Asked by: Torsten Bell (Labour - Swansea West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many tax-payers were paying capital gains tax on crypto-assets in each of the last five financial years; what the size of the gains made was; and how much revenue the Exchequer has received from capital gains tax levied on the sale of crypto-assets.
Answered by James Murray - Exchequer Secretary (HM Treasury)
Income and gains in relation to cryptoassets are currently reported in the same sections with other incomes and gains on the Self-Assessment return pages, and therefore those amounts are not separately identifiable from the data collected via Self-Assessment.
From the tax year ending 2025, changes will be introduced to the Capital Gains pages of the Self-Assessment forms requiring amounts in respect of cryptoassets to be identified separately.
Asked by: Torsten Bell (Labour - Swansea West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 2 December 2024 to Question 16634 on high rise building remediation taken on by the FSCS, how much and what proportion of the costs covered by East West Insurance Company policies relate to policies originally written by Zurich Insurance.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
The Joint Administrators of East West Insurance Company (EWIC) published a report in 2021 that confirmed that all of EWIC’s building guarantee and warranty policies originated with Zurich Insurance. As disclosed previously, the best estimate for the costs to resolve building remediation work covered by EWIC policies is approximately £335m.
Asked by: Torsten Bell (Labour - Swansea West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate the Financial Services Compensation Scheme has made of the costs (a) of high rise building remediation work taken on by the FSCS and (b) to each insurance company that originally wrote the building insurance.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
The Financial Services Compensation Scheme (FSCS) provides protections to the eligible customers of failed insurers regulated by the Prudential Regulation Authority (PRA), subject to the conditions, limits and requirements set out in PRA rules.
In the context of high-rise building remediation work, East West Insurance Company Limited (EWIC) is the sole insurer default where FSCS has stepped in, in line with its remit. The best estimate for the costs to resolve building remediation work covered by EWIC policies is approximately £335m. However, it is too early to estimate the costs that will fall specifically to the FSCS in this case, as some costs may be met by other parties.
The FSCS does not hold information on the costs to each insurance company that originally wrote the building insurance to cover this type of risk, as insurers in the live market have not been declared in default.