Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask His Majesty's Government what guidance HMRC provides concerning whether fractional shares may be held in individual savings accounts; and whether they have made any assessment of any discrepancy between (1) such guidance, and (2) the contents of the Autumn Statement, guidance from the Financial Conduct Authority, and the consensus of the investment community.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
At Autumn Statement 2023, the Government announced its intention to permit certain fractional shares contracts to be eligible ISA investments. This requires a change to the ISA Regulations and ISA manager’s guidance to define those eligible investments for ISA purposes.
Government has considered the Financial Conduct Authority’s initial position towards fractional shares, the position of the small number of firms offering them, and the view of the wider market.
Further information will be available in due course.
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask His Majesty's Government whether they intend to clarify before April 2024 whether fractional shares may be included in individuals savings accounts.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
At Autumn Statement 2023, the Government announced its intention to permit certain fractional shares contracts to be eligible ISA investments. This requires a change to the ISA Regulations and ISA manager’s guidance to define those eligible investments for ISA purposes.
Government has considered the Financial Conduct Authority’s initial position towards fractional shares, the position of the small number of firms offering them, and the view of the wider market.
Further information will be available in due course.
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask His Majesty's Government whether any amendment to individual savings account (ISA) regulations is necessary in respect of fractional shares; and if this is the case, what is the timeline to amend ISA regulations in order to enable fractional shares to be included in ISAs.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
At Autumn Statement 2023, the Government announced its intention to permit certain fractional shares contracts as eligible ISA investments and committed to engage with stakeholders on implementation. HMT and HMRC officials have met with industry stakeholders and the FCA to understand how to define qualifying ‘fractional shares contracts’ for the purposes of ISA regulations. This work continues to progress at pace, with an expectation to legislate at the earliest opportunity.
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the extent to which changes to the definition of "high net worth individual” investors is likely to impact minority group and female angel investors in business start-ups and early-stage businesses, and what assessment they have made of the consequential impact for diversity and access to funding.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
The changes to the financial promotion exemptions that came into force on 31 January 2024 were subject to a public consultation which closed in March 2022. Impacts of the proposals were considered, and a consultation response and de minimis impact assessment were published alongside the final reforms. The changes made aimed to both reduce the risk of consumer detriment and preserve the ability of SMEs to raise finance under the exemptions.
However, the Government recognises the significant concerns that have been raised recently about these changes. The Economic Secretary met last week with the angel investing sector and listened carefully to the representations made, and the Government is working closely with the sector to address the concerns raised.
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the Department for Science, Innovation & Technology:
To ask His Majesty's Government what progress they have made in regards to the Active Debris Removal programme, in line with their National Space Strategy; and what assessment they have made, if any, of the benefits it will bring to the UK.
Answered by Viscount Camrose - Parliamentary Under Secretary of State (Department for Science, Innovation and Technology)
Space sustainability activity aims to maintain the space environment, which benefits the UK through continued freedom of access to space services and the environmental and economic benefits space applications provide. The Government is taking forward the actions set out in the Plan for Space Sustainability launched last year. The Government has developed a national satellite monitoring service, is working with industry and academia on an industry-led Space Sustainability Standards initiative, and hosted ministerial roundtables to further our sustainability aims. The Government has also secured funding of both national and ESA Active Debris Removal programmes, which will demonstrate our world leading capabilities, positioning the UK at the forefront of the emerging life extension and debris removal markets.
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the Department for Science, Innovation & Technology:
To ask His Majesty's Government whether they have made an assessment of the value of the space sustainability sector to the UK economy.
Answered by Viscount Camrose - Parliamentary Under Secretary of State (Department for Science, Innovation and Technology)
Space sustainability activity aims to maintain the space environment, which benefits the UK through continued freedom of access to space services and the environmental and economic benefits space applications provide. The Government is taking forward the actions set out in the Plan for Space Sustainability launched last year. The Government has developed a national satellite monitoring service, is working with industry and academia on an industry-led Space Sustainability Standards initiative, and hosted ministerial roundtables to further our sustainability aims. The Government has also secured funding of both national and ESA Active Debris Removal programmes, which will demonstrate our world leading capabilities, positioning the UK at the forefront of the emerging life extension and debris removal markets.
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the Department for Science, Innovation & Technology:
To ask His Majesty's Government what steps they are taking to support the growth of the UK space industry across the UK.
Answered by Viscount Camrose - Parliamentary Under Secretary of State (Department for Science, Innovation and Technology)
The National Space Strategy sets out an ambitious vision for the future of the UK as a space nation, and to make the UK one of the most attractive countries for space businesses of all sizes to grow and thrive.
The strategy describes high level structures and frameworks to guide its implementation, and Government has now committed to developing a joint civil-defence Space Sector Plan in 2023 building on the National Space Strategy, the Defence Space Strategy, and the Defence and Security Industrial Strategy. The publication will communicate where and how Government will work to strengthen and mature its relationship with the space sector across the UK, and will prioritise interventions across government to help facilitate the sector’s growth and resilience. The publication will also increase future planning confidence in the sector by providing a clear demand signal for Government’s strategic capability needs from space, and intentions for pursuing them.
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the Cabinet Office:
To ask His Majesty's Government how many bids were received for the UK Emergency Alert System.
Answered by Baroness Neville-Rolfe - Minister of State (Cabinet Office)
The original bidding process for suppliers to deliver the UK Emergency Alert system was handled by the Mobile Network Operators (MNOs) during 2020 and 2021. Therefore the UK Government was not privy to the number of bids each of the MNOs received.
For the contract publicly listed on Contract Finder[1] signed by Government Digital Service, two bids were received and Fujitsu was the winning bidder.
[1] https://www.contractsfinder.service.gov.uk/notice/6e9669c8-6908-47ff-bac6-d83f8670403b?origin=SearchResults&p=1
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the Department for Science, Innovation & Technology:
To ask His Majesty's Government what plans they have to engage with the concerns of NASA and scientists around the world regarding the increasing risk posed by space junk.
Answered by Viscount Camrose - Parliamentary Under Secretary of State (Department for Science, Innovation and Technology)
The Government is taking action to deliver on the Plan for Space Sustainability announced last year to help ensure a safe, secure, and sustainable space environment. This includes plans for regulatory reform, supporting the development of an industry-led Space Sustainability Mark, and building sustainable capabilities in the UK including Active Debris Removal and In-Orbit Servicing and Manufacturing missions. The Government engages extensively in international and scientific fora such as the United Nations Committee on the Peaceful Uses of Outer Space, and the Inter-Agency Space Debris Coordination Committee to tackle the issue of the increasingly contested and congested space environment.
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask His Majesty's Government at what point Ukrainian refugees who have been in the UK for over 180 days are liable to pay tax.
Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)
Under UK tax rules, all income earned through employment is taxable. The Government has made guidance available on GOV.UK for Ukrainians arriving in the UK, which includes a section on employment and tax.
The Government is committed to a fair tax system in which those with the most contribute the most. The income tax system is highly progressive, with different rates of tax sitting above an internationally high tax-free Personal Allowance. Ukrainians arriving in the UK will have to claim the Personal Allowance at the end of each tax year in which they receive UK income.