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On cover and title page: House, committees of the whole House, general committees and select committees. On title page: Returns to orders of the House of Commons dated 14 May 2013 (the Chairman of Ways and Means)
Written evidence is contained in Volume 2, available on the Committee website at www.parliament.uk/treascom
In this report the Treasury Committee makes recommendations on pensions, savings, HMRC debt recovery powers and housing. The greater flexibility and choice provided by the proposed pension reforms is welcomed. The 'guidance guarantee' is an important part of making sure that consumers benefit from increased choice. It should be measured against a set of recommended principles to ensure its effectiveness. The pensions reforms are also likely to lead to financial innovation. Following the financial crisis, and the mis-selling scandals, the reputation of the industry is under scrutiny. With regard to savings - double taxation has long been a deterrent to some forms of saving. With the enhanced flexibility for those saving there may now be scope in the long term for bringing the tax treatment of savings and pensions together to create a 'single savings' vehicle. The proposal to grant the power to HMRC to take money directly from people's bank accounts is extremely concerning. Exceptional powers such as this require prior independent oversight. With regard to housing, the Help to Buy scheme, at least in the short-to-medium term, could raise house prices. There is also the risk that withdrawal of Help to Buy may have a distorting effect on the housing market. The need to address these difficulties places a particular responsibility on the FPC, as well as the Government, for detecting and addressing the financial stability risks arising from the housing market. There are also reservations about any extension of retrospection in the tax system. Retrospection should be considered only in wholly exceptional circumstances
A Treasury led 'dash for gas' could make the UK's carbon targets under the Climate Change Act unachievable. The Committee is calling on the Government to restore investor confidence in the future direction of energy policy by setting a clear decarbonisation objective in the forthcoming Energy Bill to clean up the power sector by 2030. Ongoing policy uncertainty could mean that the UK loses out on millions of pounds of green investment. Global competition for green growth is fierce and the UK is competing with other countries to secure renewables investment. The Committee heard a variety of suggestions to boost take-up of energy efficiency measures in its inquiry on the Autumn Statement and received suggestions for new environmental taxes that could be implemented to help deliver the Coalition Agreement commitment to increase the proportion of tax revenues accounted for by environmental taxes