| Previous Section | Index | Home Page |
Individual Savings Accounts
Mr. Sayeed: To ask the Chancellor of the Exchequer what assessment he has made of the advantages of including the savings-related share option scheme within the proposed system of ISA accounts. [61187]
Ms Hewitt: The facility to transfer shares emerging from Inland Revenue approved all-employee savings related share option and profit sharing schemes to ISAs continues a facility already available with single company PEPs. The facility has been retained for ISAs following responses to the original ISA consultation by companies operating these schemes. We are persuaded that this facility is a significant incentive to employees in these schemes to hold onto their shares and can help to achieve our objective of boosting employee share ownership.
Mr. Malcolm Bruce: To ask the Chancellor of the Exchequer (1) what is his latest estimate of the number of additional savers expected as a result of the introduction of the individual savings account; and if he will make a statement; [61070]
- (2) how many extra savers he expects as a result of the introduction of the individual savings account. [60945]
Ms Hewitt: I refer the hon. Gentlemen to the answer given by the Prime Minister to the hon. Member for Bognor Regis and Littlehampton (Mr. Gibb) on 17 November 1998, Official Report, column 496.
Financial Services
Mr. Sayeed: To ask the Chancellor of the Exchequer what steps he intends to take to collect information on the proportions of financial services products sold (a) on commission and (b) by advisers taking a fixed fee. [61185]
Ms Hewitt:
None.
30 Nov 1998 : Column: 86
Mr. Gibb:
To ask the Chancellor of the Exchequer when he expects to publish a consultation document on his review into double tax relief. [61041]
Dawn Primarolo
[holding answer 27 November 1998]: No date has been set for publication of the consultation document. Informal consultations with business and with representative bodies are still continuing.
Mr. Mitchell:
To ask the Chancellor of the Exchequer what discussions have taken place in the Council of Ministers (ECOFIN) in respect of the proposals of the European Commission in Com (96) 328 Final concerning a revised system of VAT. [61727]
Dawn Primarolo:
The European Commission's proposals for a Common VAT System were presented to member states at the 14 October 1996 ECOFIN by Commissioner Monti, but they were not endorsed or debated at that meeting. A Commission proposal to reform the VAT Committee, which forms part of the Common VAT System proposals, is on the agenda for the ECOFIN meeting on 1 December 1998.
Mr. Mitchell:
To ask the Chancellor of the Exchequer what memoranda have been made available to (a) hon. Members and (b) others, signed by Ministers, concerning the proposals of the European Commission for a revised system of community value added tax, as contained in their Document 9466/96 Com (96) 328 Final; and on what dates they were made available. [61726]
Dawn Primarolo:
The following Explanatory Memoranda have been made available to hon. Members:
Document 9466/96 of 25 September 1996 on the Commission's overall work programme for a Common VAT System;
Document 7478/97 of 16 June 1997 and Supplementary Document 12805/97 of 17 December 1997 on a proposal for enhanced arrangements for co-operation between tax authorities;
Document 9118/97 of 29 July 1997 on a proposal for reform of the VAT Committee;
Document 9741/98 of 21 July 1998 on a proposal concerning the rules governing the right to deduct VAT; and
Document 9877/98 of 24 July 1998 on a proposal on mutual assistance in the recovery of debts.
EC Monetary Committee
Mr. Mitchell: To ask the Chancellor of the Exchequer what proposals have been placed before the Council of Ministers (ECOFIN) of the European Community for the formation of the Monetary Committee required under Article 109c of the Treaty of Maastricht and Article 114 of the proposed consolidated Treaty of that community; and if he will make a statement. [61725]
Ms Hewitt: In accordance with Article 109c(2) of the Treaty, the present Monetary Committee will be dissolved at the beginning of stage 3 of EMU (1 January 1999). The same Article requires that an Economic and Financial Committee (EFC) be set up as its successor.
On 25 February 1998 the European Commission presented its proposal for the formation of the EFC. This was circulated to Member States on 27 March 1998 (7189/98 COM(1998)110 final).
30 Nov 1998 : Column: 87
The proposal was deposited in Parliament on 7 April 1998 and an explanatory memorandum was submitted to Parliament on 22 April 1998. This cleared scrutiny on 27 April 1998 through the Lords Select Committee on the European Communities (the Chairman's 954th Sift) and on 29 April 1998 through the Commons Select Committee on European Legislation (26th Report Session--1997-98).
The tasks of the EFC are set out in the Treaty.
Mr. Mitchell:
To ask the Chancellor of the Exchequer if he has submitted a new convergence programme revising that of September 1997 to the EU Council following the downward revision of his growth projections. [61718]
Ms Hewitt:
The Government intend to submit a new Convergence Programme in the near future.
Mr. Singh:
To ask the Chancellor of the Exchequer what quantity of heroin has been imported into the United Kingdom through controlled deliveries since 1985; from which countries it came; and in (a) how many instances and (b) what quantity some of those imports have gone missing. [61717]
Dawn Primarolo:
It is not Customs and Excise policy to disclose detailed information relating to operational activity.
Mr. Singh:
To ask the Chancellor of the Exchequer when he will publish the result of the Customs National Investigation Service inquiry into the practice of the controlled delivery of drugs by drugs liaison officers attached to the British High Commission in Islamabad. [61486]
Dawn Primarolo:
Customs are conducting an internal review of procedures used in controlled deliveries. It is not practice to publish such reviews.
Mr. Singh:
To ask the Chancellor of the Exchequer what action was taken in respect of the senior British Drugs Liaison Officer who was caught in possession of heroin in his official vehicle in mid-1997. [61627]
Dawn Primarolo:
No such incident took place.
Mr. Malcolm Bruce:
To ask the Chancellor of the Exchequer if it is his policy to promote increased transparency in the decision-making processes of the European Central Bank; and if he will make a statement. [61063]
Ms Hewitt:
The Government believe that it is vital that the European Central Bank (ECB) is as open and transparent as possible. Transparency is an important factor in ensuring that the ECB gains the trust of the European public and financial markets. Ultimately it will provide the credibility needed to deliver a more effective monetary policy. The Government welcomed the announcement by the ECB on 13 October on elements of their monetary policy strategy which was a useful first step. The Government hope to see further evidence from the ECB of a genuine commitment to openness.
30 Nov 1998 : Column: 88
Mr. Malcolm Bruce:
To ask the Chancellor of the Exchequer if it is his policy that the European Central Bank should adopt an inflation target; and if he will make a statement. [61064]
Ms Hewitt:
In accordance with the Treaty, the primary objective of the ECB is to achieve price stability. The ECB announced on 13 October its intention to base monetary policy decisions on a wide range of economic and financial variables, including a monetary aggregate. This is typical of most central banks, including the Bank of England. The important issue is that the ECB meets it Treaty objective.
Mr. Malcolm Bruce:
To ask the Chancellor of the Exchequer if he will estimate the full-year revenue yield of introducing a new 50 per cent. rate of income tax on taxable income of over £100,000 per annum. [61196]
Dawn Primarolo:
The estimated full year yield at 1998-99 income levels of introducing a 50 per cent. rate of income tax on taxable incomes over £100,000 per year is £2.0 billion.
Mr. Ruane:
To ask the Chancellor of the Exchequer if he will list the number of people likely to benefit from the working families tax credit in each parliamentary constituency in the United Kingdom. [61803]
Dawn Primarolo:
I regret that estimates for individual constituencies are not available.
| Next Section | Index | Home Page |