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 5 November 2024 to Question 11656 on Tax Avoidance, what her timescales are for (a) commissioning and (b) receiving the review.
Answered by James Murray - Exchequer Secretary (HM Treasury)
I refer the honourable Member to the answer I gave to Question UIN 12606 on 11 November 2024.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate her Department has made of the number of farmers who will be affected by the withdrawal of agricultural property relief in Thirsk and Malton constituency.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Government has published information about the reforms to agricultural property relief at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief#:~:text=From%206%20April%202026%2C%20the,rather%20than%20the%20standard%2040%25. Almost three-quarters of estates claiming agricultural property relief in 2026-27 are expected to be unaffected by these reforms.
Estates claiming agricultural property relief are required to provide HMRC with the value of agricultural assets, and this is used when calculating whether tax is due. However, it is not possible to provide constituency level analysis on claims which may be made in the future.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether it remains her policy to commission an independent review of the Loan Charge.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The government announced at Autumn Budget that it will commission an independent review of the Loan Charge to help bring the matter to a close for those affected whilst ensuring fairness for all taxpayers.
Further details about the review will be set out in due course.
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, 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, 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 Business and Trade
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.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many companies registered for VAT have an annual turnover (a) between (i) £85,000 and £125,000, (ii) £126,000 and £250,000, (iii) £251,000 and £500,000, (iv) £500,000 and £750,000, (v) £751,000 and £1,000,000 and (vi) £1 million and £5 million and (b) over £5 million in each the last five years.
Answered by Lucy Frazer
The active VAT population by turnover band is published in Table 5a of the Value Added Tax (VAT) annual statistics: https://www.gov.uk/government/statistics/value-added-tax-vat-annual-statistics
Revenue received by HMRC by turnover band is not available. Liabilities by turnover band are published in the same publication in Table 5b.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much revenue from VAT his Department has received from companies with an annual turnover (a) between (i) £85,000 and £125,000, (ii) £126,000 and £250,000, (iii) £251,000 and £500,000, (iv) £500,000 and £750,000, (v) £751,000 and £1,000,000 and (vi) £1 million and £5 million and (b) turnover over £5 million in each of the last five years.
Answered by Lucy Frazer
The active VAT population by turnover band is published in Table 5a of the Value Added Tax (VAT) annual statistics: https://www.gov.uk/government/statistics/value-added-tax-vat-annual-statistics
Revenue received by HMRC by turnover band is not available. Liabilities by turnover band are published in the same publication in Table 5b.
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 January 2022 to Question 103605 on Financial Services Authority, on what specific information and reports the decision not take forward the legislation referred to in that Question was based.
Answered by John Glen - Shadow Paymaster General
The Government decided that it would not take forward legislation but would keep the position of contracts sold to unregulated firms under review and return to legislation if there was sufficient evidence of consumer detriment. This decision was reached based on careful consideration of the market conditions at the time, analysis of the available evidence of consumer harm and engagement with a range of stakeholders, including the Financial Services Authority (FSA) and Financial Ombudsman Service (FOS).
The Government continues to keep the position of mortgage contracts sold to unregulated firms under review. All mortgages, regardless of the regulatory status of the owner, must be administered by a regulated administrator.
It is worth reiterating that further regulation of this kind would not necessarily enable borrowers to switch to a cheaper mortgage deal or lower the interest rates they pay.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has made an assessment of the effect of the review of excise duties on wine and subsequent price impacts on small businesses and independent wine sellers of higher strength and higher value wines.
Answered by Helen Whately - Shadow Secretary of State for Work and Pensions
The Government believes the reforms announced at the Budget will produce an alcohol duty system that is overall simpler, fairer and healthier.
The reforms announced at Autumn Budget 2021 mean higher strength still wines will pay more duty, while lighter wines (below 11.5% alcohol by volume – ABV) will become cheaper.
The Government also announced that the 28% higher duty rate on sparkling wine will be abolished, so that sparkling wines will pay considerably less duty in future. From 2023 sparkling and still wines of the same strength will pay the same duty.
The Government is continuing to engage with industry – including small businesses – for further information about the effect of the changes on them. Industry members are encouraged to respond to the alcohol review consultation before the deadline of 30 January 2022.