Every parliamentary written question tabled by Steff Aquarone this session, with the full answer and department. See how every department answers, or back to the MP page.
Showing 1–10 of 10 · Treasury
How individuals and small businesses can contribute to the Access to Banking Services Review.
The Government is committed to ensuring that people can continue to access in-person banking services. In addition, small businesses are an important and diverse part of the UK economy and supporting their growth, including their access to suitable bankin...
What was the total VAT revenue from a). domestic and b). commercial heating oil sales in FY2024-25.
HM Revenue and Customs does not hold information on VAT revenue from specific products or services. This is because businesses are not required to provide figures at a product level within their VAT returns, as this would impose an excessive administrative burden. VAT is chargeable at the reduced rate of 5% on domestic fuel and power. Business consumers of energy may reclaim VAT on their purchases of energy subject to normal VAT deduction rules.
What steps she is taking to help increase economic growth in Norfolk.
The government is restoring stability, increasing investment, and reforming the economy to drive growth across every region of the UK.Norfolk will receive £32.5 million in Local Transport Grant funding enabling local authorities to deliver transport improvements including more zero emission buses, cycleways, accessibility and congestion improvement measures.The record breaking results of our most recent offshore wind auction will support projects in the region, delivering further local jobs and growth.
What assessment she has made of the effectiveness of HMRC’s operational capacity and performance standards for processing R&D tax credit repayments.
The Government recognises the important role that research anddevelopment (R&D) plays in driving innovation and economic growth as well as the benefits it can bring for society. HMRC actively balances its compliance efforts with the need to ensure those who are eligible for relief receive it promptly. HMRC consistently meets its aim to process 85% of payable R&D tax credit claims within 40 days. HMRC exceeded this target in both 2023–2024 (92%) and 2024–2025 (90%). For the current financial year so far, HMRC has met its 85% processing target every month. The Government is committed to improving the administration of the reliefs, to make it easier and more reliable for legitimate claimants while continuing to protect taxpayer money from unacceptable levels of error and fraud in the system.
What assessment she has made of the recent BankConfidential report entitled "Hidden Credit Lines – The Largest Fraud Anywhere Ever", and what steps she plans to take as a result.
The Treasury is aware of the Bank Confidential report about former misconduct in SME banking. The Government also recognises the serious impact that issues of misconduct have had on small businesses in the UK. I would refer the Honourable Member to an answer I gave recently on this topic (UIN 101305), on 6 January, in which I noted that successive governments and the financial services regulator, working with the financial sector, have taken steps aimed at addressing historical issues of SME misconduct, including through a range of compensation and redress schemes, some of which are ongoing. The Government continues to keep the financial services regulatory framework under ongoing review, working closely with the Financial Conduct Authority.
What assessment she has made of trends in the level of case backlog at the Valuation Office Agency; and what steps she is taking to reduce this.
The Valuation Office Agency (VOA) is working as quickly as possible to clear cases, and moving staff to where there is the greatest customer demand. The VOA is focusing on the oldest cases first, and where customers are facing financial hardship. The VOA is replacing IT systems with modern cloud-based platforms that will deliver significant efficiencies. It is also upskilling its workforce to ensure there is flexibility in managing a wide range of cases and improving its digital services to make it easier for customers to self-serve.
What estimate she has made of the amount of tax income which could be generated by new registers of beneficial ownership in overseas territories and crown dependencies.
We are clear on the benefits of beneficial ownership registers, which not only include tackling illicit finance and corruption, but also fighting tax and sanctions evasion. At the Overseas Territories Joint Ministerial Council (JMC) in November 2024, the Falkland Islands and Saint Helena committed to join Montserrat and Gibraltar in implementing fully public registers by April 2025. The British Virgin Islands, Cayman Islands, Bermuda, Anguilla and Turks and Caicos Islands agreed to implement registers of beneficial ownership, accessible to those with a legitimate interest, by June 2025. It remains our expectation that the Overseas Territories and Crown Dependencies will ultimately implement fully public registers. The Crown Dependencies have committed to increasing the transparency of their beneficial ownership registers and are working towards implementing access to those with legitimate interest, in line with the EU's 6th Anti-Money Laundering Directive. HMRC draws on a variety of data sources to tackle offshore non-compliance, including exchange of information under double taxation agreements and Tax Information Exchange Agreements.
What steps she is taking to ensure the timely release of funds by banks to executors of wills.
In recent years banks and building societies have sought to make the bereavement process easier by increasing the amount they will release without needing a grant of probate. As such the threshold varies between different firms. The nominal threshold in legislation is to require probate to be obtained for estates above £5000 in value (The Administration of Estates (Small Payments) Act 1965), although in practice many financial institutions operate a threshold of £20,000. Banks also differ on issues such as whether they are willing to release funds for funeral and other essential expenses ahead of probate being granted. These are commercial decisions. UK banks and building societies are regulated by the Financial Conduct Authority (FCA). The FCA does not have specific rules or guidance regarding probate in its rules. Nonetheless, banks are bound by the FCA’s Consumer Duty which requires firms to act to deliver good outcomes and avoid causing harm to customers. The FCA also provides guidance on firms providing fair treatment for vulnerable customers, which includes those going through a bereavement. If an executor is having a dispute with a bank, then they will be able to raise a formal complaint. The FCA’s rules require firms to properly investigate all complaints, and it continues to monitor firms’ complaint handling processes. The Government is also supportive of previous industry efforts to improve handling of these sensitive cases, including the Financial Services Death Notification Service developed by UK Finance.
When she plans to respond to the correspondence of 26 November 2024 from the hon. Member for North Norfolk, reference SA01948.
This correspondence is receiving urgent attention and a response will be sent from the Chief Secretary to the Treasury to the hon. Member for North Norfolk in due course.
If she will take steps to support those asked to pay large interest payments on pension contributions as a result of the McCloud judgement.
The purpose of the McCloud remedy is to ensure affected public service pension scheme members are put back into the same position they would have been if the discrimination identified by the Court of Appeal in 2018 had not occurred. It is therefore necess...