Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the answer of 20 May 2026 to Question 1344 on Donors: Capital Gains Tax, whether this approach on capital gains tax extends to the donation of a cryptocurrency asset.
Answered by Dan Tomlinson - Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
The answer to Question 1344 applies to the donation of any asset including the donation of a cryptocurrency asset.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what is the Government’s policy on the creation of a Central Bank Digital Currency for the United Kingdom.
Answered by Rachel Blake
The Bank of England and HM Treasury are considering the case for a retail central bank digital currency in the UK, known as the digital pound. No decision has yet been made on whether to introduce the digital pound.
As set out in the Payments Forward Plan published by the Payments Vision Delivery Committee in February, the current design phase for the digital pound will run through 2026. Later this year, HM Treasury and the Bank of England expect to publish a blueprint setting out the proposition for a digital pound, as well as a decision on next steps, informed by a joint assessment exercise.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether (a) her Department and (b) the Financial Conduct Authority has issued guidance on anti-money laundering checks when hon. Members take out a mortgage.
Answered by Rachel Blake
Under the Money Laundering Regulations (MLRs) all members of both Houses of Parliament are defined as politically exposed persons (PEPs), and therefore subject to enhanced checks when accessing financial services, including mortgages.
However, these checks must be proportionate to the level of risk, and changes to the MLRs in force since January 2024 are clear that the starting point for regulated businesses must be to treat domestic PEPs as inherently lower risk than non-domestic PEPs. This is reflected in guidance published by the Financial Conduct Authority, which also takes into account the FCA’s review of the treatment of PEPs published in July 2024.
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 potential impact of increases in the price of red diesel on the viability of small-scale commercial fishing businesses; and whether she plans to take steps to reduce fuel costs for inshore fishing vessels operating from coastal towns such as Filey.
Answered by Dan Tomlinson - Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
The Government recognises the importance of the fishing industry to coastal communities and the pressures from higher fuel costs.
All commercial fishing vessels are entitled to use red diesel, which attracts a reduced duty rate of 10.18 pence per litre, compared with 52.95 pence per litre for standard fuel—a difference of nearly 43p per litre. For those vessels that operate at sea, they can claim back 100% of fuel duty under marine voyages relief.
The Government has taken action to support fuel users in response to the conflict in the Middle East, including extending the 5p fuel duty cut until the end of this year. It has also announced a further reduction in red diesel duty—from 10.18p to 6.48p per litre—from 15 June until the end of 2026.
The Government continues to monitor fuel cost impacts and will take action where necessary to support businesses, including the fishing sector.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the answer of 29 April 2026 to Question 129836 on Advisory Services: Fringe Benefits, whether HMRC has provide informal advice on tax liability on the provision of tax advice.
Answered by Dan Tomlinson - Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
As set out in the answer of 29 April 2026 to Question 129836, the tax treatment of employer‑provided tax advice depends on the specific facts of each case, and HMRC does not have a standalone policy on this. HMRC provides published guidance to help employers apply the legislation but does not provide informal advice on the tax treatment of individual arrangements.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the answer of 29 April 2026, to Question 129836, on Advisory Services: Fringe Benefits, and further to the HMRC Employment Income Manual EIM20020, whether HMRC has a specific policy on whether the provision of tax advice is considered a taxable fringe benefit.
Answered by Dan Tomlinson - Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
As set out in the answer of 29 April 2026 to Question 129836, the Employment Income Manual at EIM20020 explains that a benefit is taxable where it is provided by reason of the employment and confers a benefit of any kind on the employee, unless a specific exemption applies. Accordingly, where an employer provides tax advice, the tax treatment of that benefit depends on the specific facts of that case. HMRC does not have a standalone policy on the provision of tax advice as an employment-related benefit.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what guidance the Financial Conduct Authority provided on cryptocurrency payments to domestic Politically Exposed Persons.
Answered by Rachel Blake
The Financial Conduct Authority publishes guidance on the requirements of the Money Laundering Regulations (MLRs) with regard to politically exposed persons (PEPs). The MLRs require financial institutions, including FCA registered cryptoasset exchange providers and custodian wallet providers, to apply enhanced customer due diligence measures and enhanced ongoing monitoring to all customers who are PEPs. This includes taking adequate measures to establish the source of wealth and source of funds which are involved in the proposed business relationship or transactions with that person.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what is the scheduled date for the Chancellor of the Exchequer's tax return to be published by the Government on gov.uk for the 2024-25 tax year.
Answered by Rachel Blake
Returns will be published in due course.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the answer of 29 April 2026, to Question 129861, on Stamp Duty Land Tax: Fines, what is the average amount of time to determine (a) a compliance check and (b) an appeal.
Answered by Dan Tomlinson - Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
There will be many factors that impact the length of time a compliance check remains open, including complexity and whether the customer wishes to appeal HMRC’s decision and enters a dispute resolution process.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, in what circumstances does HMRC suspend a penalty for carelessly paying second homes stamp duty.
Answered by Dan Tomlinson - Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
HMRC’s approach to charging and suspending penalties is set out in its compliance handbook at the links below:
Compliance Handbook “Charging Penalties”
https://www.gov.uk/hmrc-internal-manuals/compliance-handbook/ch400000
Compliance Handbook “Charging Penalties: suspending penalties”
https://www.gov.uk/hmrc-internal-manuals/compliance-handbook/ch405000