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Written question asked by Lady Hermon (Independent (affiliation)) on Tuesday, 25 June 2019, in the House of Commons. It was due for an answer on Thursday, 27 June 2019. It was answered by Jesse Norman (Conservative) on Wednesday, 3 July 2019 on behalf of the Treasury.

Freezing of Assets: Libya

Question

To ask the Chancellor of the Exchequer, how much tax was taken by HM Treasury on the interest accrued on Libyan assets frozen in UK banks in each of the years since 2010; and if he will make a statement.

Answer

The Government’s response of 24 June to the Northern Ireland Affairs Committee report (on Government support for UK victims of IRA attacks that used Qadhafi-supplied Semtex and weapons) set out the information the Government had obtained about tax receipts derived from frozen Libyan assets held in UK banks. The response states: “Around £17 million has been received in total since the start of the 2016-17 tax year. HMRC currently receives around £5 million each year.”

Information on the tax taken on interest accrued on Libyan assets frozen in UK banks is not held centrally within government and would involve disproportionate costs to collect and collate.

Secondary information

Type
Written question
Reference
269004
Session
2017-19
Subjects
Banks Interest charges Taxation Libya Freezing of assets
Contains statistics
Yes
Link
View this Written question on www.parliament.uk