Tax Havens 'Lost Revenue Island'

I believe in a fair tax system and that means collecting the taxes that are due. It is wrong to suggest that the UK is anything other than at the global forefront of tackling tax avoidance.

I know that the Government is committed to a proportionate, tailored response to improve global tax transparency, including in tax havens. Since 2010, HM Revenue and Customs has secured £140 billion in additional tax revenue by taking robust action to tackle avoidance, evasion, and non-compliance. These actions have helped the UK achieve one of the lowest tax gaps in the world. 

Due to steps taken since 2010, crown dependencies and overseas territories are already sharing account information automatically with the UK. They will also start to provide UK law enforcement with access to information on the beneficial ownership of companies. This progress puts the UK and the crown dependencies and overseas territories well ahead of others in their transparency, including major international partners such as the United States.

You may be interested to know the Government's next objective is to establish a comprehensive and effective model of public country-by-country reporting, to improve transparency over businesses' tax affairs and build public trust in the tax system. The best way to achieve this is through multilateral agreement, which is why I am encouraged the UK is continuing to work with our international partners to deliver this. The UK continues to support and push for the European Commission's proposal on this matter.