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Unallotted opposition day debate (part one). Agreed to on division (238 to 0).
Unallotted opposition day debate (part one). Agreed to on division (238 to 0).
Budget debate (second day). Motion that income tax is charged for the tax year 2018-19. Debate adjourned, to be resumed tomorrow.
Budget debate (second day). Motion that income tax is charged for the tax year 2018-19. Debate adjourned, to be resumed tomorrow.
Budget debate (second day). Motion that (1) it is expedient to amend the law with respect to the National Debt and the public revenue and to make further provision in connection with finance. (2) This Resolution does not extend to the making of any amendment with respect to value added tax so as to provide— (a) for zero-rating or exempting a supply, acquisition or importation; (b) for refunding an amount of tax; (c) for any relief, other than a relief that— (i) so far as it is applicable to goods, applies to goods of every description, and (ii) so far as it is applicable to services, applies to services of every description. Debate adjourned, to be resumed tomorrow. Debate adjourned, to be resumed on 13 March.
Budget debate (second day). Motion that (1) it is expedient to amend the law with respect to the National Debt and the public revenue and to make further provision in connection with finance. (2) This Resolution does not extend to the making of any amendment with respect to value added...
I think it was a very important deal, not least because it leads to a change in behaviour. It sends out a message that if you do not pay your taxes properly and according to the rules, action will be taken.
I think it was a very important deal, not least because it leads to a change in behaviour. It sends out a message that if you do not pay your taxes properly and according to the rules, action will be taken.
Does the Business Secretary believe that the Google tax deal reached by his right hon. Friend the Chancellor is fair and proportionate?
When the hon. Lady’s party was last in office, some companies were regularly getting away with 0% tax rates, but Labour took no action whatever. Since the change in Government in 2010, we have closed 40 of Labour’s tax loopholes, which has helped to generate an additional £12 billion in taxation.
When the hon. Lady’s party was last in office, some companies were regularly getting away with 0% tax rates, but Labour took no action whatever. Since the change in Government in 2010, we have closed 40 of Labour’s tax loopholes, which has helped to generate an additional £12 billion in taxation.
Well, I am not sure from that answer whether the Business Secretary thought it was fair and proportionate, but at the weekend he said that it “wasn’t a glorious moment”, even though the Chancellor had hailed it as a success. Which is it? It cannot be both. Does the Secretary of State not understand how unfair this cosy sweetheart deal with a company that seems to regard paying its fair share of taxes as a voluntary activity must seem to Britain’s millions of small businesses that are now expected to do their tax returns quarterly and have no opportunity to meet Ministers 24 times to negotiate their own private little tax deals?
I have not heard that quote from “Star Wars”. [Interruption.] It is really important that we keep deregulating for small businesses, and that was achieved during the previous Parliament. As Chair of the Business, Innovation and Skills Committee, the hon. Gentleman knows that that measure is a net target, and because of the Enterprise Bill, and many other measures, I am confident that we will see huge net deregulation, running into the billions, for businesses over the lifetime of this Parliament.
I have not heard that quote from “Star Wars”. [Interruption.] It is really important that we keep deregulating for small businesses, and that was achieved during the previous Parliament. As Chair of the Business, Innovation and Skills Committee, the hon. Gentleman knows that that measure is a net target, and because of the Enterprise Bill, and many other measures, I am confident that we will see huge net deregulation, running into the billions, for businesses over the lifetime of this Parliament.
The Secretary of State mentioned simplifying and clarifying the business environment in this country, as well as paring back bureaucracy and identifying a further £10 billion reduction in red tape over this Parliament. Why did the autumn statement propose that small businesses should file tax returns four times a year, rather than annually? Will the Secretary of State outline how that helps small businesses to reduce their costs and burdens? To keep the “Star Wars” quotes going, “I’ve got a bad feeling about this.”
To ask the Chancellor of the Exchequer if he will propose changes to the taxation regime for individuals who wish to invest in peer-to-peer and crowdfunding schemes; and if he will make a statement.
To ask the Chancellor of the Exchequer if he will propose changes to the taxation regime for individuals who wish to invest in peer-to-peer and crowdfunding schemes; and if he will make a statement.
The Chancellor keeps all decisions relating to taxation under review.
To ask the Chancellor of the Exchequer if he will introduce a one-off levy on bonuses given to investment bankers in 2014 to help fund measures needed to assist flood victims.
To ask the Chancellor of the Exchequer if he will introduce a one-off levy on bonuses given to investment bankers in 2014 to help fund measures needed to assist flood victims.
The Government is doing everything it can to support those affected by flooding, and has announced a package of measures to support affected homes and businesses. Further detail of the package of measures can be found here:
https://www.gov.uk/government/news/uk-floods-2014-government-response
These measures are funded from general taxation, including of financial services activity. A Bank Levy is already in place, and it is currently forecast to raise £2.7 billion in 2014-15 and £2.9 billion a year thereafter.
