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EU: Financial Institutions

Volume 712: debated on Monday 5 October 2009


Asked by

To ask Her Majesty’s Government whether they have estimated the amount of tax which may be lost as a result of United Kingdom financial companies relocating outside the United Kingdom in order to avoid the European Union’s proposed directive on alternative investment fund managers and other European Union regulatory and supervisory proposals which may affect them. [HL5315]

The Government are working closely with the European Commission, other member states and the European Parliament to ensure that the legislation, when finalised, enhances the single market and is proportionate. No estimate has been made of its potential effect on tax.

Asked by

To ask Her Majesty’s Government further to the Written Answer by Lord Myners on 20 July (WA 278), how many firms have relocated to Switzerland from the City of London in (a) the last year, and (b) the previous year; and what were their respective contributions to United Kingdom tax revenue. [HL5316]

The Government are aware of one UK group that has announced it will move the tax residence of its parent company from the UK to Switzerland in 2009 and none in 2008.

The Government are unable to release information on individual taxpayers.

Asked by

To ask Her Majesty's Government further to the answer by Lord Myners on 2 July (HL Deb, col. 328), when they expect to receive the European Commission's impact assessments on its draft Directive on Alternative Investment Fund Managers and its proposed financial supervisory powers; and whether they will place them in the Library of the House. [HL5319]

A copy of the Commission's impact assessment on its 30 April 2009 proposals for an alternative investment fund managers directive was deposited in both Houses on 6 May 2009.

A copy of the Commission's impact assessment on its 27 May 2009 communication European Financial Supervision was deposited in both Houses on 28 May 2009.