Clause 214 - Unauthorised unit trusts

Part of Finance Bill – in a Public Bill Committee at 4:15 pm on 18 June 2013.

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Photo of Catherine McKinnell Catherine McKinnell Shadow Minister (Treasury) 4:15, 18 June 2013

The Minister has misinterpreted my query. I was not questioning HMRC’s method of calculating the tax gap, but pointing out that others would deem it a conservative estimate. There are many other areas of tax avoidance that, by common agreement, should be addressed. The G8 meeting under way now is looking at some of those issues. We should always bear in mind when talking of the official tax gap that it is a conservative estimate. Other revenue is potentially there that members of the public would like to see collected and for the necessary changes to be made to do that.