Seventeenth opposition day debate (part one). Main question negatived on division (242 to 304).
Seventeenth opposition day debate (part one). Main question negatived on division (242 to 304).
To ask the Chancellor of the Exchequer what estimates his Department has made of the increase in revenue from a financial transaction tax on (a) shares and bonds, and (b) derivatives set at levels similar to those now being contemplated by some European Union member states.
To ask the Chancellor of the Exchequer what estimates his Department has made of the increase in revenue from a financial transaction tax on (a) shares and bonds, and (b) derivatives set at levels similar to those now being contemplated by some European Union member states.
I refer the hon. Member to the answers given to him on 31 January 2013, Official Report, column 924W.
To ask the Chancellor of the Exchequer (1) how much extra revenue he expects to raise from the UK water companies which have financial holding vehicles registered in the Cayman Islands following the Government's recent automatic tax information sharing agreement with the Cayman Islands signed on 5 November;
To ask the Chancellor of the Exchequer (1) how much extra revenue he expects to raise from the UK water companies which have financial holding vehicles registered in the Cayman Islands following the Government's recent automatic tax information sharing agreement with the Cayman Islands signed on 5 November;
There are no estimates available to answer these questions.
(2) how much extra revenue he expects to raise from each UK water company following the Government's recent automatic tax information sharing agreement with the Cayman Islands signed on 5 November.
Maria Eagle:
(2) how much extra revenue he expects to raise from each UK water company following the Government's recent automatic tax information sharing agreement with the Cayman Islands signed on 5 November.
Maria Eagle:
There are no estimates available to answer these questions.
To ask the Chancellor of the Exchequer what estimate his Department has made of the number of taxpayers affected by the retrospective tax changes introduced in section 58(4) of the Finance Act 2008.
To ask the Chancellor of the Exchequer what estimate his Department has made of the number of taxpayers affected by the retrospective tax changes introduced in section 58(4) of the Finance Act 2008.
UK residents are taxable on their worldwide income wherever it arises—including situations where it arises by way of foreign partnerships. Section 58 of Finance Act 2008 was enacted to help put that beyond doubt and in so doing, made clear that a wholly artificial tax avoidance scheme involving a foreign partnership comprised of foreign trustees did not work. As section 58 retrospectively clarified existing legislation, its introduction had no affect on any taxpayers tax position. HMRC has currently identified around 2,000 individuals who used the avoidance scheme or one of its variants and whose tax returns are currently under inquiry.
(2) if he will seek to renegotiate international tax agreements to prevent companies paying tax in Ireland on profits and sales made in the UK.
Austin Mitchell:
(2) if he will seek to renegotiate international tax agreements to prevent companies paying tax in Ireland on profits and sales made in the UK.
Austin Mitchell:
The UK, along with most major economies in the world, charges corporation tax on profits not on sales or turnover. The UK system is based on internationally agreed principles, which determine how much profit each country should tax. However, I cannot comment on the tax system in Ireland.
The UK is committed to multilateral action through the G20 and OECD to tackle the issue of base erosion and profit shifting (BEPS). The OECD BEPS project has been scrutinising the international tax rules to find where they do not work in today's modern globalised economy.
The G8 leaders have confirmed their support for the ongoing G20/OECD work. At the Lough Erne summit in June they called on the OECD to develop a common tool for multinationals to report to tax authorities where they make their profits and pay taxes around the world. This work is being taken forward as part of the BEPS action plan.
To ask the Chancellor of the Exchequer what recent assessment he has made of the implications of a reduction in bingo duty on (a) jobs and (b) the wider economy.
To ask the Chancellor of the Exchequer what recent assessment he has made of the implications of a reduction in bingo duty on (a) jobs and (b) the wider economy.
The Government keeps all taxes, including bingo duty, under review.
To ask the Chancellor of the Exchequer what recent discussions he has had with the bingo industry on bingo duty.
To ask the Chancellor of the Exchequer what recent discussions he has had with the bingo industry on bingo duty.
Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery.
The Treasury publishes a list of ministerial meetings with external organisations, available at:
http://www.hm-treasury.gov.uk/minister_hospitality.htm
To ask the Chancellor of the Exchequer what oral and written representations he has received from the Scottish Government regarding the proposed fiscal regime for shale gas to date.
To ask the Chancellor of the Exchequer what oral and written representations he has received from the Scottish Government regarding the proposed fiscal regime for shale gas to date.
[holding answer 4 September 2013]: The Chancellor of the Exchequer has not received any oral or written representations from the Scottish Government regarding the proposed fiscal regime for shale gas.
