Inland revenue from the beginning, properly audited and in the annual return was omitted to Inland Revenue every year. The share price was listed in the financial times. It wasnt a family trust, it was a commercial Investment Fund for any investor to buy units and get u. K. Investors paid all the syntaxes as with any other share, including same taxes as with any other shukman included income tax. There have been some deeply hurtful and profound entry allegations made against my father profoundly untrue allegations made against my father. This Investment Fund was set up overseas in the first place because he was going to be trading predominantly in dollars security. Like very many other commercial Investment Funds, it made sense to be set up inside one of the main centers of dollar trading. There are thousands of these Investment Funds, and many millions of people in britain who own shares, many of whom hold them through Investment Funds or unit trusts could such funds, including those listed outside the u. K. , are included in the Pension Funds of local government, most of britains largest companies, and indeed even some trade unions could even a quick look shows that the bbc, the mirror group, guardian newspapers, and to random, havere let these sorts of overseas investments. Example, iurther have a portfolio of over 50 million of investment in the trade union unitrust with 3 of their net assets based in jersey. This is not to criticize what they do. It is to make a point that this is an entirely Standard Practice , and it is not to avoid tax. Mr. Speaker, one of the countries leading tax lawyers has stated unequivocally that , a was, and i quote perfectly normal type of collected Investment Fund. This is the man who led the Expert Study Group that developed the general antiabuse rules so much debated and demanded in this house which parliament finally enacted in 2013. He also chairs the 1997 examination of tax avoidance of. Hy the Text Review Committee he has said that it would be, and i quote, it wrong to describe the astonishment of such funds as tax avoidance, and further, that it would be utterly ludicrous to suggest establishing or investing in such funds would be a piece of tax avoidance. The is why getting rid of trusts listed overseas has not been part of any labor policy review, any conservative policy review, or any sensible proposals for addressing tax evasion or aggressive tax avoidance. Surely it is said that investors in these funds benefit from them being set up in jurisdictions with low or no taxes. Again, this is a misunderstanding. Unit trust do not exist to make profit for themselves but for the holders of the units , andndos holders pay tax if they are u. K. Citizens, they pay full you pay taxes. Mr. Speaker they pay full u. K. Taxes. Mr. Speaker, it is right to tighten the line change the culture around investment and to discourage aggressive tax avoidance. But as we do so, we should differentiate between schemes designed it to artificially reduced tax and those that are encouraging investment. This is a government and the should be a country that believes in aspiration and Wealth Creation, so we should defend the right of every british citizen to make money lawfully. Aspiration and Wealth Creation are not somehow dirty words. Ofy are the key engines growth and prosperity in our country and we will always support those who want to own shares and make investments to support their families. Some people have asked if this trust was legitimate, why did you sell your shares in january 2010 . Mr. Speaker, i sold all the shares in my portfolio that year because i didnt want any issues about conflict of interest could i do not want anyone to be able to suggest that as Prime Minister i have any other or vested interests. Selling all my shows with the simple as the clearest way that i could do that. Selling all my shares was this list includes weight that i could do that. The labour party has said it would refer me to the commissioner for parliamentary standards. I have already given her the relevant information and if there is more she believes i should say, im very happy to say it. I except all the criticisms were not responding more quickly to these issues last week. But as i said, i was angry about the way my fathers memory was being produced. I know he was hardworking man and a wonderful that and im proud of everything he did to fill the business and provide for his family. Mr. Speaker, on the issue of inheritance task, there is an established system in this country. Far from people being embarrassed about passing things to the children by wanting to keep a family home within the family, i believe it is a natural human instinct and something that should be encouraged. As for parents passing money to their children while they are still alive, it is something the tax rules fully recognize that many parents want to help their children when they buy their first car and get a deposit for the first time, or face the cost of starting a family. It is entirely natural that parents should want to do these things, and again, it is something we should not just a fan, but we should probably support not just defend, but we should probably support. Mr. Speaker, let