Tax Avoidance (HSBC)

Bob Blackman Excerpts

Monday 9th February 2015 Commons Chamber

[Mr Gauke]

We are still putting pressure on overseas territories and Crown dependencies, but all of them have signed up to the automatic exchange of information, which is a substantial breakthrough. I do not agree with the idea of putting all of them on a blacklist when France, Germany and the United States—indeed, 33 out of 34 OECD countries—have still not signed up to a public register. They are signed up, by and large, to a central register, but not yet to publishing it.

[Bob Blackman (Harrow East) (Con)]

Will my hon. Friend confirm that over the last four years, as a result of tighter regulation and the closing of loopholes, an additional £31 billion has been collected in taxes from large businesses, and that much of it can be used to fund public services or pay down the deficit? Will he confirm that none of that happened under Labour?

[Mr Gauke]

As my hon. Friend says, £31 billion has been raised from large businesses as a consequence of HMRC’s compliance activity. That underlines our determination, and HMRC’s determination, to collect the tax that is due under the law.