Income Tax Threshold
Debate between Baroness Penn and Lord Brownlow of Shurlock Row(1 year, 4 months ago)
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Baroness Penn (Con)
I absolutely agree with the noble Lord that the UK income tax system is more competitive than the Scottish system and that we deliver better value for money.
Lord Brownlow of Shurlock Row (Con)
My Lords, yesterday the Competition and Markets Authority showed that consumers were charged 6p a litre more than wholesale prices justified. Obviously, those excess profits will be taxed. Do the Government think they should be taxed at more than the current rate?
Baroness Penn (Con)
My Lords, we have been clear that we will take the findings of the CMA very seriously and put in place a system to ensure that we do not see future excess profits in a similar way.
National Insurance Contributions
Debate between Baroness Penn and Lord Brownlow of Shurlock Row
Baroness Penn (Con)
My Lords, the Government have been very clear in their justification for the health and social care levy. The Government are committed to the responsible management of the public finances, which is why we have had to take tough but responsible decisions to increase taxes in order to fund a significant increase in permanent spending on the NHS and social care. On the cost of living challenge, that is why, this year and next, the Government will provide £20 billion of support to help those people who are struggling to meet their household bills.
Lord Brownlow of Shurlock Row (Con)
My Lords, if the Government were persuaded to go down the windfall tax route, would they be further persuaded to go down the windfall rebate route in the years that oil companies make a loss, such as last year?