Tax Havens: Withholding Tax

HM Treasury written question – answered on 1st March 2018.

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Photo of Faisal Rashid Faisal Rashid Labour, Warrington South

To ask Mr Chancellor of the Exchequer, if he will make an assessment of the potential merits for tackling offshore tax avoidance and evasion of the imposition of a withholding tax on all interest and dividend payments to people and companies in tax havens which reject reform.

Photo of Mel Stride Mel Stride Financial Secretary to the Treasury and Paymaster General

Government has taken significant steps to tackle multinational avoidance. That includes the introduction of the diverted profits tax, which raised over £280 million in 2016/17, and a restriction on the deductibility of corporate interest, which is estimated to raise £1 billion per annum. It also includes measures to extend UK withholding tax on royalties paid to low-tax jurisdictions

The UK continues to engage with international efforts to improve adherence to international tax standards, including through the EU list of non-cooperative jurisdictions which was agreed by EU Finance Ministers in December last year.

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