Lord Hannan of Kingsclere
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Overseas Territories: Tax Haven Status
Lord Hannan of Kingsclere Excerpts(2 months, 2 weeks ago)
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Baroness Vere of Norbiton (Con)
Obviously, I cannot comment on any individual’s tax affairs, but it is the case that overseas territories are non-sovereign jurisdictions. They have a unique relationship as part of the British family, but they set out their own tax legislation within their own legal structures and it is certainly not for the UK Government or Parliament to drive a coach and horses through that.
Lord Hannan of Kingsclere (Con)
My Lords, has the Minister’s department carried out any assessment of how much higher tax rates would be in the rest of the world if there were not competition from these lower-tax jurisdictions to keep us in check?
Baroness Vere of Norbiton (Con)
I am afraid I have to say to the noble Lord that we have not carried out that assessment.