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To ask Mr Chancellor of the Exchequer, with reference to the figures in table 2.1 of Budget 2015 on a secondary market in annuities, how many people receiving an annuity income will have to reassign that income to a third party and take the value as a lump sum in...
To ask Mr Chancellor of the Exchequer, with reference to the figures in table 2.1 of Budget 2015 on a secondary market in annuities, how many people receiving an annuity income will have to reassign that income to a third party and take the value as a lump sum in...
From April 2016, the government will change the tax rules to allow people who are already receiving income from an annuity to assign that income to a third party, subject to agreement from their annuity provider. The proceeds of the assignment could then be taken directly or drawn down over a number of years, and would be taxed at their marginal rate, in the same way as those taking their pension after April 2015.
Details of how the costs of this measure have been calculated including the number of annuities that could be assigned can be found in the Budget 2015 Policy Costings document here:
To ask Mr Chancellor of the Exchequer, with reference to the figures in table 2.1 of Budget 2015 on a secondary market in annuities, for what reason income tax revenue is projected to fall by £130 million in 2018-19 and £120 million in 2019-20.
To ask Mr Chancellor of the Exchequer, with reference to the figures in table 2.1 of Budget 2015 on a secondary market in annuities, for what reason income tax revenue is projected to fall by £130 million in 2018-19 and £120 million in 2019-20.
From April 2016, the government will change the tax rules to allow people who are already receiving income from an annuity to assign that income to a third party, subject to agreement from their annuity provider. The proceeds of the assignment could then be taken directly or drawn down over a number of years, and would be taxed at their marginal rate, in the same way as those taking their pension after April 2015.
Details of how the costs of this measure have been calculated including the number of annuities that could be assigned can be found in the Budget 2015 Policy Costings document here:
To ask Mr Chancellor of the Exchequer, what estimate the Government has made of the additional cost to the public purse arising from additional (a) social security payments and (b) social care costs of people in receipt of annuity income reassigning that income to a third party in order to...
To ask Mr Chancellor of the Exchequer, what estimate the Government has made of the additional cost to the public purse arising from additional (a) social security payments and (b) social care costs of people in receipt of annuity income reassigning that income to a third party in order to...
From April 2016, the government will change the tax rules to allow people who are already receiving income from an annuity to assign that income to a third party, subject to agreement from their annuity provider. The proceeds of the assignment could then be taken directly or drawn down over a number of years, and would be taxed at their marginal rate, in the same way as those taking their pension after April 2015.
Details of how the costs of this measure have been calculated including the number of annuities that could be assigned can be found in the Budget 2015 Policy Costings document here:
To ask Mr Chancellor of the Exchequer, with reference to paragraph 2.54 of Budget 2014, what estimate he has made of the number of people who have accessed flexible drawdown as a result of the decision to reduce the guaranteed income requirement from £20,000 to £12,000.
To ask Mr Chancellor of the Exchequer, with reference to paragraph 2.54 of Budget 2014, what estimate he has made of the number of people who have accessed flexible drawdown as a result of the decision to reduce the guaranteed income requirement from £20,000 to £12,000.
As a result of the changes to pensions announced at Budget 2014 for the 2014-15 tax year, it is estimated that over 400,000 individuals are able to withdraw their pension wealth more flexibly if they wish to do so.
This figure was presented in the associated Tax Information and Impact Note, which is available here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293844/TIIN_8070_8062_8202_8132_8133_increasing_pension_flexibility.pdf
To ask Mr Chancellor of the Exchequer, with reference to paragraph 1.164 of Budget 2014, what estimate he has made of the number of people who have taken their pension pots as a lump sum as a result of the decision to increase the small pot limit from £2,000 to...
To ask Mr Chancellor of the Exchequer, with reference to paragraph 1.164 of Budget 2014, what estimate he has made of the number of people who have taken their pension pots as a lump sum as a result of the decision to increase the small pot limit from £2,000 to...
As a result of the changes to pensions announced at Budget 2014 for the 2014-15 tax year, it is estimated that over 400,000 individuals are able to withdraw their pension wealth more flexibly if they wish to do so.
This figure was presented in the associated Tax Information and Impact Note, which is available here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293844/TIIN_8070_8062_8202_8132_8133_increasing_pension_flexibility.pdf
To ask Mr Chancellor of the Exchequer, with reference to paragraph 2.57 of Budget 2014, what estimate he has made of the number of people who have cashed in their pension pots in a lump sum as a result of the decision to increase the upper limit for trivial commutation...
To ask Mr Chancellor of the Exchequer, with reference to paragraph 2.57 of Budget 2014, what estimate he has made of the number of people who have cashed in their pension pots in a lump sum as a result of the decision to increase the upper limit for trivial commutation...
As a result of the changes to pensions announced at Budget 2014 for the 2014-15 tax year, it is estimated that over 400,000 individuals are able to withdraw their pension wealth more flexibly if they wish to do so.
This figure was presented in the associated Tax Information and Impact Note, which is available here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293844/TIIN_8070_8062_8202_8132_8133_increasing_pension_flexibility.pdf
Motion to approve. Agreed to on division (300 to 199).
Motion to approve. Agreed to on division (300 to 199).
I am grateful for the opportunity to respond to the motion on behalf of the Opposition. Looking back over the corresponding debate last year, I was interested to see that the Minister’s predecessor, the right hon. Member for Loughborough (Nicky Morgan), told the House that, due to the tight timetable,
“the...
