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Vulture Funds

Volume 460: debated on Thursday 24 May 2007

To ask the Chancellor of the Exchequer (1) what estimate he has made of the tax revenue collected from vulture funds registered within the UK in each of the last five years; and if he will make a statement; (139041)

(2) how many vulture funds are registered within the UK; and if he will make a statement.

HMRC does not have any data that would enable it to identify entities that might be acting as “vulture funds” and so does not hold data on their revenue and tax payments.

The UK is committed to tackling the actions of vulture funds. The Chancellor raised this issue with his G8 colleagues at the weekend. The G8 agreed to work together to identify measures to tackle this problem, based on the work of the Paris Club. Since then the Paris Club have confirmed their commitment to avoiding selling their claims on HIPC countries to other creditors who do not intend to provide debt relief under the HIPC initiative. In co-operation with the relevant international institutions, Paris Club creditors have agreed to intensify their work on this issue with a view to identify concrete measures to tackle this problem. See

http://www.clubdeparis.org/sections/services/communiques/communique-presse-du/viewLanguage/en