Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, whether he plans to bring forward legislative proposals to reduce offshore tax avoidance.

This government has already made unprecedented reforms to the UK tax code to ensure opportunities to avoid tax by using offshore structures are minimised. In particular, the Common Reporting Standard means HMRC are receiving information on accounts held offshore, so they can make sure the right tax is being paid in the UK. Further, Country by Country Reporting (one of the OECD’s BEPS outputs) means HMRC have information on how multinationals are reporting their taxable profit around the world. The government remains committed to tackling avoidance and will continue to consider unilateral and multilateral actions that will achieve this.