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To ask the Chancellor of the Exchequer (1) what methods of assessing liability for a levy on higher value homes have been considered by his Department in the course of preparatory work on the introduction of such a tax; whether individual valuation of properties has been considered in such work;...
To ask the Chancellor of the Exchequer (1) what methods of assessing liability for a levy on higher value homes have been considered by his Department in the course of preparatory work on the introduction of such a tax; whether individual valuation of properties has been considered in such work;...
The Government do not intend to introduce a new levy on higher value homes.
The number of residential properties in the UK valued at more than £2 million was estimated before Budget 2012 to be around 55,000. The Treasury does not have a precise regional breakdown of properties worth over £2 million.
Budget 2012 introduced a number of changes to high value property tax, including the introduction of the annual tax on enveloped dwellings (ATED), a tax on residential properties valued at more than £2 million owned through certain corporate ‘envelopes’.
Self-assessment was chosen for ATED. The cost of implementing ATED was set out in the tax information and impact note published alongside Budget 2013, available at:
http://www.hmrc.gov.uk/budget2013/tiin-1182.pdf
The cost of implementation of a new levy would be dependent on the nature of the tax.
As part of the introduction of ATED, a public consultation document was published and a variety of organisations responded. The response to the consultation can be found at:
https://www.gov.uk/government/consultations/ensuring-the-fair-taxation-of-residential-property-transactions
When developing ATED, no account was taken of mortgage liability.
(2) what estimate has been made of the yield of a levy on higher value homes during the preparatory work carried out by his Department into the possible introduction of such a tax;
Mr Clappison:
(2) what estimate has been made of the yield of a levy on higher value homes during the preparatory work carried out by his Department into the possible introduction of such a tax;
Mr Clappison:
The Government do not intend to introduce a new levy on higher value homes.
The number of residential properties in the UK valued at more than £2 million was estimated before Budget 2012 to be around 55,000. The Treasury does not have a precise regional breakdown of properties worth over £2 million.
Budget 2012 introduced a number of changes to high value property tax, including the introduction of the annual tax on enveloped dwellings (ATED), a tax on residential properties valued at more than £2 million owned through certain corporate ‘envelopes’.
Self-assessment was chosen for ATED. The cost of implementing ATED was set out in the tax information and impact note published alongside Budget 2013, available at:
http://www.hmrc.gov.uk/budget2013/tiin-1182.pdf
The cost of implementation of a new levy would be dependent on the nature of the tax.
As part of the introduction of ATED, a public consultation document was published and a variety of organisations responded. The response to the consultation can be found at:
https://www.gov.uk/government/consultations/ensuring-the-fair-taxation-of-residential-property-transactions
When developing ATED, no account was taken of mortgage liability.
(3) what estimate has been made of the number of properties in each region liable for a possible levy on higher value homes;
Mr Clappison:
(3) what estimate has been made of the number of properties in each region liable for a possible levy on higher value homes;
Mr Clappison:
The Government do not intend to introduce a new levy on higher value homes.
The number of residential properties in the UK valued at more than £2 million was estimated before Budget 2012 to be around 55,000. The Treasury does not have a precise regional breakdown of properties worth over £2 million.
Budget 2012 introduced a number of changes to high value property tax, including the introduction of the annual tax on enveloped dwellings (ATED), a tax on residential properties valued at more than £2 million owned through certain corporate ‘envelopes’.
Self-assessment was chosen for ATED. The cost of implementing ATED was set out in the tax information and impact note published alongside Budget 2013, available at:
http://www.hmrc.gov.uk/budget2013/tiin-1182.pdf
The cost of implementation of a new levy would be dependent on the nature of the tax.
As part of the introduction of ATED, a public consultation document was published and a variety of organisations responded. The response to the consultation can be found at:
https://www.gov.uk/government/consultations/ensuring-the-fair-taxation-of-residential-property-transactions
When developing ATED, no account was taken of mortgage liability.
(4) what work has been carried out by his Department’s officials on the possible introduction of a levy on higher value homes; what starting points for liability in the value of properties have been considered in the course of any such work; and if he will publish that work;
Mr Clappison:
(4) what work has been carried out by his Department’s officials on the possible introduction of a levy on higher value homes; what starting points for liability in the value of properties have been considered in the course of any such work; and if he will publish that work;
Mr Clappison:
The Government do not intend to introduce a new levy on higher value homes.
