Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, if he will publish a plan to stop the use of tax havens including containing steps to help UK-linked tax havens transition towards other types of economies and steps to deter UK companies from using tax havens.

The Government is at the forefront of global action to tackle harmful tax practices, through implementing the agreed Base Erosion and Profit Shifting project outcomes, the OECD’s new Common Reporting Standard (CRS), and the development of new beneficial ownership information standards.

Thanks to UK leadership, all Crown Dependencies and Overseas Territories with financial centres have committed to hold beneficial ownership information in central registers or similarly effective systems, and to implement the new CRS one year earlier than the rest of the world.

The Government is fully engaged in discussions on international tax blacklists in the EU and the G20/OECD to encourage the small handful of jurisdictions that have not adopted agreed transparency standards to do so.