Asked by: Tobias Ellwood (Conservative - Bournemouth East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of introducing a sliding scale of VAT rates for companies according to revenue.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
The Government recognises that accounting for VAT can be a burden on small businesses. This is why, at £85,000, the UK has a higher VAT registration threshold than any EU Member State and the second highest in the OECD. This keeps the majority of UK businesses out of VAT altogether.
Views on the VAT registration threshold are divided and the case for change has been regularly reviewed over the years. The Government consulted on how the design of the VAT registration threshold could better incentivise growth. However, there was no clear option for reform.
The Government announced at Autumn Budget 2022 that the VAT threshold will be maintained at its current level of £85,000 until 31 March 2026.
Asked by: Tobias Ellwood (Conservative - Bournemouth East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if his Department has made an assessment of the potential impact of tax relief on the growth of the creative industries.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
HMRC has commissioned 2 independent evaluations of creative industry tax reliefs. The findings can be found on the GOV.UK website here:
https://www.gov.uk/government/publications/creative-industry-tax-reliefs-evaluation
https://www.gov.uk/government/publications/video-game-tax-relief-evaluation
Asked by: Tobias Ellwood (Conservative - Bournemouth East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to approve plans for small modular reactor production in the UK.
Answered by Simon Clarke
Nuclear has an important role to play in the UK energy system as we strive toa chieve net zero emissions by 2050.
The Government has awarded up to £210m to support development of the Rolls Royce Small Modular Reactor (SMR) design. The Rolls-Royce SMR entered the Generic Design Assessment process in April becoming the first SMR to begin UK nuclear regulation.
The Government has also announced the Future Nuclear Enabling Fund (FNEF) of up to £120m to support future nuclear projects, including SMRs, address barriers to entry.
The British Energy Security Strategy sets out the Government’s intention to take two Final Investment Decisions on new nuclear projects in the next parliament and to initiate a selection process for projects in 2023, including SMRs.
Asked by: Tobias Ellwood (Conservative - Bournemouth East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department plans to offer support to households in September 2022 in the event that the energy price cap increases.
Answered by Alan Mak - Minister of State (Department for Business and Trade) (jointly with the Cabinet Office)
The Government recognises that millions of households across the UK have been impacted by rising energy bills and the wider cost of living. That is why the Government is providing support for the cost of living now totalling over £37 billion this year. The package includes:
The Government has also expanded and increased the Warm Home Discount. Three million vulnerable households will now receive £150 each year. The Government’s objective for the Warm Home Discount is to focus the support towards those on the lowest incomes and in, or at greatest risk, of fuel poverty.