The number of residential properties in the UK valued at more than £2 million was estimated before Budget 2012 to be around 55,000. The Treasury does not have a precise regional breakdown of properties worth over £2 million.
Budget 2012 introduced a number of changes to high value property tax, including the introduction of the annual tax on enveloped dwellings (ATED), a tax on residential properties valued at more than £2 million owned through certain corporate ‘envelopes’.
Self-assessment was chosen for ATED. The cost of implementing ATED was set out in the tax information and impact note published alongside Budget 2013, available at:
http://www.hmrc.gov.uk/budget2013/tiin-1182.pdf
The cost of implementation of a new levy would be dependent on the nature of the tax.
As part of the introduction of ATED, a public consultation document was published and a variety of organisations responded. The response to the consultation can be found at:
https://www.gov.uk/government/consultations/ensuring-the-fair-taxation-of-residential-property-transactions
When developing ATED, no account was taken of mortgage liability.
(5) what consultations have been carried out with (a) valuers and (b) other organisations on the possible introduction of a levy on higher value homes;
Mr Clappison:
(5) what consultations have been carried out with (a) valuers and (b) other organisations on the possible introduction of a levy on higher value homes;
Mr Clappison:
The Government do not intend to introduce a new levy on higher value homes.
The number of residential properties in the UK valued at more than £2 million was estimated before Budget 2012 to be around 55,000. The Treasury does not have a precise regional breakdown of properties worth over £2 million.
Budget 2012 introduced a number of changes to high value property tax, including the introduction of the annual tax on enveloped dwellings (ATED), a tax on residential properties valued at more than £2 million owned through certain corporate ‘envelopes’.
Self-assessment was chosen for ATED. The cost of implementing ATED was set out in the tax information and impact note published alongside Budget 2013, available at:
http://www.hmrc.gov.uk/budget2013/tiin-1182.pdf
The cost of implementation of a new levy would be dependent on the nature of the tax.
As part of the introduction of ATED, a public consultation document was published and a variety of organisations responded. The response to the consultation can be found at:
https://www.gov.uk/government/consultations/ensuring-the-fair-taxation-of-residential-property-transactions
When developing ATED, no account was taken of mortgage liability.
(6) what account his Department has taken of mortgage liability in its assessment of liability for levy on higher value homes as part of its work preparatory to the possible introduction of such a tax.
Mr Clappison:
(6) what account his Department has taken of mortgage liability in its assessment of liability for levy on higher value homes as part of its work preparatory to the possible introduction of such a tax.
Mr Clappison:
The Government do not intend to introduce a new levy on higher value homes.
The number of residential properties in the UK valued at more than £2 million was estimated before Budget 2012 to be around 55,000. The Treasury does not have a precise regional breakdown of properties worth over £2 million.
Budget 2012 introduced a number of changes to high value property tax, including the introduction of the annual tax on enveloped dwellings (ATED), a tax on residential properties valued at more than £2 million owned through certain corporate ‘envelopes’.
Self-assessment was chosen for ATED. The cost of implementing ATED was set out in the tax information and impact note published alongside Budget 2013, available at:
http://www.hmrc.gov.uk/budget2013/tiin-1182.pdf
The cost of implementation of a new levy would be dependent on the nature of the tax.
As part of the introduction of ATED, a public consultation document was published and a variety of organisations responded. The response to the consultation can be found at:
https://www.gov.uk/government/consultations/ensuring-the-fair-taxation-of-residential-property-transactions
When developing ATED, no account was taken of mortgage liability.
As the Government’s long-term economic plan unfolds successfully, will my right hon. Friend consider giving further encouragement to savers through ISAs? Savers have warmly welcomed the greater flexibility that he has introduced with the new ISA regime.
As the Government’s long-term economic plan unfolds successfully, will my right hon. Friend consider giving further encouragement to savers through ISAs? Savers have warmly welcomed the greater flexibility that he has introduced with the new ISA regime.
Alongside the flexibility in and access to pension pots, we have increased the limit for both ISAs to £15,000. The new ISA will come in at the beginning of July and there will be complete flexibility in transferring funds from equity ISAs to cash ISAs. Of course, we have also abolished the 10p savings rate. Unlike the shadow Chancellor, when we abolish a 10p rate we get rid of it altogether, rather than doubling it.
