Asked by: Owen Smith (Labour - Pontypridd)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate the Government has made of the number of people who will (a) be eligible for and (b) participate in the Help to Save scheme in each year up to 2020.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
Approximately 3.5 million people are expected to be eligible to open a Help to Save account in each year from the date the scheme is launched, which will be no later than April 2018.
The costing is based on the expectation that around half a million people will open a Help to Save account in the first two years that accounts are available.
Further information on the costing of this measure can be found on page 62 of the published Budget 2016 Policy Costings document, available here:
Asked by: Owen Smith (Labour - Pontypridd)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many self-employed people claimed (a) child and (b) working tax credits in (i) 2013-14 and (ii) 2014-15.
Answered by Damian Hinds
The latest information for 2013-14 recipients can be obtained from the ‘Child and Working Tax Credits statistics: finalised annual awards – 2013 to 2014’ publication. It is available at: https://www.gov.uk/government/statistics/child-and-working-tax-credits-statistics-finalised-annual-awards-2013-to-2014
The equivalent information for 2014-15 will not be available until May 2016.
Asked by: Owen Smith (Labour - Pontypridd)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate he has made of the number of people receiving child benefit on behalf of children living outside of the UK.
Answered by Damian Hinds
I refer the honourable Member to my response of 16 June 2015 (UIN 2064)Asked by: Owen Smith (Labour - Pontypridd)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of his Department's capacity to administer different rates of child benefits to other EU member states.
Answered by Damian Hinds
Details of the proposals for child benefit are subject to ongoing negotiation.
Asked by: Owen Smith (Labour - Pontypridd)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what preparatory work his Department has undertaken on the administration of differential rates of child benefit across EU member states.
Answered by Damian Hinds
Details of the proposals for child benefit are subject to ongoing negotiation.
Asked by: Owen Smith (Labour - Pontypridd)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, for what reasons expenditure on personal tax credits has increased since 2009.
Answered by Damian Hinds
The OBR’s Welfare Trends Report 2014 sets out how historical spending changes have been driven by, for example, changes to caseloads and average awards.
As it sets out, policy decisions between 2003 and 2009 increased the caseload of tax credit claimants and increased discretionary uprating of the child element, contributing to expenditure as a percentage of GDP increasing from 1.1% in 2003/04 to 1.9% in 2009/10.
By 2010, 9 out of 10 families with children were eligible for tax credits. Reforms under the Coalition government decreased this to 6 out of 10.
http://budgetresponsibility.org.uk/wordpress/docs/Welfare_trends_report_2014_dn2B.pdf
Asked by: Owen Smith (Labour - Pontypridd)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate he has made of the change in tax revenue as a result of the introduction of new pension freedoms.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
The expected impact over the forecast period of the changes made to private pensions taxation as announced at Budget 2014 can be found in Table 2.1 (p.56) of the Budget 2014 document here:
Following a consultation period the Chancellor made subsequent announcements relating to this measure. The Exchequer impact of these can be found in Table 2.1 (p.65) of the Autumn Statement 2014 document here:
Asked by: Owen Smith (Labour - Pontypridd)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how much the Government has spent on raising awareness of scam activity associated with pension freedoms.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
Monitoring the market for pension scams is the responsibility of the Financial Conduct Authority (FCA) and the Pensions Regulator (TPR). The Government remains in close contact with the regulators, and other organisations such as industry trade bodies, on these issues.
The FCA has launched a new consumer awareness campaign around investment scams, ScamSmart. The Pensions Regulator runs the Scorpion campaign, which includes videos, action packs, leaflets and guidance, helping to raise awareness of the threats posed by scams amongst trustees, business advisers and individuals. These play a crucial role in helping to stop scams by arming consumers with the information they need to protect themselves.
In addition Pension Wise specifically alerts consumers to scams in guidance sessions and through their website.
Asked by: Owen Smith (Labour - Pontypridd)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what preparatory work his Department has undertaken in advance of sending letters to tax credit recipients on changes to tax credits.
Answered by Damian Hinds
HM Revenue and Customs will be ready to notify tax credit claimants of their 2016/17 tax credit award in good time.