Bank Services

Treasury written question – answered on 28th October 2008.

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Photo of Shailesh Vara Shailesh Vara Shadow Deputy Leader of the House of Commons

To ask the Chancellor of the Exchequer what discussions he has had with HM Revenue and Customs about support for taxpayers who have savings in a bank which has required payments from the Financial Services Compensation Scheme with regard to tax instalments falling due on 31 January 2009.

Photo of Ian Pearson Ian Pearson Parliamentary Under-Secretary, Department for Business, Enterprise & Regulatory Reform, Economic Secretary, HM Treasury

Treasury Ministers regularly discuss a wide range of issues with their officials in HMRC and other Departments.

HMRC currently offers 'time to pay' arrangements to viable businesses facing temporary financial difficulties. These allow outstanding tax to be spread over a period (usually of months) based on what a business can genuinely afford to pay. Interest applies but the rates are competitive compared to commercial lending.

This approach is designed to ensure otherwise viable businesses are not driven into insolvency by HMRC, both supporting business and in turn maximising tax recovery. Similar "time to pay" arrangements apply to individuals who are not classed as "in business".

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