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2009-10
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House
Session
More
2009-10 (166)
Year
Department
Member
More
Primary member
Answering member
Legislative stage
Legislation
Subject
More
Publisher
Asked by
Madeleine Moon
(Labour)
Answered by
Ian Pearson
(Labour)
Answering body
Treasury
Topical questions - Lead
Status
Answered
Answered on
16 March 2010
Notes
Lead question not printed.
Subjects
Fraud; Shares
Date
16 March 2010
Reference
507 c722-3; 322212
Chamber / Committee
House of Commons chamber
House
House of Commons
Low interest rates on savings in the UK can encourage people who receive what appear to be high-interest offers by telephone, e-mail or letter to invest in US share scams—so-called boiler scams. How can we alert the public to those scams so that they avoid those scam savers who are stealing our investors' money?
Low interest rates on savings in the UK can encourage people who receive what appear to be high-interest offers by telephone, e-mail or letter to invest in US share scams—so-called boiler scams. How can we alert the public to those scams so that they avoid those scam savers who are stealing our investors' money?
Asked by
Madeleine Moon
(Labour)
Answering body
Treasury
Topical questions - 1st Supplementary
Status
Answered
Answered on
16 March 2010
Boiler room scams are completely unacceptable. It is the responsibility of the Financial Services Authority to take action in this area, and it has increased its surveillance capacity quite substantially. My hon. Friend is right to make the point about the importance of savers. People need to have confidence in the savings products in which they invest, and it is the responsibility of the regulatory authorities to ensure that that confidence is not misplaced.
Subjects
Fraud; Shares
Date
16 March 2010
Reference
507 c722-3
Chamber / Committee
House of Commons chamber
House
House of Commons
Boiler room scams are completely unacceptable. It is the responsibility of the Financial Services Authority to take action in this area, and it has increased its surveillance capacity quite substantially. My hon. Friend is right to make the point about the importance of savers. People need to have confidence in the savings products in which they invest, and it is the responsibility of the regulatory authorities to ensure that that confidence is not misplaced.
Boiler room scams are completely unacceptable. It is the responsibility of the Financial Services Authority to take action in this area, and it has increased its surveillance capacity quite substantially. My hon. Friend is right to make the point about the importance of savers. People need to have confidence in the savings products in which they invest, and it is the responsibility of the regulatory authorities to ensure that that confidence is not misplaced.
Answered by
Ian Pearson
(Labour)
Asked by
Madeleine Moon
(Labour)
Answering body
Treasury
Type
Oral answers to questions
Low interest rates on savings in the UK can encourage people who receive what appear to be high-interest offers by telephone, e-mail or letter to invest in US share scams—so-called boiler scams. How can we alert the public to those scams so that they avoid those scam savers who are stealing our investors' money?
Subjects
Fraud; Shares
Date
16 March 2010
Reference
507 c722-3
Chamber / Committee
House of Commons chamber
House
House of Commons
Draft Financial Services and Markets Act 2000 (Liability of Issuers) Regulations 2010, with an explanatory memorandum and impact assessment. (Vote)
Draft Financial Services and Markets Act 2000 (Liability of Issuers) Regulations 2010, with an explanatory memorandum and impact assessment. (Vote)
Department
Treasury
Type
Statutory instruments
Procedure
Negative
Laid on
8 March 2010
Made on
7 April 2010
Coming into force
1 October 2010
Legislation
Financial Services and Markets Act 2000; Financial Services and Markets Act 2000 (Liability of Issuers) Regulations 2010
Subjects
Compensation; Liability; Financial services; Shares; Disinformation
Commons Library location
UP 593 2009-10
Date
8 March 2010
Reference
SI 2010/1192
House
House of Commons; House of Lords
To ask Her Majesty's Government what steps would need to be taken to allow Alternative Investment Market-listed shares to be included in an ISA.
To ask Her Majesty's Government what steps would need to be taken to allow Alternative Investment Market-listed shares to be included in an ISA.
Asked by
Lord Forsyth of Drumlean
(Conservative)
Answered by
Lord Myners
(Labour)
Type
Written questions
Status
Answered
Answered on
22 February 2010
The UK tax system differentiates between listed and unlisted shares for tax purposes. One of the qualifying conditions for the eligibility of shares for ISA tax relief is that they must be listed on a recognised stock exchange.
HM Revenue and Customs (HMRC) now generally uses the term "admitted to trading on an EU Regulated Market under Title III of the Markets in Financial Instruments Directive (MiFID)", to determine which securities would meet the HMRC definition of "listed". AIM is not an EU regulated market under Title III of MiFID, and so shares traded on it do not meet that definition.
