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Written Question
Tax Avoidance
Wednesday 3rd November 2021

Asked by: Stephen Hammond (Conservative - Wimbledon)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential merits of a further independent review of the Loan Charge since Lord Morse's 2019 Review.

Answered by Lucy Frazer

A comprehensive independent review of the Loan Charge has already taken place. In September 2019, the Government commissioned Lord Morse to lead this Review. There are no plans for a further review of the Loan Charge.

Lord Morse’s report was published in December 2019 and concluded that it was right for the Government to collect the tax due, but also recommended changes to how the Loan Charge works.

The Government accepted all but one of the Review’s 20 recommendations, which is estimated to benefit over 30,000 individuals, removing 11,000 from the Loan Charge entirely.

These changes have improved how the Loan Charge operates, which ensures that individuals pay the right amount of tax and ensures fairness for all taxpayers and the wider public.

Speech in Commons Chamber - Tue 07 Sep 2021
Oral Answers to Questions

"I commend my right hon. Friend for his commitment to infrastructure, and I particularly welcome the UK Infrastructure Bank. Will he consider introducing an infrastructure bond so that long-term pension funds can invest in the future of this country too?..."
Stephen Hammond - View Speech

View all Stephen Hammond (Con - Wimbledon) contributions to the debate on: Oral Answers to Questions
Speech in Commons Chamber - Mon 24 May 2021
Finance Bill

"Thank you, Madam Deputy Speaker. I am sure the House will benefit from your strictures towards my speech, and I welcome the opportunity to make a short contribution on the amendments. As the hon. Member for Ealing North (James Murray) rightly says, the OECD-Biden proposals are an attempt to ensure …..."
Stephen Hammond - View Speech

View all Stephen Hammond (Con - Wimbledon) contributions to the debate on: Finance Bill
Speech in Commons Chamber - Tue 13 Apr 2021
Finance (No. 2) Bill

"It is a pleasure to follow the hon. Member for Swansea West (Geraint Davies). Before I begin my short remarks on the Finance Bill, I would like to put on record—because I was not able to be here yesterday—my condolences and those of my constituents to Her Majesty the Queen …..."
Stephen Hammond - View Speech

View all Stephen Hammond (Con - Wimbledon) contributions to the debate on: Finance (No. 2) Bill
Speech in Commons Chamber - Tue 13 Apr 2021
Finance (No. 2) Bill

"I urge the Government to think about learning the lessons of economic history in respect of the power of putting wider economic development zones and the encouragement that they bring alongside freeports. We all recognise that such zones need seedcorn grants from the Government; that could give the Government the …..."
Stephen Hammond - View Speech

View all Stephen Hammond (Con - Wimbledon) contributions to the debate on: Finance (No. 2) Bill
Speech in Commons Chamber - Tue 26 Jan 2021
Oral Answers to Questions

" What discussions he has had with his EU counterparts on equivalence recognition for financial services. ..."
Stephen Hammond - View Speech

View all Stephen Hammond (Con - Wimbledon) contributions to the debate on: Oral Answers to Questions
Speech in Commons Chamber - Tue 26 Jan 2021
Oral Answers to Questions

"I thank my hon. Friend for that answer. Clearly, it would be disappointing if the EU could not follow the UK’s offer on equivalence, given the relative starting positions. Will my hon. Friend comment on the Government’s ambitions with regard to mutual recognition of professional qualifications? What are those ambitions …..."
Stephen Hammond - View Speech

View all Stephen Hammond (Con - Wimbledon) contributions to the debate on: Oral Answers to Questions
Speech in Commons Chamber - Tue 01 Dec 2020
Oral Answers to Questions

" What steps his Department is taking to support people who are subject to the loan charge. ..."
Stephen Hammond - View Speech

View all Stephen Hammond (Con - Wimbledon) contributions to the debate on: Oral Answers to Questions
Speech in Commons Chamber - Tue 01 Dec 2020
Oral Answers to Questions

"As my right hon. Friend rightly recognises, there are a number of people who cannot pay the amount either in full at the beginning or in instalments. Given that HMRC has now recognised that many of these people were victims of mis-selling, is it not time to have another review …..."
Stephen Hammond - View Speech

View all Stephen Hammond (Con - Wimbledon) contributions to the debate on: Oral Answers to Questions
Written Question
VAT: Coronavirus
Tuesday 17th November 2020

Asked by: Stephen Hammond (Conservative - Wimbledon)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he plans to extend the deferral of VAT payments due to the implementation of a further period of covid-19 lockdown restrictions.

Answered by Jesse Norman - Shadow Leader of the House of Commons

The VAT payments deferral scheme ended on 30 June 2020 as planned.

As part of the Winter Economy Plan, the Government announced that businesses which deferred VAT due from 20 March to 30 June 2020 will now have the option to pay in smaller payments over a longer period up to March 2022. They will need to opt-in to the scheme, and for those that do, this means that their deferred VAT liabilities do not need to be paid by the end of March 2021.

Businesses that need extra help can contact HMRC and agree a Time to Pay arrangement.