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Written Question
Individual Savings Accounts
Thursday 14th March 2024

Asked by: Alexander Stafford (Conservative - Rother Valley)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has had recent discussions with the Financial Conduct Authority on including fractional shares in ISAs.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The government is committed to ensuring people have the opportunity to invest in a diverse range of investment types through their ISAs. As announced at Autumn Statement 2023 and confirmed at Spring Budget 2024, this includes certain fractional share contracts.

The government is working as quickly as possible to bring forward legislation to include certain fractional share contracts in ISAs by the end of the summer following detailed engagement with industry and the FCA.

The government is also consulting on the design and implementation of the UK ISA, including eligible investments, and welcomes responses from stakeholders before the deadline of 6th June.


Written Question
Stocks and Shares
Thursday 14th March 2024

Asked by: Alexander Stafford (Conservative - Rother Valley)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of allowing investors to invest in fractional shares.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The government is committed to ensuring people have the opportunity to invest in a diverse range of investment types through their ISAs. As announced at Autumn Statement 2023 and confirmed at Spring Budget 2024, this includes certain fractional share contracts.

The government is working as quickly as possible to bring forward legislation to include certain fractional share contracts in ISAs by the end of the summer following detailed engagement with industry and the FCA.

The government is also consulting on the design and implementation of the UK ISA, including eligible investments, and welcomes responses from stakeholders before the deadline of 6th June.


Written Question
Individual Savings Accounts
Thursday 14th March 2024

Asked by: Alexander Stafford (Conservative - Rother Valley)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will take steps to allow fractional shares to be included in the new British ISA.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The government is committed to ensuring people have the opportunity to invest in a diverse range of investment types through their ISAs. As announced at Autumn Statement 2023 and confirmed at Spring Budget 2024, this includes certain fractional share contracts.

The government is working as quickly as possible to bring forward legislation to include certain fractional share contracts in ISAs by the end of the summer following detailed engagement with industry and the FCA.

The government is also consulting on the design and implementation of the UK ISA, including eligible investments, and welcomes responses from stakeholders before the deadline of 6th June.


Written Question
Individual Savings Accounts
Thursday 14th March 2024

Asked by: Alexander Stafford (Conservative - Rother Valley)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will allow fractional shares to be included in ISAs.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The government is committed to ensuring people have the opportunity to invest in a diverse range of investment types through their ISAs. As announced at Autumn Statement 2023 and confirmed at Spring Budget 2024, this includes certain fractional share contracts.

The government is working as quickly as possible to bring forward legislation to include certain fractional share contracts in ISAs by the end of the summer following detailed engagement with industry and the FCA.

The government is also consulting on the design and implementation of the UK ISA, including eligible investments, and welcomes responses from stakeholders before the deadline of 6th June.


Written Question
Defibrillators: VAT
Friday 8th March 2024

Asked by: Alexander Stafford (Conservative - Rother Valley)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will remove VAT from defibrillators.

Answered by Nigel Huddleston - Financial Secretary (HM Treasury)

The Government maintains VAT reliefs to aid the purchase of Automated External Defibrillators (AEDs), including VAT relief on purchases made by local authorities and those made through voluntary contributions, where the AED is donated to eligible charities or the NHS. Otherwise, they attract the standard rate of VAT.

The Government is currently inviting community organisations to bid for funding as part of a £1 million grant scheme that expands public access to AEDs, particularly in public places where they are most needed. In addition, last year the Government committed to supplying state-funded schools in England with defibrillators to make sure there is a device in every school, with deliveries completed in June 2023. This means that every state-funded school in England, over 21,500 schools, now has access to an AED.

The Government keeps all taxes under review.


Written Question
Income Tax: Tax Allowances
Monday 26th February 2024

Asked by: Alexander Stafford (Conservative - Rother Valley)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential impact of raising the level of the tax-free Personal Allowance on the economy.

Answered by Nigel Huddleston - Financial Secretary (HM Treasury)

As with all aspects of the tax system, the Government will keep the Personal Allowance under review and any decisions on future changes will be taken by the Chancellor in the context of the wider public finances.


Written Question
Income Tax: Tax Allowances
Monday 26th February 2024

Asked by: Alexander Stafford (Conservative - Rother Valley)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will raise the level of the tax-free Personal Allowance.

Answered by Nigel Huddleston - Financial Secretary (HM Treasury)

As with all aspects of the tax system, the Government will keep the Personal Allowance under review and any decisions on future changes will be taken by the Chancellor in the context of the wider public finances.


Written Question
Financial Services: Environment Protection
Wednesday 21st February 2024

Asked by: Alexander Stafford (Conservative - Rother Valley)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to paragraph 63, page 48, of the report entitled Mobilising Green Investment: 2023 Green Finance Strategy, published in March 2023, for what reason the launch of the consultation on the next stage of the UK Green Taxonomy process has been delayed.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The Government remains committed to delivering a UK Green Taxonomy to support an increase in financing for activities supporting the transition to net zero and delivering on UK environmental objectives.

Developing a usable and useful Taxonomy is a complex and technical exercise, linked to multiple sectors of the economy and various legislative and regulatory frameworks.

The Government continues to work at pace and expects to publish the consultation shortly.


Written Question
Financial Services: Environment Protection
Wednesday 21st February 2024

Asked by: Alexander Stafford (Conservative - Rother Valley)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what his Department's expected timeline is on completing all stages of the UK Green Taxonomy process.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The Government remains committed to delivering a UK Green Taxonomy to support an increase in financing for activities supporting the transition to net zero and delivering on UK environmental objectives.

We expect to consult shortly. Following the consultation, we will analyse responses and provide a government response in accordance with Cabinet Office consultation principles, with a view to finalising the Taxonomy.

As set out in the Green Finance Strategy (2023), the Government will introduce a testing period of voluntary disclosures for at least two reporting years. In the longer term, we also maintain the ambition to introduce mandatory disclosures against a future Taxonomy.


Written Question
Small Businesses: VAT
Monday 12th February 2024

Asked by: Alexander Stafford (Conservative - Rother Valley)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will raise VAT thresholds for small businesses.

Answered by Nigel Huddleston - Financial Secretary (HM Treasury)

The Government recognises that accounting for VAT can be a burden on small businesses. This is why, at £85,000, the UK has a higher VAT registration threshold than any EU Member State and the second highest in the OECD. This keeps the majority of UK businesses out of VAT altogether. Views on the VAT registration threshold are divided and the case for change has been regularly reviewed over the years.

In 2018, the Government consulted on how the design of the VAT registration threshold could better incentivise growth. However, there was no clear option for reform.

While the Government keeps all taxes under review, it was announced at Autumn Budget 2022 that the VAT threshold will be maintained at its current level of £85,000 until 31 March 2026.