No estimate is currently available for the cost to the Exchequer of permitting AIM shares to be eligible for ISA tax relief, given the wider considerations noted below.
To enable AIM-listed shares to be included within an ISA, the Government have to amend the ISA regulations. In doing so, the Government would have to consider the risk to ISA investors of allowing not only shares held on AIM, but potentially all other secondary markets worldwide, to be eligible for ISA tax relief. The Government would also have to review the wider tax reliefs currently available to AIM-listed shares, which would mean reconsidering advantageous treatment for AIM shares around inheritance tax, and access to the enterprise investment scheme (EIS) and venture capital trusts (VCT).
Subjects
Eligibility; Individual savings accounts; Small businesses; Shares
Date
22 February 2010
Reference
1672; 717 c220WA
House
House of Lords
To ask Her Majesty's Government what is the estimated cost of allowing Alternative Investment Market shares to be eligible for inclusion in an ISA.
To ask Her Majesty's Government what is the estimated cost of allowing Alternative Investment Market shares to be eligible for inclusion in an ISA.
Asked by
Lord Forsyth of Drumlean
(Conservative)
Answered by
Lord Myners
(Labour)
Type
Written questions
Status
Answered
Answered on
22 February 2010
The UK tax system differentiates between listed and unlisted shares for tax purposes. One of the qualifying conditions for the eligibility of shares for ISA tax relief is that they must be listed on a recognised stock exchange.
HM Revenue and Customs (HMRC) now generally uses the term "admitted to trading on an EU Regulated Market under Title III of the Markets in Financial Instruments Directive (MiFID)", to determine which securities would meet the HMRC definition of "listed". AIM is not an EU regulated market under Title III of MiFID, and so shares traded on it do not meet that definition.
No estimate is currently available for the cost to the Exchequer of permitting AIM shares to be eligible for ISA tax relief, given the wider considerations noted below.
To enable AIM-listed shares to be included within an ISA, the Government have to amend the ISA regulations. In doing so, the Government would have to consider the risk to ISA investors of allowing not only shares held on AIM, but potentially all other secondary markets worldwide, to be eligible for ISA tax relief. The Government would also have to review the wider tax reliefs currently available to AIM-listed shares, which would mean reconsidering advantageous treatment for AIM shares around inheritance tax, and access to the enterprise investment scheme (EIS) and venture capital trusts (VCT).
Subjects
Costs; Eligibility; Individual savings accounts; Small businesses; Shares
Date
22 February 2010
Reference
1671; 717 c220WA
House
House of Lords
To ask Her Majesty's Government further to the answer by Lord Myners on 27 January, what are the definitions in the European directive on prospectuses which prevent Alternative Investment Market-listed shares being eligible for inclusion in an ISA.
To ask Her Majesty's Government further to the answer by Lord Myners on 27 January, what are the definitions in the European directive on prospectuses which prevent Alternative Investment Market-listed shares being eligible for inclusion in an ISA.
Asked by
Lord Forsyth of Drumlean
(Conservative)
Answered by
Lord Myners
(Labour)
Type
Written questions
Status
Answered
Answered on
22 February 2010
The UK tax system differentiates between listed and unlisted shares for tax purposes. One of the qualifying conditions for the eligibility of shares for ISA tax relief is that they must be listed on a recognised stock exchange.
HM Revenue and Customs (HMRC) now generally uses the term "admitted to trading on an EU Regulated Market under Title III of the Markets in Financial Instruments Directive (MiFID)", to determine which securities would meet the HMRC definition of "listed". AIM is not an EU regulated market under Title III of MiFID, and so shares traded on it do not meet that definition.
No estimate is currently available for the cost to the Exchequer of permitting AIM shares to be eligible for ISA tax relief, given the wider considerations noted below.
To enable AIM-listed shares to be included within an ISA, the Government have to amend the ISA regulations. In doing so, the Government would have to consider the risk to ISA investors of allowing not only shares held on AIM, but potentially all other secondary markets worldwide, to be eligible for ISA tax relief. The Government would also have to review the wider tax reliefs currently available to AIM-listed shares, which would mean reconsidering advantageous treatment for AIM shares around inheritance tax, and access to the enterprise investment scheme (EIS) and venture capital trusts (VCT).
Subjects
Eligibility; EU law; Individual savings accounts; Small businesses; Shares
Date
22 February 2010
Reference
1670; 717 c220WA
House
House of Lords
My Lords, how is it that figures from the Stock Exchange show that the amount raised by AIM-based VCTs has declined from £196 million in 2005-06 to only £6 million in 2008-09?
