Mike Weir
Main Page: Mike Weir (Scottish National Party - Angus)Department Debates - View all Mike Weir's debates with the HM Treasury
(9 years, 9 months ago)
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Mr Osborne
More than 40 tax avoidance schemes or loopholes have been closed. Of course, we have also introduced an anti-avoidance and anti-abuse rule, which the Labour Government had 13 years to introduce. Now Labour Members are saying that we should be stiffening the penalties under that anti-abuse rule, but—[Interruption.] I will tell Members who was in charge. The shadow Chancellor was in charge for 13 years and did absolutely nothing. We came in, closed the loopholes, introduced the anti-abuse rule, got rid of the abuse of partnerships by hedge funds, got rid of the abuse of stamp duty by the richest in our society and started collecting the tax that should have been collected long ago.
Mr Mike Weir (Angus) (SNP)
The revelations about HSBC are just the latest in a long line of misdeeds by our banks, which are undermining confidence in the system throughout. Too often, HMRC seems to be on the back foot. The Chancellor said that if it required more resources it would be given them. Will he commit those resources to a proactive investigation of the role of banks, and some of the larger accountancy firms, in both tax avoidance and tax evasion?
Mr Osborne
The amount collected by HMRC as a result of abuse of this kind has risen from £17 billion to £26 billion. That is partly because we have put additional resources into tackling tax evasion and aggressive tax avoidance. We have done a great deal. However, I am the first to say that there is more to be done, and, as I said in my statement, more will be done in the Budget.