To ask the Chancellor of the Exchequer whether flats will be liable for the possible introduction of a levy on higher value homes.
To ask the Chancellor of the Exchequer whether flats will be liable for the possible introduction of a levy on higher value homes.
The Government does not intend to introduce a new levy on higher value homes.
To ask the Chancellor of the Exchequer what his policy is on business rate discounts for (a) cinemas and (b) DVD rental shops.
To ask the Chancellor of the Exchequer what his policy is on business rate discounts for (a) cinemas and (b) DVD rental shops.
As set out in the guidance published on 29 January the retail relief announced at the autumn statement will apply to
“occupied hereditaments with a rateable value of £50,000 or less, that are wholly or mainly being used as shops, restaurants, cafes and drinking establishments.”
DVD rental shops will be eligible for this relief.
There are no specific business rates reliefs targeted on cinemas but both cinemas and DVD rental shops will benefit from the 2% cap to business rates inflationary increases that was announced at the autumn statement.
It was the case, was it not, that under the previous Government work simply did not pay because people who got into work found that a huge proportion of their extra income and, in some cases, all their extra income was clawed back by the complex benefits system? Will my hon. Friends redouble their efforts to make sure that work pays?
It was the case, was it not, that under the previous Government work simply did not pay because people who got into work found that a huge proportion of their extra income and, in some cases, all their extra income was clawed back by the complex benefits system? Will my hon. Friends redouble their efforts to make sure that work pays?
I thank my hon. Friend for his question. He is absolutely right. This Government believe that work should always pay. By 2010, nine out of 10 working families had been made dependent on the state by the previous Government. This Government believe that families should keep more of their hard-earned money to spend on the things that are important to them.
To ask the Chancellor of the Exchequer what research his Department has carried out into the effects of a mansion tax in reducing property values; whether any such research was taken account of in the estimate of average mansion tax liability of £36,000; and if any estimate has been made...
To ask the Chancellor of the Exchequer what research his Department has carried out into the effects of a mansion tax in reducing property values; whether any such research was taken account of in the estimate of average mansion tax liability of £36,000; and if any estimate has been made...
The Treasury and HMRC have not carried out in depth research into the effects of a mansion tax in reducing property values; however it is expected that the imposition of a new annual levy would reduce the price of properties within scope of the tax.
A mansion tax would be expected to depress stamp duty land tax and inheritance tax yields. The exact impact would be dependent on the rates and bands chosen.
Is it not a lamentable fact ignored by Opposition Members that for far too long this country has had too many children growing up in workless households, which means bad outcomes for those children over the longer term? Will my right hon. and hon. Friends redouble their efforts to make the tax system as simple as possible and to create incentives for people to work and set a good example for their children?
Is it not a lamentable fact ignored by Opposition Members that for far too long this country has had too many children growing up in workless households, which means bad outcomes for those children over the longer term? Will my right hon. and hon. Friends redouble their efforts to make the tax system as simple as possible and to create incentives for people to work and set a good example for their children?
My hon. Friend is absolutely right, and that is why the Government have increased the personal allowance, cutting taxes for the low paid, helping 24 million people in the country. In addition, we are introducing universal credit to create the right incentives to get people back into work.
To ask the Chancellor of the Exchequer what assessment he has made of the amount of inheritance tax yield derived from ISAs forming part of estates subject to inheritance tax.
[146800]
To ask the Chancellor of the Exchequer what assessment he has made of the amount of inheritance tax yield derived from ISAs forming part of estates subject to inheritance tax.
[146800]
An assessment of the amount of inheritance tax yield derived from ISAs is not available.
To ask the Chancellor of the Exchequer what his most recent assessment is of the adequacy of the compensation offered to CF Arch Cru investors; and what assessment he has made of (a) the role played by (i) Capita, (ii) HSBC and (iii) BNY Mellon in the operation of CF...
To ask the Chancellor of the Exchequer what his most recent assessment is of the adequacy of the compensation offered to CF Arch Cru investors; and what assessment he has made of (a) the role played by (i) Capita, (ii) HSBC and (iii) BNY Mellon in the operation of CF...
