Asked by: Chris Bryant (Labour - Rhondda)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the of the impact of changes made to the (a) Enterprise Investment Scheme and (b) Seed Enterprise Investment Scheme on levels of investment in the UK screen sector since 2018.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The government recognises the importance of the film and TV sector to the UK and is committed to making the UK the best place to invest through our generous and reliable fiscal support, as well as wider business support through our funded bodies like the British Film Commission.
The government keeps all tax-advantaged venture capital schemes under review to ensure they continue to meet their policy objectives in a way that is fair and effective. Information on the Enterprise Investment Scheme and Seed Enterprise Investment Scheme is published annually by HM Revenue and Customs. The data published relates to overall scheme statistics and not sector specific performance.
Asked by: Chris Bryant (Labour - Rhondda)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has made a recent assessment of the effectiveness of the (a) Enterprise Investment Scheme and (b) Seed Enterprise Investment Scheme for attracting investment in the screen sector.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The government recognises the importance of the film and TV sector to the UK and is committed to making the UK the best place to invest through our generous and reliable fiscal support, as well as wider business support through our funded bodies like the British Film Commission.
The government keeps all tax-advantaged venture capital schemes under review to ensure they continue to meet their policy objectives in a way that is fair and effective. Information on the Enterprise Investment Scheme and Seed Enterprise Investment Scheme is published annually by HM Revenue and Customs. The data published relates to overall scheme statistics and not sector specific performance.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government, following the findings of the Financial Conduct Authority survey indicating a decrease in savings and investing among UK adults, what steps they are taking to help individuals and families save and invest.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
The Government is committed to incentivising greater saving and investment, to help hard working people save for their future goals and build greater financial resilience.
The Help to Save scheme was launched in September 2018 and is intended to promote financial resilience among working households on low incomes by supporting them to kickstart a regular, long-term savings habit and build a financial buffer for a rainy day.
Individuals can also save up to £20,000 into an Individual Savings Account (ISA) each year, and any savings income received within an ISA is tax free. This, along with the Personal Savings Allowance of up to £1,000 for basic rate taxpayers means that around 85% of people with savings income pay no tax on that income.
However, the Government also recognises that people need support to make effective investment decisions. This is why the Government and FCA are working on a joint review of the boundary between financial advice and guidance to ensure people can access appropriate support with their financial decision-making.
Asked by: James Wild (Conservative - North West Norfolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to paragraph 5.67, page 75 of the Spring Budget 2024, what assessment he has made of the potential impact of the abolition of the Furnished Holiday Lettings tax regime on the number of businesses that will (a) continue as short-term holiday lets, (b) become longer term rental properties and (c) sell the property in question.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
The Government has announced that it will abolish the Furnished Holiday Lettings (FHL) tax regime from April 2025.
The Government will publish draft legislation, explanatory notes, and a tax information and impacts note in due course.
As with all aspects of tax policy, the Government keeps the taxation of property landlords under review and any decisions on future changes will be taken by the Chancellor in the context of the wider public finances.
Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has plans to use revenue raised through the increase in car tax from 1 April 2024 to support (a) public transport and (b) environmental initiatives.
Answered by Gareth Davies - Exchequer Secretary (HM Treasury)
The Consolidated Fund receives the proceeds of Vehicle Excise Duty (VED) and most other tax revenues. VED is being reinvested into the English road network between 2020-2025 to fund road enhancement projects. The Government uses the tax system to encourage the uptake of cars with low carbon dioxide (CO2) emissions to help meet our legally binding climate change targets.
Asked by: Ben Lake (Plaid Cymru - Ceredigion)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much additional funding the Welsh Government received based on updated calculations to the Barnett Formula at the end of the 2023-24 financial year.
Answered by Laura Trott - Chief Secretary to the Treasury
The 2021 Spending Review set the largest annual block grant for the Welsh Government, in real terms, of any spending review settlement since the devolution Acts. On top of this the Welsh Government received over £1 billion through the Barnett formula in 2023-24, including £200 million at Supplementary Estimates 2023-24.
The Welsh Government is well-funded to deliver all its devolved responsibilities, receiving around 20% more per person compared to equivalent funding in England. This is around £1 billion more each year than the Holtham Commission indicated – and the Welsh Government agreed - was fair for Wales relative to England.
Asked by: Gregory Campbell (Democratic Unionist Party - East Londonderry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what progress he has made on the UK Green Taxonomy financial proposals.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The Government remains committed to delivering a UK Green Taxonomy to support an increase in financing for activities supporting the transition to net zero and delivering on UK environmental objectives.
The Government expects to publish the consultation on the UK Green Taxonomy shortly.
Asked by: Chris Bryant (Labour - Rhondda)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the levels of private investment in independent UK film production companies through the (a) Enterprise Investment Scheme and (b) Seed Enterprise Investment Scheme between (i) 2012 and 2017 and (ii) 2018 and 2023.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The government recognises the importance of the film and TV sector to the UK and is committed to making the UK the best place to invest through our generous and reliable fiscal support, as well as wider business support through our funded bodies like the British Film Commission.
The government keeps all tax-advantaged venture capital schemes under review to ensure they continue to meet their policy objectives in a way that is fair and effective. Information on the Enterprise Investment Scheme and Seed Enterprise Investment Scheme is published annually by HM Revenue and Customs. The data published relates to overall scheme statistics and not sector specific performance.
Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what incentives are available to encourage growth strategies among UK tech firms; and whether he plans to take steps to help increase the number of high-value tech companies based in the UK.
Answered by Gareth Davies - Exchequer Secretary (HM Treasury)
The government is backing British business to drive long-term economic growth by tackling barriers to investment, cutting taxes and rewarding work, and by supporting the priority growth sectors, including digital technology, which are helping to turn the UK into the world’s next Silicon Valley. The UK has Europe’s leading tech ecosystem, valued at over $1trillion, and the government is acting to create the best environment for our most innovative tech companies to start, scale and stay in the UK. This includes making over £3.5 billion of public investment in the AI ecosystem since 2014, extending the sunset clause for the Enterprise Investment Scheme and the Venture Capital Trust scheme to 6 April 2035, making changes to simplify and improve R&D tax reliefs, extending the British Business Bank’s Future Fund: Breakthrough investment programme, and implementing the measures the Chancellor announced at last year’s Mansion House speech to reform the pensions market to unlock investment into high growth sectors and generate increased returns for savers.
Asked by: Kenny MacAskill (Alba Party - East Lothian)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 18 April 2024 to Question 21846 on Oil: Imports, what volume of oil has been identified as being from Russia in cases where investigations have been concluded.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
Pursuant to the answer provided on 18 April 2024 to Question 21846, HM Revenue and Customs is responsible for enforcing and investigating export controls on strategic goods and sanctions and investigating potential breaches of those controls. HM Revenue and Customs does not comment on operational enforcement matters pertaining to specific import or export scenarios.