Banks: Tax Avoidance

HM Treasury written question – answered on 5th March 2015.

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Photo of Frank Dobson Frank Dobson Labour, Holborn and St Pancras

To ask Mr Chancellor of the Exchequer, if he will take steps to require RBS and Lloyds to disclose the activities of their subsidiary companies located in tax havens.

Photo of Andrea Leadsom Andrea Leadsom The Economic Secretary to the Treasury

As part of CRDIV, banks will be required from December 2015 to disclose much more information regarding the activities of their subsidiaries than they have previously done.

In each country in which they operate, they will have to report their profit/loss before tax and how much corporation tax they have paid. This makes great strides in increasing transparency and accountability to investors and the general public.

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