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Written question asked by Paul Flynn (Labour) on Friday, 20 February 2015, in the House of Commons. It was due for an answer on Tuesday, 24 February 2015. It was answered by David Gauke (Conservative) on Tuesday, 17 March 2015 on behalf of the Treasury.

Banks: Tax Evasion

Question

To ask Mr Chancellor of the Exchequer, what recent discussions he has held with the Financial Conduct Authority (FCA) on its forthcoming investigation into allegations that British-headquartered banks have assisted clients to evade UK taxes by use of secret bank accounts in foreign jurisdictions; and what powers the FCA has to require employees of foreign-based subsidiaries of British-registered banks to assist such inquiries.

Answer

Ministers have regular discussions with the FCA on a wide range of issues. As was the case with previous administrations, it is not the Government’s practice to give details of such discussions. However, by 2018, the UK led drive to revolutionize international tax transparency will mean that over 90 countries, including Switzerland, will be exchanging information with us on financial accounts automatically every year. This will be an unprecedented step change in HM Revenue & Customs (HMRC’s) ability to tackle offshore tax evasion.

Secondary information

Type
Written question
Reference
224843
Session
2014-15
Subjects
Banks Tax evasion
Link
View this Written question on www.parliament.uk