Every parliamentary written question tabled by Torsten Bell this session, with the full answer and department. Back to the MP page.
Showing 1–8 of 8 · this parliament
Whether she has made an estimate of the revenue accrued from capital gains tax on the sale of crypto-assets in the last financial year.
No estimate of the revenue accrued from capital gains tax on the sale of cryptoassets has been made for the last financial year, 2023-24. From the tax year ending 2025, changes will be introduced to the Capital Gains pages of the Self-Assessment forms requiring amounts in respect of cryptoassets to be identified separately.
How many tax-payers were paying capital gains tax on crypto-assets in each of the last five financial years; what the size of the gains made was; and how much revenue the Exchequer has received from capital gains tax levied on the sale of crypto-assets.
Income and gains in relation to cryptoassets are currently reported in the same sections with other incomes and gains on the Self-Assessment return pages, and therefore those amounts are not separately identifiable from the data collected via Self-Assessment. From the tax year ending 2025, changes will be introduced to the Capital Gains pages of the Self-Assessment forms requiring amounts in respect of cryptoassets to be identified separately.
With reference to her Department’s statistics on the ONS Nomis database on Jobseekers Allowance on-flows by occupation and age, what assessment she has made of the potential reason for changes in the number of on-flows to Jobseekers Allowance where the occupation is unknown since June 2024.
There have been some changes to the administrative instructions followed by the department’s Work Coaches around recording occupation at the Initial Work Seach Interview. This has led to the observed change in the levels of unknown occupations in the Jobseekers Allowance occupation data since June.
Communities and Local Government, pursuant to the Answer of 20 November to Question 13792 on Insolvency: Assets, what information (a) HM Land Registry and (b) Companies House hold on the number of registered freehold titles excluding those dealt with by the Bona Vacantia division that have (i) apparently vested in the Crown and (ii) not been referred to the Bona Vacantia division by an interested party following dissolution of companies through (A) striking off by the Registrar of Companies and (B) formal liquidation to date.
HM Land Registry does not hold data on the number of registered freehold titles where ownership has passed to the Crown following the dissolution of a company, where the Bona Vacantia Division has not yet been notified.Companies House does not hold the requested information. Companies are required to provide to the Registrar of Companies the information set out in the Companies Act 2006. This does not include information about land titles held as assets by companies.
Pursuant to the Answer of 2 December 2024 to Question 16634 on high rise building remediation taken on by the FSCS, how much and what proportion of the costs covered by East West Insurance Company policies relate to policies originally written by Zurich Insurance.
The Joint Administrators of East West Insurance Company (EWIC) published a report in 2021 that confirmed that all of EWIC’s building guarantee and warranty policies originated with Zurich Insurance. As disclosed previously, the best estimate for the costs to resolve building remediation work covered by EWIC policies is approximately £335m.
What estimate the Financial Services Compensation Scheme has made of the costs (a) of high rise building remediation work taken on by the FSCS and (b) to each insurance company that originally wrote the building insurance.
The Financial Services Compensation Scheme (FSCS) provides protections to the eligible customers of failed insurers regulated by the Prudential Regulation Authority (PRA), subject to the conditions, limits and requirements set out in PRA rules. In the context of high-rise building remediation work, East West Insurance Company Limited (EWIC) is the sole insurer default where FSCS has stepped in, in line with its remit. The best estimate for the costs to resolve building remediation work covered by EWIC policies is approximately £335m. However, it is too early to estimate the costs that will fall specifically to the FSCS in this case, as some costs may be met by other parties. The FSCS does not hold information on the costs to each insurance company that originally wrote the building insurance to cover this type of risk, as insurers in the live market have not been declared in default.
Pursuant to the Answer of 25 October to Question 9653 on Insolvency: Assets, in addition to the registered freehold titles that the Bona Vacantia Division is dealing with, how many registered freehold titles are vested in the Crown following dissolution of companies via (a) striking off by the Registrar of Companies and (b) formal liquidation.
The Bona Vacantia Division (“the Division”) of the Government Legal Department acts on behalf of the Treasury Solicitor (the Crown’s Nominee for bona vacantia).The Division is not automatically informed of the assets of a company on dissolution and the Division only becomes aware of vesting with a referral from an interested party.The Division is currently dealing with 372 registered freehold titles which appear to have vested as bona vacantia following dissolution via striking off by the Registrar of Companies or formal liquidation (this is the figure as of 15 November 2024, compared to the figure of 380 as of 17 October 2024). As regards leasehold titles, the Division is currently dealing with 66 registered leasehold titles.At any one time the Division will also be dealing with a number of cases where the land is either unregistered or where the nature of the interest in the land referred to the Division requires clarification. The Division is currently dealing with 76 such cases.
How many registered freehold titles in England and Wales are vested in the Crown as bona vacantia as a consequence of companies being dissolved through (a) striking off by the Registrar of Companies and (b) a formal liquidation process.
The Bona Vacantia Division (“the Division”) of the Government Legal Department acts on behalf of the Treasury Solicitor (the Crown’s Nominee for bona vacantia).The Division is currently dealing with 380 freehold titles which appear to have vested as bona vacantia following dissolution via striking off by the Registrar of Companies or formal liquidation.Freehold titles from companies dissolved following liquidation are less likely to vest as bona vacantia as they are normally disposed of prior to dissolution by the Insolvency Practitioner.