Finance Bill

The double taxation agreements are part of the international structure, but that is not the only element that determines whether or not the UK tax system is competitive. The point I am arguing is that our engagement and the leadership shown by the Prime Minister and the Chancellor represent the right way to go about changing how multinationals are taxed. I would consider, for example, what came out of the Lough Erne summit and, more broadly, measures to ensure that people pay the right amount of tax, as well as the dramatic progress that has been made including, on tax evasion, the exchange of information between Crown dependencies and overseas territories, and indeed the creation of a new international norm based on the American Foreign Account Tax Compliance Act, or FATCA. That is a big step forward, and we continue to take steps, leading the way in this multinational effort to give tax authorities new tools to deal with tax avoidance by providing more information about beneficial ownership. All those are steps that can help us to deal with tax avoidance and tax evasion. I hope they will be welcomed by all Members of the House.