Asked by: Anthony Browne (Conservative - South Cambridgeshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential risk of capital flight resulting from the application of carried interest to income tax treatment in all cases.
Answered by Victoria Atkins - Secretary of State for Health and Social Care
The Government believes its approach to the taxation of Carried Interest, which is consistent with that taken in comparable jurisdictions, is a balanced one.
Asked by: Anthony Browne (Conservative - South Cambridgeshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate he has made of the potential cost of applying carried interest to income tax treatment in all cases.
Answered by Victoria Atkins - Secretary of State for Health and Social Care
The Government believes its approach to the taxation of Carried Interest, which is consistent with that taken in comparable jurisdictions, is a balanced one.
Asked by: Anthony Browne (Conservative - South Cambridgeshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much revenue was received from capital gains tax raised on carried interest gains in the 2021-22 financial year; and what the post-behavioural costings are for subjecting carried interest to income tax treatment in all cases in each financial year to 2025-26.
Answered by Victoria Atkins - Secretary of State for Health and Social Care
The Government believes its approach to the taxation of Carried Interest, which is consistent with that taken in comparable jurisdictions, is a balanced one.
Asked by: Anthony Browne (Conservative - South Cambridgeshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has made an estimate of the additional VAT collected from an average household on expenditure related to a property purchase including (a) home improvements, (b) decoration and (c) furniture purchases.
Answered by Victoria Atkins - Secretary of State for Health and Social Care
HMRC does not hold information on VAT revenue from specific products or services. Businesses are not required to provide HMRC with figures at a product level on their VAT returns, as this would impose an excessive administrative burden.
Asked by: Anthony Browne (Conservative - South Cambridgeshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has made an estimate of the impact on the number of property transactions of the increase in the residential nil-rate threshold announced in September 2022.
Answered by Victoria Atkins - Secretary of State for Health and Social Care
Stamp Duty Land Tax (SDLT) continues to be an importance source of Government revenue, provisionally raising £14.1 billion in 2021/22.
In September 2022, the Government doubled the level at which purchasers of residential property start paying SDLT from £125,000 to £250,000. The nil-rate threshold under First Time Buyers Relief was also increased from £300,000 to £425,000 with the maximum purchase value for which relief can be claimed increased from £500,000 to £625,000. This will ensure around 43 per cent of purchasers will pay no SDLT.
This measure will remain in place until 31 March 2025 to boost mobility and support the property market during a difficult economic period.
Asked by: Anthony Browne (Conservative - South Cambridgeshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate his Department has made of the impact of Stamp Duty Land Tax on the annual number of property transactions.
Answered by Victoria Atkins - Secretary of State for Health and Social Care
Stamp Duty Land Tax (SDLT) continues to be an importance source of Government revenue, provisionally raising £14.1 billion in 2021/22.
In September 2022, the Government doubled the level at which purchasers of residential property start paying SDLT from £125,000 to £250,000. The nil-rate threshold under First Time Buyers Relief was also increased from £300,000 to £425,000 with the maximum purchase value for which relief can be claimed increased from £500,000 to £625,000. This will ensure around 43 per cent of purchasers will pay no SDLT.
This measure will remain in place until 31 March 2025 to boost mobility and support the property market during a difficult economic period.
Asked by: Anthony Browne (Conservative - South Cambridgeshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential impact of pension allowances on factors that may incentivise doctors to retire early.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
The Government is committed to ensuring that hard-working NHS staff do not find themselves reducing their work commitments due to the interaction between their pay, their pension, and the relevant tax regime. On 22 September, the Government announced it will change elements of the NHS Pension Scheme to help retain doctors, nurses and other senior NHS staff, to increase capacity. These changes include:
The Government keeps under review how to ensure pension allowances do not penalise those making provisions for their retirement.
Asked by: Anthony Browne (Conservative - South Cambridgeshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many businesses are paying (a) higher and (b) smaller multiplier rates.
Answered by Victoria Atkins - Secretary of State for Health and Social Care
The small business multiplier for 2022-23 is 49.9p and the standard multiplier is 51.2p. These rates will remain the same for 2023-24.
The Department for Levelling Up, Housing and Communities publishes statistics on the numbers of businesses that pay each multiplier. These statistics are available at: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1060753/NNDR1_2022-23_Supplementary_table_ecomms.xlsx
Asked by: Anthony Browne (Conservative - South Cambridgeshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what proportion of business rates revenue came from (a) higher and (b) smaller multiplier rates bands in each of the last ten years.
Answered by Victoria Atkins - Secretary of State for Health and Social Care
The Government does not collect data on total business rates yield disaggregated by ratepayers paying the small and large multiplier multipliers.
Asked by: Anthony Browne (Conservative - South Cambridgeshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the impact of the reduction in the business rates multiplier from 2016-17 to 2017-18 on total income received.
Answered by Victoria Atkins - Secretary of State for Health and Social Care
The business rates multiplier is adjusted at each revaluation to offset changes in aggregate rateable value in England. This process is revenue neutral and ensures that business rate revenue remains fixed in real terms.
At the 2017 revaluation the multiplier was reduced to 46.6p in 2017-18 from 48.4p in 2016-17. The reduction in the rate of the multiplier reflected an aggregate increase in rateable value in England of 9.6 per cent.
Business rates raise over £20 billion a year in England to fund vital local services - there is no alternative with widespread support that would raise sufficient revenue to replace them.