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Is the Chancellor, and indeed the hon. Lady, being a little complacent about investment? Although it is true that business investment is higher than it was in 2010, our business investment is still the lowest in the G7 and among the lowest in the OECD. Why did we not see...
Is the Chancellor, and indeed the hon. Lady, being a little complacent about investment? Although it is true that business investment is higher than it was in 2010, our business investment is still the lowest in the G7 and among the lowest in the OECD. Why did we not see...
The hon. Lady is making a powerful case for the need for investment in public services, but in that context, I wonder why the Labour party appears to be supporting the freezing of fuel duty. We know that the cost of freezing fuel duty since 2010 is a staggering £90...
The hon. Lady is making a powerful case for the need for investment in public services, but in that context, I wonder why the Labour party appears to be supporting the freezing of fuel duty. We know that the cost of freezing fuel duty since 2010 is a staggering £90...
To ask the Chancellor of the Exchequer, with reference to the Answer of 24 October 2023 to Question 202953 on North Sea Oil and to the policy paper entitled Energy Taxes Factsheet, published on 17 November 2022, whether he plans to define taxpayers as investors in new fossil fuel developments.
To ask the Chancellor of the Exchequer, with reference to the Answer of 24 October 2023 to Question 202953 on North Sea Oil and to the policy paper entitled Energy Taxes Factsheet, published on 17 November 2022, whether he plans to define taxpayers as investors in new fossil fuel developments.
Taxpayers are not considered investors in oil and gas. Oil and gas extraction in the UK and on the UK Continental Shelf is a market orientated activity undertaken by commercial organisations. Those organisations and their investors, who choose to invest in this activity, do so to generate a commercial return and bear the associated risks, including the risks referred to in Question 202953.
The role of government is to regulate the activity. As oil and gas is a national resource, the government also seeks to take a fair share of profits from exploration and production activities through the oil and gas tax regime.
To ask the Secretary of State for Energy Security and Net Zero, what assessment she has made of the potential impact of targeted exemption of energy bill levies on (a) households using electric heating and (b) the take up of heat pumps.
To ask the Secretary of State for Energy Security and Net Zero, what assessment she has made of the potential impact of targeted exemption of energy bill levies on (a) households using electric heating and (b) the take up of heat pumps.
In ‘Powering Up Britain’, the Government committed to outlining a clear approach to price rebalancing by the end of 2023/24 and making significant progress affecting relative prices by the end of 2024. No decisions have yet been taken on that approach. We are committed to ensuring that the cost of transition to Net Zero is fair and affordable for all energy consumers. The potential impacts of rebalancing across technologies and consumers will be fully considered.
To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the publication entitled OECD/G20 Inclusive Framework on BEPS: Progress Report September 2022-September 2023, published on 11 October 2023; and if he will make it his policy to (i) support the UN...
To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the publication entitled OECD/G20 Inclusive Framework on BEPS: Progress Report September 2022-September 2023, published on 11 October 2023; and if he will make it his policy to (i) support the UN...
The UK strongly supports developing countries’ efforts to scale-up domestic resource mobilisation to finance sustainable development.
The International Development White Paper published on Monday 20th November commits to building a stronger and fairer international tax system for all.
In line with this, the UK supports the work of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting, which allows closer international tax co-operation among more than 140 countries and jurisdictions; and the OECD/G20 Global Forum on Tax Transparency and Exchange of Information, which has 169 members and whose work has identified over EUR 41 billion of additional revenues by developing countries to date.
However, the UK, alongside many other countries, is concerned that proceeding with a UN convention on international tax at this time would not be the most effective way to achieve these goals. An explanation of Vote was published on GOV.UK on 22nd November. [link]
That this House welcomes the EU Tax Observatory inaugural report on global tax evasion; notes that the report indicates that the richest people in the world are operating on the edge of legality to evade paying tax; expresses concern at the findings of the report that the very richest use shell companies and other measures to reduce their tax burden to between 0% to 0.6% of their total wealth; further notes that real estate in expensive cities such as London provides a vehicle for the very wealthy to avoid paying tax; also notes that the report calls on the 3,000 richest people in the world, with combined assets of $13 trillion, to be taxed at a rate of 2% of their total wealth; estimates that such a measure would raise £205 billion annually; and joins calls for the G20 Summit in Brazil in November 2024 to begin efforts to introduce a global wealth tax on the very richest people.
That this House welcomes the EU Tax Observatory inaugural report on global tax evasion; notes that the report indicates that the richest people in the world are operating on the edge of legality to evade paying tax; expresses concern at the findings of the report that the very richest use...
To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of introducing a tax on windfall profits from the banking sector.
To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of introducing a tax on windfall profits from the banking sector.
Banks already face an additional rate of tax on their profits in the form of the Bank Corporation Tax Surcharge – meaning they pay 3% more on their profit than most other businesses. This is in addition to a charge on the largest banks’ balance sheets in the form of the Bank Levy.
