Ian Swales
Main Page: Ian Swales (Liberal Democrat - Redcar)Department Debates - View all Ian Swales's debates with the HM Treasury
(9 years, 9 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Danny Alexander
The hon. Gentleman clearly was not listening to my first answer, because we have put in place something unprecedented: working with our colleagues in other countries, the common reporting standard will mean that more than 90 countries will be automatically exchanging information on offshore accounts, so that HMRC has the information it needs to find and pursue offshore tax evaders successfully. We need to make further progress on how we deal with organisations that encourage, promote or facilitate tax evasion. I have said I want to see further work done on that, and I am sure we will be hearing more about it soon.
Ian Swales (Redcar) (LD)
In 2006-07, a hedge fund manager avoided millions in tax through a film scheme later judged unlawful. HSBC received £438,000 for acting as an intermediary, so does the Chief Secretary agree that there should have been a penalty on HSBC for its role in this scam?
Danny Alexander
I do not know the details of the specific instance to which my hon. Friend refers, but I do think that in cases where an organisation is facilitating or promoting tax evasion and a penalty is then paid and tax is paid, as it should have been in the first place, the organisation facilitating the tax evasion should be liable for exactly the same amount of money, to be paid to the Exchequer. In that way, there would be a strong financial as well as legal incentive for people not to get involved in this practice in the first place.