My Lords, how is it that figures from the Stock Exchange show that the amount raised by AIM-based VCTs has declined from £196 million in 2005-06 to only £6 million in 2008-09?
Asked by
Lord Northbrook
(Conservative)
Oral questions - Supplementary
Status
Answered
Answered on
27 January 2010
The noble Lord is probably aware that these things happen during a bad market.
Subjects
Eligibility; Individual savings accounts; Small businesses; Shares
Date
27 January 2010
Reference
716 c1410
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, the Minister may feel that he has answered the question, but I suspect that the majority of the House either did not hear his answer or did not understand it. It seems to some of us that there is an inconsistency in allowing these AIM shares to be eligible for SIPPs but not for ISAs. Can he explain why that is such a matter of principle?
My Lords, the Minister may feel that he has answered the question, but I suspect that the majority of the House either did not hear his answer or did not understand it. It seems to some of us that there is an inconsistency in allowing these AIM shares to be eligible for SIPPs but not for ISAs. Can he explain why that is such a matter of principle?
Asked by
Lord Newby
(Liberal Democrat)
Oral questions - Supplementary
Status
Answered
Answered on
27 January 2010
I apologise if my earlier answer was not clear. The distinction is between whether the shares are on a listed and regulated stock exchange or not. AIM is not judged to be a listed and regulated exchange. Therefore, companies listed on AIM do not qualify for ISAs. The rules for self-invested pension schemes include the ability to invest in one’s own company, which is clearly a very different regime for an entirely different requirement.
Subjects
Eligibility; Individual savings accounts; Small businesses; Shares
Date
27 January 2010
Reference
716 c1408-9
Chamber / Committee
House of Lords chamber
House
House of Lords
I think that I have already answered that question.
I think that I have already answered that question.
Answered by
Lord Myners
(Labour)
Asked by
Lord Northbrook
(Conservative)
Type
Oral answers to questions
Why are AIM stocks not allowed in ISAs when they are allowed in self-invested personal pension schemes?
Subjects
Eligibility; Individual savings accounts; Small businesses; Shares
Date
27 January 2010
Reference
716 c1408
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, is the Minister not using a circular argument? Who decides what is a recognised exchange? Both AIM and the main Stock Exchange deal in listed shares. The Minister can change the rules quite easily. Why should one lot of quoted shares be treated differently from another?
My Lords, is the Minister not using a circular argument? Who decides what is a recognised exchange? Both AIM and the main Stock Exchange deal in listed shares. The Minister can change the rules quite easily. Why should one lot of quoted shares be treated differently from another?
Asked by
Lord Forsyth of Drumlean
(Conservative)
Oral questions - Supplementary
Status
Answered
Answered on
27 January 2010
My Lords, the decision on whether an exchange is recognised will fall within the question of whether it meets the definitions set out in the European directive on prospectuses.
Subjects
Eligibility; Individual savings accounts; Small businesses; Shares
Date
27 January 2010
Reference
716 c1410
Chamber / Committee
House of Lords chamber
House
House of Lords
I hope that I am never guilty of complacency over something as important as the performance of the economy, and the criticality of smaller businesses which are the lifeblood of a successful economy. That is why we have focused so much, through various schemes, on ensuring the flow of credit and finance to smaller companies. The noble Lord should recognise that AIM is a market for listed companies. At the time of listing, it is not in itself a source of new capital for investment. That takes place before, so buying a share of an existing company does not represent the flow of new funds into a business. There is a very clear distinction between the primary market and the secondary market.
I hope that I am never guilty of complacency over something as important as the performance of the economy, and the criticality of smaller businesses which are the lifeblood of a successful economy. That is why we have focused so much, through various schemes, on ensuring the flow of credit and finance to smaller companies. The noble Lord should recognise that AIM is a market for listed companies. At the time of listing, it is not in itself a source of new capital for investment. That takes place before, so buying a share of an existing company does not represent the flow of new funds into a business. There is a very clear distinction between the primary market and the secondary market.
Answered by
Lord Myners
(Labour)
Asked by
Lord Hodgson of Astley Abbotts
(Conservative)
Type
Oral answers to questions
Will the Minister not accept that, in the country at large, his remarks this afternoon will sound extraordinarily complacent? His Government’s economic policies have brought this country to the edge of ruin, and small and medium-sized companies are finding it difficult and expensive to find bank borrowings to fund their expansion. The only way for them to fill that gap now is equities, and for small and medium-sized companies to have this extremely valuable source of equity shut off must surely be a mistake. It must be right for us to encourage investment and savings as a way of getting ourselves out of the hole we are in. Why cannot the Minister see this?
