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14 July 2008 : Column 141W—continued
Equity Release
Mr. Amess: To ask the Chancellor of the Exchequer (1) what his policy is on equity release to enable older people to remain in their homes; what recent representations he has received on the issue; what response he gave in each case; and if he will place in the Library a copy of each such response; [216262]
(2) what (a) primary and (b) secondary legislation regulates equity release; what changes he plans to initiate to this regime in the next 12 months; what recent representations he has received on the regulatory regime affecting equity release; what response he has made to such representations; if he will place in the Library copies of the representations received and responses given; and if he will make a statement; [216263]
(3) how many residents of (a) Southend, (b) Essex and (c) England and Wales participated in equity release schemes in each year since 1997; [216264]
(4) what research his Department (a) has commissioned, (b) plans to commission and (c) has evaluated on consumers’ perceptions of government regulation of (i) equity release schemes and (ii) other financial services; and if he will make a statement; [216265]
(5) what estimate he has made of the number of residents of (a) Southend, (b) Essex and (c) England and Wales who were mis-sold a home equity release product in each year since 1997; [216329]
(6) if he will bring forward proposals to introduce a statutory obligation on mortgage companies to advise borrowers about the risks of using property and equity release as a vehicle for pension investment when they take on a new mortgage; and if he will make a statement; [216330]
(7) what steps he has (a) taken and (b) plans to take to provide information to the public on equity release products; what recent representations he has received about the issue; and if he will make a statement; [216331]
(8) what steps he (a) has taken and (b) plans to take to ensure retired people have consumer protection in respect of equity release schemes; what recent representations he has received on the issue; and if he will make a statement. [216352]
Kitty Ussher: Since 2004 the Financial Services Authority (FSA) has regulated mortgages, including lifetime mortgages, one type of equity release product. In 2007 the Government extended the scope of FSA regulation to cover home reversion plans (the other main type of equity release product), to help ensure a level regulatory playing field for the equity release market.
The FSA's regime provides consumers of equity release products with appropriate protections. These include rules on the suitability of equity release products where a firm is giving advice. The FSA's regime also offers means of redress for those consumers who experience problems.
Equity release products are complex financial products, and consumers considering equity release should seek independent financial advice.
The Government do not hold data on the number of equity release products sold each year or data on potential mis-selling.
The FSA conducts regular reviews of its regulation of financial services markets, including the equity release market. Results of these reviews and other research is available at:
The OFT is currently conducting a market study of “sale and rent back” arrangements, which share some features with but are distinct from equity release.
The Chancellor receives representations from a wide range of stakeholders on issues relating to equity release products and other financial services. Locating this material and evaluating whether it might be released would present a disproportionate cost.
There are no plans to change the regulatory regime for equity release products at this time. The Government keep all legislation under review.
Financial Services: Disclosure of Information
Jim Cousins: To ask the Chancellor of the Exchequer how many (a) financial service providers and (b) banking institutions have been served with section 20 notices by HM Revenue and Customs since September 2007; and how many individual returns have been received from those institutions to date. [217778]
Jane Kennedy: Between 1 September 2007 and 30 April 2008, 151 notices under section 20 of the Taxes Management Act were issued to banking institutions. Information is not available as to how many individual returns have been received and as to how many notices were issued to financial service providers.
Government Departments: Assets
Mr. Maude: To ask the Chancellor of the Exchequer what guidance (a) the Office of Government Commerce and (b) his Department has provided on the use of eBay to sell surplus government stock or assets. [217359]
Angela Eagle: OGC has not issued guidance on the use of eBay to dispose of surplus stock or assets. In disposing of assets, Departments are required to seek value for money. The OGC website has a link to the Disposal Services Agency’s website; Departments can set up an arrangement for DSA to dispose of assets on their behalf. In addition, OGC has produced guidance on the disposal of surplus property which is also available on its website.
HM Revenue and Customs: Data Protection
Mr. Hoban: To ask the Chancellor of the Exchequer pursuant to the answer of 29 October 2007, Official Report, column 905W, how many reported breaches of security have been recorded by HM Revenue and Customs in its offices since 1 October 2007. [196714]
Jane Kennedy: HMRC employs 90,000 staff at 600 sites. From 1 October 2007 to 24 June 2008, 1,993 breaches of security were reported, covering a wide range of different circumstances. Such security breaches reflect potential weaknesses reported by staff and not actual thefts or losses.
This high level of reporting reflects the increased awareness of staff to all forms of security following the child benefit data in loss in October 2007. HMRC takes any security incident report seriously and deals with each one appropriately in accordance with its departmental guidance and procedures.
Identity Cards
Mr. Maude: To ask the Chancellor of the Exchequer how much has been spent on legal costs in relation to the Office of Government Commerce and the Identity Cards Gateway Review. [217360]
Angela Eagle: The legal costs incurred relating to the disclosure of Gateway information in the Identity Cards programme are £81,000 excluding VAT.
Members: Correspondence
Sir Michael Spicer: To ask the Chancellor of the Exchequer when the Financial Secretary plans to reply to the letter from the hon. Member for West Worcestershire, dated 28 May 2008, PO Ref: 3/05867/2008, on the abolition of the 10 pence tax rate. [218174]
Jane Kennedy: I have replied to the hon. Member on 12 July 2008.
Sir Michael Spicer: To ask the Chancellor of the Exchequer when the Exchequer Secretary plans to reply to the letter from the hon. Member for West Worcestershire, dated 22 April 2008, on taxation of 4x4 vehicles. [218175]
Angela Eagle: There is no record of a letter from the hon. Member dated 22 April. However, I have replied to his letter of 3 June.
