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Written Question
Equitable Life Assurance Society: Compensation
Tuesday 27th February 2024

Asked by: Fleur Anderson (Labour - Putney)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, What recent steps his Department has taken to ensure that Equitable Life policyholders are reimbursed.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The Equitable Life Payment Scheme has been fully wound down and closed since 2016 and there are no plans to reopen any previous decisions relating to the Payment Scheme or review the £1.5 billion funding allocation previously made to it. Further guidance on the status of the Payment Scheme after closure is available at: https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.


Written Question
Central Bank Digital Currencies
Monday 22nd January 2024

Asked by: Fleur Anderson (Labour - Putney)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment he has made with Cabinet colleagues of the potential impact of a central bank digital currency on (a) national security and (b) digital exclusion.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

HM Treasury and the Bank of England will conduct a full examination of the benefits and risks of introducing a digital pound, including an assessment of any potential national security and digital exclusion impacts. This assessment will be made before any decision is taken on whether to build and introduce the digital pound, over the coming years.


Written Question
Individual Savings Accounts
Thursday 11th January 2024

Asked by: Fleur Anderson (Labour - Putney)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if his Department will make an assessment of the potential merits of increasing the Lifetime ISA cap in line with increases in house prices since April 2017.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The Government is committed to supporting people of all incomes and at all stages of life to save, and to making the aspiration of home ownership a reality for as many households as possible.

If you are referring to the Lifetime ISA property price cap, the Government currently remains of the view that the Lifetime ISA property price cap is set at an appropriate level to support most first-time buyers across the UK while targeting households that may find it most difficult to get onto the property ladder.

Data from the latest UK House Price Index demonstrates that the average price paid by first-time buyers is below the LISA property price cap in all regions of the UK.

The Government keeps all aspects of savings tax policy under review and considers all representations made carefully, with any changes made as part of the Budget process.


Written Question
Mortgages: Interest Rates
Wednesday 6th September 2023

Asked by: Fleur Anderson (Labour - Putney)

Question to the HM Treasury:

What recent assessment he has made of the potential impact of the Growth Plan of 23 September 2022 on mortgage rates.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

Over the course of 2022 high inflation from Putin’s illegal invasion of Ukraine saw interest rates increase across most Western Economies.

This is why the Prime Minister made halving inflation one of the Government’s five priorities this year. The latest Bank of England forecast shows we are on track to halve by the end of the year.


Written Question
Revenue and Customs: Standards
Tuesday 4th July 2023

Asked by: Fleur Anderson (Labour - Putney)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps HM Revenue and Customs is taking to reduce (a) the number of lost records, (b) other administrative errors and (c) IT problems.

Answered by Victoria Atkins - Secretary of State for Health and Social Care

HMRC have IT programmes underway which will increase security, resiliency as well as providing stability and increase performance which will address any IT issues.


Written Question
Developing Countries: Debts
Wednesday 17th May 2023

Asked by: Fleur Anderson (Labour - Putney)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether the Government is taking steps to encourage private lenders to contribute to debt relief efforts for low-income countries facing debt crises.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

The UK, alongside the G20 and Paris Club, has been clear that private creditors are expected to participate in debt treatments on terms at least as favourable as bilateral (i.e. country) creditors.

More broadly, the UK has led on innovations to enhance the market-based approach to private debt restructuring, for example by developing new model ‘majority voting provisions’ for private syndicated loans. These promote more efficient restructurings and reduce the ability for creditors to hold out.


Written Question
Money Laundering: Property Ownership
Thursday 11th May 2023

Asked by: Fleur Anderson (Labour - Putney)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent steps the Government has taken to reduce the risk of money laundering through UK property ownership.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

The government recognises the money laundering risk associated with UK property, and since 2017 has required Estate Agents and legal professionals involved in the buying and selling of property to register for supervision under money laundering regulations.

Last year saw the UK take further significant action by introducing the Register of Overseas Entities, which requires overseas companies who own UK property to reveal their real identities.

Through the second Economic Crime Plan, the government has committed to taking further coordinated steps using our enhanced regulatory, supervisory and enforcement toolkit, to identify criminals more quickly and effectively and do more to hold them to account.


Written Question
Disguised Remuneration Loan Charge Review
Thursday 27th April 2023

Asked by: Fleur Anderson (Labour - Putney)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many people have been refunded by HMRC due to changes made by the Morse Review; and what the total amount of money refunded is.

Answered by Victoria Atkins - Secretary of State for Health and Social Care

Following Lord Morse’s Independent Loan Charge Review in 2019, HMRC established the Disguised Remuneration (DR) Repayment Scheme 2020 to repay voluntary payments that taxpayers had agreed to make as part of settlements concluded before changes were made to the scope of the Loan Charge. Individuals and employers had until 30 September 2021 to apply to HMRC for a refund or waiver.

HMRC repays amounts that were paid in DR scheme settlements, and/or waives amounts of instalments due that have not yet been paid if certain conditions are met.

By the end of March 2023, HMRC had processed over 2450 applications, of which over 1400 had received either a repayment, a waiver, or both. Over 1000 of the applications processed at that date were either invalid or ineligible. The total value of repayments, waivers or both that have been made by that date was over £180 million.


Written Question
Banks: Taxation
Monday 27th February 2023

Asked by: Fleur Anderson (Labour - Putney)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of increasing the bank corporation tax surcharge to 35 per cent.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

According to recent reports by UK Finance, the UK banking sector currently employs close to half a million people, with almost two thirds outside London, and contributes nearly £39 billion in tax revenue.

The Government believes that a much higher combined rate of tax on banks’ profits would significantly worsen the UK’s competitive position relative to other major financial centres, putting jobs and Exchequer revenue at risk.


Written Question
Electric Vehicles: Charging Points
Thursday 23rd February 2023

Asked by: Fleur Anderson (Labour - Putney)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential merits of changing the VAT on public charging of electrical vehicles so that it is equal to the VAT on home charging.

Answered by Victoria Atkins - Secretary of State for Health and Social Care

The Government has not specifically introduced a reduced rate of VAT for charging EVs at home. However, the practical challenges of differentiating between the electricity used at home for general domestic purposes, and electricity used to charge EVs currently mean that the domestic fuel and power reduced rate is effectively being applied to EV charging at home.

Introducing an additional VAT relief for public EV charging to match the VAT treatment of domestic fuel and power would impose additional pressure on the public finances, to which VAT makes a significant contribution. There are therefore no plans to change the VAT treatment of EV charging.