Asked by: James Cartlidge (Conservative - South Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to tackle online scams which rely on the individual voluntarily transferring money.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government recognises that fraudulent transactions of this manner, commonly known as Authorised Push Payment (APP) scams, can significantly impact those affected.
In 2015, the Government set up the Payment Systems Regulator (PSR) with a statutory objective to, among other things, ensure that payment systems are operated in a way that takes account of users’ needs. The PSR is addressing these kinds of scams as part of a programme of work announced in December 2016, following a Which? Super-complaint on the issue.
In April 2018, the PSR established a steering group of consumer representatives and banks to draft an industry code to help protect consumers against these kinds of scam. The code was published for consultation in September 2018, with the intention for the final code to be in place in 2019. The aim of this code is to reduce the incidence of APP scams, and it will set out rules on how industry should reimburse consumers in certain scenarios.
It is right that industry takes the necessary steps to protect consumers against this kind of fraud. The Government supports the work the PSR is driving forward to tackle these kinds of scams in conjunction with industry, consumer groups and other regulatory and government bodies.
Asked by: James Cartlidge (Conservative - South Suffolk)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what proportion of Stamp Duty Land Tax repayments claimed were repaid within the 15 days target in the last financial year; and what the total sum outstanding beyond 15 days at the end of the previous fiscal year was.
Answered by Mel Stride - Secretary of State for Work and Pensions
In the 2017-18 financial year HM Revenue and Customs (HMRC) received 46,781 SDLT repayment claims, of which 4,668 were dealt with within 15 working days. At 2017-18 year end there were 2,550 SDLT repayment claims on hand that were outside 15 working days.
A recovery plan has been implemented and the age profile and on hand volumes are now greatly reduced. Approximately 80% of Higher Rate Additional Dwellings repayments claims are now being dealt with within 15 working days, and HMRC expect the position to continue to improve.
Asked by: James Cartlidge (Conservative - South Suffolk)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate he has made of the total amount of tax and national insurance paid by people aged 16 and 17 years of age.
Answered by Mel Stride - Secretary of State for Work and Pensions
This table contains estimates of both the total and the average amount of income tax liabilities of individuals who are aged 16 or 17 at the end of the 2015-16 tax year and are liable for income tax.
This table also contains estimates of both the total and the average amount of national insurance liabilities of individuals who are aged 16 or 17 at the end of the 2015-16 tax year and are liable for national insurance.
Income tax and national insurance paid by individuals aged 16 or 17(1) | ||
| Income Tax | National Insurance |
Total(2) | £17,300,000 | £12,700,000 |
Average(3) | £2,130 | £117 |
1) These estimates are based on the 2015-16 Survey of Personal Incomes (SPI).
2) Total figures presented are rounded to the nearest hundred thousand.
3) Average figures presented are rounded to the nearest whole number.
Asked by: James Cartlidge (Conservative - South Suffolk)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate he has made of the average amount of tax and national insurance paid by people aged 16 and 17 years of age.
Answered by Mel Stride - Secretary of State for Work and Pensions
This table contains estimates of both the total and the average amount of income tax liabilities of individuals who are aged 16 or 17 at the end of the 2015-16 tax year and are liable for income tax.
This table also contains estimates of both the total and the average amount of national insurance liabilities of individuals who are aged 16 or 17 at the end of the 2015-16 tax year and are liable for national insurance.
Income tax and national insurance paid by individuals aged 16 or 17(1) | ||
| Income Tax | National Insurance |
Total(2) | £17,300,000 | £12,700,000 |
Average(3) | £2,130 | £117 |
1) These estimates are based on the 2015-16 Survey of Personal Incomes (SPI).
2) Total figures presented are rounded to the nearest hundred thousand.
3) Average figures presented are rounded to the nearest whole number.
Asked by: James Cartlidge (Conservative - South Suffolk)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate he has made of the average amount of tax and national insurance paid by people between 16 and 18 years of age.
Answered by Mel Stride - Secretary of State for Work and Pensions
This table contains estimates of the average amount of income tax and national insurance liabilities of individuals who are aged 16, 17 or 18 at the end of the 2014-15 tax year.
Average Income Tax and NICs paid by individuals between the ages of 16 and 18(1)(2) | ||
| Income Tax | NICs |
Average | £950 | £156 |
All figures presented are rounded to the nearest whole number.
These estimates are based on the 2014-15 Survey of Personal Incomes (SPI).
Asked by: James Cartlidge (Conservative - South Suffolk)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, with reference to the Answer of 17 December 2015 to Question 20232, what progress the Financial Conduct Authority has made in its investigation into issues relating to the Connaught fund.
Answered by Simon Kirby
This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government.
This question has been passed on to the FCA. They will reply directly to the Honourable Member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: James Cartlidge (Conservative - South Suffolk)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what revenue was received by the (a) Financial Conduct Authority and (b) Financial Services Authority from fees and levies payable by regulated firms in each of the last five years.
Answered by Simon Kirby
The questions on Financial Conduct Authority (FCA) and Financial Services Authority fees and levies are both a matter for the FCA, who are operationally independent from Government.
The questions have been passed on to the FCA. The FCA will reply directly to the Honorable Member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: James Cartlidge (Conservative - South Suffolk)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate his Department has made of the proportion of new buy-to-let mortgage loans over the next five years which will be advanced on an (a) capital repayment and (b) interest-only basis.
Answered by Harriett Baldwin
HM Treasury has not made any estimates of the proportion of new buy-to-let mortgage loans over the next five years which will be advanced on a (a) capital repayment and (b) interest-only basis.
Asked by: James Cartlidge (Conservative - South Suffolk)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, with reference to the Prudential Regulation Authority's Draft Supervisory Statement on Buy-to-Let Underwriting Standards, published in March 2016, what assessment he has made of the potential effect of the 20 per cent growth in buy-to-let mortgage lending over the next three years on home ownership.
Answered by Harriett Baldwin
The Government is committed to supporting homeowners. One part of this commitment is ensuring that there is a level playing field between homeowners and landlords. In the 2015 Autumn Statement, we announced a 3 percentage point increase in the rates of Stamp Duty Land Tax applying to the purchase of additional residential properties, such as second homes and buy-to-let properties; and in the Summer Budget of 2015, we acted to restrict, to the basic rate of income tax, the tax relief on finance costs received by landlords of residential property.
The Financial Policy Committee recently stated that the combination of forthcoming changes to mortgage interest tax relief and the implementation of the PRA Supervisory Statement will probably dampen growth of buy-to-let mortgage lending relative to lenders’ plans.
Asked by: James Cartlidge (Conservative - South Suffolk)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, when the Financial Conduct Authority will conclude its investigation into issues relating to the Connaught fund and allow those affected to submit claims to the Financial Services Compensation Scheme.
Answered by Harriett Baldwin
This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government.
This question has been passed on to the FCA. They will reply directly to the Honourable Member by letter. A copy of the letter will be placed in the Library of the House.