Results 1-20 of 4,299 for in the 'Commons debates' OR in the 'Westminster Hall debates' OR in the 'Lords debates' OR in the 'Northern Ireland Assembly debates' speaker:David Gauke

Oral Answers to Questions — Treasury: Income Tax (14 May 2013)

David Gauke: The cost of reducing the additional rate of income tax to 45% is estimated at around £100 million per year. That is set out in table 2.2 of Budget 2013. We have not broken down the impacts of income ranges because a significant behavioural response is associated with the additional rate of income tax. The behavioural response is estimated in aggregate and reflected in the costing.

Oral Answers to Questions — Treasury: Income Tax (14 May 2013)

David Gauke: Of course that is not true. As the Institute for Fiscal Studies has shown, the biggest contribution to reducing the deficit is coming from the wealthiest 10%. The hon. Gentleman might also wish to ask himself why, when his party was in office, it had a top rate of income tax of 40% for all but 36 days out of 4,758.

Oral Answers to Questions — Treasury: Income Tax (14 May 2013)

David Gauke: I note my hon. Friend’s representation. It is worth pointing out that in 2010-11, the year in which the Government came into office, the top 1% paid 25% of income tax receipts: this year it is forecast that the top 1% will pay almost 30% of income tax receipts.

Oral Answers to Questions — Treasury: Income Tax (14 May 2013)

David Gauke: This is the Government who have raised the personal allowance that has taken millions of people out of income tax and resulted in tax cuts for some 26 million people. A tax rate that does not bring in revenue is a flawed tax rate, which I assume is why, despite everything we hear from the Opposition, they will not commit to returning to a 50p rate of income tax. They know that it does not...

Oral Answers to Questions — Treasury: Income Tax (14 May 2013)

David Gauke: They are paying a greater proportion of their income. If we look at what the Government have done across the board, including stamp duty, capital gains tax and the cap on reliefs, we see we are ensuring that the wealthy are paying more. The reality is that there are better ways to ensure that than the 50p rate of income tax, which was uncompetitive and failed to raise revenue.

Oral Answers to Questions — Treasury: Corporate Tax Evasion (14 May 2013)

David Gauke: Tax evasion and tax avoidance undermine public revenues and the public’s confidence in the fairness and effectiveness of our tax system. The UK is pursuing action on both fronts through the presidency of the G8. We are promoting the development of new global standards on automatic information exchange and increased transparency of company ownership in order to better tackle tax evasion....

Oral Answers to Questions — Treasury: Corporate Tax Evasion (14 May 2013)

David Gauke: My right hon. Friend makes an important point; indeed, we are doing that. We have signed an agreement with the US to implement FATCA as the new standard in tax transparency, and we are promoting that type of information around the world. We have reached agreements with the overseas territories and the Crown dependencies, while France, Germany, Italy, Spain and the UK have all agreed to...

Oral Answers to Questions — Treasury: Corporate Tax Evasion (14 May 2013)

David Gauke: My hon. Friend makes an important point. It is important that we have better information that we can provide to developing countries. Whether we do that by exchanging information along the FATCA lines or by encouraging better global reporting to tax authorities by multinational companies, that information will prove very helpful for both developed and developing countries.

Oral Answers to Questions — Treasury: Corporate Tax Evasion (14 May 2013)

David Gauke: We are taking measures to address this: the hon. Gentleman will be aware of the action that we took in the last Budget to close the loophole relating to offshore companies. We of course want a tax system that ensures that the tax is consistent with the economic reality, and that is what we intend to have.

Oral Answers to Questions — Treasury: Corporate Tax Evasion (14 May 2013)

David Gauke: This is the Government who have found £1 billion to support HMRC in dealing with tax evasion and tax avoidance. This is the Government who have provided resources in that area. Yes, we can find efficiency savings in HMRC—just as the previous Government did, to be fair—but we are putting more into those parts of HMRC that get the money in. We are making dramatic progress, with...

Oral Answers to Questions — Treasury: Topical Questions (14 May 2013)

David Gauke: The difficulty is that if we were to reduce VAT on repairs and refurbishments, that would have a substantial fiscal cost. It would result in more borrowing and that is not something we can afford because of the circumstances we were left.

Oral Answers to Questions — Treasury: Topical Questions (14 May 2013)

David Gauke: One measure that I know my hon. Friend will be well aware of was the reform of research and development tax credits. We are making those more generous and bringing in a new above-the-line R and D tax credit. That is making the UK increasingly competitive in this sector.

Oral Answers to Questions — Treasury: Topical Questions (14 May 2013)

David Gauke: The hon. Lady is right to raise this issue, which we touched on earlier. One of our priorities for the G8 presidency is to bring forward measures on tax evasion and tax avoidance. It is worth pointing out what the Prime Minister said in an article in The Wall Street Journal yesterday; he wants to encourage “better global reporting to tax authorities in both the developed and developing...

Oral Answers to Questions — Treasury: Topical Questions (14 May 2013)

David Gauke: The CFC regime is designed to protect revenue for the UK, but we can do a great deal to help developing countries through exchange of information, new global standards and capacity building. The Government are doing a huge amount on those fronts.

Finance (No. 2) Bill: Clause 3 — Basic rate limit for 2013-14 (18 April 2013)

David Gauke: Clause 3 sets the basic rate limit for income tax for the 2013-14 tax year. Let me make it clear at the outset, as I did in the previous debate, that we understand the financial pressures faced by households. As a Government, we have taken action to reward employment and to support hard-working families. That is why we have increased the personal allowance. I endorse the remarks made by my...

Finance (No. 2) Bill: Clause 3 — Basic rate limit for 2013-14 (18 April 2013)

David Gauke: As the Financial Secretary to the Treasury points out, people should be angry about the state of the public finances left to us by the Labour party. I described Labour as the “repository for people’s anger” and as a “simply fellow-traveller in sympathy”, not leaders, because those were the words of the last successful leader of the Labour party, Tony Blair. I am...

Finance (No. 2) Bill: New Clause 2 — Rate of VAT (18 April 2013)

David Gauke: It is a great pleasure to serve under your chairmanship, Sir Roger. I will deal with new clause 2 in a moment, but what has driven this debate, initiated by the Opposition, is the cost of living. That is an important matter for our constituents and the Government recognise the pressures that households face. We are taking action to support households with the cost of living, within the fiscal...

Finance (No. 2) Bill: New Clause 2 — Rate of VAT (18 April 2013)

David Gauke: Of course, that has been far outweighed by the steps that we have taken to reduce fuel duty. The net effect has been a substantial reduction in the amount of tax collected for every litre of petrol. New clause 2 returns us to the big, fundamental economic argument that we have been having for some years on deficit reduction. I could deliver the standard speech that we give in such...

Finance (No. 2) Bill: New Clause 2 — Rate of VAT (18 April 2013)

David Gauke: That term is used in a new clause tabled by the Labour party.

Finance (No. 2) Bill: New Clause 2 — Rate of VAT (18 April 2013)

David Gauke: I would give way to the hon. Gentleman, but he was not here for the early part of the debate. He may not have read the new clause, but the policy depends on the definition of “strong growth” and the Labour party has not provided a definition of that. Secondly, the cost of this measure will be £12 billion to £13 billion a year. How will that be paid for—that issue...