Treasury written question – answered at on 13 July 2022.
Margaret Hodge
Labour, Barking
To ask the Chancellor of the exchequer, what steps HMRC has taken to use Common Reporting Standard data to assess the extent of offshore tax evasion by UK residents.
Lucy Frazer
The Financial Secretary to the Treasury
The Common Reporting Standard (CRS) provides HMRC with critical information, which is playing a major role in tackling offshore tax non-compliance, including evasion.
When CRS data is received, HMRC systematically compare it to customer information and tax records, to establish whether UK taxpayers have properly reported their overseas income and determine the appropriate response.
HMRC plans to calculate and publish a new stand-alone offshore tax gap, which estimates the amount of offshore tax not being correctly reported by UK taxpayers next year, for the ‘Measuring tax gaps 2023 edition’.
Yes5 people think so
No27 people think not
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The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
