Asked by: Rehman Chishti (Conservative - Gillingham and Rainham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what plans he has to ensure that small banks have access to adequate capital to offer eligible customers Bounce Back loans.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
Our position has always been that the Government does not provide capital to financial institutions, who must source their own funding.
Challenger banks and non-bank lenders among the 29 accredited lenders under the Bounce Back Loan Scheme have played a vital role in providing 1.4 million businesses with vital financial support worth over £42 billion.
The Treasury recognises the vital role that challenger banks and non-banks play in the provision of credit to SMEs. It is grateful for the way the sector has responded to the current crisis, and remains committed to promoting competition and widening the funding options available to UK businesses.
Asked by: Rehman Chishti (Conservative - Gillingham and Rainham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has any plans to reduce VAT on sunscreen, which is currently not classified as an essential health product.
Answered by Jesse Norman
Under the current VAT rules, sun protection products are subject to the standard rate of VAT. High-factor sunscreen is on the NHS prescription list for certain conditions and is provided VAT free when dispensed by a pharmacist.
Expanding the scope of the current VAT relief would come at a considerable cost to the Exchequer. Therefore, while all taxes are kept under review, there are currently no plans to reduce VAT on sunscreen products.
Asked by: Rehman Chishti (Conservative - Gillingham and Rainham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will take steps to limit the rate of interest charged on long-term loans.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
On 17 March, the Government announced a package of measures totalling £350 billion aimed at supporting the financial wellbeing of British businesses, individuals, and families. The Government is committed to doing whatever it takes to get our nation through the impacts of COVID-19 and, as part of this, is continually assessing all areas of the financial sector – including rates of interest on long-term loans. The Government is working closely with the Financial Conduct Authority (FCA) and the lending sector on this issue and stands ready to announce further action wherever necessary.
Asked by: Rehman Chishti (Conservative - Gillingham and Rainham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to reduce uncertainty for (a) contractors and (b) businesses that are affected by the changes to IR35.
Answered by Jesse Norman
The Tax Information and Impact Note (TIIN) published in July 2019 sets out HMRC’s assessment that the reform to the off-payroll working rules is expected to affect 170,000 individuals. The TIIN can be found here: https://www.gov.uk/government/publications/rules-for-off-payroll-working-from-april-2020/rules-for-off-payroll-working-from-april-2020.
HMRC are undertaking an extensive programme of education and support to help organisations and contractors prepare for the reform. This includes:
Asked by: Rehman Chishti (Conservative - Gillingham and Rainham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many people will be affected by the proposed changes to IR35 in (a) Medway, (b) Kent and (c) the South East.
Answered by Jesse Norman
The Tax Information and Impact Note (TIIN) published in July 2019 sets out HMRC’s assessment that the reform to the off-payroll working rules is expected to affect 170,000 individuals. The TIIN can be found here: https://www.gov.uk/government/publications/rules-for-off-payroll-working-from-april-2020/rules-for-off-payroll-working-from-april-2020.
HMRC are undertaking an extensive programme of education and support to help organisations and contractors prepare for the reform. This includes:
Asked by: Rehman Chishti (Conservative - Gillingham and Rainham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent steps he has taken to eliminate unfair practices by logbook loan companies.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
In 2014, HM Treasury asked the Law Commission to review the legislation underpinning logbook loans. During consultation stakeholders raised concerns that any reform could increase consumer detriment, particularly amongst vulnerable consumers. Furthermore, the number of logbook loans also fell substantially from 52,000 loans registered in 2014 to 10,194 in June 2019. For these reasons, the government decided not to take forward reform of this legislation.
In 2014, the government also transferred regulatory responsibility for the consumer credit market to the Financial Conduct Authority (FCA). Logbook lending is part of the FCA’s new supervisory strategy for high-cost credit lenders, which will run until 2021.
Treasury ministers and officials meet regularly with the FCA and continue to work closely to ensure consumers of financial services are treated fairly.
Asked by: Rehman Chishti (Conservative - Gillingham and Rainham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many demand notices for an overpayment of child tax credit have been sent out in the last financial year.
Answered by Elizabeth Truss
It is not possible to identify the volume of overpayment demand notices relating specifically to Child Tax Credit.
Tax credit overpayment data relating to Working Tax Credits and Child Tax Credits combined for 2015-16 is available publically and can be found on page 8 of the Child and Working Tax Credits, Finalised Annual Awards, Supplement on Payments National Statistics at; https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/617181/Child_and_Working_Tax_Credits_statistics_finalised_annual_awards__supplement_on_payments_-_2015_to_2016.pdf
The equivalent information for 2016-17 will be published in May/June 2018.
Asked by: Rehman Chishti (Conservative - Gillingham and Rainham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential merits of increasing the time limit for complaints to be referred to the Financial Ombudsman Service from 6 months to 12 months in line with other ombudsman services.
Answered by Steve Barclay - Secretary of State for Environment, Food and Rural Affairs
The time limits for complaints to be referred to the Financial Ombudsman Service are a matter for the Financial Conduct Authority.
The current rules require the consumer to submit their complaint to the Financial Ombudsman Service within six months of receiving a final response from the firm. However, complaints can still be referred to the ombudsman service more than six months after receiving a final response with the consent of the firm.
The time limit for referring a complaint to the ombudsman service, where the firm does not issue a final response, is six years from the date of the event, or (if later) three years from the date the consumer knew, or could reasonably have known, they had cause to complain.
Asked by: Rehman Chishti (Conservative - Gillingham and Rainham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps he is taking to support economic growth in (a) Medway and (b) the South East.
Answered by David Gauke
The investments the government announced at the 2016 Autumn Statement will support a country that works for everyone, no matter where they live. We want to drive up the productivity and growth of every region by investing in their infrastructure, developing the skills of their people and supporting their companies.
At the 2016 Autumn Statement, the government also announced that Local Enterprise Partnerships in London and The South East will also benefit from £492 million of Local Growth Fund money backing local projects, growth and jobs.
Asked by: Rehman Chishti (Conservative - Gillingham and Rainham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many people in (a) Medway and (b) Gillingham and Rainham constituency are paying less income tax in 2014-15 than they paid in 2009-10.
Answered by David Gauke
By 5th April 2015, this Government's increases in the personal allowance (for those born after 5 April 1948), is estimated to reduce the income tax liability of 26.1milion individuals. Of these, 3.67 million live in the South East region, this includes the unitary authority of Medway and the Parliamentary Constituency of Gillingham and Rainham.
These estimates are based on the 2011-12 Survey of Personal Incomes, projected to 2014-15 using economic assumptions consistent with the Office for Budget Responsibility’s November 2014 economic and fiscal outlook.
HM Treasury does not publish this information at constituency level.