Motor Vehicles: Taxation
Mr. Streeter: To ask the Chancellor of the Exchequer if he will review the approved mileage allowance payment in respect of volunteer drivers to reflect trends in the price of fuel. [218351]
Angela Eagle: I refer the hon. Gentleman to the answer I gave the hon. Member for Colchester (Bob Russell) on 28 April 2008. HMRC allows volunteers to use the Approved Mileage Allowance Payment (AMAP) rate for convenience, but it is not mandatory and volunteer drivers can claim tax relief for the full cost of motoring by completing a return, if they wish to do so.
Northern Rock
Sir Michael Spicer: To ask the Chancellor of the Exchequer what assessment he has made of the adequacy of the rate at which Northern Rock has repaid loans of public money made to it; and if he will make a statement. [217785]
Kitty Ussher: Northern Rock has been paying down the Bank of England loan facilities to date and is expected to continue to do so, as set out in its business plan published in March 2008.
The outstanding loan facilities as at 31 March 2008 were £24.1 billion as reported in Northern Rock’s trading statement published in May 2008. This compares to the outstanding loan facilities as at 31 December 2007 being £26.9 billion as reported in Northern Rock’s 2007 annual report and accounts published in March 2008.
Office of Government Commerce
Mr. Maude: To ask the Chancellor of the Exchequer which (a) companies and (b) other organisations have a framework agreement with the Office of Government Commerce. [217361]
Angela Eagle: The following link provides an A-Z list of all suppliers with an agreement with OGCbuying.solutions:
In addition, the following suppliers have a framework agreement with core OGC.
Equifax
The Nichols Group
Methods Consulting Ltd.
Mentis Management Consultants Ltd.
The Tribal Group
Actica Consulting Ltd.
Hitachi Consulting
AMTEC Consulting plc.
Inventures
Oakleigh Consulting Ltd.
VEGA Group plc.
Millar Hutchison
Quo Imus Ltd.
Malcolm Reading Consultants Ltd.
Malcolm Hutchinson Associates Ltd.
Concerto Consulting Ltd.
Evolve Business Consultancy Ltd.
Atkins Ltd.
Quality Business Management Ltd.
Moorhouse Consulting Ltd.
Mott MacDonald Ltd.
Drivers Jonas
Gardiner and Theobald LLP
Novos Ltd.
Procurement Excellence Ltd.
MAANA Ltd.
Chimerion Ltd.
Public Sector: Pay
Mr. Frank Field: To ask the Chancellor of the Exchequer what account he takes of trends in the consumer price index in determining the timing of reviews of public pay policy; and if he will make a statement. [214394]
Yvette Cooper [holding answer 30 June 2008]: Timing of pay decisions for a particular work force depends on pay-setting arrangements for that work force.
The Government's pay policy is guided by the following principles:
That public sector pay settlements should be consistent with maintaining the necessary levels of recruitment, retention and staff engagement needed to support service delivery; ensuring that total pay bills represent value for money and are affordable within Departments' overall expenditure plans and consistent with the achievement by the Bank of England of its CPI inflation target of 2 per cent.
Research and Development Tax Credit
Jo Swinson: To ask the Chancellor of the Exchequer what assessment he has made of the take-up of research and development tax credits in each of the last five years; what estimate he has made of the percentage of potential recipients who have received the tax credits; and what the value of such tax credits was in each year. [217831]
Angela Eagle: Estimates of the number of claims made for research and development (R and D) tax credits and the cost of support claimed are published as National Statistics on the HM Revenue and Customs website at:
The research survey conducted in 2005 as part of the evaluation of R and D tax credits collected information on the awareness and take-up of R and D tax credits among R and D companies at that time. The findings are published as Research Report 12 on the HMRC website at:
Information on the number of claims for R and D tax credits made by companies in their tax return and the estimated cost of support claimed are published on the HMRC website as National Statistics at:
Revenue and Customs: Fraud
Jenny Willott: To ask the Chancellor of the Exchequer (1) how many HM Revenue and Customs (HMRC) staff were prosecuted for (a) attempting to defraud and (b) defrauding HMRC in each of the last 10 years; and if he will make a statement; [214512]
(2) on how many occasions staff employed by HM Revenue and Customs (HMRC) defrauded HMRC in the last 10 years; and if he will make a statement; [214517]
(3) what estimate he has made of losses to HM Revenue and Customs (HMRC) from fraud committed by staff of HMRC in each of the last 10 years; and if he will make a statement; [214514]
(4) how many staff in HM Revenue and Customs were responsible for each instance of (a) fraud and (b) attempted fraud against the tax credit system in each of the last 10 years; and if he will make a statement; [214515]
(5) on how many occasions staff employed by HM Revenue and Customs (a) attempted to defraud and (b) defrauded the tax credit system in each year since 2003; and if he will make a statement; [214516]
(6) what estimate he has made of the losses to HM Revenue and Customs (HMRC) from fraud committed by staff of HMRC against the tax credit system in each of the last 10 years; and if he will make a statement. [214513]
Jane Kennedy: Since April 2005, there have been 30 members of staff, out of around 85,000 employed by HMRC, who have been prosecuted for activity relating to fraud against the Department, 10 of which were prosecutions for fraud committed against the tax credit system. The figures can be broken down as follows:
| Number of staff prosecuted for fraud against HMRC | Number of staff prosecuted specifically for fraud against the tax credit system | |
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