Asked by: Scott Benton (Independent - Blackpool South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what regulatory framework is in place to supervise (a) unregulated collective investment schemes and (b) the promotion of those schemes.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The UK’s financial promotions regime, underpinned by Section 21 and Section 238 of the Financial Services and Markets Act 2000 (FSMA), seeks to ensure that consumers are provided with clear and accurate information that enables them to make appropriate decisions for their individual circumstances. Under this regime, the FCA has imposed rules on the promotion of unregulated collective investment schemes, including that such schemes cannot be promoted to ordinary members of the public.
Enforcement relating to the promotion of unregulated collective investment schemes is generally a matter for the FCA, which is operationally independent from the Government. These questions have therefore been passed to the FCA who will respond directly to the honourable Member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Scott Benton (Independent - Blackpool South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what data his Department holds on he number of (a) cases investigated and (b) enforcement actions taken against individuals and entities involved in the promotion of unregulated collective investment schemes in each of the last five years.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The UK’s financial promotions regime, underpinned by Section 21 and Section 238 of the Financial Services and Markets Act 2000 (FSMA), seeks to ensure that consumers are provided with clear and accurate information that enables them to make appropriate decisions for their individual circumstances. Under this regime, the FCA has imposed rules on the promotion of unregulated collective investment schemes, including that such schemes cannot be promoted to ordinary members of the public.
Enforcement relating to the promotion of unregulated collective investment schemes is generally a matter for the FCA, which is operationally independent from the Government. These questions have therefore been passed to the FCA who will respond directly to the honourable Member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Scott Benton (Independent - Blackpool South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what measures his Department has in place to protect investors from the promotion of unregulated collective investment schemes; and what penalties or enforcement action is being pursued against those found promoting such schemes.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The UK’s financial promotions regime, underpinned by Section 21 and Section 238 of the Financial Services and Markets Act 2000 (FSMA), seeks to ensure that consumers are provided with clear and accurate information that enables them to make appropriate decisions for their individual circumstances. Under this regime, the FCA has imposed rules on the promotion of unregulated collective investment schemes, including that such schemes cannot be promoted to ordinary members of the public.
Enforcement relating to the promotion of unregulated collective investment schemes is generally a matter for the FCA, which is operationally independent from the Government. These questions have therefore been passed to the FCA who will respond directly to the honourable Member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Scott Benton (Independent - Blackpool South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to identify and prevent entities and individuals promote unregulated collective investment schemes.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The UK’s financial promotions regime, underpinned by Section 21 and Section 238 of the Financial Services and Markets Act 2000 (FSMA), seeks to ensure that consumers are provided with clear and accurate information that enables them to make appropriate decisions for their individual circumstances. Under this regime, the FCA has imposed rules on the promotion of unregulated collective investment schemes, including that such schemes cannot be promoted to ordinary members of the public.
Enforcement relating to the promotion of unregulated collective investment schemes is generally a matter for the FCA, which is operationally independent from the Government. These questions have therefore been passed to the FCA who will respond directly to the honourable Member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Scott Benton (Independent - Blackpool South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of allowing businesses in the land-based gambling sector that pay Machine Games Duty to reclaim VAT.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
The takings from gaming machines that are subject to Machine Games Duty are exempt from VAT. This means that businesses do not have to charge any VAT on the machine takings but, in line with the normal VAT rules, they cannot reclaim VAT on related costs.
There are no plans to review the VAT liability of this income.
Asked by: Scott Benton (Independent - Blackpool South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an estimate of the costs to the public purse of the (a) Coronavirus Job Retention Scheme and (b) Self-Employment Income Support Scheme for claims made in Blackpool South constituency.
Answered by Richard Fuller - Shadow Chief Secretary to the Treasury
HMRC published statistics on the Coronavirus Job Retention Scheme (CJRS) and Self Employment Income Support Scheme (SEISS) are available at: https://www.gov.uk/government/collections/hmrc-coronavirus-covid-19-statistics.
For the CJRS, the total value of claims is not available for individual constituencies. By the end of the scheme, a total of 15,500 employments benefitted from CJRS in the Blackpool South constituency.
For the SEISS, 13,700 claims were made at a cost of £30,500,000 in the Blackpool South constituency.
Asked by: Scott Benton (Independent - Blackpool South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he plans to increase the cap on the 50 per cent reduction in business rates for the retail, leisure and hospitality sector to support businesses with larger numbers of sites.
Answered by Lucy Frazer
Together with Small Business Rates Relief, over 90 per cent of retail, hospitality and leisure businesses will receive at least a 50 per cent reduction in their business rates bills in 2022-23.
Asked by: Scott Benton (Independent - Blackpool South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the amusement machine industry will be eligible for the 50 per cent business rates relief discount available to the retail, leisure, and hospitality industry.
Answered by Lucy Frazer
Guidance setting out eligibility for the 2022-23 retail, hospitality and leisure relief will be published by the Department for Levelling Up, Housing and Communities in due course.
Asked by: Scott Benton (Independent - Blackpool South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of (a) reducing or (b) removing Air Passenger Duty on two-way domestic UK flights to assist the growth of (i) regional and (ii) Blackpool airports.
Answered by Helen Whately - Shadow Secretary of State for Work and Pensions
As part of its recent consultation on aviation tax, the Government outlined its initial view that the effective rate of Air Passenger Duty (APD) on domestic flights should be reduced in order to support Union and regional connectivity and that the number of international distance bands should be increased in order to align APD more closely with our environmental objectives.
The consultation sought evidence on the potential impacts of these proposals, including on regional air routes. As part of the consultation process the Government engaged with airports in all parts of the UK.
The Government is currently reviewing responses to the consultation and will update in due course.
Asked by: Scott Benton (Independent - Blackpool South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of reducing Machine Games Duty for high street arcades to mitigate the financial effects of covid-19 restrictions.
Answered by Kemi Badenoch - Leader of HM Official Opposition
The Government has no current plans to reduce Machine Games Duty. High street arcade operators will have been able to benefit from the package of measures introduced to mitigate the financial impact of Covid-19 worth over £280 billion, including the Job Retention Scheme, which has been extended until April, the Coronavirus Business Interruption Loan Scheme, the bounce back loan and payment deferral schemes.
HM Treasury keeps all taxes, including Machine Games Duty, under active review.