UK Power Networks

Treasury written question – answered on 15th January 2014.

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Photo of Paul Flynn Paul Flynn Labour, Newport West

To ask the Chancellor of the Exchequer whether HM Revenue and Customs is investigating the off-shoring to the Cayman Islands of profits by UK Power Networks.

Photo of David Gauke David Gauke The Exchequer Secretary

HMRC cannot disclose to me information about an identifiable taxpayer. HMRC has a statutory duty to maintain taxpayer confidentiality and may not disclose information unless the limited and controlled circumstances set out in the statute creating HMRC apply.

HMRC ensures all taxpayers pay the right tax due under UK law. HMRC applies the UK tax rules, which are based on a commonly agreed set of international standards, to determine the amount of a multinational's profits that are taxed here. HMRC's experienced tax professionals have in-depth knowledge of multinationals' business models and appetite for risk in tax planning.

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