Oral Answers to Questions
Debate between David Gauke and Frank Roy(9 years, 4 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Frank Roy (Motherwell and Wishaw) (Lab)
If the Government are serious on tax avoidance, why has the much-heralded Swiss tax deal brought in only a third of the projected income?
Mr Gauke
That particular measure has not brought in as much as was forecast, but I can point to others that have brought in more than was forecast. One example is disguised remuneration, which the Office for Budget Responsibility highlighted last week and has brought in more than was anticipated. We anticipated that it would bring in £750 million a year; it will bring in more than that. By the way, that measure was opposed by the Labour party.
Oral Answers to Questions
Debate between David Gauke and Frank Roy(9 years, 6 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Gauke
My hon. Friend is right to highlight the record yield for the last financial year. Indeed, there are reasons to believe that that record may well be broken for this financial year. As for multinationals, I do not want to be drawn on individual companies, but it is right to say that we need to work internationally, as I mentioned earlier, through the OECD base erosion and profit shifting process. As my right hon. Friend the Chancellor made clear at the Conservative party conference, we are looking to take further action in respect of multinationals not paying the tax that they should.
Mr Frank Roy (Motherwell and Wishaw) (Lab)
The Chancellor has said that the Swiss tax deal will raise £5 billion by next year. How much has been raised so far?
Mr Gauke
We have already got in about £800 million, and we will get more, but that is money that we would not otherwise have received. That is a deal worth doing. It is worth pointing out that some people said that if we had not had this deal with the Swiss—which has brought in additional revenue—we would not have been able to make progress on automatic exchange of information, whereas the reality is that just last week the Chancellor signed a deal on behalf of this country that made progress on that.