Asked by: Nesil Caliskan (Labour - Barking)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential distributional impact of reducing inheritance tax; and what proportion of the financial benefit of such a reduction would accrue to households in each (a) income and (b) wealth decile.
Answered by James Murray - Financial Secretary to the Treasury and Paymaster General
The combination of nil-rate bands, exemptions, and reliefs means less than 10 per cent of estates across the UK are currently forecast to have an inheritance tax liability in 2030-31. Inheritance tax makes an important contribution to the public finances and it is forecast to raise more than £14 billion in 2030-31 to help fund public services.
The latest available statistics are available at www.gov.uk/government/statistics/inheritance-tax-liabilities-statistics.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
Asked by: Nesil Caliskan (Labour - Barking)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of a reduction in inheritance tax on housing market transactions.
Answered by James Murray - Financial Secretary to the Treasury and Paymaster General
The combination of nil-rate bands, exemptions, and reliefs means less than 10 per cent of estates across the UK are currently forecast to have an inheritance tax liability in 2030-31. Inheritance tax makes an important contribution to the public finances and it is forecast to raise more than £14 billion in 2030-31 to help fund public services.
The latest available statistics are available at www.gov.uk/government/statistics/inheritance-tax-liabilities-statistics.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
Asked by: Nesil Caliskan (Labour - Barking)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has made an estimate of the number of additional jobs created by Heathrow expansion.
Answered by Darren Jones
Heathrow expansion could result in billions invested into the economy to create over 100,000 jobs, and support many more jobs by boosting UK economic growth.
Our pledge to use more sustainable aviation fuel, part of our Plan for Change, will also support thousands of jobs, bring down our transport emissions, and make the UK a clean energy superpower.
Asked by: Nesil Caliskan (Labour - Barking)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the equitability of film tax relief schemes.
Answered by James Murray - Financial Secretary to the Treasury and Paymaster General
The government is committed to supporting the creative industries, and film and TV companies benefit from a number of generous and equitable tax reliefs, ranging from a rate of 34% for the standard Audio Visual Expenditure Credit to 53% for the Independent Film Tax Credit.
The credits are available to all companies that meet the eligibility criteria, which are outlined in the BFI’s Creative Sector Expenditure Credits and Tax Relief guidance. The criteria ensure that the credits meet their objectives of incentivising investment in culturally British film and TV productions and support the domestic industry. As with all taxes, the government keeps the film and TV reliefs under review.
The government also provides significant funding for the film and TV sector and has included the creative industries in its Industrial Strategy. A £60 million package of support for the creative industries announced in January included including £7 million for the Global Screen Fund and funding to 6 Mayoral Authorities to help develop creative clusters. The British Film Institute (BFI) administers the Global Screen Fund on behalf of government and follows the BFI Diversity Standards for all BFI funding.