Asked by: Robert Courts (Conservative - Witney)
Question to the HM Treasury:
What fiscal steps he is taking to improve broadband connections in rural communities.
Answered by Rishi Sunak
We want to deliver gigabit-capable broadband across the country as soon as possible.
We have already committed over £1 billion to support the rollout of next-generation digital infrastructure, and, at Conference, the Chancellor announced an ambition to invest £5bn to support gigabit broadband rollout in the hardest to reach areas.
We will set out further details of our approach in our National Infrastructure Strategy later this year.
Asked by: Robert Courts (Conservative - Witney)
Question to the HM Treasury:
What steps he is taking to support businesses and strengthen the market economy.
Answered by John Glen
This government aims to create an environment to help businesses to succeed. We are keeping taxes low, and ensuring firms can access the skills and support they need.
We have cut corporation tax to 19%, the lowest rate in the G20, and are developing a National Retraining Scheme so we are ready to seize opportunities in the new economy.
It is through measures like these, and the power of a vibrant and competitive market economy, that we will further drive growth and prosperity, encourage innovation and help raise living standards across the UK
Asked by: Robert Courts (Conservative - Witney)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how much was paid out in Lifetime Allowance charges in each year between 2010-2011 to 2017-2018; and what estimate he has made of the amount to be paid in (a) 2018-19, (b) 2019-2020 and (c) 2010-21.
Answered by John Glen
Individuals whose pension savings exceed the Lifetime Allowance (LTA) are generally liable for tax when payments are made from their pension scheme.
Tax paid on LTA charges for 2010/11 to 2017/18 (year to date)
Tax Year | Total tax paid (rounded to the nearest £10m |
2010/11 | £10 million |
2011/12 | £20 million |
2012/13 | £20 million |
2013/14 | £40 million |
2014/15 | £40 million |
2015/16 | £80 million |
2016/17 | £110 million |
2017/18 | £120 million[1] |
Numbers provided for tax collected may be subject to significant change over time as in some cases pension providers can claim back tax paid. For example, this can occur where an individual has protections above the current Lifetime Allowance, or where not all of the payment would have been subject to the Lifetime Allowance.
HMRC does not have estimates for future payments of LTA charges for 2018-19, 2019-20 or 2020-21. Any tax received from LTA charges forms a part of the overall Income Tax forecast.
[1] Please note the 2017/18 tax year runs until April 2018, and so further tax charges could come through for this year which are not reflected in the above tables. The number provided represents a year-to-date figure.