Asked by: Catherine Fookes (Labour - Monmouthshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the recent Report on the Call for Evidence about the Financial Conduct Authority, published by the APPG on Investment Fraud & Fairer Financial Services, whether she plans to introduce the recommended legislative changes.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
I noted the report with interest, and I recognise the difficulties faced by those who have lost out. Many of the issues explored in the report have already been extensively reviewed, and the Financial Conduct Authority (FCA) has made significant changes in response. The government has no plans to make the legislative changes recommended in this report.
I regularly engage with the FCA to ensure that it continues to learn from these experiences and is effectively delivering on its objectives.
Asked by: Catherine Fookes (Labour - Monmouthshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an estimate of the number of disabled people unable to claim an exemption on vehicle tax due to being over the age limit to access a benefit with a mobility component; and whether she has plans to reduce this gap.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Government does not hold statistics on the number of disabled people who are not eligible for the Vehicle Excise Duty (VED) exemption due to being above the state pension age.
The aim of the VED exemption is to provide additional help for people who become disabled early, or relatively early, in life and as a result experience economic disadvantage. These allowances are therefore only available to people who become disabled before the age of 65 and who claim before their 65th birthday.
For individuals who develop a disability after the State Pension age, Attendance Allowance (AA) is a non means-tested benefit which provides targeted help with the extra costs of disability and helps them maintain their independence. The AA does not have a mobility component, and therefore does not include an exemption from or reduction in VED. While the intention is for AA to cover the need for care or supervision an individual requires as a result of their disability, individuals may choose to use their AA to fund mobility aids. The Government also provides Pension Credit for pensioners with low incomes and who, for whatever reason, have been unable to save for their retirement.
Asked by: Catherine Fookes (Labour - Monmouthshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many estates were subject to inheritance tax in Monmouthshire constituency in each tax year between 2019-20 and 2022-23.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Government publishes the latest Inheritance Tax liabilities statistics at https://www.gov.uk/government/statistics/inheritance-tax-liabilities-statistics. Table 12.9 of the Inheritance Tax liabilities statistics has the estimated numbers of estates liable to tax on death by UK (Westminster) Parliamentary Constituency, for the latest available tax year, which is currently 2021-22. The statistics for 2022-23 has not yet been published.
In that year, 58 estates were liable for inheritance tax in the Monmouth Parliamentary constituency. The equivalent number of estates in 2020-21 and 2019-20 were 47 and 39 respectively.