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EU Budget
Mr. Letwin: To ask the Chancellor of the Exchequer what will be the percentage nominal increase in the United Kingdom's gross sterling gross national product-based contribution between the 1998 outturn EU budget and the 1996 outturn EU budget on the assumptions that (a) the adopted budget for 1998 is identical to the preliminary draft budget for 1998, (b) there is no underspending by the EC in 1997 and (c) the sterling-ecu exchange rate as at 31 December 1997 is 1.3644 ecu to £1. [11118]
Mr. Geoffrey Robinson [holding answer 29 July 1997]: I regret that it has not been possible to provide a substantive answer before the summer recess. I shall write to the hon. Member shortly and place a copy of the letter in the Library.
Mr. Fabricant: To ask the Chancellor of the Exchequer if he will list the reforms made to the EU budget process since 1979; and if he will make a statement about their impact on the United Kingdom. [11233]
Mr. Robinson: I regret that it has not been possible to provide a substantive answer before the summer recess. I shall write to the hon. Member shortly and place a copy of the letter in the Library.
EU Funds (Fraud)
Mr. Frabricant: To ask the Chancellor of the Exchequer what steps have been taken to eliminate fraud in the United Kingdom in respect of EU funds during the last five years; and with what results. [11237]
Mrs. Liddell: I regret that it has not been possible to provide a substantive answer before the summer recess. I shall write to the hon. Member shortly and place a copy of the letter in the Library.
Personal Equity Plans
Mr. Malcolm Bruce: To ask the Chancellor of the Exchequer if he plans to continue personal equity plans and tax-exempt special savings accounts beyond 1999; and if he will make a statement. [11469]
Mr. Geoffrey Robinson: My right hon. Friend the Chancellor announced in his Budget that a new individual savings account will be introduced in 1999. This will extend the principle of TESSAs and PEPs to encourage people, through tax reliefs, to raise the level of their long-term savings. Individuals, including PEP investors, will have the opportunity during 1999 to switch to the individual savings account, which will provide a tax-free environment for savings. Consideration is being given, in consultation with interested parties, to the scope of a tax-free environment for savings after 1999. A consultative document will be published later in the year.
Mr. Bruce:
To ask the Chancellor of the Exchequer if he will estimate the number of individuals who have invested in personal equity plans where the value of the
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investment is (a) more than £1 million, (b) between £500,000 and £999,999, (c) between £100,000 and £499,999 and (d) between £25,000 and £99,999 and if he will make a statement. [11470]
Mr. Robinson:
This information requested is not available. PEP investors do not have to give details of the plans they hold onto their tax office; and PEP plan managers are not required to list the current value of individual plans when making their returns to the Inland Revenue.
Mr. Bruce:
To ask the Chancellor of the Exchequer what assessment he has made of the total effect of the tax reliefs on tax-exempt special savings accounts and personal equity plans on the aggregate level of savings in the United Kingdom; and if he will make a statement. [11471]
Mr. Robinson:
Research suggests that most of the funds going into TESSAs do not represent new savings, with a considerable amount coming from other deposit accounts, but for PEPs there may be a somewhat greater element of new equity investment. The new individual savings accounts will be attractive to a wider range of savers. Extension to those with little or no financial savings at present should make them more effective in attracting new savings.
Mr Flynn:
To ask the Chancellor of the Exchequer, pursuant to his answer of 23 July, Official Report, column 595, what effect he expects the reduction of VAT on domestic fuel to have on (a) the retail prices index increase in Septemberr 1997 and (b) the basic pension uprating in April 1998, assuming that the uprating is in line with prices and average earnings respectively. [11492]
Mr. Geoffrey Robinson
[holding answer 30 July 1997]: The effect of reducing VAT on domestic fuel from 8 to 5 per cent. would be to reduce retail prices index inflation by 0.12 percentage points. The state retirement pension is uprated in April of each year by the annual RPI inflation rate for the preceding September. Uprating by the RPI reflects the changes in prices paid for goods and services; so the real value of the pension is not affected.
Mr. Stephen Twigg:
To ask the Chancellor of the Exchequer what is the Government's policy towards duty- free shopping in the United Kingdom. [11589]
Mr. Geoffrey Robinson:
The Government's policy is in line with international customs agreements to which the United Kingdom is a party and under which individuals travelling abroad are entitled to purchase goods duty and tax free, up to specified quantitive or monetary limits. Duty-free shopping for intra-EU travellers is due to be abolished on 30 June 1999 in line with the decision taken by the Council of Finance Ministers towards the end of 1991. Duty-free shopping will, however, continue to be available to those travelling to destinations outside the European Union.
