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  • Alok Sharma welcomes Budget measures to create a fairer tax system
    16p per litre lower than it would have been under the previous Government s plans Hansard Alok Sharma My hon Friend is being generous in giving way I welcome the diverted profits tax and I think that my constituents will very much welcome that measure Will he confirm that it comes on top of all the work the Government are leading at the OECD and that in September or later this year we will therefore see further rules coming in to clamp down on base erosion Mr Gauke My hon Friend again makes a very good point This Government have led the way in the establishment of the OECD s base erosion and profit shifting project We are already implementing some of its conclusions including in this Bill but there is more work to be done The diverted profits tax is consistent with the direction that we want the BEPS project to go in which is to align economic activity more closely with taxing rights That is the direction in which the international tax system needs to move and the diverted profits tax is consistent with that approach The Bill legislates for corporation tax loss refresh prevention which will stop companies obtaining a tax advantage by entering highly contrived arrangements to turn old tax losses into new more versatile losses We will close loopholes to make sure that entrepreneurs relief is available only to those selling genuine stakes in businesses We are strengthening civil sanctions targeting individuals with hidden income gains or assets overseas to ensure that taxpayers who do not pay their fair share are penalised We are tackling avoidance by large businesses and wealthy individuals and we are tackling tax evaders Alok Sharma My hon Friend is talking about fairness in the tax system which we all want

    Original URL path: http://www.aloksharma.co.uk/print/833 (2016-02-14)
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  • Alok Sharma calls for compensation for AEA Technology pension scheme members
    agree that the key question is who will compensate those who have lost out I know that it happened many years ago under a previous Minister but perhaps the Minister will address that point as well when he makes his remarks Geoffrey Clifton Brown My hon Friend has made his point cogently I will return to the matter of compensation later in my speech Hansard Alok Sharma I wanted to make the point that people affected by the scheme will be listening to the debate and the bottom line for them is that what the Minister is saying perhaps he will correct me if I am wrong is that no compensation or redress will be forthcoming from the Government Steve Webb Clearly Government have set up the Pension Protection Fund As I have said more than about 10 years ago people in the situation we are talking about might have received a tiny fraction of the pension they had been going to get In the present case the base calculation for those over scheme pension age is 100 I take the point about indexation but it is 100 It is 90 for those under scheme pension age That is obviously

    Original URL path: http://www.aloksharma.co.uk/print/832 (2016-02-14)
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  • Alok Sharma praises job creation by businesses in Reading West
    five years A number of my colleagues have talked about apprenticeships They have been a huge success in Reading West in the past five years We have had thousands of new starts All sorts and sizes of businesses everyone from Sisco and Microsoft to Chiltern Training and Pertemps a huge range of organisations have been taking advantage of help from the Government to start apprenticeships We talk about real jobs these organisations have been creating real opportunities for young people The end result of all that job creation and help for young people is a massive 60 fall in unemployment in my constituency since May 2010 Overall unemployment is now below 2 The right hon Member for East Ham Stephen Timms talked about youth unemployment That has fallen from 7 8 in May 2010 to 1 7 today Those businesses did not need any kind of compulsory guarantee from Government they got on and created jobs The reason why businesses have invested putting money into research and development and infrastructure is that they have regained the one absolutely precious commodity that one needs to succeed in business confidence Businesses have confidence in the British economy and they have confidence in the future Above all they have confidence in a Government who have cut corporation tax national insurance and red tape and increased the investment allowance and extended small business rate relief All these are policies designed to create jobs It is not Governments who create jobs it is companies in the private sector that create jobs The right hon Member for East Ham who is no longer in his place was not able to say what percentage of jobs under the compulsory job guarantee would come from the private sector I can tell him that according to a BBC report in March 2014 the Labour party was talking about 80 of jobs coming from the private sector In the past few weeks it has been bashing businesses and demonising wealth creators Labour has made it clear that it will put up taxes and have more red tape That will end up driving businesses away from our shores With all due respect I have to say that I do not think the Leader of the Opposition or indeed very many Labour Members understand business That is because they have never worked in business Gemma Doyle West Dunbartonshire Lab Co op There are a number of Labour Members who have worked in business including me What the hon Gentleman said was ridiculous and perhaps he will withdraw it Mr Deputy Speaker Mr Lindsay Hoyle Order May I just say that interventions are going to take time from Members who are going to speak later That is the only worry I have but by all means continue Alok Sharma I thank the hon Lady for intervening I am delighted she has some experience of business The same is not so for the Leader of the Opposition is it When it comes to businesses

