Asked by: Lord Petitgas (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what plans they have to encourage corporate philanthropy in the art sector, such as through higher tax deductibility of corporate gifts and support.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The government is committed to supporting philanthropy through tax relief worth over £6bn per year for charities and their donors, including £880 million relief per year for corporate donations, and more targeted support worth £40m per year for the arts and heritage sector through the acceptance in lieu and cultural gifts schemes.
The government is aware of a range of ideas from the arts and heritage sector to encourage philanthropy and will consider these as part of the normal policy making process.
Asked by: Lord Petitgas (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government, further to their press release of 11 January 2025 on UK–China economic and financial dialogue, how much of the £600 million planned investments were already (1) signed or (2) in advanced discussions prior to the Chancellor’s visit; and what is the breakdown of each investment with respect to the location, value and firms involved.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
There were negotiations at official level ahead the 2025 UK-China Economic and Financial Dialogue. Ministerial engagement was essential to deliver the outcomes agreed.
This EFD unlocked market access for UK exporters in financial services and agri-products. These outcomes will benefit a range of UK businesses in these sectors and are worth £600 million to the UK economy and set course to unlock £1 billion in total over the next 5 years. The government published the policy outcomes document on Saturday 11 January which lists the outcomes for British businesses and the UK economy. This is available publicly on gov.uk.
Asked by: Lord Petitgas (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government, further to the Written Answer by the Exchequer Secretary to the Treasury on 27 November 2024 (HC14948), what assessment they have made of the potential effect of proposed changes to the non-domiciled tax regime on the UK's international reputation as a destination for high-net-worth individuals; and whether they plan to update the value for money assessment and scenarios for the changes to the non-domiciled tax regime in view of the reported current migration of such individuals.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Government is making elements of the non-dom reforms simpler to use and more attractive, whilst retaining the structure announced at the Budget. We do not expect these changes to impact the £33.8 billion of tax revenue that the OBR forecast to raise over five years from this government’s and the previous government’s changes to the non-dom tax regime.
Evidence from reforms in 2017 shows that the vast majority of former non-doms who became liable for tax on their worldwide income and gains remained UK resident and continued to contribute to the UK economy.
The Government published a Tax Information and Impact Note for this policy on 30 October, which can be found on GOV.UK.