Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the effectiveness of agricultural relief for Inheritance Tax in supporting farming businesses.
Answered by James Murray - Exchequer Secretary (HM Treasury)
HMRC publishes data regularly about the number of claims and the cost of non-structural tax reliefs, such as agricultural property relief and business property relief. The information can be found at www.gov.uk/government/statistics/main-tax-expenditures-and-structural-reliefs.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the effectiveness of business relief for Inheritance Tax in supporting family owned businesses.
Answered by James Murray - Exchequer Secretary (HM Treasury)
HMRC publishes data regularly about the number of claims and the cost of non-structural tax reliefs, such as agricultural property relief and business property relief. The information can be found at www.gov.uk/government/statistics/main-tax-expenditures-and-structural-reliefs.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many warning letters have been issued by the Office of Financial Sanctions Implementation in response to Suspicious Activity Reports of potential sanctions breaches in (a) each financial and (b) calendar years in the last three years including 2022.
Answered by Andrew Griffith - Shadow Secretary of State for Science, Innovation and Technology
When individuals or firms report frozen funds or dealing with a designated person to HM Treasury’s Office of Financial Sanctions Implementation (OFSI), OFSI takes appropriate action depending on the report. Where there may be financial sanctions compliance concerns it investigates accordingly. OFSI’s responses range from no further action, where no breach is found, to monetary penalties where a breach is sufficiently serious.
OFSI may issue a warning letter in a wide range of circumstances, including following enforcement investigations in response to a Suspicious Activity Report (SAR). However, OFSI does not break down referral data for enforcement cases which originate from SARs.