James Cartlidge
Main Page: James Cartlidge (Conservative - South Suffolk)Department Debates - View all James Cartlidge's debates with the HM Treasury
(7 years, 1 month ago)
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Mel Stride
As the right hon. Gentleman knows, there are many reasons why individuals use trusts. It may be that I want a trust for my children and I do not want it to be known publicly exactly how that trust will operate, for reasons of confidentiality. People may use overseas trusts because they are looking at dollar-denominated trading and need a jurisdiction in which that occurs. There is a whole variety of reasons. The idea that every time the word “trust” is mentioned it suggests something grubby or illegal is plain wrong.
James Cartlidge (South Suffolk) (Con)
With the tax gap at a record low and corporation tax in this country among the lowest in the industrial world, does it not confirm that we have achieved the key balance of a tax system that is both competitive and fair?
Mel Stride
My hon. Friend is correct. We have brought the corporation tax rate down from 28% to 19%, and it will go down further to 17%. The consequence is that we are raising twice as much corporation tax as we did in 2010.