Asked by: Rachel Reeves (Labour - Leeds West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many compliance checks the HMRC Taxpayer Protection Taskforce has carried out as of July 2022.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
HMRC designed the Coronavirus Job Retention Scheme (CJRS), The Self Employment Income Support Scheme (SEISS) and the Eat Out To Help Out Scheme (EOTHO) to prevent fraud and error, both in the eligibility criteria and the claim process itself whilst making sure the grant payments reached claimants as quickly as possible. HMRC also put in place a series of checks on claims before they were paid, so they blocked those that were highly indicative of criminal activity.
Anyone who keeps grant money despite knowing they were not entitled to it, faces having to repay up to double the amount they received, plus interest and potentially criminal prosecution.
At Spring Budget 2021 the Government announced a £100m investment into the Taxpayer Protection Taskforce. The taskforce was established to extend HMRC’s work to tackle fraud and error in the COVID support schemes that they administered (CJRS, SEISS and EOTHO). The taskforce does not address compliance risks in schemes that have been administered outside HMRC.
Up to the end of March 2021, over 12,000 compliance checks had been carried out, this was prior to the formation of the Taxpayer Protection Taskforce.
Further information on the number of compliance checks carried out and taskforce performance for 21/22 is covered in HMRC’s Annual Report and Accounts (AR&A) for 21/22 and will be published before recess.
HMRC expects to publish its 2022-23 Annual Report & Accounts in Summer 2023.
Asked by: Rachel Reeves (Labour - Leeds West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when HMRC plans to publish its annual report and accounts for the financial year 2022-23.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
HMRC designed the Coronavirus Job Retention Scheme (CJRS), The Self Employment Income Support Scheme (SEISS) and the Eat Out To Help Out Scheme (EOTHO) to prevent fraud and error, both in the eligibility criteria and the claim process itself whilst making sure the grant payments reached claimants as quickly as possible. HMRC also put in place a series of checks on claims before they were paid, so they blocked those that were highly indicative of criminal activity.
Anyone who keeps grant money despite knowing they were not entitled to it, faces having to repay up to double the amount they received, plus interest and potentially criminal prosecution.
At Spring Budget 2021 the Government announced a £100m investment into the Taxpayer Protection Taskforce. The taskforce was established to extend HMRC’s work to tackle fraud and error in the COVID support schemes that they administered (CJRS, SEISS and EOTHO). The taskforce does not address compliance risks in schemes that have been administered outside HMRC.
Up to the end of March 2021, over 12,000 compliance checks had been carried out, this was prior to the formation of the Taxpayer Protection Taskforce.
Further information on the number of compliance checks carried out and taskforce performance for 21/22 is covered in HMRC’s Annual Report and Accounts (AR&A) for 21/22 and will be published before recess.
HMRC expects to publish its 2022-23 Annual Report & Accounts in Summer 2023.
Asked by: Rachel Reeves (Labour - Leeds West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference Draft legislation: Energy (Oil and Gas) Profits Levy Bill published on 21 June 2022 by his Department, what his timescale is for publishing a Tax Information and Impact Note for the Energy Profits Levy.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
The legislation for the Energy Profits Levy will be formally introduced in Parliament shortly, and the Government will publish a Tax Information and Impact Note alongside its introduction.
Asked by: Rachel Reeves (Labour - Leeds West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what analysis his Department has undertaken of how much has been invested by the UK Infrastructure Bank in (a) each nation of the UK and (b) each region of England; and if he will place a copy of that analysis in the Library.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The UK Infrastructure Bank has operational independence in its day-to-day activity, including investment decisions. As it builds its pipeline the UKIB will take a long-term approach to its interventions, aiming to achieve a broadly balanced portfolio where investments are reasonably distributed among different sectors within its remit and across different regions and nations of the UK. In the medium term the UKIB will develop a framework for monitoring its impact. So far the UKIB has completed seven investments. Details on the quantum of each investment and its location is published on the Bank’s website.Asked by: Rachel Reeves (Labour - Leeds West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps the UK Infrastructure Bank will take to ensure public funds invested in third party funds will directly support levelling up and help reduce emissions.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The UK Infrastructure Bank operates within a strategic framework set by government but has operational independence in its day-to-day activity, including investment decisions. UKIB has dual objectives of investing in projects to help mitigate and adapt to climate change, and to support regional economic growth across the UK. The Bank is required to have regard to both of these objectives in setting its investment policies and assessing all transactions, including any that involve investment in third party funds. I have asked the Bank to write to you directly on the approach that it takes in making decisions on investments in third party funds.