    Original URL path: http://www.aloksharma.co.uk/print/810 (2016-02-14)
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  • Alok Sharma welcomes Government efforts to increase trade with the Commonwealth
    that the Government have done a lot to foster trade links with other Commonwealth countries We have seen our bilateral trade with India grow significantly What more does he think this Government or future Governments can do to ensure that that trade increases significantly over the next decade Andrew Rosindell My hon Friend is completely correct that this Government have done more than any other in my memory to make the Commonwealth more significant and to develop trade and co operation with it but we can go only so far because as he will know as a nation we can sign up to trade deals with countries only via the EU again the EU is a block to us utilising our Commonwealth network for trade and co operation Hansard Alok Sharma Does my hon Friend then feel that if we are going to renegotiate our relationship with the EU we should have similar discussions in parallel with some Commonwealth countries particularly on trade to see what sort of relationship we can come up with and what the British people prefer Andrew Rosindell My hon Friend makes an excellent point As a vice chairman of the Conservative party he does good work with Commonwealth countries and I commend his enthusiasm We need to decide for ourselves as a nation what we want to do not only with Europe but with the rest of the world Part of that process should perhaps be to consult our Commonwealth friends on how our relationship can be developed in tandem with a renegotiated arrangement with the European Union They are two sides of the same coin We all want trade and co operation with Europe and good immigration from Europe as well but sadly we have gone down that road to the exclusion of developing

    Original URL path: http://www.aloksharma.co.uk/print/807 (2016-02-14)
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  • Alok Sharma MP: Labour cannot be trusted with public finances
    Does the Chancellor share my view that it does not matter what that lot say today History repeats itself and when it comes to Labour we cannot trust them with the public finances Mr Osborne You cannot trust the Labour party with people s money Every Labour Government leads this country into bankruptcy Every Labour Government left office with unemployment higher than when it came to office That is what Labour does when it gets into office People remember that and they will not trust them with the public finances again We remember what Labour said was going to happen to jobs they said that 1 million jobs would be lost Instead we have 1 7 million more people in work Unemployment is falling Youth unemployment is down by more than half Full employment is in sight They said that public services would be decimated and crime would rise Crime has fallen and satisfaction with local government services is up They said that the north of England would suffer the most just as it had suffered the most in their great recession Now the fastest growing part of our economy is the north of England and we are building that

    Original URL path: http://www.aloksharma.co.uk/print/795 (2016-02-14)
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  • Alok Sharma raises constituents concerns at Labour's proposed mansion tax | Alok Sharma MP - Member of Parliament for Reading West
    raises constituents concerns at Labour s proposed mansion tax Speaking in a debate on the Stamp Duty Land Tax Bill Alok Sharma questions Labour on their mansion tax proposals as many people fear that the 2 million threshold could drop very quickly to levels applying to properties that ordinary hard working taxpayers are aspiring to own Alok Sharma Reading West Con I am delighted that the hon Lady and her party welcome measures that are intended to help people who aspire to own their homes How does she think this policy contrasts with a policy of an annual property tax which may force some people out of their homes if they have to pay it Shabana Mahmood I think that the Bill shows that the Government have accepted that properties with a very high value are under taxed The hon Gentleman alluded to our proposals for a mansion tax which would help to pay for our NHS commitments Our measures will not force anyone out of their homes because as we have pointed out a deferment option will be available to basic rate payers I am afraid that that was a bit of party political scaremongering on the hon Gentleman s part Alok Sharma The hon Lady mentioned the mansion tax My constituents fear that the threshold might start at say 2 million and then drop very quickly to levels applying to properties that ordinary hard working taxpayers are aspiring to own The Labour party has done that in the past Will the hon Lady tell us what would be the threshold for her so called mansion tax Shabana Mahmood I am delighted that the hon Gentleman has given me an opportunity to tell his constituents that their fears are entirely misplaced Anyone who publishes literature suggesting that the threshold

