Asked by: Tania Mathias (Conservative - Twickenham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps his Department is taking to prevent scam and unsolicited emails from pension and insurance companies.
Answered by Simon Kirby
On 5 December the Government launched a consultation on a package of measures aimed at tackling different areas of pensions scams. One of the measures is a ban on cold calling in relation to pensions.
A cold calling ban would cut off a key source of pension scams whilst also sending a clear message to consumers that they should hang up if they are cold called about their pension. The consultation will gather views on the exact scope of the ban and whether it should be extended to include electronic communications as well. The consultation closes on 13 February 2017 and next steps will be announced at Budget 2017.
The Government takes scams very seriously, and is continuing to monitor the risk of scams in other areas of financial services.
The Government is determined that financial services firms treat customers fairly. The Financial Conduct Authority (FCA), which regulates the insurance industry in the UK, sets the standards required of insurance firms to help ensure customers are treated fairly. Their rules require that communications with consumers should be clear, fair and not misleading. FCA also rules require that financial advertising and promotions should clearly explain what the product or service is, how it works and it could benefit consumers. Misleading adverts can be reported to the FCA online at: http://www.fca.org.uk/consumers/protect-yourself/misleading-adverts/reporting-form.
The FCA will take action against insurers that are found to be in breach of the FCA rules.
Asked by: Tania Mathias (Conservative - Twickenham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential merits of introducing an additional rate of stamp duty on property purchases by foreign investors.
Answered by David Gauke
Foreign purchasers of UK property are liable to Stamp Duty Land Tax (SDLT). Since 1 April 2016 higher rates of SDLT have been charged on purchases of additional residential properties, such as second homes and buy-to-let properties.
For the purposes of the higher rates, properties owned globally are taken into consideration when deciding whether the charges should apply to a given purchase. In addition to this, non-residents contribute to the tax system through SDLT, council tax and potentially capital gains tax.
The Government believes it has the right approach to ensuring all purchasers, including foreign investors, pay their fair share of tax. However, all taxes are kept under review.
Asked by: Tania Mathias (Conservative - Twickenham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether the new electronic system of quarterly income tax reporting will allow small businesses to align their reporting with VAT returns.
Answered by David Gauke
Making Tax Digital will simplify tax administration for small businesses. The Government believes VAT registered businesses should have the option to provide HMRC with one update to cover both VAT and their profits-based taxes. We will consult widely on the details of Making Tax Digital during 2016.