Treasury written question – answered at on 3 July 2019.
Sylvia Hermon
Independent, North Down
To ask the Chancellor of the exchequer, how much tax was taken by HM Treasury on the interest accrued on Libyan assets frozen in UK banks in each of the years since 2010; and if he will make a statement.
Jesse Norman
Financial Secretary to the Treasury and Paymaster General, The Financial Secretary to the Treasury
The Government’s response of 24 June to the Northern Ireland Affairs Committee report (on Government support for UK victims of IRA attacks that used Qadhafi-supplied Semtex and weapons) set out the information the Government had obtained about tax receipts derived from frozen Libyan assets held in UK banks. The response states: “Around £17 million has been received in total since the start of the 2016-17 tax year. HMRC currently receives around £5 million each year.”
Information on the tax taken on interest accrued on Libyan assets frozen in UK banks is not held centrally within government and would involve disproportionate costs to collect and collate.
Yes1 person thinks so
No0 people think not
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The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
