Results 1–20 of 2375 for speaker:Lord Agnew of Oulton

Previous Business – Lords: Grand Committee (15 Apr 2021)

Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 – Lord Agnew of Oulton. Orders and regulations; 2:30 pm

Global Minimum Corporate Tax Rate (14 Apr 2021)

Lord Agnew of Oulton: My Lords, the UK has an established record of being at the forefront of initiating global action on international tax. It is no different here: during our G7 presidency, we are leading the way to ensure the delivery of G20 commitments that we secured in January 2019 for a comprehensive global solution based on two pillars. Pillar 1 would deliver on ensuring that businesses are taxed where...

Global Minimum Corporate Tax Rate (14 Apr 2021)

Lord Agnew of Oulton: My Lords, we have always been a Government who want to reduce taxation wherever possible. However, the Government have been very active in dealing with the abuse of corporate taxation over the last few years—for example, with the corporate interest restriction rules, which prevent multinationals from avoiding tax using financing arrangements, raising £1 billion a year since 2017. Other...

Global Minimum Corporate Tax Rate (14 Apr 2021)

Lord Agnew of Oulton: I am not sure whether the noble Lord is referring to the move by the American Government to put forward their own propositions on international tax reform, but it is important to clarify that the US Government are following the G7 work that has been done on pillars 1 and 2. It is rather good news that they are engaging in a much more front-footed way than happened under the previous...

Global Minimum Corporate Tax Rate (14 Apr 2021)

Lord Agnew of Oulton: I can only speculate on what that might be, but the important thing is to try to get as much harmonisation on rules for large multinational companies. That is why we were always keen on pillar 1, which ensures that the profits of large digital businesses are taxed in the countries where they make their sales. It is important because, as one of the largest economies in the world, we believe...

Global Minimum Corporate Tax Rate (14 Apr 2021)

Lord Agnew of Oulton: My Lords, the Treasury is assessing the statements recently made by the US Government on that tax rate, so we are not in a position to opine on those yet. We agree on the patchwork point: we introduced the digital services tax as an interim to plug at least some of the gaps and problems that exist, but we will certainly review that if we can reach an international consensus.

Global Minimum Corporate Tax Rate (14 Apr 2021)

Lord Agnew of Oulton: As I answered to an earlier question, we are not yet in a position to announce whether we support that specific rate. Our policy has always been to put the emphasis on pillar one, which is the allocation of profits in the countries in which they are generated. To go back to my earlier point, if a company is going to use the infrastructure of a country in terms of its affluent, well-educated...

Global Minimum Corporate Tax Rate (14 Apr 2021)

Lord Agnew of Oulton: The overriding position is that we welcome the American Government’s re-engagement in this process. As realists, we accept it will not happen without full American support. We agree with the noble Baroness that these things hang together, and it will be a cohesive result that will work.

Global Minimum Corporate Tax Rate (14 Apr 2021)

Lord Agnew of Oulton: My Lords, we did not plan to increase corporation tax in the way we have had to do in the last few months. It is only as a result of the appalling crisis we have suffered through Covid and having to address the financial impact of that. I agree with my noble friend that lower corporation tax rates are broadly a good thing. Personally, I do not like to see tax on productive activity,...

Global Minimum Corporate Tax Rate (14 Apr 2021)

Lord Agnew of Oulton: My Lords, the Government do support increased transparency, and we have done a great deal over the last five years to improve on that, but I accept there is more to do.

Written Answers — Treasury: Financial Ombudsman Service: Credit (31 Mar 2021)

Lord Agnew of Oulton: The Treasury is in regular dialogue with the Financial Ombudsman Service (FOS) including on matters relating to consumer credit affordability and redress claims. To help alleviate the pressure on firms, the FOS currently sets the number of free cases at 25. From the 26th complaint onwards, businesses are currently charged a £650 case fee to cover the cost of subsequent complaints brought...

Written Answers — Treasury: Greensill: Money Laundering (31 Mar 2021)

Lord Agnew of Oulton: The FCA is the supervisor for firms registered as Annex 1 firms under the Money Laundering Regulations 2017. Greensill Capital UK (Limited) was not authorised by the FCA. It was a registered entity under the Money Laundering Regulations, which means that it was subject to FCA regulation only for compliance with Anti-Money Laundering rules, not for wider conduct issues. Greensill Capital...

Written Answers — Treasury: Greensill (31 Mar 2021)

Lord Agnew of Oulton: Greensill Capital (UK) Limited was not authorised by the FCA. It was a registered entity under the Money Laundering Regulations, which means that the FCA supervised it but only for compliance with Anti-Money Laundering rules, not for wider conduct issues. Greensill Capital Securities Ltd was an Appointed Representative of an FCA-regulated firm, under whose supervision it could conduct some...

Written Answers — Treasury: Bank Services and Billing: Older People (31 Mar 2021)

Lord Agnew of Oulton: The retail sector is evolving, as more consumers and businesses opt for the convenience, security, and speed of digital payments and digital banking. While these innovations have brought considerable benefits to many consumers, the Government recognises that some people continue to prefer to access their banking and payments through more traditional channels. Though the Government does not...

Written Answers — Treasury: Ogier: Fines (31 Mar 2021)

Lord Agnew of Oulton: The administration of the tax system is a matter for HM Revenue and Customs.  It would not be appropriate for Treasury ministers to become involved in the administration of the tax system in specific cases.

Written Answers — Treasury: Large Goods Vehicle Drivers: Taxation (31 Mar 2021)

Lord Agnew of Oulton: The changes to the off-payroll working rules come into effect on 6 April 2021 and were legislated for in Finance Act 2020. The off-payroll working rules have been in place for over 20 years and are designed to ensure that individuals working like employees but through their own limited company pay broadly the same Income Tax and National Insurance contributions (NICs) as those who are...

Written Answers — Treasury: SME Brexit Support Fund (31 Mar 2021)

Lord Agnew of Oulton: The earliest date by which applicants can expect to receive funding from the SME Brexit Support Fund, following a successful application, is within 30 days of the valid claim for reimbursement being accepted.

Written Answers — Treasury: Wyelands Bank (31 Mar 2021)

Lord Agnew of Oulton: The PRA published a statement on its website on 3 March 2021, confirming that Wyelands Bank had been required to operationalise an orderly repayment of its deposits. Wyelands Bank has since published a statement on its website confirming that its deposit accounts have been closed and that depositors were repaid on 17 March. Wyelands have instructed any depositors who have not received their...

Written Answers — Treasury: SME Brexit Support Fund (31 Mar 2021)

Lord Agnew of Oulton: Applicants can only seek support for eligible expenditure on or after 11 February 2021, the date the scheme was announced.


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