Results 41–60 of 1212 for speaker:Lord Deighton

Written Answers — HM Treasury: HSBC (12 Mar 2015)

Lord Deighton: I can confirm to the Noble Lord that the information I provided him in response to his written question answered on 17th June 2013 remains accurate: US investigations and enforcement action on HSBC focused on their subsidiaries in the US. The Financial Conduct Authority (FCA) has no direct supervisory remit over these HSBC entities. However, in conjunction with the action taken by...

Written Answers — HM Treasury: HSBC (12 Mar 2015)

Lord Deighton: Due to the longstanding legal requirements for taxpayer confidentiality, Ministers are not made aware of invidual tax cases. At no point were Ministers made aware of any suggestion of wrong doing by HSBC itself.

Written Answers — HM Treasury: Banks: Tax Havens (12 Mar 2015)

Lord Deighton: The Government does not impose restrictions on where UK banks can operate overseas. However, the UK has championed international tax transparency and through our G8 Presidency has driven the agreement and early implementation of the new global standard for automatic exchange of financial information for tax purposes. To date over 90 countries have committed to exchange such information on a...

Written Answers — HM Treasury: HSBC (12 Mar 2015)

Lord Deighton: Information provided to HM Revenue & Customs (HMRC) by the French tax authorities in respect of individuals indicated to hold accounts at the Geneva branch of HSBC Suisse and understood to be UK residents was supplied to HMRC under the terms of both the Mutual Assistance Directive 77/799/EEC[1] and the Double Taxation Convention in force between France and the United Kingdom at that time[2]....

Written Answers — HM Treasury: Taxation: Domicil (12 Mar 2015)

Lord Deighton: There are no restrictions on non-domiciled individuals from remitting capital to the UK. Where the individual is taxed on the remittance basis, such payments may be subject to UK tax, where they are foreign income or gains. The Chancellor of the Exchequer keeps all taxes under review.

Written Answers — HM Treasury: Inheritance Tax (12 Mar 2015)

Lord Deighton: HM Revenue and Customs publishes various illustrative tax changes on tax revenues in 2014 to 2015, 2015 to 2016 and 2016 to 2017, and estimates of the cost of tax reliefs for 2012 to 2013 and 2013 to 2014. This information has been deposited in the Library of the House.

Written Answers — HM Treasury: Libor (12 Mar 2015)

Lord Deighton: Since June 2012, HM Treasury has received LIBOR fines from the Financial Conduct Authority (FCA), which the Chancellor has chosen to use to help and support those who demonstrate the very best values in our society. There have been announcements around LIBOR fines made at each Autumn Statement and Budget since 2012.

Written Ministerial Statements — HM Treasury: Terrorist Asset-Freezing etc. Act 2010 (Independent Reviewer Annual Report) (12 Mar 2015)

Lord Deighton: Mr David Anderson QC has completed his fourth annual report as independent reviewer of terrorist asset-freezing legislation. The report covers a 12 month period of the operation of the Terrorist Asset-Freezing etc. Act 2010 and will be laid before Parliament today. The Government is grateful to Mr Anderson for his thorough report and will consider carefully the recommendation he has made....

Written Answers — HM Treasury: Libor (11 Mar 2015)

Lord Deighton: Since June 2012, the Treasury has received LIBOR fines from the FCA; to date, they have imposed total fines in excess of £450 million relating to its investigations of LIBOR manipulation. This Government promised that this policy would reflect that those who have paid fines in our financial sector, because they demonstrated the very worst of British values, are paying to support those in our...

Written Answers — HM Treasury: Inheritance Tax (11 Mar 2015)

Lord Deighton: HM Revenue and Customs’ (HMRC’s) most recent estimate of the cost to the Exchequer of providing Taper Relief on transfers made between three and seven years before death was that this relief cost £25 million in 2013-14 and will cost £25 million in 2014-15[1]. [1] This information was published in December 2014 at: https://www.gov.uk/government/uploads/system/uploads/attachm...

Written Answers — HM Treasury: Public Sector: Pay (11 Mar 2015)

Lord Deighton: Pay awards in the main public sector workforces are set following recommendations made by independent Pay Review Bodies to the government. The Pay Review Bodies take written and oral evidence from the government, employers and trade unions in making their recommendations on pay. The Review Bodies operate in the public interest by offering a transparent, independent mechanism to inform...

Written Answers — HM Treasury: Welfare Tax Credits ( 9 Mar 2015)

Lord Deighton: The following table outlines the sum of penalties applied to tax credits claimants in each of the past four years. Penalties applied in period Sum of civil penalties applied 2013-14 £28,181,587.50 2012-13 £13,128,383.00 2011-12 £4,599,135.86 2010-11 £1,196,988.00 An integral part of the tax credits error and fraud strategy was to ensure that claimants who...

Written Answers — HM Treasury: Taxation: Domicil ( 9 Mar 2015)

Lord Deighton: In 2012-13 (the latest tax year for which information is available), there were 115,000 UK residents who were non-domiciled for tax purposes within the self-assessment system. The information regarding the number of UK residents that are benefitting from non-domiciled status without advising HMRC is unavailable. Taxpayers are required to declare their non-domiciled status if that status...

Written Answers — HM Treasury: Financial Markets ( 9 Mar 2015)

Lord Deighton: The regulatory technical standards under the Markets in Financial Instruments Directive II will set the details of the post-trade transparency rules, including the allowable length of delay for reporting trades. These technical standards have not yet been adopted and are currently being consulted on by the European Securities and Markets Authority. The Financial Conduct Authority has...

Written Answers — HM Treasury: Financial Markets ( 9 Mar 2015)

Lord Deighton: The Government takes allegations of market abuse very seriously. High frequency trading firms are authorised and supervised by the Financial Conduct Authority (FCA), and it is the responsibility of the FCA to investigate allegations of misconduct.

Written Answers — HM Treasury: Financial Markets ( 9 Mar 2015)

Lord Deighton: The Financial Conduct Authority (FCA) is responsible for the investigation of possible misconduct and subsequent enforcement proceedings, including in relation to possible manipulation of benchmarks. The FCA is operationally independent from Government and it would therefore not be appropriate to comment on any ongoing investigations. The Government supports the update to the...

Written Answers — HM Treasury: Government Departments: Procurement ( 9 Mar 2015)

Lord Deighton: It would not be appropriate to give specific details of the costs incurred by ministers in pervious administrations.

Written Answers — HM Treasury: Financial Services: Pay ( 9 Mar 2015)

Lord Deighton: The Prudential Regulation Authority and Financial Conduct Authority’s proposals for seven-year deferral periods have been developed in response to the recommendations of the Parliamentary Committee on Banking Standards. These recommendations were specifically developed in the context of the banking industry and the Government took the decision not to extend them to other sectors. ...

Written Answers — HM Treasury: Financial Services: Pay ( 9 Mar 2015)

Lord Deighton: Since January 2015, Prudential Regulation Authority rules require the variable pay of staff covered by the Remuneration Code to be subject to clawback for seven years after any award. As material risk takers, Executive Committee members at banks are subject to the Remuneration Code. As regards other board members, the Prudential Regulation Authority and Financial Conduct Authority...

Written Answers — HM Treasury: Libor ( 9 Mar 2015)

Lord Deighton: The money received in penalties for the manipulation of LIBOR, net of enforcement costs, is accounted for in HMT’s annual report and accounts. The Chancellor has announced that the funds collected from the LIBOR fines will be given to good causes, specifically military and other uniformed charities. The distribution of this funding is accounted for through the relevant department’s...


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