To ask the Secretary of State for Defence, what steps his Department takes to ensure subcontractors on arms and defence contracts do not route payments through offshore accounts in the Cayman Islands, Geneva, Bahrain and similar jurisdictions; and whether any such payments have been identified on contracts.

To ask the Secretary of State for Defence, what steps his Department takes to ensure subcontractors on arms and defence contracts do not route payments through offshore accounts in the Cayman Islands, Geneva, Bahrain and similar jurisdictions; and whether any such payments have been identified on contracts.

Every year, the UK loses £33.4 billion in tax revenue, as multinational corporations and the super-rich choose tax havens over tax payments. However, the UN tax convention has the potential to solve this problem, so will the Minister show leadership, not ambivalence, and commit to securing an ambitious UN tax convention in this Parliament?

Every year, the UK loses £33.4 billion in tax revenue, as multinational corporations and the super-rich choose tax havens over tax payments. However, the UN tax convention has the potential to solve this problem, so will the Minister show leadership, not ambivalence, and commit to securing an ambitious UN tax convention in this Parliament?

I am always happy to show leadership, and this Government—and, I may say, previous Governments—have worked hard with international partners, both in the OECD and the UN, to do all we can to reduce tax avoidance and evasion by multinational companies. We continue to work with our partners in the UK and abroad to clamp down on tax dodging.

I am always happy to show leadership, and this Government—and, I may say, previous Governments—have worked hard with international partners, both in the OECD and the UN, to do all we can to reduce tax avoidance and evasion by multinational companies. We continue to work with our partners in the UK and abroad to clamp down on tax dodging.

I know that I am making my maiden speech in this House perhaps much earlier than the norm. I could say it is because I am interested in the topic, as I worked as a finance director for a subsidiary of the multinational company Mars, Incorporated, so I am fully...

I know that I am making my maiden speech in this House perhaps much earlier than the norm. I could say it is because I am interested in the topic, as I worked as a finance director for a subsidiary of the multinational company Mars, Incorporated, so I am fully...

Hear, hear!

Hear, hear!

My Lords, I congratulate the noble Lord, Lord Sikka, on securing this debate. He has allowed me to claim in the future that he has been talking bananas, but he knows I have too much respect for him to do that.

I congratulate my noble friend Lady Coffey on a truly...

My Lords, I congratulate the noble Lord, Lord Sikka, on securing this debate. He has allowed me to claim in the future that he has been talking bananas, but he knows I have too much respect for him to do that.

I congratulate my noble friend Lady Coffey on a truly...

My Lords, I congratulate the noble Lord, Lord Sikka, on securing this debate, and thank all noble Lords for their contributions. I also take this opportunity to join others in congratulating the noble Baroness, Lady Coffey, on her maiden speech and welcoming her to your Lordships’ House.

I will seek to...

My Lords, I congratulate the noble Lord, Lord Sikka, on securing this debate, and thank all noble Lords for their contributions. I also take this opportunity to join others in congratulating the noble Baroness, Lady Coffey, on her maiden speech and welcoming her to your Lordships’ House.

I will seek to...

My Lords, I begin by welcoming the noble Baroness, Lady Coffey, to this House. I really look forward to hearing her maiden speech.

It is a good time to talk about profit shifting, as the US is tearing up tax treaties and the OECD’s base erosion and profit shifting—BEPS—project has stalled....

My Lords, I begin by welcoming the noble Baroness, Lady Coffey, to this House. I really look forward to hearing her maiden speech.

It is a good time to talk about profit shifting, as the US is tearing up tax treaties and the OECD’s base erosion and profit shifting—BEPS—project has stalled....

My Lords, many of the large corporations that affect our lives are multinational enterprises. This circumstance is a product of the process of globalisation that has taken place over the last half century, albeit that some multinational corporations have far longer histories. Most of the multinational corporations originated in a...

My Lords, many of the large corporations that affect our lives are multinational enterprises. This circumstance is a product of the process of globalisation that has taken place over the last half century, albeit that some multinational corporations have far longer histories. Most of the multinational corporations originated in a...

I will speak briefly in the gap. I want to ask my noble friend the Minister about the measures that can be taken. The issue has been set out very clearly, but is the Treasury considering steps such as strengthening HMRC’s enforcement of transfer pricing? Is it considering the idea...

