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Banks: Taxation

Volume 486: debated on Tuesday 13 January 2009

To ask the Chancellor of the Exchequer what estimate his Department has made of the amount of tax avoided by British banks through offshore tax regimes in the last 12 months. (244997)

No estimates have been made in the past 12 months of the tax gap attributable to offshore tax regimes. In March 2008, HMRC released details of some analysis from 2005 that attempted to derive estimates of the direct tax gap at the start of the decade—see

http://www.hmrc.gov.uk/research/direct-tax-gaps.pdf.

This included a very broad-brush estimate of the tax gap associated with the use of offshore accounts.