To ask the Chancellor of the Exchequer, how many self-employed people that did not file their tax returns on time were issued fines worth more than they originally owed in tax in the 2021-22 financial year; if he will (a) take steps to support self-employed people filing their tax returns...
To ask the Chancellor of the Exchequer, how many self-employed people that did not file their tax returns on time were issued fines worth more than they originally owed in tax in the 2021-22 financial year; if he will (a) take steps to support self-employed people filing their tax returns...
HMRC cannot provide this information because data transfer and assurance processes between the live SA system and those used for analytical purposes are not yet complete for the year requested. In addition the penalty life cycle is not yet complete for 2021-22 and many late returns, which will inform Self Employment status and income, have not yet been submitted.
HMRC issues SA tax returns to customers when the information they hold suggests that the customer meets the published criteria for completing one. HMRC often cannot determine someone’s tax liability until they have sent in a tax return, therefore they need the return to establish whether there is tax due or not.
HMRC charges late final penalties to encourage customers to file on time but they can cancel a customer’s late filing penalty if they have a reasonable excuse. Customers can also ask HMRC to remove them from the SA process for future years if they no longer meet the criteria.
HMRC is currently reforming late payment and late filing penalties. Their aim is to encourage those who persistently default to comply with their tax obligations rather than penalise those who make occasional errors.
Will the Chancellor consider introducing a windfall tax on banks’ excess profits? The profits of the big four banks for the first half of this year were up 700% compared with 2020, yet the Bank of England is forecast to pay out as much as £42 billion in interest on reserves to banks in 2023, at the same time as the Government have cut the level of surcharge on banks’ profits by 60%.
Will the Chancellor consider introducing a windfall tax on banks’ excess profits? The profits of the big four banks for the first half of this year were up 700% compared with 2020, yet the Bank of England is forecast to pay out as much as £42 billion in interest on reserves to banks in 2023, at the same time as the Government have cut the level of surcharge on banks’ profits by 60%.
With millions of British jobs dependent on financial services, including an estimated 20,000 jobs in Brighton and Hove, I hope the hon. Lady will join me in celebrating a sustainably profitable financial sector. It is only that that gives us the ability to invest in skills and technology.
I am delighted to have the best part of an hour and a half to talk about the electricity generator levy—[Interruption.] No, not really.
I rise to speak in support of new clause 11, which would require the Government to conduct an assessment of the impact of the electricity generator levy...
I am delighted to have the best part of an hour and a half to talk about the electricity generator levy—[Interruption.] No, not really.
I rise to speak in support of new clause 11, which would require the Government to conduct an assessment of the impact of the electricity generator levy...
I am so fed up with this argument from the Government, because nobody is talking about turning off oil and gas tomorrow. We are talking about
whether the world can sustain more new oil and gas, particularly from a country such as the UK, which is so blessed with alternatives....
I am so fed up with this argument from the Government, because nobody is talking about turning off oil and gas tomorrow. We are talking about
whether the world can sustain more new oil and gas, particularly from a country such as the UK, which is so blessed with alternatives....
Will the Minister give way?
Will the Minister give way?
The Minister is very generous in giving way again. I simply want to make the very obvious point that simply because oil and gas are extracted from the North sea, there is no guarantee that they will be used by people in the UK. They get sold on global markets...
The Minister is very generous in giving way again. I simply want to make the very obvious point that simply because oil and gas are extracted from the North sea, there is no guarantee that they will be used by people in the UK. They get sold on global markets...
As well as the economic cost of the way that the windfall tax has been designed, does the shadow Minister agree that it has a massive climate cost, in the sense that we are incentivising oil and gas at exactly the time when we need to make the transition to...
As well as the economic cost of the way that the windfall tax has been designed, does the shadow Minister agree that it has a massive climate cost, in the sense that we are incentivising oil and gas at exactly the time when we need to make the transition to...
I rise to speak in support of new clause 10, which stands in my name and addresses the decarbonisation allowance first announced by the Chancellor in the autumn statement and now legislated for in this Bill. Although in principle the decarbonisation allowance may sound innocuous or even useful, it is...
I rise to speak in support of new clause 10, which stands in my name and addresses the decarbonisation allowance first announced by the Chancellor in the autumn statement and now legislated for in this Bill. Although in principle the decarbonisation allowance may sound innocuous or even useful, it is...
I go back to the fuel duty issue, because I know the right hon. Lady has been concerned about climate change, at least in the past. The freeze in the fuel duty has meant that emissions have gone up by 5%, while the Treasury has lost out on billions in...
I go back to the fuel duty issue, because I know the right hon. Lady has been concerned about climate change, at least in the past. The freeze in the fuel duty has meant that emissions have gone up by 5%, while the Treasury has lost out on billions in...
The NHS and social care are in unprecedented crisis, even if that is a word that the Secretary of State and the Prime Minister refuse to use. We know that resilience was stripped out of our NHS years before the covid pandemic, and I come back to the level of...
The NHS and social care are in unprecedented crisis, even if that is a word that the Secretary of State and the Prime Minister refuse to use. We know that resilience was stripped out of our NHS years before the covid pandemic, and I come back to the level of...
