Paradise Papers
Debate between Mel Stride and David Lammy(7 years ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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Mel Stride
My hon. Friend is absolutely right. We seek to move forward on the basis of unity with our overseas partners. That is why we have played such a full role with the OECD.
Mr David Lammy (Tottenham) (Lab)
Like me, two thirds of British taxpayers are taxed at source through PAYE. They just cannot understand why anyone would want to put money into a small island like Bermuda, the Cayman Islands or Jersey. The Minister says that there are legitimate reasons for doing so. Will he educate me: what are the legitimate reasons?
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.