To match an exact phrase, use quotation marks around the search term. eg. "Parliamentary Estate". Use "OR" or "AND" as link words to form more complex queries.


Keep yourself up-to-date with the latest developments by exploring our subscription options to receive notifications direct to your inbox

Written Question
Domicil
Tuesday 23rd May 2023

Asked by: Stephen Kinnock (Labour - Aberavon)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of reforming the rules on non-domiciled status.

Answered by Victoria Atkins - Secretary of State for Health and Social Care

The Government wants the UK to have a fair, but internationally competitive tax system designed to bring in talented individuals and investment that contributes to the growth of the economy.

Non-domiciled taxpayers play an important role in funding our public services through their UK tax contributions, estimated to be worth almost £7.9 billion a year in the tax year 2020-2021, and support business growth through the Business Investment Relief scheme, worth over £6 billion since the scheme’s introduction in 2012.


Written Question
Stocks and Shares: Taxation
Monday 22nd May 2023

Asked by: Stephen Kinnock (Labour - Aberavon)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of introducing a four per cent tax on share buyback.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

Share buybacks are already subject to taxation in the form of Stamp Taxes on Shares (STS).

The Government also has a number of carefully designed rules in place to that ensure that any returns that arise as part of a buyback are treated consistently with the policies and principles that underpin the broader tax system.


Written Question
Wealth: Taxation
Monday 22nd May 2023

Asked by: Stephen Kinnock (Labour - Aberavon)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of introducing a one to two per cent wealth tax on assets over £10 million.

Answered by Victoria Atkins - Secretary of State for Health and Social Care

The UK system is designed to ensure among other things that the richest in our society pay their fair share on their wealth and assets, with the tax system taxing wealth across many different economic activities, including acquisition, holding, transfer and disposal of assets and income derived from assets. These tax levers generate substantial revenue, including Inheritance Tax revenues of £7 billion, Capital Gains Tax revenues of £18.1 billion and property transaction taxes of £17.3 billion in 2022-2023.


Written Question
National Insurance: Investment Income
Monday 22nd May 2023

Asked by: Stephen Kinnock (Labour - Aberavon)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of applying national insurance deductions to investment income.

Answered by Victoria Atkins - Secretary of State for Health and Social Care

National Insurance contributions (NICs) are made on employment and self-employment income. The Government currently has no plans to extend NICs to other forms of income, however the Government does keep all taxes under review.


Written Question
Capital Gains Tax: Income Tax
Monday 22nd May 2023

Asked by: Stephen Kinnock (Labour - Aberavon)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of equalising capital gains tax with income tax rates.

Answered by Victoria Atkins - Secretary of State for Health and Social Care

As set out in the Government’s response to the Office of Tax Simplification's report on Capital Gains Tax (CGT) on 30 November 2021, substantial reforms to CGT rates and allowances would involve a number of wider policy trade-offs and so careful thought must be given to the impact that they would have on taxpayers, as well as any additional administrative burden on HMRC.

The Government will continue to keep the tax system under review to ensure it is simple and efficient.


Written Question
Sanctions: Russia
Tuesday 6th December 2022

Asked by: Stephen Kinnock (Labour - Aberavon)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many applications for a licence to allow an activity or transaction that would otherwise be prohibited by the Russia (Sanctions) (EU Exit) Regulations 2019, as amended, were (a) submitted to and (b) approved by the Office of Financial Sanctions Implementation in (i) 2020; (ii) 2021 and (iii) 2022.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

The Office of Financial Sanctions Implementation (OFSI) is responsible for financial sanctions enforcement. OFSI may issue a financial sanctions licence to allow an activity that would otherwise be prohibited under UK sanctions regimes.

The Russia (Sanctions) (EU Exit) Regulations 2019 (“the Russia Regulations”) came into force on 1 January 2021. OFSI are able to provide the requested figures for the calendar years 2021 and 2022 year to date.

In 2021, OFSI received 11 specific licence applications to allow an activity or transaction that would otherwise be prohibited by the Russia Regulations. In the same period, OFSI approved 9 new or amended licences under the Russia Regulations.

