Crown Dependencies

Debate between Lord Faulks and Lord Davies of Oldham

Tuesday 12th July 2016 Lords Chamber

[Lord Faulks]

Passporting is extremely important. Negotiations about the UK’s future relationship with the EU have not started and we should not assume their outcome. However, we are acutely aware of how important passporting rights for financial services are everywhere.

[Lord Davies of Oldham (Lab)]

My Lords, the House will be reassured by the Government’s solicitous concern for the dependencies but sometimes it seems to be somewhat one-way traffic. We are concerned about their interests but to what extent do they fulfil their obligations to concern themselves with British interests, particularly on the question of successful taxation of multinational global companies, and the whole issue of their taxation regimes in relation to ours?

[Lord Faulks]

My Lords, in April, the Government secured an agreement with finance centres in the Crown dependencies of Jersey and the Isle of Man—Guernsey is yet to sign—to provide the UK law enforcement and tax authorities with unrestricted and near-real-time access to information on beneficial ownership of companies from a central register. This is part of the Prime Minister’s anti-corruption drive. They are playing their part and it is important that they do so.