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It is funny that the same Tories, who are today congratulating the Chancellor, 55 days ago lined up to congratulate his predecessor on the disastrous mini-Budget of what he correctly described as the “English Government” —a sign of things to come. However, the question that is being asked by people...
It is funny that the same Tories, who are today congratulating the Chancellor, 55 days ago lined up to congratulate his predecessor on the disastrous mini-Budget of what he correctly described as the “English Government” —a sign of things to come. However, the question that is being asked by people...
To ask Mr Chancellor of the Exchequer, if he will make an assessment of the effect on the viability and competitiveness of UK oil refineries of the imposition of VAT and duty on products shipped by such refineries to another UK customs bonded oil storage location at the point of...
To ask Mr Chancellor of the Exchequer, if he will make an assessment of the effect on the viability and competitiveness of UK oil refineries of the imposition of VAT and duty on products shipped by such refineries to another UK customs bonded oil storage location at the point of...
Hydrocarbon oil becomes liable to duty and VAT when it is released for consumption in the UK. This is either: when it is imported; or when it is produced in the UK and delivered for home use from a refinery. Where hydrocarbon oil is imported to an excise warehouse, the duty and VAT is due when the oil is released for home use from the warehouse.
This administratively simple fuel duty system reduces the number of taxpayers and ensures that there is minimal fraud by reducing opportunities for criminals to infiltrate the supply chain. As a result, fuel duty is a large and stable source of revenue for the Exchequer, raising £27.2 billion in financial year 2014/15, with a very low tax gap of less than £100m. Allowing the movement of fuel on which duty and VAT has not yet been paid within the UK would add complexity to the administration of the tax and increase the opportunities for tax evasion. For these reasons the government has no plans to change the fuel duty or VAT point.
One of this government’s key priorities, as we transition to a low carbon economy, is to ensure a secure and resilient oil supply at affordable prices, whilst supporting investment and jobs. Following a review of the refining and import sectors by the previous government in 2014, a package of actions was developed, designed to help improve the operating environment for the refining and import sectors. These actions focus on three areas: a partnership approach with industry; removing market distortions; and tackling regulatory burden.
The hon. Gentleman is probably aware that the respected Nobel prize winner Professor Joseph Stiglitz said in his book, “The Price of Inequality” that one of the ways forward is to
“curb the bonuses that encourage excessive risk-taking and short-sighted behaviour.”
The hon. Gentleman will see that we are back on that...
The hon. Gentleman is probably aware that the respected Nobel prize winner Professor Joseph Stiglitz said in his book, “The Price of Inequality” that one of the ways forward is to
“curb the bonuses that encourage excessive risk-taking and short-sighted behaviour.”
The hon. Gentleman will see that we are back on that...
Does the Minister agree that, as with the debate on the bedroom tax before Christmas, this debate is really one about the symptoms of inequality in our society. Since the 1970s, we have seen 80% of the gains in productivity going to the top 1%—an inequality level roughly equivalent to...
Does the Minister agree that, as with the debate on the bedroom tax before Christmas, this debate is really one about the symptoms of inequality in our society. Since the 1970s, we have seen 80% of the gains in productivity going to the top 1%—an inequality level roughly equivalent to...
What does the hon. Lady think could be done with the money currently put in the bonus pot? What else could the banks do with that money if their bonuses were curbed? How else could they spend it; what could they do with it?
What does the hon. Lady think could be done with the money currently put in the bonus pot? What else could the banks do with that money if their bonuses were curbed? How else could they spend it; what could they do with it?
Will the Minister give way?
Will the Minister give way?
Will the hon. Gentleman give way?
Will the hon. Gentleman give way?
My hon. Friend may recall that when we last visited this issue on 28 April, I pointed out that diesel fuel in my constituency was retailing at £1.34 a litre. It is now, eight weeks later, between £1.43 and £1.46 a litre, representing a tremendous amount of money coming from...
My hon. Friend may recall that when we last visited this issue on 28 April, I pointed out that diesel fuel in my constituency was retailing at £1.34 a litre. It is now, eight weeks later, between £1.43 and £1.46 a litre, representing a tremendous amount of money coming from...
The purchase is not usually based on the model, but on the cost of the car to the purchasers at that point, after which they can be hammered by vehicle excise duty.
The purchase is not usually based on the model, but on the cost of the car to the purchasers at that point, after which they can be hammered by vehicle excise duty.
Is the hon. Gentleman aware that fuel is 30p a litre cheaper in the Republic of Ireland, which has a budget surplus?
Is the hon. Gentleman aware that fuel is 30p a litre cheaper in the Republic of Ireland, which has a budget surplus?
Does the hon. Gentleman agree that the vehicle excise duty is Labour's poll tax on wheels? It is an annual charge, and it hits the poor hardest.
Does the hon. Gentleman agree that the vehicle excise duty is Labour's poll tax on wheels? It is an annual charge, and it hits the poor hardest.
Is this tax a retrospective decision or not?
Is this tax a retrospective decision or not?
Of course, one point of the vehicle excise duty is to change people's behaviour, but as the hon. Member for Caithness, Sutherland and Easter Ross (John Thurso) pointed out, a change of behaviour cannot occur in every circumstance—and I am thinking particularly of crofters and farmers. Could the Government use...
Of course, one point of the vehicle excise duty is to change people's behaviour, but as the hon. Member for Caithness, Sutherland and Easter Ross (John Thurso) pointed out, a change of behaviour cannot occur in every circumstance—and I am thinking particularly of crofters and farmers. Could the Government use...