2015‑16, the latest year for which data are available.

This cannot be considered to be additional tax generated due to EIS, as it does not take account of the additionality or opportunity cost of investment.

The information requested about VAT and PAYE Income Tax is only available at disproportionate cost.


Written Question
Enterprise Investment Scheme
Monday 13th November 2017

Asked by: Kit Malthouse (Conservative - North West Hampshire)

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, how much has been collected by HM Revenue and Customs in VAT from companies that had previously received Enterprise Investment Scheme tax relief in each of the last 10 years.

Answered by Mel Stride - Secretary of State for Work and Pensions

HMRC estimates that companies which raised funds under the Enterprise Investment Scheme (EIS) between 2006‑07 and 2015‑16 had a Corporation Tax liability of £95 million in 2015‑16, the latest year for which data are available.

This cannot be considered to be additional tax generated due to EIS, as it does not take account of the additionality or opportunity cost of investment.

The information requested about VAT and PAYE Income Tax is only available at disproportionate cost.


Written Question
VAT
Tuesday 9th February 2016

Asked by: Kit Malthouse (Conservative - North West Hampshire)

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 26 January 2016 to Question 22515, if he will estimate the amount paid out in supplements following the late payment of VAT returns in (a) 2015-16 and (b) each of the previous 10 years.

Answered by David Gauke

The following table shows HM Revenue and Customs’ (HMRC) estimates of the total amount of Repayment Supplement it has paid on VAT repayments. The estimates draw on management information that is available from 2010-11 onwards.

.

Date

Total VAT repayment supplement

2015-16 (to 31.12.15)

£9.0m

2014-15

£14.2m

2013-14

£15.0m

2012-13

£10.9m*

2011-12

£11.8m*

2010-11

£6.7m*

* In order to provide a more meaningful time series of data, totals for 10-11, 11-12 and 12-13 include estimated amounts from within total payments of £12.1m that relate to accounting periods in these years but were not paid until 2015, following discovery of a systems error.

In 2014-15, HMRC paid Repayment Supplement in 0.3% of all cases.

In the first half of 2015-16, HMRC carried out an extensive review of its repayment process with a view to minimising delays in cases where repayments are not authorised automatically. Following the review, new processes have been introduced and HMRC expects to reduce the incidence of Repayment Supplement as a result.


Written Question
VAT
Tuesday 26th January 2016

Asked by: Kit Malthouse (Conservative - North West Hampshire)

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, how much HM Revenue and Customs has paid out in supplements following late payment of VAT returns in (a) 2015-16 and (b) each of the previous 10 years; and what steps his Department is taking to reduce that amount.

Answered by David Gauke

HM Revenue and Customs (HMRC) does not routinely publish this information.


The Government recognises the importance to businesses of receiving VAT repayments as quickly as possible. HMRC also has a duty to ensure that incorrect or fraudulent repayments are identified and prevented. All repayment claims are subject to automated risk analysis on receipt and 94% are processed for immediate payment. Of the remainder, 50% are approved for payment within 5 days. Repayment Supplement is designed to compensate customers where HMRC fails to make a repayment within 30 days. In 2014-15, HMRC paid Repayment Supplement in 0.3% of all cases.


In the first half of 2015-16, HMRC carried out an extensive review of its repayment process with a view to minimising delays in cases where repayments are not authorised automatically. Following the review, new processes have been introduced and HMRC expects to reduce the incidence of Repayment Supplement as a result.