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Written Question
Capital Gains Tax
Tuesday 19th March 2024

Asked by: John McDonnell (Labour - Hayes and Harlington)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he recused himself from pre-Budget discussions on reducing the higher rate of Capital Gains Tax.

Answered by Nigel Huddleston - Financial Secretary (HM Treasury)

The OBR have confirmed that residential property transactions will be around 60,000 higher over the 5-year forecast, owing to the cut to the higher rate of Capital Gains Tax (CGT) on residential property gains from 28 per cent to 24 per cent.

The published costings note which covers underlying assumptions and methodologies, can be found here:

https://assets.publishing.service.gov.uk/media/65e7920c08eef600155a5617/Published_Costing_Document_Spring_Budget_2024_Final.pdf

Further information on the methodology also can be found here:

https://obr.uk/letters-to-john-mcdonnell-mp-and-sir-geoffrey-clifton-brown-mp/

As set out in the Ministerial Code, there is an established process in place for the declaration and management of private interests held by ministers. This process ensures that steps are taken to avoid or mitigate any potential or perceived conflicts of interest. These interests were properly declared in line with ministerial code. The Chancellor has also said: “I’ve decided that when it comes to properties I own, it would be wrong for me to benefit from a direct decision like that. So I will pay tax on the previous rate.”


Written Question
Capital Gains Tax
Tuesday 19th March 2024

Asked by: John McDonnell (Labour - Hayes and Harlington)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will publish his Department's modelling of the impact of a reduction in the higher rate of Capital Gains Tax on the number of property transactions.

Answered by Nigel Huddleston - Financial Secretary (HM Treasury)

The OBR have confirmed that residential property transactions will be around 60,000 higher over the 5-year forecast, owing to the cut to the higher rate of Capital Gains Tax (CGT) on residential property gains from 28 per cent to 24 per cent.

The published costings note which covers underlying assumptions and methodologies, can be found here:

https://assets.publishing.service.gov.uk/media/65e7920c08eef600155a5617/Published_Costing_Document_Spring_Budget_2024_Final.pdf

Further information on the methodology also can be found here:

https://obr.uk/letters-to-john-mcdonnell-mp-and-sir-geoffrey-clifton-brown-mp/

As set out in the Ministerial Code, there is an established process in place for the declaration and management of private interests held by ministers. This process ensures that steps are taken to avoid or mitigate any potential or perceived conflicts of interest. These interests were properly declared in line with ministerial code. The Chancellor has also said: “I’ve decided that when it comes to properties I own, it would be wrong for me to benefit from a direct decision like that. So I will pay tax on the previous rate.”


Written Question
Revenue and Customs: Finance
Tuesday 5th March 2024

Asked by: John McDonnell (Labour - Hayes and Harlington)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an (a) estimate of the potential costs and (b) assessment of the potential merits of increasing funding for HMRC's compliance functions.

Answered by Nigel Huddleston - Financial Secretary (HM Treasury)

The government regularly reviews the levels of funding provided to HMRC.

The government is committed to tackling tax avoidance, evasion and all other forms of non-compliance. The UK’s tax gap is at an all time low at 4.8 per cent of theoretical tax liabilities in 2021-22, down from 7.5 per-cent in 2005-06. It is amongst the lowest worldwide.


Written Question
Income Tax: Tax Rates and Bands
Monday 4th March 2024

Asked by: John McDonnell (Labour - Hayes and Harlington)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential impact on (a) economic growth and (b) inequality of introducing a higher earners minimum tax rate of 35% for people earning over £100,000 a year.

Answered by Nigel Huddleston - Financial Secretary (HM Treasury)

The Government is committed to a fair tax system in which those with the most contribute the most. The income tax system is highly progressive, with different rates of tax sitting above an internationally high Personal Allowance.

The Government keeps tax policy under review and any decisions on future changes will be taken by the Chancellor in the context of the wider public finances.


Written Question
Inheritance Tax: Tax Allowances
Friday 1st March 2024

Asked by: John McDonnell (Labour - Hayes and Harlington)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an (a) estimate of the potential costs and (b) assessment of the potential merits of (i) reducing and (ii) removing (a) Business Relief, (B) Agricultural Property Relief and (C) other inheritance tax reliefs.

