Asked by: Dave Doogan (Scottish National Party - Angus and Perthshire Glens)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an estimate of the potential cost to the public purse of the Bank of England's Quantitative Tightening programme (a) since July 2024 and (b) since its commencement in November 2022.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
Since October 2022, HM Treasury has transferred £85.9bn to the Bank of England to cover losses arising from the Asset Purchase Facility, of which £25bn was transferred since July 2024. This covers losses incurred from net interest costs and the sale and redemption of bonds as the portfolio is unwound.
Data on these quarterly cash transfers between HM Treasury and the Bank of England are made publicly available by the Office for National Statistics (ONS) in its monthly Public Sector Finances publication. The data are available at the following link under the ONS series ID MF7A in worksheet PSA9B:
Asked by: Dave Doogan (Scottish National Party - Angus and Perthshire Glens)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, which minister is responsible for overseeing progression of The Payment Services (Contract Terminations Amendment) Regulations 2024.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
I am the minister responsible for the progression of this policy.
The Government is preparing to lay these regulations in Parliament in due course.
Asked by: Dave Doogan (Scottish National Party - Angus and Perthshire Glens)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what definition of family farm was used when developing changes to inheritance tax relief for (a) business and (b) agricultural assets.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and fixing the public finances in a fair way. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992.
The Government’s assessment relates to claims for agricultural property relief and business property relief. The qualifying conditions for these reliefs are set out in Part 5 of the Inheritance Tax Act 1984.
Guidance on agricultural property relief is available at www.gov.uk/guidance/agricultural-relief-on-inheritance-tax and www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm24000.
Guidance on business property relief is available at www.gov.uk/business-relief-inheritance-tax and www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm25000.
Asked by: Dave Doogan (Scottish National Party - Angus and Perthshire Glens)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what is the average wait time for callers to HMRC helplines; what action is being taken to reduce wait times on HMRC helplines; and if she will make it her policy implement a freephone service when wait times are high.
Answered by James Murray - Exchequer Secretary (HM Treasury)
Information regarding the average speed of answer is published as part of HMRC’s monthly performance report:
https://www.gov.uk/government/collections/hmrc-monthly-performance-reports
HMRC know that their service levels have, until recently, been below published standards. They aim to answer calls as quickly as possible but wait times may be longer than usual during busy periods.
HMRC received extra funding last year to recruit more customer service advisers to help improve telephony performance. They met their helpline service standard in Quarter 3.
HMRC do not have plans to introduce a freephone service.
HMRC helplines use 03 numbers (0300 or 0345), which cost the same as landline 01 or 02 numbers, but actual call charges depend on the customer's phone provider. For mobile networks, 03 numbers are typically included in airtime plans, but customers should verify with their specific network provider.
HMRC is a public body and does not profit from customer contacts.
Asked by: Dave Doogan (Scottish National Party - Angus and Perthshire Glens)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when HMRC plans to respond to correspondence of 13 June 2023 from the hon. Member for Angus, reference DD9848.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
HM Revenue & Customs (HMRC) received your correspondence on 13 June 2023 and received the further information requested on 20 June 2023. They apologise for the delay in replying.
HMRC contacted your constituent on 17 August 2023 and telephoned your office on 25 October 2023 to provide an update on their investigations.
They aim to reply as quickly as possible and by 10 November 2023.
Asked by: Dave Doogan (Scottish National Party - Angus and Perthshire Glens)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will publish the criteria through which the UK would decline to pursue a tax claim made by an EU state against a UK national under the Mutual Assistance in Recovery of Debt arrangements.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
The criteria through which the UK would decline to pursue a tax claim made by an EU state against a UK national under the Mutual Assistance in Recovery of Debt arrangements (Council Directive 2010/24/EU) are already published on the GOV.UK website here: DMBM560100.Asked by: Dave Doogan (Scottish National Party - Angus and Perthshire Glens)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if his Department will waive vehicle import tax liabilities for a member of the armed forces who has purchased a vehicle under the terms of the Personal Export Scheme and is redeployed to a theatre where they cannot take their vehicle with them and is unable to sell it in their current deployment because it is right hand drive.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
The Personal Export Scheme allows entitled customers to buy a motor vehicle in the UK free of VAT for export outside the UK subject to certain conditions. Where a taxpayers plans change unexpectedly, and the vehicle is being re-imported into the UK the customer should contact HMRC’s Personal Transport Unit who will assess the query on a case-by-case basis to determine whether or not import VAT will be due.
Further guidance can be found here on the GOV.UK Website here: https://www.gov.uk/guidance/personal-export-scheme-notice-707#overview.
Asked by: Dave Doogan (Scottish National Party - Angus and Perthshire Glens)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 31 January 2023 to Question 133676 on Tax Avoidance, how many people affected by the Loan Charge have contacted HMRC reporting symptoms of stress, anxiety or depression since 2017.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
HM Revenue and Customs (HMRC) does not collect or hold the personal and sensitive medical information requested.
HMRC recognises that tax burdens can add significant pressures and that some taxpayers need extra help because of their individual needs or circumstances. HMRC is committed to identifying and supporting taxpayers who need extra help with their tax affairs.
HMRC has guidance and training in place for its staff on how to identify taxpayers who need extra support, a dedicated telephone line for those seeking to exit a tax avoidance scheme and a debt helpline. Where appropriate, HMRC refers people to outside organisations that can provide further advice and support.
Asked by: Dave Doogan (Scottish National Party - Angus and Perthshire Glens)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 31 January 2023 to Question 133676 on Tax Avoidance, how many people affected by the loan charge had been signposted to specialist Voluntary and Community organisations by the HMRC’s Extra Support teams.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
HM Revenue and Customs (HMRC) does not hold a breakdown of how many people affected by the loan charge have been signposted to specialist Voluntary and Community organisations by the Extra Support teams. For reasons of confidentiality HM Revenue and Customs (HMRC) does not record personal circumstances, such as whether the query is related to the loan charge, when signposting taxpayers to Voluntary and Community organisations.
Asked by: Dave Doogan (Scottish National Party - Angus and Perthshire Glens)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate he has made of the amount that will be raised by the Loan Charge.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
The Loan Charge was introduced to draw a line under the historic use of disguised remuneration (DR) schemes which paid income in the form of loans via third parties, often offshore trusts.
When announced at Budget 2016, the Loan Charge formed part of a package estimated to yield more than £3.2 billion over five years. The forecast was last revised at Spring Statement 2022, with the latest estimated overall Exchequer yield of £3.4 billion for the entire package, which includes the Loan Charge.
There has already been an independent review of the Loan Charge. The Independent Loan Charge Review, led by Lord Morse, assessed the impact of the policy on affected taxpayers. The Government accepted all but one of the Review’s 20 recommendations and changes resulting from the review have reduced the Exchequer yield by an estimated £620 million.
Any loss of life is a tragedy, and HMRC takes issues relating to loss of life or serious injury extremely seriously. HMRC has made ten referrals to the Independent Office for Police Conduct (IOPC) in relation to individuals who have sadly taken their lives and have used DR schemes. In the eight concluded cases, the investigations found no evidence of misconduct by any HMRC officer. Individuals affected by the Loan Charge are supported by HMRC’s Extra Support teams. These are teams of specialist trained advisors who, where appropriate, signpost taxpayers to specialist Voluntary and Community organisations. To further strengthen the support offered to taxpayers, HMRC and Samaritans are currently working together to deliver an 18-month project.