Sarah Newton
Main Page: Sarah Newton (Conservative - Truro and Falmouth)Department Debates - View all Sarah Newton's debates with the HM Treasury
Tax Avoidance (HSBC)
Sarah Newton Excerpts(9 years, 9 months ago)
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Mr Gauke
The restrictions were essentially that the information could be used only for pursuing tax evasion prosecutions, not for other matters, such as money laundering prosecutions, for example. On the precise arrangements and conditions, it is worth pointing out that the first request for information was made by HMRC in February 2010, under the previous Government. I am not sure what conditions Ministers were consulted on at that point.
Sarah Newton (Truro and Falmouth) (Con)
Like me, small businesses in my constituency paying their taxes get angry when they see big international corporations getting away with avoiding their taxes. Will my hon. Friend update us on the action he is taking to ensure that multinational companies pay their fair share of tax to HMRC?
Mr Gauke
On multinational companies, I would make three points. First, we are ensuring that HMRC’s large business unit has sufficient resources to monitor large businesses adequately. Secondly, we are leading on international reform through the base erosion and profit shifting project with the OECD. Thirdly, I would highlight the diverted profits tax measure announced at the last autumn statement, which has been consulted on in recent weeks, and for which we hope to legislate in the Finance Bill before the end of the Parliament.