To ask the Chancellor of the Exchequer, whether he has made an estimate of the amount that would be raised by the Energy Profits Levy over the next six years if tax relief is not provided to companies which invest in new oil and gas extraction in the UK.
To ask the Chancellor of the Exchequer, whether he has made an estimate of the amount that would be raised by the Energy Profits Levy over the next six years if tax relief is not provided to companies which invest in new oil and gas extraction in the UK.
We estimate that the EPL will raise about £40 billion over the next 6 years, allowing for tax reliefs.
To ask the Chancellor of the Exchequer, what assessment he has made of the likelihood of North Sea Oil and Gas companies front-loading investment in new oil and gas extraction over the next three years in order to benefit from additional tax relief under the Energy Profits Levy; and if...
To ask the Chancellor of the Exchequer, what assessment he has made of the likelihood of North Sea Oil and Gas companies front-loading investment in new oil and gas extraction over the next three years in order to benefit from additional tax relief under the Energy Profits Levy; and if...
The Energy Profits Levy (EPL) was introduced in May in response to sharp increases in oil and gas prices over the past year. At the Autumn Statement 2022, the Chancellor announced that the rate of the levy would rise by ten percentage points to 35%, effective from 1 January 2023. The levy has also been extended until 31 March 2028.
The Government has been clear it wants to see the oil and gas sector reinvest its profits to support the economy, jobs and the UK’s energy security. That is why, from 1 January 2023, the Government will maintain the existing cash value of the levy’s investment allowance for most types of investment expenditure, ensuring that for every £1 an oil and gas company invests, they will continue being able to claim around 91p in tax relief.
For expenditure in upstream decarbonisation, the allowance will remain at 80%, meaning for every £100 an oil and gas company invests to decarbonise oil and gas production, they will be able to deduct £109.25 when calculating their levy profits. This provides an immediate and significant fiscal incentive to reinvest profits in the UK.
Since the levy is targeted at the extraordinary profits from oil and gas upstream activities, any relief for investment must also be related to oil and gas upstream activities. Therefore, tax relief is only available in relation to expenditure incurred for activity that is charged under the oil and gas ring fence corporation tax regime. For other investments, such as renewables, companies will be able to deduct investment costs from their corporation tax.
The Office for Budget Responsibility’s (OBR) forecast at Autumn Statement 2022 estimates revenues from EPL are expected to be £41.6 billion between 2022-23 and 2027-28. This is inclusive of the impact of the investment allowance, consistent with previous revenue projections for the levy.
Oil and gas producers are commercial entities and the Government does not comment on individual taxpayers.
The Autumn Statement also confirmed the Government will engage stakeholders as part of a review to consider the UK’s long-term tax treatment of the North Sea after the Energy Profits Levy ceases in March 2028. Further details will be announced in due course.
To ask the Chancellor of the Exchequer, what proportion of investment by oil and gas companies in decarbonisation, over the period for which they will be eligible under the Energy Profits Levy for the current investment allowance rate of 80 per cent, will result in the generation of renewable power...
To ask the Chancellor of the Exchequer, what proportion of investment by oil and gas companies in decarbonisation, over the period for which they will be eligible under the Energy Profits Levy for the current investment allowance rate of 80 per cent, will result in the generation of renewable power...
The Energy Profits Levy (EPL) was introduced in May in response to sharp increases in oil and gas prices over the past year. At the Autumn Statement 2022, the Chancellor announced that the rate of the levy would rise by ten percentage points to 35%, effective from 1 January 2023. The levy has also been extended until 31 March 2028.
The Government has been clear it wants to see the oil and gas sector reinvest its profits to support the economy, jobs and the UK’s energy security. That is why, from 1 January 2023, the Government will maintain the existing cash value of the levy’s investment allowance for most types of investment expenditure, ensuring that for every £1 an oil and gas company invests, they will continue being able to claim around 91p in tax relief.
For expenditure in upstream decarbonisation, the allowance will remain at 80%, meaning for every £100 an oil and gas company invests to decarbonise oil and gas production, they will be able to deduct £109.25 when calculating their levy profits. This provides an immediate and significant fiscal incentive to reinvest profits in the UK.
Since the levy is targeted at the extraordinary profits from oil and gas upstream activities, any relief for investment must also be related to oil and gas upstream activities. Therefore, tax relief is only available in relation to expenditure incurred for activity that is charged under the oil and gas ring fence corporation tax regime. For other investments, such as renewables, companies will be able to deduct investment costs from their corporation tax.
The Office for Budget Responsibility’s (OBR) forecast at Autumn Statement 2022 estimates revenues from EPL are expected to be £41.6 billion between 2022-23 and 2027-28. This is inclusive of the impact of the investment allowance, consistent with previous revenue projections for the levy.
Oil and gas producers are commercial entities and the Government does not comment on individual taxpayers.
The Autumn Statement also confirmed the Government will engage stakeholders as part of a review to consider the UK’s long-term tax treatment of the North Sea after the Energy Profits Levy ceases in March 2028. Further details will be announced in due course.