Asked by: Stephen Hammond (Conservative - Wimbledon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the implications for its policies of the analysis by the Institution of Civil Engineers that improving strategic planning of infrastructure investment would unlock more benefits than the current, siloed sector-by-sector approach, as outlined in its policy position statement, Evolving the UK strategic infrastructure planning system post-National Infrastructure Strategy, published July 2021.
Answered by Helen Whately - Minister of State (Department of Health and Social Care)
The government is committed to the approach to infrastructure that was set out in the National Infrastructure Strategy (NIS) in November 2020. This addresses the long-term issues that have held back investment in and delivery of UK infrastructure, and ensures a coherent cross-sectoral approach to decision-making.
As committed to in the NIS, last year the government reviewed the National Infrastructure Commission’s (NIC’s) role and responsibilities, and the NIC’s fiscal remit. As a result of those reviews, at Spending Review 2021 the government updated the NIC’s objectives to reflect the government’s climate commitments and increased the NIC’s fiscal remit. These changes will inform the NIC’s Second National Infrastructure Assessment, to be published in 2023, which launched recently with the publication of a baseline report and will set out the NIC’s expert independent assessment of the UK’s economic infrastructure needs. ICE’s policy statement was one of the sources that informed the reviews, and ongoing engagement with industry stakeholders and representative organisations remains central to the government’s infrastructure strategy.
Asked by: Stephen Hammond (Conservative - Wimbledon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when his Department plans to publish a policy paper on regulatory reform; and if he will make an assessment of the implications for his Department's policies of the advice of the Institution of Civil Engineers that the Government, via its National Infrastructure Strategy, should outline clear, long-term and strategic policy objectives that allow better alignment between regulatory, industry and policy activity.
Answered by Helen Whately - Minister of State (Department of Health and Social Care)
The Government will publish an overarching policy paper on economic regulation in due course. The paper will consider how best to provide long term cross-sector strategic direction to the utility regulators, in order to provide greater clarity for regulators, investors and consumers.
Asked by: Stephen Hammond (Conservative - Wimbledon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether build-to-rent developments will be exempt from the Residential Property Develop Tax in (a) their entirety and (b) perpetuity.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
The Residential Property Developer Tax will apply to companies that make trading profits from residential property development activities and are part of a group that is generating relevant profits in excess of £25 million.
This means the tax will not apply to companies that construct properties to hold as investments.
It will, however, apply to companies that make trading profits from selling residential property, including where the purchaser is a member of the same group, or is acquiring the property for investment purposes.
As with all other taxes, the Government will keep this under review.
Asked by: Stephen Hammond (Conservative - Wimbledon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether build-to-rent developments which are transferred or sold within a group for accounting purposes will be exempt from the Residential Property Developer Tax in (a) their entirety and (b) perpetuity.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
The Residential Property Developer Tax will apply to companies that make trading profits from residential property development activities and are part of a group that is generating relevant profits in excess of £25 million.
This means the tax will not apply to companies that construct properties to hold as investments.
It will, however, apply to companies that make trading profits from selling residential property, including where the purchaser is a member of the same group, or is acquiring the property for investment purposes.
As with all other taxes, the Government will keep this under review.
Asked by: Stephen Hammond (Conservative - Wimbledon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential merits of a further independent review of the Loan Charge since Lord Morse's 2019 Review.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
A comprehensive independent review of the Loan Charge has already taken place. In September 2019, the Government commissioned Lord Morse to lead this Review. There are no plans for a further review of the Loan Charge.
Lord Morse’s report was published in December 2019 and concluded that it was right for the Government to collect the tax due, but also recommended changes to how the Loan Charge works.
The Government accepted all but one of the Review’s 20 recommendations, which is estimated to benefit over 30,000 individuals, removing 11,000 from the Loan Charge entirely.
These changes have improved how the Loan Charge operates, which ensures that individuals pay the right amount of tax and ensures fairness for all taxpayers and the wider public.