I am grateful for the opportunity to respond to the motion on behalf of the Opposition. Looking back over the corresponding debate last year, I was interested to see that the Minister’s predecessor, the right hon. Member for Loughborough (Nicky Morgan), told the House that, due to the tight timetable,
“the...
I was just about to say that I know the Minister is courteous and accommodating, so I understand that the delay might have been unavoidable. As he quite often does, he has anticipated a number of the questions and points I intended to raise—indeed, the whole thrust of my remarks...
I was just about to say that I know the Minister is courteous and accommodating, so I understand that the delay might have been unavoidable. As he quite often does, he has anticipated a number of the questions and points I intended to raise—indeed, the whole thrust of my remarks...
I will give way in a moment.
Labour has announced today that under no circumstances will we increase VAT in the next Parliament. Perhaps the hon. Gentleman is about to say something from his Government’s point of view. Perhaps he will give the same assurance.
I will give way in a moment.
Labour has announced today that under no circumstances will we increase VAT in the next Parliament. Perhaps the hon. Gentleman is about to say something from his Government’s point of view. Perhaps he will give the same assurance.
Under a Labour Government, there would be a new 10p starting rate for tax, and we would also reverse the tax cut for millionaires, which this Government gave and which by no stretch of the imagination can be seen to be fair. It is interesting that the hon. Gentleman did...
Under a Labour Government, there would be a new 10p starting rate for tax, and we would also reverse the tax cut for millionaires, which this Government gave and which by no stretch of the imagination can be seen to be fair. It is interesting that the hon. Gentleman did...
Motions to consider. Agreed to on question.
Motions to consider. Agreed to on question.
Motions to consider. Agreed to on question.
Motions to consider. Agreed to on question.
Motion to consider. Agreed to on question.
Motion to consider. Agreed to on question.
Under the Scotland Act 2012, from April 2016 Scotland will indeed have significant new tax-raising powers. HMRC’s own risk register shows that the risk that Scottish taxpayers will not be identified by April 2016 has risen from amber to red, so can the Chief Secretary tell the House why, despite these being the biggest changes to Scottish tax ever, only 11 full-time equivalent HMRC staff are working on them and, according to Audit Scotland, they rely on a single official in the Scottish Government?
Under the Scotland Act 2012, from April 2016 Scotland will indeed have significant new tax-raising powers. HMRC’s own risk register shows that the risk that Scottish taxpayers will not be identified by April 2016 has risen from amber to red, so can the Chief Secretary tell the House why, despite these being the biggest changes to Scottish tax ever, only 11 full-time equivalent HMRC staff are working on them and, according to Audit Scotland, they rely on a single official in the Scottish Government?
I am confident that the resource being applied at the HMRC end of the spectrum is sufficient to ensure that we can deliver the devolution that is planned. That process is going on at present. Stamp duty devolution starts in April this year and income tax devolution the following April. As to whether or not the Scottish Government are applying sufficient resource, effort or people to make sure that the tax system will be competently administered, that is a question for them to answer. I recently signed off the orders to devolve stamp duty, and they will now need to make sure that that is done properly.
I thank the Chief Secretary for that response, although it does not entirely fill me with reassurance. Is it not the case that this whole process risks descending into absolute chaos, and is it not time that both the UK and the Scottish Governments got a grip? How many HMRC and Treasury officials have been seconded to the Scottish Government to help clear up the mess? If people have not been seconded, will he now have urgent discussions to see whether that would help?
I thank the Chief Secretary for that response, although it does not entirely fill me with reassurance. Is it not the case that this whole process risks descending into absolute chaos, and is it not time that both the UK and the Scottish Governments got a grip? How many HMRC and Treasury officials have been seconded to the Scottish Government to help clear up the mess? If people have not been seconded, will he now have urgent discussions to see whether that would help?
I am afraid that it is a feature of devolution, which the hon. Lady and I both support, that devolved Administrations have to take responsibility for matters that are in their purview. Frankly speaking, it is not for the Treasury to send officials to bail out Revenue Scotland. If it approaches us and says that it does not have enough people, it cannot do it and it is not ready, that is fine. But having discussed the matter with John Swinney and received assurances that he believes that it is in a good position to carry on taking on those functions and to do so properly, that is sufficient for me to sign the orders to hand over the powers.
It is a pleasure to wind up the debate today and to speak in favour of our Opposition motion. This gives me a chance to describe in plain terms the gulf between this Government’s spending plans and the approach that will be taken by a future Labour Government. It also...
It is a pleasure to wind up the debate today and to speak in favour of our Opposition motion. This gives me a chance to describe in plain terms the gulf between this Government’s spending plans and the approach that will be taken by a future Labour Government. It also...
I am not going to give way because the hon. Gentleman had his opportunity earlier, and I wish to make a few more points about what has been said this afternoon.
The true scale and nature of that impact cannot be quantified, because the Government will not set out where their...
I am not going to give way because the hon. Gentleman had his opportunity earlier, and I wish to make a few more points about what has been said this afternoon.
The true scale and nature of that impact cannot be quantified, because the Government will not set out where their...
rose—
rose—
I thank the Minister for eventually giving way. Although I celebrate young people and the long-term unemployed finding work in my constituency, I hope that she will recognise that for many of them, it is zero-hours contracts, low-paid work, and jobs that are not in their chosen careers. They want...
I thank the Minister for eventually giving way. Although I celebrate young people and the long-term unemployed finding work in my constituency, I hope that she will recognise that for many of them, it is zero-hours contracts, low-paid work, and jobs that are not in their chosen careers. They want...