Tax Avoidance

Treasury written question – answered on 19th November 2018.

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Photo of Peter Dowd Peter Dowd Shadow Chief Secretary to the Treasury

To ask the Chancellor of the Exchequer, how much revenue has accrued to the public purse since 2011 from preventing individuals and companies using accounting derecognition rules in relation to loans and derivatives to avoid paying corporation tax.

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

Legislation was introduced with effect from 6 December 2010 to address avoidance schemes under which profits were said to fall out of account, or tax relief for losses were claimed, as a result of the way in which financial assets were recognised in accounts. Since that date, existing schemes have been unwound and there have been no further known iterations of these schemes. The measure has therefore been successful in protecting revenues, but it is not possible to say how much would otherwise have been lost.

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