Asked by: Jon Trickett (Labour - Normanton and Hemsworth)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has had any discussions with the Bank of England on the Bank of England’s Prudential Regulatory Authority proposal to reduce data reporting for banks.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Chancellor and I meet regularly with the leadership of the Bank of England to discuss a range of topics, including its work to streamline data reporting requirements for banks and other firms regulated by the Prudential Regulation Authority (PRA).
The government has today published an update on the Regulation Action Plan which welcomes actions the PRA has proposed or implemented to reduce some of the requirements on the firms it regulates.
Asked by: Jon Trickett (Labour - Normanton and Hemsworth)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions she has had with the Bank of England on the use and reliability of stablecoin in the last 12 months.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Treasury and Bank of England are maintaining a close and ongoing dialogue on the legal and regulatory treatment of stablecoins in support of the Government's objective to make the UK a global destination for digital assets.
Asked by: Jon Trickett (Labour - Normanton and Hemsworth)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many staff her Department has seconded from Palantir since July 2024.
Answered by James Murray - Chief Secretary to the Treasury
HM Treasury has not had any seconded staff from Palantir since July 2024.
Asked by: Jon Trickett (Labour - Normanton and Hemsworth)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of the UN's proposed global tax convention.
Answered by James Murray - Chief Secretary to the Treasury
The UK is committed to working with all stakeholders to ensure inclusive and effective international tax cooperation, and has been actively engaging in negotiations at the UN over a future Framework Convention.
The UK believes that a UN Tax Framework Convention has the potential to further advance international tax cooperation, but to be successful, it needs to be clear in its aims, avoid duplicating initiatives, and seek to secure the broad support and participation of members.
Asked by: Jon Trickett (Labour - Normanton and Hemsworth)
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 tax on (a) capital gains and (b) dividends to the same rate as income tax.
Answered by Nigel Huddleston - Shadow Secretary of State for Culture, Media and Sport
The Government is committed to ensuring that the UK tax system encourages investment whilst also taxing income from capital sources like dividends and Capital Gains fairly.
As set out in the Government’s response to the Office of Tax Simplification's report on Capital Gains Tax (CGT) on 30 November 2021, substantial reforms to CGT rates and allowances would involve a number of wider policy trade-offs and so careful thought must be given to the impact that they would have on taxpayers, as well as any additional administrative burden on HMRC.
The Government keep all aspects of the tax system under review to ensure it is simple and efficient.
Asked by: Jon Trickett (Labour - Normanton and Hemsworth)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much their Department spent on hospitality in (a) 2021, (b) 2022 and (c) 2023.
Answered by Gareth Davies - Shadow Parliamentary Under Secretary (Business and Trade)
We do not routinely publish this data, as has been the case under successive administrations. All Business Units within HM Treasury have a responsibility to keep official hospitality costs as low as possible and demonstrate good value for money.
Details of ministerial and senior official hospitality are published on a quarterly basis, and are available on GOV.UK
Asked by: Jon Trickett (Labour - Normanton and Hemsworth)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential impact on tax receipts of the introduction of an annual wealth tax.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
The UK system is designed to ensure among other things that the richest in our society pay their fair share on their wealth and assets, with the tax system taxing wealth across many different economic activities, including acquisition, holding, transfer and disposal of assets and income derived from assets. These tax levers generate substantial revenue, including Inheritance Tax revenues of £7 billion, Capital Gains Tax revenues of £18.1 billion and property transaction taxes of £17.3 billion in 2022-2023.
Asked by: Jon Trickett (Labour - Normanton and Hemsworth)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential impact on tax receipts if the rate of capital gains tax rate was equal to the rate of income tax.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
As set out in the Government’s response to the Office of Tax Simplification's report on Capital Gains Tax (CGT) on 30 November 2021, substantial reforms to CGT rates and allowances would involve a number of wider policy trade-offs and so careful thought must be given to the impact that they would have on taxpayers, as well as any additional administrative burden on HMRC.
The Government will continue to keep the tax system under review to ensure it is simple and efficient.
Asked by: Jon Trickett (Labour - Normanton and Hemsworth)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the average time was for new businesses to have their VAT registration processed in each of the last five years.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
HMRC publishes monthly and quarterly performance data on GOV.UK
https://www.gov.uk/government/collections/hmrc-monthly-performance-reports
https://www.gov.uk/government/collections/hmrc-quarterly-performance-updates
Asked by: Jon Trickett (Labour - Normanton and Hemsworth)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much his Department spent on taxi cabs for (a) ministers and (b) civil servants in each of the last three years.
Answered by Felicity Buchan
HM Treasury’s taxi cabs spend for 2019-20 to 2021-22 can be found in the table below
Financial Year | Spend |
2019/20 | £81,250.84 |
2020/21 | £29,276.24 |
2021/22 | £42,529.55 |
The provision of our taxi contract does not differentiate between ministers and officials, so we do not have that level of detail.
Taxis are defined as a car available with a driver for hire, including a minicab.