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Written Question
Multinational Companies: Taxation
Wednesday 8th February 2023

Asked by: Stephen Hammond (Conservative - Wimbledon)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to HM Revenue and Customs' policy paper ‘Multinational top-up tax: UK adoption of Organisation for Economic Co-operation and Development Pillar 2, published on 20 July 2022, if he will publish the calculations behind the estimate of £8.2m annual costs to businesses affected by the measure.

Answered by Victoria Atkins - Secretary of State for Health and Social Care

The £8.2 million average reoccurring annual impact cost was calculated based on HMRC’s Standard Cost Model methodology for determining the administrative impacts of compliant, efficient businesses complying with new measures.


Written Question
Multinational Companies: Taxation
Tuesday 7th February 2023

Asked by: Stephen Hammond (Conservative - Wimbledon)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether international agreement on Pillar 1 of the Organisation for Economic Cooperation and Development’s base erosion and profit shifting 2.0 proposals is necessary for Pillar 2 to become operational in the UK..

Answered by Victoria Atkins - Secretary of State for Health and Social Care

At Autumn Statement 2022, the Government confirmed that Pillar 2 will be implemented in the UK from 31 December 2023. This can be viewed on page 51 of the Autumn Statement document on gov.uk https://www.gov.uk/government/publications/autumn-statement-2022-documents

Alongside this the Government remains focused on delivering a Multilateral Convention on Pillar 1 by mid-2023, in line with the aim set out in the OECD’s Progress Report on Pillar 1 in July 2022, with the aim of that agreement then coming into force as soon as possible.


Written Question
Taxation: USA
Tuesday 7th February 2023

Asked by: Stephen Hammond (Conservative - Wimbledon)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to paragraph 3.6 of the consultation on implementation of OECD Pillar 2 published on11 January 2022, whether his Department has made an assessment of the implications for his policies of the progress towards the consistent implementation of the rules in the United States; and if he will make a statement.

Answered by Victoria Atkins - Secretary of State for Health and Social Care

The international group representing more than 135 countries that are collaborating to tackle tax avoidance (known as the ‘Inclusive Framework’) have agreed that Pillar 2 implementation is subject to a ‘common approach’. This means that countries that implement Pillar 2 must do so in line with the intended outcomes of the rules, ensuring consistency in implementation. A qualification process for each country that implements Pillar 2 is under discussion by the Inclusive Framework.

The United States have already implemented a tax on low taxed foreign profits called Global Intangible Low Taxed Income (GILTI). The Government recognises that the US has committed to reforming the GILTI rules so that they align with the Pillar 2 rules. How GILTI and Pillar 2 will interact, pending such reform, is being agreed internationally.


Written Question
Multinational Companies: Taxation
Monday 6th February 2023

Asked by: Stephen Hammond (Conservative - Wimbledon)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will publish the calculations by which an estimate of £2.11bn of revenue in 2024-25 from implementation of the global minimum corporate tax reforms was arrived at.

Answered by Victoria Atkins - Secretary of State for Health and Social Care

The number of Multinational Enterprises which have headquarters in the UK is 387. The latest information can be found in https://www.oecd.org/tax/tax-policy/corporate-tax-statistics-fourth-edition.pdf. The number of multinational enterprises which have operations in the UK, but are headquartered outside of the UK is 4,000.

The process for estimating the Exchequer yield from implementation of Pillar 2 policy in the UK can be found in the Autumn Budget 2022: Policy Costings, available here: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1118364/Autumn_Statement_2022_Policy_Costings_.pdf.


Written Question
Multinational Companies: Taxation
Monday 6th February 2023

Asked by: Stephen Hammond (Conservative - Wimbledon)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what account was taken of potential behaviour change in estimating revenue arising from implementation of the global minimum corporate tax reforms.

Answered by Victoria Atkins - Secretary of State for Health and Social Care

The number of Multinational Enterprises which have headquarters in the UK is 387. The latest information can be found in https://www.oecd.org/tax/tax-policy/corporate-tax-statistics-fourth-edition.pdf. The number of multinational enterprises which have operations in the UK, but are headquartered outside of the UK is 4,000.

