Asked by: Kit Malthouse (Conservative - North West Hampshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, on (a) what dates and (b) at what times she met with (i) the Prime Minister and (ii) his advisers to discuss drafts of her Department's document entitled Fixing the foundations: Public spending audit 2024-25, published on 29 July 2024.
Answered by Darren Jones - Chief Secretary to the Treasury
As the Chancellor of the Exchequer set out in her statement to Parliament on 29th July 2024, she asked Treasury officials, on her first day in office, to undertake a rapid audit of public spending. The Chancellor engaged with the Prime Minister throughout on the findings of the audit and took immediate action to find £5.5 billion of savings in 2024-25, rising to £8.1 billion in 2025-26. The conclusions of the public spending audit were presented to the House of Commons on 29th July 2024.
Asked by: Kit Malthouse (Conservative - North West Hampshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, on what day and time (a) she and (b) her advisers received the first draft of her Department's publication entitled Fixing the Foundations: Public spending audit 2024-25, CP 1133.
Answered by Darren Jones - Chief Secretary to the Treasury
As the Chancellor of the Exchequer set out in her statement to Parliament on 29th July 2024, she asked Treasury officials, on her first day in office, to undertake a rapid audit of public spending. Officials updated the Chancellor on the findings of the audit throughout the process, and she took immediate action to find £5.5 billion of savings in 2024-25, rising to £8.1 billion in 2025-26. The conclusions of the public spending audit were presented to the House of Commons on 29th July 2024.
Asked by: Kit Malthouse (Conservative - North West Hampshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, on what day and at what time the final draft for publication of her Department's document entitled Fixing the Foundations: Public spending audit 2024-25, CP 1133, was sent to HH Associates Ltd for printing.
Answered by Darren Jones - Chief Secretary to the Treasury
As the Chancellor of the Exchequer set out in her statement to Parliament on 29th July 2024, she asked Treasury officials, on her first day in office, to undertake a rapid audit of public spending. As is the usual process with Treasury documents, officials worked closely with typesetters throughout to develop and print the document. The conclusions of the public spending audit were presented to the House of Commons on 29th July 2024.
Asked by: Kit Malthouse (Conservative - North West Hampshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what (a) statutory and (b) non-statutory direct ministerial appointments excluding special advisers she has made; and (i) who the appointee was and (ii) what the (A) remuneration, (B) title and (C) terms of reference was for each appointment.
Answered by James Murray - Exchequer Secretary (HM Treasury)
As of 2 September 2024, there has been one direct ministerial appointment made. Ian Corfield has been appointed as an unpaid International Investment Summit Adviser by the Chancellor of the Exchequer. Ian Corfield will be in post until 31 October 2024. Details of his appointment can be found on gov.uk.
Asked by: Kit Malthouse (Conservative - North West Hampshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, on what day and time her Department's publication entitled Fixing the Foundations: Public spending audit 2024-25, CP 1133 was approved.
Answered by Darren Jones - Chief Secretary to the Treasury
As the Chancellor of the Exchequer set out in her statement to Parliament on 29th July 2024, she asked Treasury officials, on her first day in office, to undertake a rapid audit of public spending. Once the audit was complete, she took immediate action to find £5.5 billion of savings in 2024-25, rising to £8.1 billion in 2025-26. The conclusions of the public spending audit were presented to the House of Commons on 29th July 2024.
Asked by: Kit Malthouse (Conservative - North West Hampshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether his Department has assessed the effectiveness of the (a) Enterprise Investment Scheme and (b) Seed Enterprise Investment Scheme.
Answered by Mel Stride - Shadow Chancellor of the Exchequer
HM Revenue and Customs have previously commissioned studies into the use and impact of the Enterprise Investment Scheme (EIS). These were published in April 2008 and February 2016 respectively. Details can be found at:
2016 study: https://www.ipsos.com/ipsos-mori/en-uk/use-and-impact-venture-capital-schemes
Seed EIS, introduced in 2012, was not included in the studies. Both these reliefs are currently being considered as part of the Patient Capital Review, the consultation for which was published in August.
Asked by: Kit Malthouse (Conservative - North West Hampshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how much has been collected by HM Revenue and Customs in corporation tax from companies that had previously received Enterprise Investment Scheme tax relief in each of the last 10 years.
Answered by Mel Stride - Shadow Chancellor of the Exchequer
HMRC estimates that companies which raised funds under the Enterprise Investment Scheme (EIS) between 2006‑07 and 2015‑16 had a Corporation Tax liability of £95 million in 2015‑16, the latest year for which data are available.
This cannot be considered to be additional tax generated due to EIS, as it does not take account of the additionality or opportunity cost of investment.
The information requested about VAT and PAYE Income Tax is only available at disproportionate cost.
Asked by: Kit Malthouse (Conservative - North West Hampshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how much has been collected in Pay as You Earn income from companies that had previously received Enterprise Investment Scheme tax relief in each of the last 10 years.
Answered by Mel Stride - Shadow Chancellor of the Exchequer
HMRC estimates that companies which raised funds under the Enterprise Investment Scheme (EIS) between 2006‑07 and 2015‑16 had a Corporation Tax liability of £95 million in 2015‑16, the latest year for which data are available.
This cannot be considered to be additional tax generated due to EIS, as it does not take account of the additionality or opportunity cost of investment.
The information requested about VAT and PAYE Income Tax is only available at disproportionate cost.
Asked by: Kit Malthouse (Conservative - North West Hampshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how much has been collected by HM Revenue and Customs in VAT from companies that had previously received Enterprise Investment Scheme tax relief in each of the last 10 years.
Answered by Mel Stride - Shadow Chancellor of the Exchequer
HMRC estimates that companies which raised funds under the Enterprise Investment Scheme (EIS) between 2006‑07 and 2015‑16 had a Corporation Tax liability of £95 million in 2015‑16, the latest year for which data are available.
This cannot be considered to be additional tax generated due to EIS, as it does not take account of the additionality or opportunity cost of investment.
The information requested about VAT and PAYE Income Tax is only available at disproportionate cost.
Asked by: Kit Malthouse (Conservative - North West Hampshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 26 January 2016 to Question 22515, if he will estimate the amount paid out in supplements following the late payment of VAT returns in (a) 2015-16 and (b) each of the previous 10 years.
Answered by David Gauke
The following table shows HM Revenue and Customs’ (HMRC) estimates of the total amount of Repayment Supplement it has paid on VAT repayments. The estimates draw on management information that is available from 2010-11 onwards.
.
Date |
|
|
| Total VAT repayment supplement |
2015-16 (to 31.12.15) |
|
|
| £9.0m |
2014-15 |
|
|
| £14.2m |
2013-14 |
|
|
| £15.0m |
2012-13 |
|
|
| £10.9m* |
2011-12 |
|
|
| £11.8m* |
2010-11 |
|
|
| £6.7m* |
* In order to provide a more meaningful time series of data, totals for 10-11, 11-12 and 12-13 include estimated amounts from within total payments of £12.1m that relate to accounting periods in these years but were not paid until 2015, following discovery of a systems error.
In 2014-15, HMRC paid Repayment Supplement in 0.3% of all cases.
In the first half of 2015-16, HMRC carried out an extensive review of its repayment process with a view to minimising delays in cases where repayments are not authorised automatically. Following the review, new processes have been introduced and HMRC expects to reduce the incidence of Repayment Supplement as a result.