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Proceeding contribution from Jeffrey M Donaldson (Democratic Unionist Party) in the House of Commons on Wednesday, 24 March 2010. It occurred during Adjournment debate on Presbyterian Mutual Society.


Presbyterian Mutual Society

I declare an interest as a member of the Presbyterian Church in Ireland and the Banbridge Road Presbyterian church congregation, but I am not a saver in the PMS. Right hon. and hon. Members have shared the problems encountered by their constituents, and their hardships. Recently, the Minister for Social Development in Northern Ireland indicated that PMS savers who do not have access to their savings and apply for social security benefits, including tax and pension credits, would not have their savings taken into account when determining their entitlement to such benefits or tax credits until such time as the PMS matter is resolved. When the Minister responds, will he be cognisant of the difficulties that some PMS savers face in relation to tax liabilities? I have a constituent who owes tax—capital gains tax I believe—which was to be paid from the savings that they hold with the Presbyterian mutual society. They have not had access to their savings for over a year, and I am aware of other people who owe income tax, capital gains tax and, in some cases, inheritance tax, who were planning to use their savings to pay off those liabilities. I ask the Minister and the Treasury to make Her Majesty's Revenue and Customs aware of the difficulties faced by PMS savers, and to ask for special arrangements to be put in place in circumstances where savers are unable to access their savings. In advance of a solution being found, leniency should be shown and flexibility demonstrated to allow those savers more time to pay their tax liabilities, without facing significant penalties that would only add to their distress and financial difficulties at a difficult time. I ask the Minister to take account of that issue.


Secondary information

Type
Proceeding contribution
Reference
508 c82WH 
Session
2009-10
Chamber / Committee
Westminster Hall
Subjects
Assets Financial services Insolvency Personal savings Northern Ireland Provident societies Presbyterian Mutual Society
Link
View this Proceeding contribution on www.publications.parliament.uk