| Previous Section | Index | Home Page |
Works of Art
Mr. Wilson: To ask the Chancellor of the Exchequer if he will list the membership of the Advisory Committee on Conditionally Exempt Works of Art. [27116]
Mr. Jack: There is no advisory committee on conditional exemption from inheritance tax for works of art. The Inland Revenue seek advice from the keepers and curators of the appropriate national collections about the suitability of any particular items for the purposes of the exemption.
Income Tax
Mr. Forman: To ask the Chancellor of the Exchequer what would be the estimated full-year costs at 1996-97 income levels of introducing an income tax structure of two positive rates at 20 per cent. and at 40 per cent., assuming transferable personal allowances of £5,000 per person, existing tax threshold for each of the two positive rates, and the abolition of all other tax expenditures, exemptions and reliefs now allowable against income tax. [27233]
Mr. Jack: The estimated full-year cost of introducing two rates of 20 per cent. for taxable income up to £25,500 and 40 per cent. for taxable income over £25,500 at 1996-97 income levels would be about £3 billion, assuming a personal allowance of £5,000 transferable between spouses and the abolition of all other income tax allowances, and mortgage interest relief, tax relief on employee's contributions to occupational and personal pension
2 May 1996 : Column: 617
schemes, reliefs for tax-exempt special savings accounts, personal equity plans, TESSAs, PEPs and profit-related pay, national savings certificates, employee share schemes and charitable giving.
This estimate does not take into account the substantial behavioural effects which might result from the introduction of such a change; nor does it allow for any subsequent changes to the tax system, such as changes to tax relief on employer's contributions to pension schemes or relief for investment income in pension funds.
European Central Bank
Mr. Llew Smith: To ask the Chancellor of the Exchequer if he will list each of the proposed responsibilities and functions of the European Central bank, indicating when these powers will enter into force; and if he will list the legal opportunities available to EU member state Governments or other EU institutions to change the statute of the ECB. [27347]
Mrs. Angela Knight: Article 105(1) of the EC treaty provides that the
"primary objective of the ESCB" --The European system of central banks, consisting of the European central bank and participating national central banks--
"shall be to maintain price stability".
Article 105(2) provides that the basic tasks of the ESCB shall be
The statute of the ESCB, forming protocol No. 3 to the EC treaty, makes further provision in relation to functions of the ECB.
Article 1091 prescribes the process for the establishment of the ECB. the European Council in Madrid in December 1995 agreed a timetable for the introduction of the single currency which anticipates the ECB being set up during 1998, and carrying out preparatory work from that date, so that the ESCB can start to fulfil its tasks and meet its objectives from the start of the third stage of economic and monetary union on the date set out in the treaty of 1 January 1999.
Article 41 of the statute of the ESCB provides for certain articles of the statute to be amended by the Council of Ministers, acting by a qualified majority on a unanimous recommendation from the governing council
2 May 1996 : Column: 618
of the ECB and after consulting the Commission, or acting unanimously on a proposal from the Commission and after consulting the ECB. In either case, the assent of the European Parliament would be required. The articles in question deal in particular with the collection of statistical material, central bank accounts, monetary policy instruments and operations, banking and external operations, administration, and the allocation of monetary income and profits. Other changes to the statute would require amendment of the treaty.
Mr. Llwyd:
To ask the Chancellor of the Exchequer how many sets of (a) twins, (b) triplets, (c) quadruplets, (d) quintuplets and (e) sextuplets were born in England and Wales in each year from 1990 to 1995; and if he will make a statement. [27416]
Mrs. Angela Knight:
Available data requested are shown in the table. I will write to the hon. Member when figures for 1995 become available in late May or June.
Article 105(4) provides for the European central bank to be consulted and to submit opinions. Article 105(5) states that the ESCB shall
"to define and implement the monetary policy"
of the single currency area,
"to conduct foreign exchange operations . . . to hold and manage the official foreign reserves of member states",
and
"to promote the smooth operation of payment systems".
The functions of the ECB in relation to banknotes and coins are prescribed by article 105a.
"contribute to the smooth conduct of policies pursued by the competent authorities relating to the prudential supervision of credit institutions and the stability of the financial system".
| 1990 | 1991 | 1992 | 1993 | 1994 | |
|---|---|---|---|---|---|
| Twins | 7,934 | 8,160 | 8,314 | 8,302 | 8,451 |
| Triplets | 201 | 208 | 202 | 234 | 260 |
| Quadruplets | 10 | 10 | 8 | 12 | 8 |
| Quintuplets | -- | 2 | 1 | -- | -- |
| Sextuplets | -- | -- | -- | 1 | -- |
The figures cover both live and stillborn children.
No. 11 Downing Street
Mr. Hall: To ask the Chancellor of the Exchequer what charges are made for the use of No. 11 Downing street for charitable or other fund-raising events; and what use is made of the catering and other facilities of No. 11 Downing street at such events. [27780]
Mr. Kenneth Clarke: There is no charge for using No. 11 Downing street for charitable or other fundraising events. The costs of providing security cover are met by the Treasury for charitable events only if cover is deemed necessary.
Event organisers are allowed to use the kitchen facilities for catering purposes, as well as the standard function facilities such as the state room, Soane dining room, and ground floor meeting room.
Mr. Hall:
To ask the Chancellor of the Exchequer what are the rules governing the use of No. 11 Downing street for non-official purposes. [27779]
Mr. Clarke:
Ministers in this and previous Governments have been allowed to hold non-official functions at No.11 Downing street at their own expense or at the expense of the event organisers. Appropriate arrangements are required for security clearance.
Mr. Malcolm Bruce:
To ask the Chancellor of the Exchequer what is his current estimate of the likely growth of the United Kingdom economy in 1996; what it
2 May 1996 : Column: 619
was before the release of the United Kingdom first quarter growth estimates; and if he will make a statement. [27795]
Mr. Waldegrave:
The Government's last forecast was set out in the November "Financial Statement and Budget Report."
The good performance of the UK economy is containing and output has risen in every quarter for the past four years. The Government's economic policies are delivering continuing growth, low inflation and rising prosperity.
Mr. Matthew Banks:
To ask the Chancellor of the Exchequer what plans her Majesty's Government have to issue new commemorative coins. [28163]
Mr. Kenneth Clarke:
To commemorate the 25th anniversary of decimalisation, the Royal Mint will issue 25,000 sets of seven silver proof coins, up to and including the £1 coin. The coins will feature the 1996 designs and will be available as specially packaged sets.
Mr. Corbett:
To ask the Chancellor of the Exchequer what is the estimated annual increase in revenue from the decision to end tax relief for education trusts established to meet private school fees, from April 1997. [25584]
Mr. Jack
[holding answer 19 April 1996]: The Charity Commission has been conducting an inquiry into certain education trusts which operate school fees schemes. It has concluded that the trusts are not truly charitable and proposes to remove them from the register of charities. Where the trusts lose their charitable status they will no longer be entitled to charitable tax reliefs. However, tax relief will not be withdrawn until 1 April 1997 and the Government are reviewing the implications of the change. The revenue yield at stake is likely to be negligible.
Mr. Maclennan:
To ask the Chancellor of the Exchequer what progress his Department has made towards obtaining a photocopying licence from the Copyright Licensing Agency to ensure compliance with copyright law. [26714]
Mrs. Angela Knight
[holding answer 25 April 1996]: The Treasury is currently negotiating terms of the photocopying licence prepared by the Copyright Licensing Agency Ltd.
| Next Section | Index | Home Page |