On 20 June 2014, the House of Commons European Scrutiny Committee published its second report of the 2014-15 session. Among other things, section 13 of the report outlines the committee's consideration, at its meeting on 11 June 2014, of the European Commission's proposals for a new Regulation on information accompanying transfers of funds to amend WTR.

What this means for you

The committee considered a letter (dated 10 June 2014) from Lord Deighton, Commercial Secretary to the Treasury. Among other things, Lord Deighton reported that negotiations of the revised WTR have progressed well and there is now consensus among member states that the text is acceptable in its present form, including the issue of threshold, which has been maintained at EUR1,000.