Oral Answers to Questions

Debate between Stephen Metcalfe and David Gauke

Tuesday 4th November 2014 Commons Chamber

[The Financial Secretary to the Treasury (Mr David Gauke)]

The Taxation of Pensions Bill that is currently before the House will reduce tax rates that previously applied if people wanted to withdraw money from their pension flexibly. It will also reduce the 55% tax rate on pension assets when someone dies. These tax cuts will leave people with more of their own money and more choice about how to spend it.

[Stephen Metcalfe]

These measures clearly show that we are the party on the side of those who do the right thing, work hard, and save. Does my hon. Friend agree that Labour would adversely affect those people through its new pensions tax plan?

[Mr Gauke]

My hon. Friend raises an important point. We often heard Labour Members say that they were going to oppose a tax cut for hedge funds. It turned out that it was not a tax cut for hedge funds but a tax cut that benefits pension funds, yet they want to reverse it.

Oral Answers to Questions

Debate between Stephen Metcalfe and David Gauke

Tuesday 5th November 2013 Commons Chamber

[Mr Gauke]

Of course, under the previous Labour Government bonuses were four times the rate they were this year. I would also ask the hon. Gentleman whether Labour believes in reversing the 45p rate of income tax, because I am not sure what the answer is.

[Stephen Metcalfe (South Basildon and East Thurrock) (Con)]

Does my hon. Friend agree that one way of tackling rising prices is to leave people with more of their own money in their pocket? Will he confirm that the 50% tax cut we have given to those on the minimum wage has done exactly that and shows that we are on the side of hard-working people?

[Mr Gauke]

My hon. Friend is absolutely right. If we want to help living standards, we want to be able to cut taxes in a sustainable way. That is what we are managing to do.

Oral Answers to Questions

Debate between Stephen Metcalfe and David Gauke

Tuesday 6th November 2012 Commons Chamber

[Mr Gauke]

Anyone would think that there was a completely different arrangement in 2010, but I am afraid that is not the case. The Government are working at an international level to ensure that multinationals pay the tax that is due, and that profits on their economic activity is paid where it occurs. We are also strengthening HMRC’s capacity in that area and giving it greater skills to tackle the issue. I would have thought the Labour party welcomed the progress we are making when compared with the lack of progress under the previous Government.

[Stephen Metcalfe (South Basildon and East Thurrock) (Con)]

Does my right hon. Friend agree that one way to stimulate additional growth is through better use of the prompt payment code? Will he join me in calling on businesses and public sector organisations to adopt that code and adhere to it?