Contributions
1,107 recent contributions in Hansard
HANSARDNew Wealth TaxesI am happy to give way.14 Jun 2022HANSARDThe Double Taxation Convention between the United Kingdom and LuxembourgA double taxation convention with Luxembourg was signed in London on 7 June. The convention reflects the improvements made in the latest version of the OECD’s model tax…08 Jun 2022HANSARDNorth Sea Oil and Gas Producers: Investment AllowancesLess than a fortnight ago, my right hon. Friend the Chancellor set out a series of measures to help British people at what we know is a difficult time. The oil and gas sector is…06 Jun 2022HANSARDNorth Sea Oil and Gas Producers: Investment AllowancesThe hon. Lady mentions that Labour has been calling for this levy since January. She will know that January was not the right time to introduce it because we did not know then…06 Jun 2022HANSARDNorth Sea Oil and Gas Producers: Investment AllowancesMy right hon. Friend makes an important point, and that is one reason why we set out the Prime Minister’s energy security strategy recently. My right hon. Friend also makes the…06 Jun 2022HANSARDNorth Sea Oil and Gas Producers: Investment AllowancesThe hon. Member will know, because I have said it this afternoon, that according to our estimate we will be receiving £5 billion from the oil and gas sector. Given that he…06 Jun 2022HANSARDNorth Sea Oil and Gas Producers: Investment AllowancesThe hon. Gentleman makes a large number of points. The reason we are taxing this sector is that these are extraordinary profits that have been made not as a result of anything…06 Jun 2022HANSARDNorth Sea Oil and Gas Producers: Investment AllowancesThe points that my hon. Friend makes are set out in the energy security strategy, because we recognise that the North sea will still be a foundation of our energy security. It is…06 Jun 2022HANSARDNorth Sea Oil and Gas Producers: Investment AllowancesWith the greatest respect, I think that the hon. Member misunderstands the policy. What we are introducing is a significant tax on the oil and gas sector that will fund the most…06 Jun 2022HANSARDNorth Sea Oil and Gas Producers: Investment AllowancesThe hon. Lady will know that we need to ensure energy security. At the moment, oil and gas account for 50% of our domestic energy. It is important that we transition, but that we…06 Jun 2022HANSARDNorth Sea Oil and Gas Producers: Investment AllowancesAs the hon. Gentleman will know, a consultation is ongoing, and the Government will be responding to it in due course. I am sure that he will read the report of our response with…06 Jun 2022HANSARDNorth Sea Oil and Gas Producers: Investment AllowancesWhat we have proposed is a windfall tax that will recover more than what Labour proposes would recover. That money—£5 billion—will support those who are the most vulnerable, which…06 Jun 2022HANSARDNorth Sea Oil and Gas Producers: Investment AllowancesI think the hon. Member is aware that the Scottish CCS is a reserve. [Interruption.] I am grateful to the hon. Member for confirming that he is aware of that.06 Jun 2022HANSARDNorth Sea Oil and Gas Producers: Investment AllowancesThe investment relief should not be available for investments that are deadweight. It should be for new investments. However, I am happy to look into the point that the right hon.…06 Jun 2022HANSARDNorth Sea Oil and Gas Producers: Investment AllowancesYes, it could be, and I am sure that HMRC will consider those reliefs when they are made. I hope that it is a should, but the position is that it could. The tax will be paid by…06 Jun 2022HANSARDCost of Living: Fiscal ApproachIt is a pleasure to serve under your chairmanship, Mr Twigg. I thank the hon. Member for Barnsley Central (Dan Jarvis) for organising this important debate, and all Members for…25 May 2022HANSARDCost of Living: Fiscal ApproachI or another Minister would be very happy to meet the hon. Lady to discuss that. We are helping to deal with the cost of living, but the only way out of the rising inflation that…25 May 2022HANSARDCost of Living: Fiscal ApproachObviously, different people will experience different rises in the cost of living, depending on their circumstances. We absolutely recognise the rising cost of living, which is…25 May 2022HANSARDEffects of High Marginal Deduction RatesThe Government are committed to helping people keep more of what they own and I give credit to my hon. Friend for his work, which was instrumental in our lowering of the universal…17 May 2022HANSARDEffects of High Marginal Deduction RatesI thank the hon. Gentleman and am sure that I will soon make a visit to Wakefield. The Government understand the issue with the rise in the cost of living but over this year we…17 May 2022