Ms Walley:
To ask the Chancellor of the Exchequer what the time scale is for reporting the findings of the joint Treasury/Inland Revenue/DTI review of the North sea taxation regime announced in the Budget. [11519]
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Mr. Geoffrey Robinson:
I refer to the answer given to the hon. Member for Gordon (Mr. Bruce) on 28 July 1997, Official Report, column 15.
Ms Walley:
To ask the Chancellor of the Exchequer when the last review of the North sea taxation regime was carried out; and if he will make a statement. [11520]
Mr. Robinson:
That is a matter for the previous Government. The last time that a significant set of changes were made to the North sea fiscal regime was in March 1993.
Ms Walley:
To ask the Chancellor of the Exchequer what steps his Department is taking to consult independent organisations in the review of North sea taxation announced in the Budget. [11522]
Mr. Robinson:
Interested parties are being given an opportunity to put forward their views. Officials have written to a number of representative bodies to that end.
Ms Walley:
To ask the Chancellor of the Exchequer in what ways he plans to consult the offshore oil and gas industry during the current review of the North sea taxation regime. [11521]
Mr. Robinson:
Interested parties are being given the opportunity to put forward their views. Officials have written to a number of representative bodies to that end.
Ms Walley:
To ask the Chancellor of the Exchequer which companies or individuals have contributed their views to the review of North sea taxation announced in the Budget. [11523]
Mr. Robinson:
The review was announced on 2 July, some four weeks ago. I understand that no interested parties have chosen to make their detailed views known as yet.
Ms Walley:
To ask the Chancellor of the Exchequer which individuals or companies are being asked to contribute expert studies to the current review of North sea taxation. [11524]
Mr. Robinson:
Interested parties are being given the opportunity to put forward their views. Officials have written to a number of representative bodies to that end. We have also asked the advice of an academic on certain specific issues. The review will take the views of commentators into consideration.
Ms Walley:
To ask the Chancellor of the Exchequer what steps are being taken to consider the environmental implications of any changes to the North sea taxation regime as part of the review announced in the Budget. [11525]
Mr. Robinson:
As has been made clear on numerous occasions, concern for the environment is at the heart of all Government policy making.
Mr. Cotter:
To ask the Chancellor of the Exchequer what assessment he has made of the need for funding to assist small businesses in respect of equity gaps. [11788]
Mr. Geoffrey Robinson:
The Government fully recognise the need for small firms to be able to obtain appropriate forms of finance. In the Budget, my right hon. Friend the Chancellor announced plans to sharpen the
31 Jul 1997 : Column: 456
focus of the venture capital trust scheme and keep it under review to ensure that it remained properly targeted, while encouraging and rewarding risk taking by individuals.
Mr. Cotter:
To ask the Chancellor of the Exchequer if he will assess the advantages of introducing tax incentives to encourage business to corporate venturing in relation to the provision of funding for capital high-technology and other small business projects. [11819]
Mr. Robinson:
There is no clear evidence of a market failure in respect of corporate venturing by businesses. Nor is it certain that any market failure could be properly addressed by offering a tax incentive. But the Government recognise the importance of the small business sector, particularly high-technology businesses, and are determined to pursue policies which create a climate in which enterprise can flourish.
Mr. Horam:
To ask the Chancellor of the Exchequer what response the Treasury has made to the Bank of England's October 1996 report on the financing of technology-based small firms. [12238]
Mr. Robinson:
The Government agree with a number of recommedations in the Bank of England's report and are reviewing the loan guarantee scheme with a view to improving access for new high-technology start-up firms, within the existing resources of the scheme.
Mr. Horam:
To ask the Chancellor of the Exchequer what plans he has to amend the enterprise initiative scheme and venture capital trust schemes to improve the availability of start-up and second-round funding for smaller businesses. [12236]
Mr. Robinson:
My right hon. Friend the Chancellor recognises the progress the EIS and VCT schemes have made in raising investment for early stage and expending businesses. In his Budget, the Chancellor announced plans to sharpen the focus of the EIS and VCT schemes and intends to keep both schemes under review to ensure they remain properly targeted, while encouraging and rewarding risk taking by individuals.
Mr. Horam:
To ask the Chancellor of the Exchequer what plans he has to encourage the provision of equity for start-ups in the small business sector and for high- technology small ventures. [12235]
Mr. Robinson:
The Government fully recognise the need for small firms to be able to obtain appropriate forms of finance. We are currently reviewing the loan guarantee scheme to improve access for new high-technology start-up firms, within the existing resources of the scheme.
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