Subjects
Eligibility; Individual savings accounts; Small businesses; Shares
Date
27 January 2010
Reference
716 c1409
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, the decision on whether an exchange is recognised will fall within the question of whether it meets the definitions set out in the European directive on prospectuses.
My Lords, the decision on whether an exchange is recognised will fall within the question of whether it meets the definitions set out in the European directive on prospectuses.
Answered by
Lord Myners
(Labour)
Type
Oral answers to questions
Subjects
Eligibility; Individual savings accounts; Small businesses; Shares
Date
27 January 2010
Reference
716 c1410
Chamber / Committee
House of Lords chamber
House
House of Lords
Why are AIM stocks not allowed in ISAs when they are allowed in self-invested personal pension schemes?
Why are AIM stocks not allowed in ISAs when they are allowed in self-invested personal pension schemes?
Asked by
Lord Northbrook
(Conservative)
Oral questions - Supplementary
Status
Answered
Answered on
27 January 2010
I think that I have already answered that question.
Subjects
Eligibility; Individual savings accounts; Small businesses; Shares
Date
27 January 2010
Reference
716 c1408
Chamber / Committee
House of Lords chamber
House
House of Lords
First, I declare an interest as the holder of a number of shares in AIM-quoted companies. I am rather disappointed with the noble Lord’s reply. Surely, an ISA investor should be allowed to choose whether they invest in main-market companies or in AIM companies? Is it not nonsense that an ISA investor can buy an overseas stock, such as Kraft, to include in their ISA, or can invest in shares quoted on the Channel Islands Stock Exchange, yet be barred from the 1000-plus smaller-growth UK companies on AIM, which would appreciate ISA eligibility from a capital-raising point of view?
First, I declare an interest as the holder of a number of shares in AIM-quoted companies. I am rather disappointed with the noble Lord’s reply. Surely, an ISA investor should be allowed to choose whether they invest in main-market companies or in AIM companies? Is it not nonsense that an ISA investor can buy an overseas stock, such as Kraft, to include in their ISA, or can invest in shares quoted on the Channel Islands Stock Exchange, yet be barred from the 1000-plus smaller-growth UK companies on AIM, which would appreciate ISA eligibility from a capital-raising point of view?
Asked by
Lord Lee of Trafford
(Liberal Democrat)
Oral questions - 1st Supplementary
Status
Answered
Answered on
27 January 2010
Those with whom we regularly consult on the ISA rules and the treatment of the AIM market are very clear that if AIM shares were to be included in ISAs, and AIM shares were therefore to lose the advantages that they currently have under inheritance tax procedures and inclusion in venture capital trusts, they would prefer to remain with the existing arrangement. Nineteen million people have ISA accounts; that is a considerable achievement in terms of increasing investment and tax-protected savings.
Subjects
Eligibility; Individual savings accounts; Small businesses; Shares
Date
27 January 2010
Reference
716 c1408
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, I am surprised that the noble Baroness says that venture capital trust tax incentives are in some way less attractive. It is possible for an individual to invest £200,000 per annum in a VCT for an up front income tax relief on investment of 30 per cent. I hope that in the Minister’s—
I am sorry, I am referring to myself. I hope that in the Minister's self-direction he both avoids complacency and at the same time remains open to ways in which we can further improve the system. One of the first things I did when I became a Minister was to ask officials to produce a report on the issue raised by the noble Lord's question. Without wishing to fall into the trap of appearing complacent, I was persuaded by the answers I was given.
My Lords, I am surprised that the noble Baroness says that venture capital trust tax incentives are in some way less attractive. It is possible for an individual to invest £200,000 per annum in a VCT for an up front income tax relief on investment of 30 per cent. I hope that in the Minister’s—
I am sorry, I am referring to myself. I hope that in the Minister's self-direction he both avoids complacency and at the same time remains open to ways in which we can further improve the system. One of the first things I did when I became a Minister was to ask officials to produce a report on the issue raised by the noble Lord's question. Without wishing to fall into the trap of appearing complacent, I was persuaded by the answers I was given.
Answered by
Lord Myners
(Labour)
Asked by
Baroness Noakes
(Conservative)
Type
Oral answers to questions
My Lords, the Minister said that shares could be treated as eligible either for ISAs or for the others reliefs that he described. In practice, the other reliefs have on the whole become less valuable, in particular the venture capital trust reliefs. It is important to ensure that there is a lively market providing finance to small and medium-sized enterprises. Will the Minister look at this again?
Subjects
Eligibility; Individual savings accounts; Small businesses; Shares
Date
27 January 2010
Reference
716 c1409
Chamber / Committee
House of Lords chamber
House
House of Lords
The noble Lord is probably aware that these things happen during a bad market.