    Original URL path: http://www.aloksharma.co.uk/content/alok-sharma-raises-constituents-concerns-labours-proposed-mansion-tax (2016-02-14)
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  • Alok Sharma welcomes Stamp Duty reforms | Alok Sharma MP - Member of Parliament for Reading West
    constituents are some of the most aspirational people in the country and they think that this is a great move by the Government What assessment has my hon Friend or perhaps the Office for Budget Responsibility made of likely increases in the volume of property transactions as a result of this change to stamp duty Mr Gauke This is likely to have an impact with more transactions for properties on which the stamp duty bill has fallen some 98 or so and slightly fewer transactions when a larger stamp duty bill will apply Although there will be an element of behavioural change as a consequence of the measure property transaction numbers and house prices will be affected by a whole range of factors so it can be difficult to ascribe any particular changes to one particular reason However it is likely that there will be more transactions and that has certain advantages such as for labour market mobility and if it means that people are living in the homes that they want to live in as opposed to feeling trapped in their property to a certain extent I think that the measure will have a beneficial impact on the housing market Hansard Alok Sharma My hon Friend talked about the yearly property tax that others have proposed but irrespective of whether such a tax were introduced is it not the case that it would not help those who want to buy their own house Does he agree that the Government are introducing aspiration into home buying which is something that we should all be encouraging Mr Gauke Indeed that is right These measures will be helpful for those who want to get into the housing market and who often face significant challenges in putting together a deposit and meeting the transactional costs involved I believe that it will be helpful that we have been able to reduce the transactional costs I return to the point I made a few moments ago this measure will help households up and down the country and we as a Government believe in aspiration Hansard Alok Sharma The Minister cites the schemes that the Government have implemented to help people to buy their own homes Will he tell us how many people have benefited from the Help to Buy scheme Will not these changes give a further boost to the scheme Mr Gauke My hon Friend raises an important point Indeed I am about to mention some of the measures that we have taken in respect of helping the housing market including Help to Buy We are investing billions of public money to provide affordable new homes including 4 5 billion during this spending review period to provide 170 000 new units and a further 3 3 billion to deliver 165 000 more units over three years from 2015 As announced in the autumn statement there will be another 1 9 billion between 2018 and 2020 to continue delivering homes at the same rate We

    Original URL path: http://www.aloksharma.co.uk/content/alok-sharma-welcomes-stamp-duty-reforms (2016-02-14)
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  • Financial Conduct Authority Redress Scheme | Alok Sharma MP - Member of Parliament for Reading West
    Purley Bund Flood alleviation for Keswick Close and Ogmore Close Flood alleviation for Kingsley Close in Whitley NatWest Branch Closure in Pangbourne No to Pincents Hill Development Number 33 Bus Route Number 33 Bus Route Survey Save the Bath Road Reservoir Campaign Southcote rat infestation The Reading Futures Fair Underwood Road Precinct Development Visitor Parking Permits Letters Gallery Contact Links Financial Conduct Authority Redress Scheme Speaking in the House of Commons Alok Sharma asks the chairman of the All Party Parliamentary Group on Interest Rate Swap Mis selling whether the Financial Conduct Authority s redress scheme adopted as a result of the mis selling of complex interest rate derivatives to small and medium sized businesses should have been a statutory agreement rather than voluntary Alok Sharma Reading West Con This is of course a voluntary arrangement that has been entered into Does my hon Friend think it would have been better if it had been a statutory agreement which would have led to much more transparency Guto Bebb My hon Friend makes a very important and interesting point There was a need at the outset to ensure that the issue of redress was addressed as quickly as possible and it

    Original URL path: http://www.aloksharma.co.uk/content/financial-conduct-authority-redress-scheme (2016-02-14)
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web-archive-uk.com, 2016-10-22