Oral Answers to Questions Debate

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Department: HM Treasury

Oral Answers to Questions

Bobby Dean Excerpts
Tuesday 1st July 2025

(2 days, 19 hours ago)

Commons Chamber
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Lindsay Hoyle Portrait Mr Speaker
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Unfortunately, I cannot see the relevance of the question. I call Bobby Dean.

Bobby Dean Portrait Bobby Dean (Carshalton and Wallington) (LD)
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2. What assessment she has made of the adequacy of the data her Department holds on high net worth individuals.

James Murray Portrait The Exchequer Secretary to the Treasury (James Murray)
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His Majesty’s Revenue and Customs uses a range of data sources to monitor the wealthy population. International exchanges of information, including the common reporting standard and US Foreign Account Tax Compliance Act data, offer opportunities to develop deeper insight into the international financial affairs of some of the UK’s wealthiest taxpayers.

Bobby Dean Portrait Bobby Dean
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The Minister will no doubt be aware of reports of the so-called exodus of millionaires. Those reports are from “high profile individuals” and city spokespeople, but there are rarely hard numbers behind them. Are Treasury Ministers able to verify the Tax Justice Network’s research that says that just 0.3% of millionaires have exited the UK and that that number has remained low and stable over the past decade, and will they publish their own figures as well?

James Murray Portrait James Murray
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When considering fiscal measures or financial changes, the figures that matter are those provided by the Office for Budget Responsibility. The OBR has certified that the non-dom reforms that the Government have implemented will raise £33.8 billion in total revenue, and that figure accounts for some non-doms who are ineligible for the new regime choosing to leave the UK.