Asked by: Mark Williams (Liberal Democrat - Ceredigion)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, when his Department plans to respond to the Eleventh Report from the Treasury Committee, Session 2014-15, Conduct and competition in SME lending, HC204.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
The Government response, which was published on 21 December 2015, is available on gov.uk.
Asked by: Mark Williams (Liberal Democrat - Ceredigion)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what information his Department holds on the number of communities of 5,000 people or more in England where there is no bank branch within a radius of three miles.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
The Government does not hold the information requested.
Banks and building societies need to balance customer interests, market competition, and other commercial factors when considering their strategy. Decisions on the opening and closing of individual branches are taken by the management of each bank on a commercial basis without intervention from Government.
The Government welcomed the industry-wide Access to Banking protocol announced in March 2015. From the first of May this year, each participating bank has committed to carry out a number of steps if it is closing a branch, including the preparation of meaningful local impact assessments. There is a commitment to a review of the operation of the protocol after one year, and the Government looks forward to its conclusions.
The availability of alternative locations for accessing basic banking services is also important. The ongoing negotiation between the banks and the Post Office to agree a standard set of services – to be made available to personal and small business banking customers at Post Office counters across the country – remains vital. The Government is clear that completion of these negotiations should be a priority.
Asked by: Mark Williams (Liberal Democrat - Ceredigion)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what support the Government is giving to unincorporated businesses via the taxation system.
Answered by David Gauke
The government is committed to supporting unincorporated businesses. At Budget 2015, the government announced that it would transform the tax system over the course of this Parliament by introducing digital tax accounts for everyone, removing the need for annual tax returns.
In addition, the government has introduced cash basis accounting so that the smallest businesses can report their income and expenses to HMRC in a simpler way.
Building on recommendations by the Office of Tax Simplification (OTS), the government will consult in autumn 2015 on abolishing Class 2 NICs and reforming Class 4 NICs. This will simplify the NICs system and reduce the administrative burden of NICs for millions of self-employed individuals.
At Summer Budget 2015, the Chancellor announced the Annual Investment Allowance would rise to its highest ever permanent level from January 2016.
The allowance enables businesses, including unincorporated businesses, to write down 100% of all qualifying investment in plant and machinery against its taxable profits up to £200,000, providing a cash flow benefit to companies who invest.
Asked by: Mark Williams (Liberal Democrat - Ceredigion)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, when he next plans to publish an updated National Infrastructure Plan.
Answered by Greg Hands
The date for publication of the National Infrastructure Plan will be confirmed in due course.