Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimates his Department has made of the revenue impact of expanding the scope of dormant assets scheme in the Dormant Assets Bill.

HM Treasury and the Department for Digital, Media, Culture and Sport have worked extensively with industry stakeholders to estimate the potential impact of expanding the Dormant Assets Scheme. According to industry estimates, this expansion could result in a further £1.7bn of dormant assets being transferred into the Scheme. After a portion is reserved for any future reclaims, the Government estimates £880m will be available for distribution to initiatives across the UK. The Government’s consultation response, “Government response to the consultation on expanding the Dormant Assets Scheme” has further detail on the impact of Scheme expansion.