Paul Burstow
Main Page: Paul Burstow (Liberal Democrat - Sutton and Cheam)Department Debates - View all Paul Burstow's debates with the HM Treasury
Tax Avoidance (HSBC)
Paul Burstow Excerpts(9 years, 9 months ago)
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Mr Gauke
The Swiss deal is on course to bring in £1.2 billion that would not otherwise have been brought in. Since the agreement was signed, we have made much further progress, with 90 countries, including Switzerland, signing up to the automatic exchange of information, which means that the era of bank secrecy is over and that it will not be possible to hide assets in the way that it was in the past. That is a consequence of the UK’s leadership on this front.
Paul Burstow (Sutton and Cheam) (LD)
While we are pursuing those who have benefited from the HSBC tax evasion scheme, what is being done to pursue those who designed and offered the scheme in the first place, and what questions are being asked of the auditors of the bank, such as why they do not appear to have blown the whistle on the scheme?
Mr Gauke
One challenge in this case is that the behaviour was carried out by a Swiss subsidiary in Switzerland. It is for the prosecuting authorities in this country and HMRC to decide whether any action can be taken against that HSBC entity. To make a wider point, the Government have taken a lot of action to strengthen the powers against those who promote tax avoidance schemes. Indeed, we are implementing reforms to tighten those powers, making it much harder for people to promote tax avoidance schemes.