Asked by: Nick Timothy (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much in remittances by country of destination has been sent from the UK in each year since 2020.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Treasury does not collect or report data on the flow of remittances out of the UK and has not under previous governments. The UK imposes taxes based on individual’s residence status. Individuals who are resident in the UK are taxable on their income and gains that arise worldwide. Remitting funds outside of the UK is not generally considered to be a chargeable event for individuals. It should also be noted that funds being remitted will often have been subject to UK tax, such as income tax, if funded from earnings.
Asked by: Nick Timothy (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of introducing a tax on remittance flows.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Treasury does not collect or report data on the flow of remittances out of the UK and has not under previous governments. The UK imposes taxes based on individual’s residence status. Individuals who are resident in the UK are taxable on their income and gains that arise worldwide. Remitting funds outside of the UK is not generally considered to be a chargeable event for individuals. It should also be noted that funds being remitted will often have been subject to UK tax, such as income tax, if funded from earnings.
Asked by: Nick Timothy (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the charging of (a) interest and (b) compound interest on Equity Release Loans by financial services companies on (i) elderly customers and (ii) relatives of deceased customers.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
Decisions concerning the design of loans, including the interest charged, are commercial decisions for firms in which the Government does not intervene.
However, equity release products are regulated by the Financial Conduct Authority and so benefit from consumer protections under the Financial Conduct Authority’s rules, including requiring lenders to engage and provide tailored support to their customers and that advertising is clear, fair and not misleading. Anyone considering equity release should seek independent financial advice to help ensure that the product is suitable for their individual needs.
The Equity Release Council, which represents the sector, also promotes high standards of conduct and practice across the industry.
Asked by: Nick Timothy (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she is taking to allocate revenues from carbon pricing to help increase levels of (a) industrial resilience and (b) innovation in high energy-consuming sectors.
Answered by James Murray - Chief Secretary to the Treasury
The Government is committed to maintaining an ambitious carbon pricing scheme to ensure that polluters continue to pay for their emissions. The UK’s lead carbon pricing policy is the UK Emissions Trading Scheme (ETS).
The ETS raised c.£3.5 billion in the 2024-25 financial year, and the funds raised by the scheme are invested in the Government’s spending priorities, including public services and decarbonisation efforts. The Government is also providing support for industrial energy bills as set out in the Industrial Strategy.
Asked by: Nick Timothy (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether contingency planning is in place for potential macroeconomic disruption resulting from prolonged national electricity blackouts.
Answered by Darren Jones - Minister for Intergovernmental Relations
HM Treasury has a comprehensive framework for assessing and managing potential risks to the economic outlook, including those posed by national power outages. This framework involves systematic monitoring through internal risk monitors, risk governance forums, and collaboration with other government departments such as the Cabinet Office and the Department for Energy Security and Net Zero.
HM Treasury also engages with the Bank of England and Financial Conduct Authority (FCA), as the financial sector regulators, to ensure the sector is prepared to respond to a range of risks, including national power outages.
Asked by: Nick Timothy (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will publish the full cost assessment undertaken by the previous Government of the double contribution convention aspect of the UK-India free trade agreement.
Answered by James Murray - Chief Secretary to the Treasury
The OBR will certify the impact of the trade deal including the Double Contributions Convention in the usual way at a fiscal event, once the deal is finalised and ratified. The agreement to negotiate a Double Contributions Convention was made in the context of the wider deal, which will bring billions into the economy.
Asked by: Nick Timothy (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of (a) her Department's proposals on gambling harmonisation and (b) affordability checks on levels of black market gambling.
Answered by James Murray - Chief Secretary to the Treasury
The Government is consulting on proposals to simplify the current gambling tax system by merging the three current taxes that cover remote (including online) gambling into one – reducing complexity and improving compliance.
A new system for financial risk assessments is currently being piloted by the Gambling Commission. Stage 1 of the pilot showed that 95% of checks were frictionless and this increased to 97% of checks in stage 2.
DCMS works closely with the Gambling Commission to ensure that illegal gambling, in all its forms, is addressed. The Crime and Policing Bill, introduced in Parliament on 25 February 2025, will grant the Gambling Commission with powers to move quickly and effectively to take down illegal gambling websites.
Asked by: Nick Timothy (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of her Department's proposals to harmonise gambling duties on (a) horseracing and (b) other sports.
Answered by James Murray - Chief Secretary to the Treasury
The Government is consulting on proposals to simplify the current gambling tax system by merging the three current taxes that cover remote (including online) gambling into one. The Government is committed to engaging with all stakeholders, including representatives of the horseracing industry, as part of the consultation process.
If any changes are made to gambling duties at a future Budget following the consultation, the legislation will be accompanied by a Tax Information and Impact Note which will set out the expected impacts.
Asked by: Nick Timothy (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 2 April 2025 to Question 41176 on Research: Tax Allowances, if she will publish a breakdown of the data provided for (a) error and (b) fraud.
Answered by James Murray - Chief Secretary to the Treasury
As with other parts of the tax system, the term ‘error and fraud’ includes this full range of behaviours, from mistakes and failure to take reasonable care, through to deliberate non-compliance.
The Government is committed to further enhancing the administration of R&D tax reliefs. To support this, HMRC published a consultation on 26 March to explore widening the use of advance clearances in the reliefs to help further reduce error and fraud, while also improving the customer experience and providing certainty to businesses.
Asked by: Nick Timothy (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if her Department will take steps to improve the accuracy of (a) identifying and (b) reporting data on fraud as distinct from administrative error.
Answered by James Murray - Chief Secretary to the Treasury
As with other parts of the tax system, the term ‘error and fraud’ includes this full range of behaviours, from mistakes and failure to take reasonable care, through to deliberate non-compliance.
The Government is committed to further enhancing the administration of R&D tax reliefs. To support this, HMRC published a consultation on 26 March to explore widening the use of advance clearances in the reliefs to help further reduce error and fraud, while also improving the customer experience and providing certainty to businesses.