Asked by: Rachel Reeves (Labour - Leeds West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, for what reason the UK Infrastructure Bank is investing via third party funds rather than directly.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The UK Infrastructure Bank makes independent investment decisions based on its four investment principles: · The investment helps to support the Bank’s objectives to drive regional and local economic growth or support tackling climate change. · The investment is in infrastructure assets or networks, or in new infrastructure technology.These principles help assess what projects should be taken forward in line with UKIB’s objectives to tackle climate change and drive regional and local economic growth. The Bank’s investment team assesses each proposition on a case-by-case basis, working to identify the most appropriate financing structure in the context of the Bank’s mandate. I have asked the Bank to write to you directly on the approach that it takes to its investments in third party funds.
Asked by: Rachel Reeves (Labour - Leeds West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the Cost of Living Payment for people on means tested benefits, when claimants of tax credits will receive that payment.
Answered by Simon Clarke
The Department for Work and Pensions will make the payment in two lump sums to those receiving means-tested benefits - the first from July, the second in autumn. Tax credits claimants who also receive an eligible means-tested benefit from DWP will receive their Cost of Living Payment from DWP.
HM Revenue and Customs will then make first payments in autumn, and second payments in winter, to those who claim tax credits but do not receive any eligible means-tested benefits from DWP. This is necessary to allow time for HMRC to carry out de-duplication on data for those who have already received a payment from DWP.
Asked by: Rachel Reeves (Labour - Leeds West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the Energy Profits Levy, Technical Note, published on 26 May 2022, if he will place in the Library the figures for the total estimated amount the Energy Profits Levy will be reduced in (a) 2022-23 and (b) each of the years of the forecast horizon to 2025-26 as a result of (i) investment expenditure within the investment incentive allowance and (ii) loss relief.
Answered by Helen Whately - Minister of State (Department of Health and Social Care)
As set out in “Energy Profits Levy Factsheet - 26 May 2022”, the new Energy Profits Levy will raise around £5 billion over the next year.As part of the levy a new tax relief is being introduced to encourage firms to invest in the UK. The new 80% Investment Allowance will mean businesses will overall get a 91p tax saving for every £1 they invest.
The Government expects the combination of the levy and this investment allowance to lead to an overall increase in investment, and the OBR will take account of this policy in their next forecast.
To appropriately tax the extraordinary profits, companies will not be able to offset previous losses or decommissioning expenditure against profits subject to the levy.
A full costing of the policy will be certified by the independent Office for Budget Responsibility at the Budget.
Asked by: Rachel Reeves (Labour - Leeds West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the Energy Profits Levy, Technical Note, published on 26 May 2022, if he will place in the Library the figures for the size of the tax base for the Energy Profits Levy in (a) 2022-23 and (b) each of the years of the forecast horizon to 2025-26.
Answered by Helen Whately - Minister of State (Department of Health and Social Care)
The latest data on Corporation Tax (CT) receipts and liabilities for ring fenced oil and gas companies can be found on GOV.UK. The data is available within Table 3C of the “Corporation Tax statistics tables 2021” publication. [1]
A full costing of the Energy Profits Levy will be certified by the independent Office for Budget Responsibility at the Budget.
Asked by: Rachel Reeves (Labour - Leeds West)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy or Industrial Strategy, with reference to the Energy Bills Support Scheme, whether households who live in unmetered properties will receive support for the costs of energy in 2022-23.
Answered by Greg Hands - Minister of State (Department for Business and Trade)
Energy suppliers will deliver this support to households with a domestic electricity meter over six months from October. Other support for consumers who might not be eligible for the Energy Bills Support Scheme was announced by the Government on the 26 May.