Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps HMRC has taken to use Common Reporting Standard data to assess the extent of offshore tax evasion by UK residents.

The Common Reporting Standard (CRS) provides HMRC with critical information, which is playing a major role in tackling offshore tax non-compliance, including evasion.

When CRS data is received, HMRC systematically compare it to customer information and tax records, to establish whether UK taxpayers have properly reported their overseas income and determine the appropriate response.

HMRC plans to calculate and publish a new stand-alone offshore tax gap, which estimates the amount of offshore tax not being correctly reported by UK taxpayers next year, for the ‘Measuring tax gaps 2023 edition’.