To ask the Chancellor of the Exchequer if he will estimate the proportion of tax revenue required to service interest payments on the national debt in each of the next 10 years.
To ask the Chancellor of the Exchequer if he will estimate the proportion of tax revenue required to service interest payments on the national debt in each of the next 10 years.
The independent Office for Budget Responsibility (OBR) is responsible for producing the official economic and fiscal forecasts in the UK. In the latest March 2013 Economic and Fiscal outlook, debt interest payments for each fiscal year in the forecast period can be found in Table 4.29, as follows:
| Table
4.29: Key changes to debt interest since
December | ||||||
| Forecast
(£
billion) | ||||||
| 2012-13 | 2013-14 | 2014-15 | 2015-16 | 2016-17 | 2017-18 | |
| December
forecast | 47.1 | 48.6 | 51.8 | 56.6 | 61.6 | 67.1 |
| March
forecast | 46.5 | 49.5 | 51.8 | 57.8 | 64.4 | 71.3 |
| Change | -0.6 | 0.9 | 0.0 | 1.2 | 2.8 | 4.2 |
| of
which: | ||||||
| Financing | 0.0 | -0.2 | -0.1 | 0.4 | 0.8 | 1.3 |
| Gilt
rates | 0.0 | 0.1 | 0.1 | 0.4 | 1.0 | 1.5 |
| Short
rates | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.3 |
| Inflation | -0.3 | 1.0 | 0.3 | 0.6 | 1.0 | 1.1 |
| B&B
and
NRAM | 0.0 | -0.1 | -0.1 | -0.3 | -0.4 | -0.3 |
| Other | -0.2 | 0.0 | -0.1 | 0.1 | 0.3 | 0.4 |
Public sector current receipts (PSCR) for each fiscal year in the forecast period can be found in Table 4.7, as follows:
| Table
4.7: Current
receipts | |||||||
| £
billion | |||||||
| Outturn | Forecast | ||||||
| 2011-12 | 2012-13 | 2013-14 | 2014-15 | 2015-16 | 2016-17 | 2017-18 | |
| Current
receipts | 572.6 | 586.8 | 612.4 | 633.1 | 657.6 | 694.1 | 723.0 |
| Memo.
UK oil and gas
revenues | 11.3 | 6.5 | 6.8 | 6.1 | 4.7 | 4.8 | 4.3 |
The proportion of PSCR required to service debt interest payments for each fiscal year in the forecast period in the following table:
| PSCR | Debt
interest
payments | Proportion
of tax revenue required to service debt interest payments
(%) | |
| 2012-13 | 586.8 | 46.5 | 7.9 |
| 2013-14 | 612.4 | 49.5 | 8.1 |
| 2014-15 | 633,1 | 51.8 | 8.2 |
| 2015-16 | 657.6 | 57.8 | 8.8 |
| 2016-17 | 694.1 | 64.4 | 9.3 |
| 2017-18 | 723.0 | 71.3 | 9.9 |
The Government remains committed to reducing the deficit and addressing the permanent structural deterioration in the public finances caused by the lasting impact of the financial crisis. Implementation of the fiscal consolidation plans is well under way. As a result, the Government has made significant progress in reversing the unprecedented rise in borrowing between 2007-08 and 2009-10. Public sector net borrowing has fallen by over a third, from 11.2% of GDP in 2009-10 to 7.0% in 2012-13. Cumulative debt interest payments from 2010-11 to 2015-16 are forecast to be £31 billion lower than expected at the June Budget 2010.
To ask the Chancellor of the Exchequer how much betting shops have paid in (a) VAT and (b) corporation tax in each year since 2003.
To ask the Chancellor of the Exchequer how much betting shops have paid in (a) VAT and (b) corporation tax in each year since 2003.
The information is not available. Corporation Tax records and VAT returns are not broken down to the level of detail required to identify VAT and Corporation Tax revenue from betting shops.
To ask the Chancellor of the Exchequer what recent steps he has taken to provide export tax credits for small and medium-sized enterprises.
To ask the Chancellor of the Exchequer what recent steps he has taken to provide export tax credits for small and medium-sized enterprises.
There is no direct tax credit for export-related activities. The Government has delivered a number of corporate tax reforms to make UK firms more competitive and give them a greater rate of return for export-related investment. This includes cutting the main rate of corporation tax, which will fall to 20% by 2015, reform to controlled foreign companies rules, the introduction of a Patent Box and more competitive R&D tax credits.
The Government has also targeted export support through UKTI: at autumn statement 2012, the Chancellor of the Exchequer announced £70 million extra funding for UKTI in 2013-14 and 2014-15; and the 2013 spending review continued this increase into 2015-16. The extra funding covers a number of programmes to support exports including services to more small and medium-sized enterprises (SMEs) and more grants for SMEs to attend trade fairs overseas.