Asked by: Richard Fuller (Conservative - North Bedfordshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many self-assessed tax returns which included employee share ownership schemes required investigation by HM Revenue and Customs in each tax year since 2010-11.
Answered by Jane Ellison
HM Revenue and Customs is unable to provide this information as it is not a requirement to report employee share ownership schemes separately on Self-Assessment Tax Returns.
Asked by: Richard Fuller (Conservative - North Bedfordshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how he plans to fund the cost of implementation of the soft drinks industry levy in its first year.
Answered by Damian Hinds
We will consult on the appropriate compliance arrangements for the levy and will plan resource allocation in due course.
Asked by: Richard Fuller (Conservative - North Bedfordshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what data or research by industry analysts were used to inform the decision to introduce a soft drinks industry levy.
Answered by Damian Hinds
Health experts have identified sugar sweetened soft drinks as a major source of sugar in children’s and teenagers’ diet, and a cause of childhood obesity. The Scientific Advisory Committee on Nutrition (SACN) recommends that sugar only forms 5% of daily calories; however, for children, it is currently around 15%.
The most recent published National Diet and Nutrition Survey (NDNS) reports that sugar sweetened soft drinks are the a major contributor to daily sugar intake for children, accounting for about 30% of the daily sugar intake alone.
The soft drinks industry levy will encourage producers to reformulate soft drinks so that they contain less sugar.
Industry data was used for the policy costing of the soft drinks industry levy announced at Budget 2016. Details are available at page 12 in the Budget 2016 policy costings document available at:
Asked by: Richard Fuller (Conservative - North Bedfordshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether HM Revenue and Customs plans to withdraw the valuation check services for the validation of valuation estimates of works of art and antiques as part of the withdrawal of the valuation check service for employee share ownership schemes.
Answered by David Gauke
HM Revenue and Customs (HMRC) has been consulting representative bodies through the Valuation Fiscal Forum over the last 18 months.
HMRC has not withdrawn valuation services that are most relevant to employee share ownership schemes but has withdrawn valuation checks for income tax and PAYE as in most cases acceptable valuations were submitted and therefore, on a cost-benefit analysis, continuation of the service could no longer be justified.
As HMRC has not withdrawn valuation services that are most relevant to employee share ownership schemes it is not intended to commission independent research on the potential effect of those valuation services being withdrawn.
HMRC does not plan to withdraw the valuation check service for Chattels. Procedures remain unchanged from those outlined at the Chattels Valuation Fiscal Forum 2010 and, most recently, 2014.
Asked by: Richard Fuller (Conservative - North Bedfordshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what meetings or consultations his Department had with companies and industry groups offering and promoting employee share ownership schemes before announcing the withdrawal of HM Revenue and Customs' valuation check service in February 2016.
Answered by David Gauke
HM Revenue and Customs (HMRC) has been consulting representative bodies through the Valuation Fiscal Forum over the last 18 months.
HMRC has not withdrawn valuation services that are most relevant to employee share ownership schemes but has withdrawn valuation checks for income tax and PAYE as in most cases acceptable valuations were submitted and therefore, on a cost-benefit analysis, continuation of the service could no longer be justified.
As HMRC has not withdrawn valuation services that are most relevant to employee share ownership schemes it is not intended to commission independent research on the potential effect of those valuation services being withdrawn.
HMRC does not plan to withdraw the valuation check service for Chattels. Procedures remain unchanged from those outlined at the Chattels Valuation Fiscal Forum 2010 and, most recently, 2014.
Asked by: Richard Fuller (Conservative - North Bedfordshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will commission independent research on the potential effect on employee share ownership scheme take-up of planned withdrawal of the HM Revenue and Customs' valuation check service on 31 March 2016.
Answered by David Gauke
HM Revenue and Customs (HMRC) has been consulting representative bodies through the Valuation Fiscal Forum over the last 18 months.
HMRC has not withdrawn valuation services that are most relevant to employee share ownership schemes but has withdrawn valuation checks for income tax and PAYE as in most cases acceptable valuations were submitted and therefore, on a cost-benefit analysis, continuation of the service could no longer be justified.
As HMRC has not withdrawn valuation services that are most relevant to employee share ownership schemes it is not intended to commission independent research on the potential effect of those valuation services being withdrawn.
HMRC does not plan to withdraw the valuation check service for Chattels. Procedures remain unchanged from those outlined at the Chattels Valuation Fiscal Forum 2010 and, most recently, 2014.
Asked by: Richard Fuller (Conservative - North Bedfordshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what plans the Government has to review the amount of compensation for losses paid to Equitable Life policy holders over the course of the current Parliament.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
There are no plans to review the payments made by the Equitable Life Payment Scheme. The Scheme closed to new claims on 31st December 2015. However, the annual payments to With-Profits Annuitants will continue unaffected for the duration of their annuity.
Asked by: Richard Fuller (Conservative - North Bedfordshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate he has made of the total amount of tax credits paid to employees of each of the FTSE 100 companies.
Answered by Damian Hinds
This information is unavailable.
Asked by: Richard Fuller (Conservative - North Bedfordshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what information he holds on which companies have the largest total amount of tax credits paid to their employees.
Answered by Damian Hinds
This information is unavailable.
Asked by: Richard Fuller (Conservative - North Bedfordshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, for what reasons Pensioner Bonds are not included in the Tax Deduction Scheme for Interest.
Answered by Andrea Leadsom
At Budget 2015, the Chancellor announced that from April 6th 2016, a new savings allowance will remove 95% of people from savings income tax. As a result the industry is expected to switch off the Tax Deduction Scheme for Interest (TDSI), and NS&I plan to start paying interest gross on all taxable products, including the 65+ “Pensioner” Bond.
The Bonds are not included in TDSI as NS&I as a whole does not operate TDSI. Instead NS&I decide on a product-by-product basis as to whether taxable products should be paid net or gross of basic rate tax. At the time 65+ bonds were being developed, the majority of pensioners were basic rate tax payers, and therefore liable to be taxed at the basic rate on the interest on their savings. Paying interest net of the basic rate on 65+ bonds meant that the majority of customers would be taxed correctly without the need to intervene.
When TDSI was implemented in 1991, it was decided that it was not appropriate or cost-effective for NS&I. The option to join was kept under review, but as 72% of NS&I’s total stock is invested in tax-free products, and a large proportion of NS&I customers are not liable to pay tax on the remaining taxable products, it is considered to be prohibitively expensive to the taxpayer for NS&I to join the scheme.