§ Lord Oakeshott of Seagrove Bayasked Her Majesty's Government:
Further to the Written Answer by the Lord McIntosh of Haringey on 16 January (WA 52–53), what are the estimated current market value and income yield of the Inland Revenue's security holdings listed on pages 32 and 33 of the statement supplementing the Consolidated Fund and National Loans Fund accounts. [HL1217]
§ Lord McIntosh of HaringeySome securities are quoted on the Stock Exchange but others are not quoted. Many of the securities holdings are bonds which are redeemable from specified dates. It is not possible therefore to give the information requested.
§ Lord Oakeshott of Seagrove Bayasked Her Majesty's Government:
Further to the Written Answer by Lord McIntosh of Haringey on 16 January (WA 52–53), why reasons of taxpayer confidentiality prevent them from answering the last part of Lord Oakeshott of Seagrove Bay's Question (HL1016) on what plans they have for these holdings. [HL1218]
§ Lord McIntosh of HaringeyIt is not appropriate to release information about specific holdings of securities as that would reveal confidential information supplied by taxpayers. Exemption 15 (Statutory and other restrictions) of the Code of Practice on Access to Government Information applies. Securities are generally held against payment of a tax debt and are returned to the taxpayer when the debt is paid. If the debt is not paid the Inland Revenue can dispose of the assets.
§ Lord Oakeshott of Seagrove Bayasked Her Majesty's Government:
Further to the Written Answer by Lord McIntosh of Haringey on 16 January (WA 52–53), what are the arrangements for management of the Inland Revenue's security holdings described in Lord Oakeshott of Seagrove Bay's Question (HL1016); and what performance targets are applicable. [HL1219]
§ Lord McIntosh of HaringeySecurities are held by the Inland Revenue against payment of a tax debt and are returned to the taxpayer when the debt is paid. If the debt is not paid the Inland Revenue seeks specialist advice on disposal of the assets.
154WA
§ Lord Oakeshott of Seagrove Bayasked Her Majesty's Government:
Whether they will explain the different circumstances under which it is possible for the Inland Revenue to acquire security holdings. [HL1220]
§ Lord McIntosh of HaringeyIn certain circumstances securities may occasionally be accepted as security for a tax debt—perhaps because the taxpayer is unable to offer other assets as security instead. The Inland Revenue also accepts securities where tax due from overseas cannot be released directly to the UK because of exchange controls. Other securities can be issued by debtor companies under statutory provision.