Answered by Nigel Huddleston - Financial Secretary (HM Treasury)

HMRC publishes the cost of structural and non-structural tax reliefs. The information is available at www.gov.uk/government/collections/tax-relief-statistics.


Written Question
Income Tax: Tax Allowances
Friday 9th February 2024

Asked by: John McDonnell (Labour - Hayes and Harlington)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he plans to lift the freeze on personal tax allowance.

Answered by Nigel Huddleston - Financial Secretary (HM Treasury)

The Government is committed to keeping taxes low to support people to keep more of what they earn. However, the Government must also ensure the UK’s economic stability and provide confidence in the commitment to fiscal discipline. The Chancellor has made clear that the UK’s public finances must be on a sustainable path into the medium term.


Written Question
Central Bank Digital Currencies
Thursday 21st September 2023

Asked by: John McDonnell (Labour - Hayes and Harlington)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential impact of a UK central bank digital currency on the right to privacy.

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

Individuals’ privacy, user control and the proper use of data in line with UK data protection laws are of paramount importance to the public, HM Treasury and the Bank of England. The Government recognises the launch of a digital pound would require deep public trust in this new form of money – trust that their money would remain safe, accessible, and private.

The digital pound would be subject to rigorous standards of privacy and data protection. Neither the Government nor the Bank of England would have access to personal data, nor be able to see how consumers use their money.  Similarly, the Government and the Bank of England would not put any restrictions on how the public choose to spend digital pounds – users would have complete freedom in how they spent their money.

We consulted on the privacy features of a potential digital pound in February, and we are currently reviewing the feedback received from industry and the general public. We will publish a consultation response publication in due course.


Written Question
Central Bank Digital Currencies
Thursday 21st September 2023

Asked by: John McDonnell (Labour - Hayes and Harlington)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential impact of a UK central bank digital currency on financial exclusion.

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

The Government is committed to promoting financial inclusion, meaning that individuals, regardless of their background or income, have access to useful and affordable financial products and services. These include banking, payment services, credit, insurance, and the use of financial technology.

The consultation on the digital pound closed on 30 June, and we are now assessing the responses. We will publish a consultation response publication in due course. A digital pound could help financial exclusion. Financial inclusion and the needs of vulnerable people will be considered by HM Treasury and the Bank of England at every stage.


Written Question
Oil: St Kitts and Nevis
Tuesday 23rd May 2023

Asked by: John McDonnell (Labour - Hayes and Harlington)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what information the Office of Financial Sanctions Implementation holds on whether oil tankers registered under the St. Kitts and Nevis international ship registry have transported refined oil products from Russia to third countries.

Answered by Gareth Davies - Exchequer Secretary (HM Treasury)

The UK, alongside G7 partners, has introduced unprecedented and wide-ranging sanctions on Russian oil and oil products, and the revenues they generate. The government has moved swiftly to ensure we have the right tools and structures in place to rigorously enforce those sanctions. Alongside our partners, we continue to monitor our oil-related measures and reserve the right to take further action to ensure their effectiveness. UK law requires breaches of sanctions to be reported to HM Treasury, however we do not require reporting from non-UK entities or where the service is outside the scope of the relevant sanctions.

While flagging and registration services are not in scope of the ban on maritime services for the transport of Russian oil and associated oil price cap, the UK government can make use of a process of applying sanctions and deregistration in the event of any circumvention or breach of the maritime services prohibition by UK-flagged ships.

Any UK-flagged vessel which the Secretary of State has reasonable grounds to suspect is, has been, or is likely to be, involved in circumventing or breaching the Maritime Services Ban could could be deregistered from the UK shipping register.


Written Question
Sanctions: Russia
Monday 22nd May 2023

Asked by: John McDonnell (Labour - Hayes and Harlington)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many applications (a) crown servants, (b) contractors and (c) their family members have submitted to the Office of Financial Sanctions Implementation under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019 since 1 August 2022; and how many times that Office has granted an application under General Licence INT-2022-1845976 in that period.

Answered by Gareth Davies - Exchequer Secretary (HM Treasury)

In the period between the 1 August 2022 – 19 August 2022, OFSI did not receive any applications from crown servants, contractors, and their family members under the Russia Regulations.