Overseas Territories: Tax Haven Status
Debate between Baroness Vere of Norbiton and Lord Hamilton of Epsom(3 months, 1 week ago)
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Baroness Vere of Norbiton (Con)
The Government are not relaxed about offshore tax avoidance. We maintain that all tax avoidance needs to be stamped out, which is why we work so very closely with the overseas territories on tax avoidance, anti-money laundering and counterterrorism finance, including with registers of beneficial ownerships. We have very good relationships. We meet with our colleagues frequently to discuss how to put things in place such that they are implemented as quickly as possible.
Lord Hamilton of Epsom (Con)
My Lords, does my noble friend accept that, if some of the overseas territories ceased to be tax havens, they would become an even greater burden on the British taxpayer?
Baroness Vere of Norbiton (Con)
As I said in my opening remarks, we encourage the overseas territories to develop sustainable and successful economies. As I also said, they are responsible for setting their own tax rates, and we will think about how future tax rates may change. It is also the case that tax rates will be underpinned by, in particular, pillar 2, which will be implemented via domestic rules across all overseas territories where it is relevant.
Equality: Hung Parliament
Debate between Baroness Vere of Norbiton and Lord Hamilton of Epsom
Baroness Vere of Norbiton
My Lords, I am not entirely sure what I can add further. These are devolved matters, and at the moment that is the way they will stay.
Lord Hamilton of Epsom (Con)
My Lords, does my noble friend accept that either you devolve powers to regional Assemblies or you do not? If you devolve those powers, you must leave it up to them to decide what they want to do in their devolved areas.
Baroness Vere of Norbiton
My noble friend is of course quite right, but each and every one of us can apply our own pressure in our own way.