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Written Question
Investment Trusts: Hong Kong
Tuesday 28th March 2023

Asked by: Lord Leong (Labour - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government whether HM Treasury has fully implemented the Mutual Recognition of Funds (MRF) between the UK and Hong Kong.

Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)

The Mutual Recognition of Funds arrangement between the UK and Hong Kong is the responsibility of financial regulators in each jurisdiction. The Government is therefore not involved in its implementation.

Specifically in 2018, the Financial Conduct Authority entered into a Memorandum of Understanding on Mutual Recognition of Funds (MoU), which allows eligible Hong Kong public funds and United Kingdom retail funds to be distributed in each other’s market through a streamlined process.


Written Question
Taxation: Non-payment
Monday 30th January 2023

Asked by: Lord Leong (Labour - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what estimate they have made of the amount of unpaid tax for the last three fiscal years; and what plans they have to recover that money.

Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)

The details requested by the Noble Lord are published annually in the HMRC Annual Reports and Accounts, copies of which are in the library and also online at GOV.UK. HMRC also publishes quarterly performance data which includes the debt balance at the end of each quarter.

Where customers don’t engage, refuse to pay, or where businesses have little chance of recovery, we have a responsibility to take prompt enforcement action to collect the tax due. It is in no one’s interests to allow unsustainable debt to build up unchecked.