In 2022 to date, OFSI has received 1031 specific licence applications. Most recent records show that OFSI has currently issued 82 new or amended licences to allow an activity or transaction that would otherwise be prohibited by the Russia Regulations. The issuance of general licences by OFSI – licensing a broad class of activity under the Regulations - has also led to specific licence applications being withdrawn.


Written Question
Money Laundering: Cryptoassets
Monday 21st November 2022

Asked by: Stephen Kinnock (Labour - Aberavon)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many and what proportion of businesses currently on the list of unregistered cryptoasset businesses maintained by the Financial Conduct Authority have been subject to (a) civil and (b) criminal penalties in relation to any failure to comply with the Money Laundering Regulations 2017 as amended.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

Of the 214 firms on the FCA warning list of unregulated firms in January 2022, more than half ceased operating following the FCA’s published warnings. The FCA will not hesitate to take action against any unregistered cryptoasset provider that is continuing to operate without registration, although their actions to date have meant they are making good progress in shutting down these firms without needing to commence protracted litigation.

The FCA will continue to warn consumers about cryptoasset firms they should stay clear of and will take action where there is evidence that cryptoasset firms are operating without being registered as required for the purposes of anti-money laundering.


Written Question
Money Laundering: Art Works
Monday 21st November 2022

Asked by: Stephen Kinnock (Labour - Aberavon)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what the Government’s policy is on the potential expansion of the definition of Art Market Participants within the Money Laundering Regulations to include (a) digital works of art, (b) Non-Fungible Tokens and (c) antiques and antiquities.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

The review of the UK’s Anti-Money Laundering regime, published by His Majesty’s Treasury in June 2022, considered the best approach to amending the regulated sector subject to the Money Laundering Regulations. After reviewing consultation responses, the Government has committed to use the National Risk Assessment of Money Laundering and Terrorist Financing, as the central vehicle through which emerging risks are assessed and new sectors are considered for inclusion under the Money Laundering Regulations.


Written Question
Money Laundering: Cryptoassets
Monday 21st November 2022

Asked by: Stephen Kinnock (Labour - Aberavon)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many (a) civil and (b) criminal penalties have been imposed by the Financial Conduct Authority on cryptoasset businesses for breaches of a relevant requirement under regulation 86 of the Money Laundering Regulations 2017, as amended, in (i) 2020, (ii) 2021 and (iii) 2022.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

Legislation to bring certain cryptoasset activities into the UK Anti-Money Laundering (AML) regime came into effect in January 2020. To date 38 cryptoasset firms have been able to meet the registration criteria and have been registered to legally undertake crypto asset business in the UK. The FCA will continue to supervise them against the requirements in the Money Laundering Regulations.

The FCA has not taken enforcement action for breach of a relevant requirement under Regulation 86.

The FCA has used its supervisory tools under the MLRs, such as the Power of Direction (under Regulation 74C) in order to ensure firms reach the standards required under the MLRs.


Written Question
Revenue and Customs: Finance and Staff
Wednesday 14th September 2022

Asked by: Stephen Kinnock (Labour - Aberavon)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what the total (a) annual budget and (b) full time equivalent workforce allocated to HMRC's National Minimum Wage teams was in each year since 2015.

Answered by Richard Fuller

HMRC’s National Minimum Wage (NMW) compliance work is funded by the Department for Business, Energy and Industrial Strategy, who are responsible for NMW legislation and policy. The funding for HMRC’s work on NMW has increased from £13.2 million in 2015-16, to £26.4 million in 2021-22.

The following table provides a yearly breakdown of the NMW budget and Full Time Equivalent (FTE) staff numbers from 2015-16 up to 2021-22.

Year

Budget

FTE

2015-2016

£13.2 million

251

2016-2017

£20 million

352

2017-2018

25.3 million

413

2018-2019

25.2 million

429

2019-2020

26.3 million

442

2020-2021

26.4 million

420

2021-2022

26.4 million

390

To note, there are also additional staff across HMRC who contribute to enforcing the NMW including lawyers, technical advisers, and those specialising in criminal investigations, who have not been included in the FTE figures provided in the table.