Stewart Hosie
Main Page: Stewart Hosie (Scottish National Party - Dundee East)Department Debates - View all Stewart Hosie's debates with the HM Treasury
(7 years, 1 month ago)
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Mel Stride
I thank my hon. Friend for his question, which I take to be directed at me, Mr Speaker. It is of course for the Labour party to account for any situation in which its headquarters may or may not be owned by an overseas trust.
Stewart Hosie (Dundee East) (SNP)
It may well be that sheltering from our tax authorities sums of money greater than the GDP of many countries is not illegal, but does the Minister agree that that is precisely the problem? Does he also agree that the Paradise papers revelations, and the massive sums involved, now offer no hiding place for those who would deny a public register of beneficial ownership of funds and trusts, as well as businesses?
This tax avoidance is a driver of global inequality that runs to the very top of business, politics, entertainment and the establishment, in many countries, but these papers also shine a light on the hidden ownership of large corporations by foreign state institutions and individuals. To allow the public, customers and small investors to know who is really behind the most trusted of brands, will the Government now throw their weight behind not just local but global transparency on the beneficial ownership of businesses through offshore trusts, funds, and other opaque devices?
Mel Stride
The hon. Gentleman will know that this Government have been at the forefront of clamping down on international tax avoidance, evasion and non-compliance through the OECD’s base erosion and profit shifting project, which we have been in the vanguard of, and through the work on common reporting standards that we have been introducing among our Crown dependencies and overseas territories. He will find that we are no slouches when it comes to grappling with the items that he raises.