Asked by: Alex Ballinger (Labour - Halesowen)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of reducing the maximum amount that can be added to a cash ISA on small building societies.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The pricing of mortgages is a commercial decision for lenders in which the Government does not intervene. However, mortgage rates are influenced by a range of factors, including Base Rate, which has been cut five times since this Government came to power.
ISAs incentivise saving and investment for future goals by providing tax advantages to individual taxpayers. The Government recognises the important role that cash savings play. The Government continues to consider reforms to ISAs and savings to achieve the right balance between cash savings and investment and ensure better outcomes for both savers and the UK economy.
Asked by: Alex Ballinger (Labour - Halesowen)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of reducing the maximum amount that can be added to a cash ISA on mortgage rates.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The pricing of mortgages is a commercial decision for lenders in which the Government does not intervene. However, mortgage rates are influenced by a range of factors, including Base Rate, which has been cut five times since this Government came to power.
ISAs incentivise saving and investment for future goals by providing tax advantages to individual taxpayers. The Government recognises the important role that cash savings play. The Government continues to consider reforms to ISAs and savings to achieve the right balance between cash savings and investment and ensure better outcomes for both savers and the UK economy.
Asked by: Alex Ballinger (Labour - Halesowen)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential merits of extending the mortgage guarantee scheme beyond 30 June 2025.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The Government recognises the difficulties some prospective first-time buyers face in buying a home, and is committed to helping them get on the housing ladder.
We committed in our manifesto to introduce a permanent and comprehensive mortgage guarantee scheme to help buyers who struggle to save for a large deposit. At Autumn Budget 2024, the Chancellor confirmed our intention to introduce this scheme.
We will announce further details of this scheme in due course.
Asked by: Alex Ballinger (Labour - Halesowen)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential merits of adjusting the annual limits for VCT investee companies alongside inflation.
Answered by James Murray - Chief Secretary to the Treasury
The Venture Capital Trust (VCT) Scheme was evaluated in 2022, and these evaluations were published on gov.uk: https://www.gov.uk/government/publications/evaluation-of-venture-capital-schemes.
The evaluations found that the schemes were well targeted to address the market failure which makes it difficult for early-stage, high-risk companies to secure the investment they need.
Asked by: Alex Ballinger (Labour - Halesowen)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential merits of changing the UK VCT rules on the age limit for qualifying companies in line with EU regulations.
Answered by James Murray - Chief Secretary to the Treasury
The Venture Capital Trust (VCT) Scheme was evaluated in 2022, and these evaluations were published on gov.uk: https://www.gov.uk/government/publications/evaluation-of-venture-capital-schemes.
The evaluations found that the schemes were well targeted to address the market failure which makes it difficult for early-stage, high-risk companies to secure the investment they need.
Asked by: Alex Ballinger (Labour - Halesowen)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment she has made of the potential merits of raising taxation on gambling operators.
Answered by James Murray - Chief Secretary to the Treasury
Gambling Duties raised £3.5 billion in revenue in 2023-24.
As with all taxes, the Government keeps the gambling duty system under review during its Budget process.
Asked by: Alex Ballinger (Labour - Halesowen)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions he has had with HMRC on instructions given to debt collection agencies in the event of (a) an unresolved dispute or (b) error on a taxpayer's account.
Answered by James Murray - Chief Secretary to the Treasury
The debt collection agencies (DCAs) that HM Revenue & Customs (HMRC) collaborates with are regulated by the Financial Conduct Authority and are strictly bound by HMRC's processes and guidance.
HMRC undertakes regular reviews, including the monitoring of calls and examination of messages, to ensure compliance with these stringent processes and guidelines.
In the event of an unresolved dispute, or an error on a taxpayer's account, the DCAs must return the taxpayer’s case to HMRC for direct handling.HMRC will then work with the taxpayer to ensure that any disputes or errors are resolved.