Asked by: Andrew Bridgen (Independent - North West Leicestershire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he plans to make the assets of non-domiciled UK residents subject to inheritance tax.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
From April 2025, the government will abolish the current tax regime for non-UK domiciled individuals, or non-doms, and get rid of the outdated concept of domicile in the tax system, replacing this with a modern, simpler, fairer and competitive residence-based regime.
The government will also move to a residence-based regime for Inheritance Tax (IHT) and will consult in due course on the best way to achieve this. No changes to IHT will take effect before April 2025.
Further information can be found in the published technical note: https://www.gov.uk/government/publications/changes-to-the-taxation-of-non-uk-domiciled-individuals.
Asked by: Andrew Bridgen (Independent - North West Leicestershire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential merits of including representatives of the police on the Illicit Tobacco Taskforce.
Answered by Gareth Davies - Exchequer Secretary (HM Treasury)
Although HMRC works with the police where appropriate, it is the lead law enforcement agency on tobacco fraud. HMRC has its own powers to conduct criminal investigations, make arrests and seek prosecution (via the Crown Prosecution Service).
The initial members of the taskforce will play a lead role in tackling tobacco fraud, but will also work with all law enforcement and intelligence agencies where appropriate. As the taskforce develops, the Government will regularly review the need to bring in other partners.
Asked by: Andrew Bridgen (Independent - North West Leicestershire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of bringing (a) social media and (b) telecoms firms into the scope of the mandatory advanced push payment reimbursement regime.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The government takes the issue of Authorised Push Payment (APP) fraud very seriously and is dedicated to protecting the public from this devastating crime. That is why the government legislated in the Financial Services & Markets Act 2023 to enable the Payment Systems Regulator (PSR) to require banks and other payment service providers to reimburse APP fraud victims.
The Online Safety Act introduces duties on platforms and services for having processes to remove illegal content, such as fraud. Companies found in breach will face a penalty of up to £18 million or ten per cent of their annual global turnover. The government has also recently agreed an online fraud charter with the world’s biggest tech companies, who have pledged to take additional action to block and remove fraudulent content from their sites.
Asked by: Andrew Bridgen (Independent - North West Leicestershire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential implications for his Department’s policies of the Dame Linda Dobbs Review into Lloyds Banking Group’s handling of the HBOS Reading fraud.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
As you are aware, Lloyds Banking Group has appointed Dame Linda Dobbs as an independent legal expert to consider whether issues relating to HBOS Reading were investigated and appropriately reported to authorities at the time by Lloyds, following its acquisition of HBOS. The findings from this review have not yet been published.
Once the report from this review has been completed, its findings will be shared with the Financial Conduct Authority (FCA), which will then consider what action is appropriate to take. As the FCA is an independent body, I am unable to comment further on these matters.
Asked by: Andrew Bridgen (Independent - North West Leicestershire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when his Department plans to respond to the consultation entitled Addressing carbon leakage risk to support decarbonisation, published on 30 March 2023.
Answered by Gareth Davies - Exchequer Secretary (HM Treasury)
As set out in the Autumn Statement, the government is considering responses to the consultation and the evidence to inform policy decisions, and will respond shortly.
Asked by: Andrew Bridgen (Independent - North West Leicestershire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he plans to introduce a UK carbon border adjustment mechanism; and if he will make a statement.
Answered by Gareth Davies - Exchequer Secretary (HM Treasury)
The government has recently consulted on potential future measures to mitigate carbon leakage risks, including the potential for a UK Carbon Border Adjustment Mechanism (CBAM). The consultation received more than 160 responses from the UK and overseas, including responses from a range of industry sectors and from civil society. The government is considering the evidence to inform policy decisions and will respond in due course.
Asked by: Andrew Bridgen (Independent - North West Leicestershire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to ensure that the UK Emissions Trading Scheme does not disadvantage British industry internationally.
Answered by Felicity Buchan - Parliamentary Under Secretary of State (Department for Levelling Up, Housing and Communities)
Carbon pricing is an efficient tool for promoting decarbonisation and the UK Emissions Trading Scheme (ETS) will play a role in helping the UK achieve Net Zero emissions by 2050.
As the UK transitions to a Net Zero economy, the Government recognises the importance of addressing the risk of carbon leakage. Carbon leakage is the displacement of domestic production, and its associated emissions due to different levels of carbon pricing and climate regulations across jurisdictions.
A proportion of allowances under the UK Emissions Trading Scheme (ETS), worth several billion pounds a year at current prices, are already allocated for free to businesses at risk of carbon leakage to reduce their exposure to the carbon price.
The UK ETS Authority recently consulted on the development of the UK ETS including on setting an appropriate cap consistent with net zero by 2024, expanding carbon pricing to more sectors of the economy, and a proposal to ensure that there are no reductions to industry’s free allocations before 2026 at the earliest.
The best solution to carbon leakage would be for all countries to move together in the pricing and regulation of carbon emissions. However, international solutions will take time to develop, and so government is considering options for new domestic action in parallel.
Earlier this year, the Government announced its intention to consult on a range of carbon leakage mitigation options to ensure both the integrity of UK action to reduce its carbon emissions and that UK businesses are not disadvantaged. This will include whether measures such as product standards and a carbon border adjustment mechanism (CBAM) could be appropriate tools in the UK’s policy mix.
Asked by: Andrew Bridgen (Independent - North West Leicestershire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the potential merits of applying affordability criteria to people wishing to trade shares, commodities, currency or crypto.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government is committed to striking a careful balance between improving broad access to financial markets, while also ensuring that appropriate protection measures are in place. This reflects the Government’s broader ambition to ensure that the benefits of corporate growth can be broadly shared, while ensuring financial markets work effectively for all market participants.
The Financial Conduct Authority (FCA) is the UK’s independent financial markets conduct regulator and is responsible for protecting consumers. The FCA has published several statements about the potential risks of investing in securities and has warned consumers that that any losses that result from such investments are not always covered under the Financial Services Compensation Scheme. Similarly, the FCA has banned the sale of cryptoasset derivatives to retail consumers, and has issued a warning stating that consumers who invest in cryptoassets should be prepared to lose their money.
Furthermore, on 18 January 2022, the government set out its intention to legislate later this year to bring certain cryptoassets into financial promotion regulation.
Asked by: Andrew Bridgen (Independent - North West Leicestershire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has modelled the potential impact on (a) tax receipts and (b) the sport and leisure sector of the Gambling Commission's proposals of affordability checks put forward as part of the Government's review of the Gambling Act 2005.
Answered by Helen Whately - Minister of State (Department of Health and Social Care)
No assessment has been made. In line with its statutory duties, the independent OBR publish the fiscal impact of any government policy that is introduced as part of the Budget process.
DCMS is considering the responses to its call for evidence, along with Gambling Commission proposals, and expect to publish a response document setting out any conclusions and consulting on next steps by the end of the year.
Asked by: Andrew Bridgen (Independent - North West Leicestershire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions officials in his Department have had with representatives of online retailers on online sales taxes.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
The Government published a Call for Evidence on 21 July 2020, as part of its Fundamental Review of Business Rates, to gather views from stakeholders on all elements of the Business Rates system and alternatives, including an Online Sales Tax.
Officials engaged with a broad range of stakeholders including online retailers as part of that process.
The Government provided a summary of responses to the Call for Evidence in March 2021. The review will conclude later this year.