The process for estimating the Exchequer yield from implementation of Pillar 2 policy in the UK can be found in the Autumn Budget 2022: Policy Costings, available here: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1118364/Autumn_Statement_2022_Policy_Costings_.pdf.


Written Question
Multinational Companies: Taxation
Monday 6th February 2023

Asked by: Stephen Hammond (Conservative - Wimbledon)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many multinational enterprises with global revenues in excess of 750 million euros per annum conduct business activities in the UK.

Answered by Victoria Atkins - Secretary of State for Health and Social Care

The number of Multinational Enterprises which have headquarters in the UK is 387. The latest information can be found in https://www.oecd.org/tax/tax-policy/corporate-tax-statistics-fourth-edition.pdf. The number of multinational enterprises which have operations in the UK, but are headquartered outside of the UK is 4,000.

The process for estimating the Exchequer yield from implementation of Pillar 2 policy in the UK can be found in the Autumn Budget 2022: Policy Costings, available here: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1118364/Autumn_Statement_2022_Policy_Costings_.pdf.


Written Question
Financial Services: Children
Thursday 2nd February 2023

Asked by: Stephen Hammond (Conservative - Wimbledon)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps his Department is taking to improve financial inclusion of under-18s.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

The Government wants to ensure that people, regardless of their background or income, have access to useful and affordable financial products and services and is committed to ensuring that people build financial capability. This means they are able to use, and maximise their use of, products and services made available by the financial services industry.

To promote financial inclusion and capability, the Government works closely together with regulators and stakeholders from the public, private and third sectors. For people under the age of 18, economic and financial education are important parts of a broad and balanced curriculum that provide the essential knowledge to ensure that young people are prepared to manage money well and make sound financial decisions.

Financial education is a statutory part of the national citizenship curriculum for 11- to 16-year-olds in England and primary schools can choose to teach citizenship, using non-statutory programmes of study.

To further support schools to deliver high quality financial education, the Money and Pensions Service published financial education guidance for schools in England in 2021. This guidance supports school leaders and education decision makers to enhance the financial education currently delivered in their schools.


Written Question
Planning and Infrastructure: Legislation
Thursday 10th November 2022

Asked by: Stephen Hammond (Conservative - Wimbledon)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he plans to bring forward a Planning and Infrastructure Bill in this Parliament.

Answered by James Cartlidge - Minister of State (Ministry of Defence)

Infrastructure is a vital means to drive the UK’s economic growth, increasing long-term energy security and delivering Net Zero by 2050. The government remains committed to delivering high quality infrastructure in a timely manner across the UK.

Further detail on the government’s legislative priorities during the remainder of this Parliament will be set out in due course.


Written Question
UK Infrastructure Bank
Thursday 15th September 2022

Asked by: Stephen Hammond (Conservative - Wimbledon)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made for the implication of his policies of the Institution of Civil Engineer's recommendation that the National Infrastructure Strategy should be on a statutory footing to provide more clarity and guidance on where the UK Infrastructure Bank should focus.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

As the Prime Minister set out earlier this month, the government is committed to delivery of infrastructure commitments – including those set out in the National Infrastructure Strategy (NIS) – to improve the UK’s energy security, transport networks and digital connectivity. There are no plans to legislate for the NIS.

The UK Infrastructure Bank (UKIB) was established in June 2021. Since then, it has entered into 10 deals worth a total of £1 billion, investing to drive economic growth and to strengthen the UK’s energy supply. The former Chancellor wrote to the UKIB on 18th March 2022 to set out his strategic priorities for the Bank. This letter has been published and is available on gov.uk.


Written Question
Electric Vehicles: Taxation
Monday 4th July 2022

Asked by: Stephen Hammond (Conservative - Wimbledon)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, when he plans to announce the Benefit-in-Kind tax rates that will be applicable for 2025-26 for electric vehicles.

Answered by Helen Whately - Minister of State (Department of Health and Social Care)

Like all taxes, benefit-in-kind tax rates for company cars, also known as Company Car Tax (CCT), are kept under review. The Government aims to announce CCT rates at least two years ahead of implementation to provide certainty for employers, employees and fleet operators.