The noble Lord is probably aware that these things happen during a bad market.
Answered by
Lord Myners
(Labour)
Asked by
Lord Northbrook
(Conservative)
Type
Oral answers to questions
My Lords, how is it that figures from the Stock Exchange show that the amount raised by AIM-based VCTs has declined from £196 million in 2005-06 to only £6 million in 2008-09?
Subjects
Eligibility; Individual savings accounts; Small businesses; Shares
Date
27 January 2010
Reference
716 c1410
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, the Minister said that shares could be treated as eligible either for ISAs or for the others reliefs that he described. In practice, the other reliefs have on the whole become less valuable, in particular the venture capital trust reliefs. It is important to ensure that there is a lively market providing finance to small and medium-sized enterprises. Will the Minister look at this again?
My Lords, the Minister said that shares could be treated as eligible either for ISAs or for the others reliefs that he described. In practice, the other reliefs have on the whole become less valuable, in particular the venture capital trust reliefs. It is important to ensure that there is a lively market providing finance to small and medium-sized enterprises. Will the Minister look at this again?
Asked by
Baroness Noakes
(Conservative)
Oral questions - Supplementary
Status
Answered
Answered on
27 January 2010
My Lords, I am surprised that the noble Baroness says that venture capital trust tax incentives are in some way less attractive. It is possible for an individual to invest £200,000 per annum in a VCT for an up front income tax relief on investment of 30 per cent. I hope that in the Minister’s—
I am sorry, I am referring to myself. I hope that in the Minister's self-direction he both avoids complacency and at the same time remains open to ways in which we can further improve the system. One of the first things I did when I became a Minister was to ask officials to produce a report on the issue raised by the noble Lord's question. Without wishing to fall into the trap of appearing complacent, I was persuaded by the answers I was given.
Subjects
Eligibility; Individual savings accounts; Small businesses; Shares
Date
27 January 2010
Reference
716 c1409
Chamber / Committee
House of Lords chamber
House
House of Lords
One of the qualifying conditions for the inclusion of a share in an individual saving account is that the share must be officially listed on a recognised stock exchange. Shares traded on AIM do not meet this definition. The wider UK tax system distinguishes between listed and unlisted shares for tax purposes, and not just in the area of ISAs. AIM shares are unlisted and have been ever since the market was established. AIM shares benefit from other tax advantages, including the enterprise investment scheme, the possibility of inclusion in venture capital trusts and advantageous inheritance tax treatment.
One of the qualifying conditions for the inclusion of a share in an individual saving account is that the share must be officially listed on a recognised stock exchange. Shares traded on AIM do not meet this definition. The wider UK tax system distinguishes between listed and unlisted shares for tax purposes, and not just in the area of ISAs. AIM shares are unlisted and have been ever since the market was established. AIM shares benefit from other tax advantages, including the enterprise investment scheme, the possibility of inclusion in venture capital trusts and advantageous inheritance tax treatment.
Answered by
Lord Myners
(Labour)
Asked by
Lord Lee of Trafford
(Liberal Democrat)
Type
Oral answers to questions
To ask Her Majesty’s Government whether they will consider allowing shares listed on the Alternative Investment Market to be eligible for ISAs.
Subjects
Eligibility; Individual savings accounts; Small businesses; Shares
Date
27 January 2010
Reference
716 c1408
Chamber / Committee
House of Lords chamber
House
House of Lords
I apologise if my earlier answer was not clear. The distinction is between whether the shares are on a listed and regulated stock exchange or not. AIM is not judged to be a listed and regulated exchange. Therefore, companies listed on AIM do not qualify for ISAs. The rules for self-invested pension schemes include the ability to invest in one’s own company, which is clearly a very different regime for an entirely different requirement.
I apologise if my earlier answer was not clear. The distinction is between whether the shares are on a listed and regulated stock exchange or not. AIM is not judged to be a listed and regulated exchange. Therefore, companies listed on AIM do not qualify for ISAs. The rules for self-invested pension schemes include the ability to invest in one’s own company, which is clearly a very different regime for an entirely different requirement.
Answered by
Lord Myners
(Labour)
Asked by
Lord Newby
(Liberal Democrat)
Type
Oral answers to questions
My Lords, the Minister may feel that he has answered the question, but I suspect that the majority of the House either did not hear his answer or did not understand it. It seems to some of us that there is an inconsistency in allowing these AIM shares to be eligible for SIPPs but not for ISAs. Can he explain why that is such a matter of principle?
Subjects
Eligibility; Individual savings accounts; Small businesses; Shares
Date
27 January 2010
Reference
716 c1408-9
Chamber / Committee
House of Lords chamber
House
House of Lords