Tax Avoidance (HSBC) Debate

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Department: HM Treasury

Stephen Doughty

Main Page: Stephen Doughty (Labour (Co-op) - Cardiff South and Penarth)

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Speaker’s Statement

Tax Avoidance (HSBC)

Stephen Doughty Excerpts

Social Security and Pensions (Statutory Instruments)
Monday 9th February 2015

(9 years, 10 months ago)

Commons Chamber
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David Gauke Portrait Mr Gauke
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As my hon. Friend says, £31 billion has been raised from large businesses as a consequence of HMRC’s compliance activity. That underlines our determination, and HMRC’s determination, to collect the tax that is due under the law.

Stephen Doughty Portrait Stephen Doughty (Cardiff South and Penarth) (Lab/Co-op)
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Will the Minister remind the House how much the Chancellor said would be raised by the Swiss tax deal, how much has actually been realised, and why he thinks the Chancellor got his sums so wrong, as he has in relation to so many other issues?

David Gauke Portrait Mr Gauke
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It was forecast that we would raise about £3 billion. The amount that we have raised so far is just short of £1 billion, and we expect that to rise to £1.2 billion. Other measures that we have introduced have raised more than the forecast amount, and that £1.2 billion would not have been raised had we not entered into the deal.

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