The Financial Services Authority (FSA) is responsible for the regulation of financial services firms and operates independently from Government under the powers given to it in the Financial Services and Markets Act 2000. HM Treasury sets the legal framework for the regulation of financial services, but does not have investigative or prosecuting powers of its own.
The FSA has been investigating the issues surrounding the suspension and winding-up of the Arch Cru funds and on 21 June 2011 announced a £54 million package for investors. The Government is not able to comment on the outcome of the FSA's investigation. As the independent regulator, it is in the FSA's remit to provide investors with a fair and reasonable payment scheme. Considering factors such as the number of investors, the complexity of the matter, the number of parties involved and the difficulties consumers may otherwise face, the FSA believe this payment scheme to be the best outcome for investors.
To ask the Chancellor of the Exchequer what progress has been made on implementation of the Equitable Life Compensation Scheme; what proportion of Equitable Life policy-holders are eligible for compensation; how many and what proportion of those eligible for compensation have received payments; what his most recent estimate is of...
To ask the Chancellor of the Exchequer what progress has been made on implementation of the Equitable Life Compensation Scheme; what proportion of Equitable Life policy-holders are eligible for compensation; how many and what proportion of those eligible for compensation have received payments; what his most recent estimate is of...
The scheme published a detailed progress report in July 2012 which can be found online at:
http://equitablelifepaymentscheme.independent.gov.uk/pressfaq/news.htm
The scheme will continue to make payments until it closes in April 2014.
To ask the Chancellor of the Exchequer how many Equitable Life policyholders had (a) received payments under the compensation scheme and (b) been contacted regarding compensation on the most recent date for which figures are available; what information his Department holds on the timetable for payments to be made under...
To ask the Chancellor of the Exchequer how many Equitable Life policyholders had (a) received payments under the compensation scheme and (b) been contacted regarding compensation on the most recent date for which figures are available; what information his Department holds on the timetable for payments to be made under...
To ask the Chancellor of the Exchequer what assessment he has made of the likely effect of implementation of the European Commission's proposal to amend the EU Regulation on Credit Rating Agencies on UK national competence on this matter; and if he will make a statement.
To ask the Chancellor of the Exchequer what assessment he has made of the likely effect of implementation of the European Commission's proposal to amend the EU Regulation on Credit Rating Agencies on UK national competence on this matter; and if he will make a statement.
To ask the Chancellor of the Exchequer what assessment he has made of the implications for his Department's policies of (a) the European Commission's recent proposals for reforms of the EU budget and (b) the likely effect of such proposals on the future of the UK budgetary rebate.
To ask the Chancellor of the Exchequer what assessment he has made of the implications for his Department's policies of (a) the European Commission's recent proposals for reforms of the EU budget and (b) the likely effect of such proposals on the future of the UK budgetary rebate.
To ask the Chancellor of the Exchequer what assessment he has made of the draft EU budget for 2011; and if he will make a statement.
To ask the Chancellor of the Exchequer what assessment he has made of the draft EU budget for 2011; and if he will make a statement.
To ask the Chancellor of the Exchequer what assessment he has made of the appropriateness of the (a) size of the budget of the European Parliament in (i) 2010 and (ii) 2011 and (b) the annual (A) nominal and (B) percentage change in the size of the budget in each...
To ask the Chancellor of the Exchequer what assessment he has made of the appropriateness of the (a) size of the budget of the European Parliament in (i) 2010 and (ii) 2011 and (b) the annual (A) nominal and (B) percentage change in the size of the budget in each...
| € million | ||||||||||||
| 2010 | % change | 2009¹ | % change | 2008 | % change | 2007 | % change | 2006 | % change | 2005 | % change | |
| European Parliament | 1,616 | 5.7 | 1,530 | 5.3 | 1,453 | 3.9 | 1,398 | 5.7 | 1,322 | 4.6 | 1,264 | 5.0 |
| Heading 5 (admin.) | 7,898 | — | 7,695 | — | 7.279 | — | 6,978 | — | 6,604 | — | 6,351 | — |
| EP as a proportion of H5 | 20.46 | — | 19.88 | — | 19.96 | — | 20.03 | — | 20.02 | — | 19.90 | — |
| ¹ European Parliament numbers from 2005-07 are source: | ||||||||||||
| http://eur-lex.europa.eu/budget/www/index-en.htm |