Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what steps his Department is taking to work with banks and the financial sector to improve tax transparency.

The Government is committed to improving tax transparency, and working with the financial sector and other intermediaries to achieve this objective.

The Government has led the way in delivering the global Common Reporting Standard (CRS) which means foreign financial account providers have an obligation to report the accounts of UK resident taxpayers.

The Government has also strengthened the Code of Practice on Taxation for Banks in 2013, so that banks’ commitments not to engage in or promote UK tax avoidance can be better enforced.