Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate she has made of the amount of tax income which could be generated by new registers of beneficial ownership in overseas territories and crown dependencies.

We are clear on the benefits of beneficial ownership registers, which not only include tackling illicit finance and corruption, but also fighting tax and sanctions evasion.

At the Overseas Territories Joint Ministerial Council (JMC) in November 2024, the Falkland Islands and Saint Helena committed to join Montserrat and Gibraltar in implementing fully public registers by April 2025. The British Virgin Islands, Cayman Islands, Bermuda, Anguilla and Turks and Caicos Islands agreed to implement registers of beneficial ownership, accessible to those with a legitimate interest, by June 2025. It remains our expectation that the Overseas Territories and Crown Dependencies will ultimately implement fully public registers.

The Crown Dependencies have committed to increasing the transparency of their beneficial ownership registers and are working towards implementing access to those with legitimate interest, in line with the EU's 6th Anti-Money Laundering Directive.

HMRC draws on a variety of data sources to tackle offshore non-compliance, including exchange of information under double taxation agreements and Tax Information Exchange Agreements.