§ Harry CohenTo ask the Chancellor of the Exchequer what estimate he has made of tax revenue lost to the UK Exchequer in each of the last five years due to tax policies of the administrations of(a) the Channel Islands, (b) the Isle of Man, (c) the Cayman Islands, (d) Bermuda and (e) other Caribbean islands for which the UK Government has a responsibility; and if he will make a statement. [146360]
§ Dawn PrimaroloThere is no reliable measure of total tax revenue lost to the UK Exchequer as a result of the tax policies of the administrations of the Crown Dependencies and Overseas Territories. However, in order to minimise tax lost, or at risk, the UK is committed to encouraging the Crown Dependencies and Overseas Territories to match international standards on exchange of information for tax purposes and on fair tax competition and welcomes progress that has been made so far.
The Government also remain determined to take necessary steps domestically to protect tax revenues and have, for example, introduced legislation to counter various offshore avoidance schemes, and are funding additional activity by the Inland Revenue aimed at tackling the exploitation of offshore trusts.