I will speak briefly in the gap. I want to ask my noble friend the Minister about the measures that can be taken. The issue has been set out very clearly, but is the Treasury considering steps such as strengthening HMRC’s enforcement of transfer pricing? Is it considering the idea...

My Lords, first, I welcome the noble Baroness, Lady Coffey. She made a fascinating maiden speech; I thank her for it. Her interest may be in bins, but by speaking in this debate, she has, either voluntarily or involuntarily, joined the society of financial geeks who speak about tax issues...

My Lords, first, I welcome the noble Baroness, Lady Coffey. She made a fascinating maiden speech; I thank her for it. Her interest may be in bins, but by speaking in this debate, she has, either voluntarily or involuntarily, joined the society of financial geeks who speak about tax issues...

Before the Minister sits down—admirably well within his time—I think his answer in respect of my VAT point relates to NETPs, non-established taxpayers, rather than taxpayers who falsely claim to be in the UK. I invite him to consider that particular point further, because I believe it will raise billions...

Before the Minister sits down—admirably well within his time—I think his answer in respect of my VAT point relates to NETPs, non-established taxpayers, rather than taxpayers who falsely claim to be in the UK. I invite him to consider that particular point further, because I believe it will raise billions...

I have set out as much as I am able to at the moment on the noble Lord’s latter point on the digital services tax, but I will happily raise his point on VAT with my colleague the Exchequer Secretary. We will write to the noble Lord on anything that...

I have set out as much as I am able to at the moment on the noble Lord’s latter point on the digital services tax, but I will happily raise his point on VAT with my colleague the Exchequer Secretary. We will write to the noble Lord on anything that...

My Lords, I thank the noble Baroness, Lady Coffey, for her excellent speech. I look forward to interacting with her in the months and years to come. I also thank all other noble Lords for their contributions. I think this issue will become more, acute because successive Governments have shifted...

My Lords, I thank the noble Baroness, Lady Coffey, for her excellent speech. I look forward to interacting with her in the months and years to come. I also thank all other noble Lords for their contributions. I think this issue will become more, acute because successive Governments have shifted...

My Lords, I begin by congratulating my noble friend Lady Coffey on her excellent speech. I eagerly look forward to working

with her and taking advantage of both her ministerial and business experience. It is not every day that one speaks after a former Deputy Prime Minister, and I share...

My Lords, I begin by congratulating my noble friend Lady Coffey on her excellent speech. I eagerly look forward to working

with her and taking advantage of both her ministerial and business experience. It is not every day that one speaks after a former Deputy Prime Minister, and I share...

My Lords, it is a huge privilege to have been introduced to this House last week, thanks to the recommendation to His Majesty the King by the leader of the Opposition, the right honourable Kemi Badenoch. I want to thank everybody who has made me feel most welcome. That starts...

My Lords, it is a huge privilege to have been introduced to this House last week, thanks to the recommendation to His Majesty the King by the leader of the Opposition, the right honourable Kemi Badenoch. I want to thank everybody who has made me feel most welcome. That starts...

Lords motion to take note of the tax implications of corporations shifting profits to low and no-tax jurisdictions. Agreed to on question.

Lords motion to take note of the tax implications of corporations shifting profits to low and no-tax jurisdictions. Agreed to on question.

A builder living on Portland, a B&B owner in Weymouth and a shopkeeper on Swanage high street all pay their fair share of tax, yet some individuals take advantage of offshore tax havens such as the British Virgin Islands to avoid paying their fair share. My constituents play by the rules; we ought to know a bit more about those who choose not to. Can the Secretary of State set out what steps his Department is taking to throw open the books in British tax havens and implement public registers of beneficial ownership?

A builder living on Portland, a B&B owner in Weymouth and a shopkeeper on Swanage high street all pay their fair share of tax, yet some individuals take advantage of offshore tax havens such as the British Virgin Islands to avoid paying their fair share. My constituents play by the rules; we ought to know a bit more about those who choose not to. Can the Secretary of State set out what steps his Department is taking to throw open the books in British tax havens and implement public registers of beneficial ownership?