Asked by: Baroness Hodgson of Abinger (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government whether they plan to remove VAT from work and building materials that are utilised to repurpose old buildings into housing.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
There are a number of VAT reliefs on construction work to properties already for residential use. For instance, a reduced rate of VAT at five per cent applies to residential renovations, subject to certain conditions. These include conversions of buildings from one residential use to another, conversions from commercial to residential use, and the renovation of properties that have been empty for two years or more prior to the renovation work.
The Government also maintains a zero rate of VAT on new-build residential or qualifying buildings to encourage the construction of new homes.
VAT is the UK's second largest tax forecast to raise £176 billion in 2024/25. A vital source of revenue that helps to fund public services.
The Government keeps all taxes under review as part of the policy making process.
Asked by: Baroness Hodgson of Abinger (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government when the Comprehensive Spending Review will conclude.
Answered by Lord Agnew of Oulton
As the Chancellor confirmed in July, the 2020 Comprehensive Spending Review will be published in the Autumn. Further details will be set out in due course.
Asked by: Baroness Hodgson of Abinger (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government how long Her Majesty's Revenue and Customs takes to process inheritance tax account forms and return IHT421 forms as a receipt of tax paid; and whether there is a service-level agreement for this.
Answered by Lord Agnew of Oulton
HMRC’s published target for processing the IHT400 account form (establishing tax liability) and, if appropriate, issuing the IHT421 to HM Courts and Tribunal Service is 80% within 15 days. In 2018/19 HMRC met this target, and they continue to do so. HMRC regularly monitor their cases so that the small number that fall outside this target are processed.
In light of the impact of Covid-19, HMRC are monitoring demand and resource across all workloads and there may be fluctuations in performance over the coming months.
Asked by: Baroness Hodgson of Abinger (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government how long Her Majesty's Revenue and Customs takes to refund overpaid inheritance tax; and whether there is a service-level agreement for such refunds.
Answered by Lord Agnew of Oulton
There are different types of work that will lead to repayments of overpaid tax. However, HMRC do not record this information specifically for Inheritance Tax.
Asked by: Baroness Hodgson of Abinger (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government whether they have any plans to ensure that those providing medical insurance are also required to set out clearly which medical professionals and providers will be covered by their policies.
Answered by Lord Bates
The Government is determined that all insurers, including private medical insurers, should treat customers fairly and firms are required to do so under the Financial Conduct Authority’s (FCA) rules. The FCA is an independent body responsible for regulating and supervising the financial services industry, including firms operating in the health insurance market.
The FCA’s Insurance Conduct of Business Sourcebook (ICOBS) sets the conduct standards required of insurance firms in relation to their business. These standards include requirements that firms take reasonable steps to ensure a customer is given appropriate information about a policy in a comprehensible form.
The FCA keep their rules under regular review: since the ICOBS came into force in 2008, it has been modified several times to add new rules and amend existing ones.
The Government is confident in the FCA’s ability to monitor the private medical insurance market and their powers to intervene if necessary.
Asked by: Baroness Hodgson of Abinger (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government whether there is an overseeing body that ensures that those purchasing private medical insurance are receiving a fair service.
Answered by Lord Bates
The Government is determined that all insurers, including private medical insurers, should treat customers fairly and firms are required to do so under the Financial Conduct Authority’s (FCA) rules. The FCA is an independent body responsible for regulating and supervising the financial services industry, including firms operating in the health insurance market.
The FCA’s Insurance Conduct of Business Sourcebook (ICOBS) sets the conduct standards required of insurance firms in relation to their business. These standards include requirements that firms take reasonable steps to ensure a customer is given appropriate information about a policy in a comprehensible form.
The FCA keep their rules under regular review: since the ICOBS came into force in 2008, it has been modified several times to add new rules and amend existing ones.
The Government is confident in the FCA’s ability to monitor the private medical insurance market and their powers to intervene if necessary.
Asked by: Baroness Hodgson of Abinger (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government when they last reviewed the regulations relating to private medical insurance.
Answered by Lord Bates
The Government is determined that all insurers, including private medical insurers, should treat customers fairly and firms are required to do so under the Financial Conduct Authority’s (FCA) rules. The FCA is an independent body responsible for regulating and supervising the financial services industry, including firms operating in the health insurance market.
The FCA’s Insurance Conduct of Business Sourcebook (ICOBS) sets the conduct standards required of insurance firms in relation to their business. These standards include requirements that firms take reasonable steps to ensure a customer is given appropriate information about a policy in a comprehensible form.
The FCA keep their rules under regular review: since the ICOBS came into force in 2008, it has been modified several times to add new rules and amend existing ones.
The Government is confident in the FCA’s ability to monitor the private medical insurance market and their powers to intervene if necessary.
Asked by: Baroness Hodgson of Abinger (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what regulations are in place relating to private medical insurance.
Answered by Lord Bates
The Government is determined that all insurers, including private medical insurers, should treat customers fairly and firms are required to do so under the Financial Conduct Authority’s (FCA) rules. The FCA is an independent body responsible for regulating and supervising the financial services industry, including firms operating in the health insurance market.
The FCA’s Insurance Conduct of Business Sourcebook (ICOBS) sets the conduct standards required of insurance firms in relation to their business. These standards include requirements that firms take reasonable steps to ensure a customer is given appropriate information about a policy in a comprehensible form.
The FCA keep their rules under regular review: since the ICOBS came into force in 2008, it has been modified several times to add new rules and amend existing ones.
The Government is confident in the FCA’s ability to monitor the private medical insurance market and their powers to intervene if necessary.