The UK has effective legislation to tackle avoidance involving offshore structures and we have announced our intention to legislate further, making it harder for non-doms to avoid paying tax on funds withdrawn from trusts. I am also pleased to say that we have been at the forefront of international work that has seen 100 countries commit to exchange financial information automatically.
The Conservative manifesto said that the Government would
“take a more proactive approach to transparency”.
Does the Minister believe that enough is being done to tackle companies that promote tax-avoidance schemes, or is there still a tendency for the big four accountancy firms to regulate the big four, via the big four, in order to protect the big four?
The hon. Lady asks if enough is being done to clamp down on tax avoidance. I can assure her that it certainly is. Since 2010, we have raised £160 billion by way of clamping down on exactly those behaviours. In the forthcoming Finance Bill there will be further measures to make sure that over the scorecard period we are bringing in between £7 billion and £8 billion in addition, in corporate tax avoidance measures.
My hon. Friend is entirely right. The Labour party would constantly have us believe that somehow we are being soft on the wealthy and hard on the less well-off when the precise opposite is true. The top 1% pay over 27% of tax, and the wealthiest 3,000 people in our country pay as much as the poorest 9 million. Under Labour, the poor paid more tax relative to the wealthy, not less. No wonder that under our policies income inequality is at a 30-year low.