me turn to the Panama Papers and action this government is taking to do with aggressive tax avoidance and International Corruption more broadly. Mr. Speaker, when this government came into office, there were foreigners not paying Capital Gains tax for selling the victims, there were private Equity Managers paying a lower rate of tax than the people who clean up the offices, and there were requires getting way without paying stamp duty because houses were envelope within companies. We have put an end to all of these things. In the last parliament alone we made an unprecedented 40 tax changes to those loopholes that raised 12 billion pounds and in this parliament we will legislate more than 25 further measures forecast raised 16 billion pounds by 2021. Nobody government, labor or conservative, has ever taken so much robust action in this area. Through my chairmanship of the tax,ummit in 2013, i put trade, and transparency on the global agenda, and sought agreement on a global standard for the Automatic Exchange of information over who pays taxes and where. Mr. Speaker, many said it would never happen, but today 129 jurisdictions have committed to implement the International Standards or exchange of Tax Information on request, and over 95 jurisdictions have committed to implementing the new Global Common reporting standards on tax transparency. Under this new standard, we will receive information on accounts of u. K. Taxpayers in all these jurisdictions. In june of this year, mr. Speaker, britain will become the first country in the g 20 two have a public register of Beneficial Ownership so everyone can really see who really owns and controls each company. This government is also consulting on requiring Foreign Companies that own property or bid on public contracts also to provide their Beneficial Ownership information, and we are happy to offer Technical Support and assistance to any of the administrations also considering these measures. As the revelations in the Panama Papers have made clear, we need to go even further. We are taking three additional measures to make it harder for people to hide the proceeds of corruption offshore, to make sure that those who smooth the way will know longer get away with it, and to investigate wrongdoing. Assess countries that Service Financial centers. They have agreed to pervade information automatically and will begin doing so the september. That had never happened before i became Prime Minister and i got around to the cabinet table and said to them this must happen. But we do need to go further. Today i would like to tell the house that we have agreed that they will provide u. K. Law enforcement and tax agencies with full access to information on the Beneficial Ownership of companies. We have finalized arrangements with all of them except and will a and guernsey, both of which we believe will follow in the coming days d months. For the first time, u. K. Police and Law Enforcement will be able to see exactly who really owns and controls every Company Incorporated in these territories the Cayman Islands, British Virgin islands, bermuda, isle of man, jersey, the lot. This is the result of a sustained Campaign Building on the progress weve made at the g8 and i welcome the commitment of the governments of these territories to work with us and lament these arrangements. The house should note that this will place our overseas territories and codefendant sees well ahead of similar jurisdictions but also, crucially, head of many of our Major International partners, including some states in the United States of america. We will seek to go further still using our anticorruption summit to encourage consensus not just on exchanging information but actually on publishing information, putting it into the public domain, as we are doing here in the u. K. , because we want everyone with a stake in fighting corruption, from a Law Enforcement, civil society, to the media, to be able to use this data and help us to root out and determine wrongdoing. Another majortake step in dealing with those who facilitate corruption. Under current legislation, it is difficult to prosecute a company that assists with tax evasion, we are going to change that. We will legislate this year for a new criminal offense to apply to corporations who failed to prevent their representatives from criminally facilitating tax evasion. Finally, we are providing initial new funding of up to 10 Million Pounds for a new cross Agency Task Force to swiftly analyze all the information that has been made available in panama and take rapid action. Mr. Speaker, the task force would include analysts, compliance specialists, and investigators from across hmr see, the National Crime agency, and the financial kind of authority. Mr. Speaker, this government will continue to lead the International Agenda to crack down on tax evasion and aggressive tax avoidance. This battle is important and needs to become one with the approach we take in this country. Low tax rates, but tax rates that people and businesses have to pay. That is how we will tackle these issues and build a Strong Economy that can fund the Public Services that we need. ,t is that Strong Economy creating jobs, rewarding aspiration, that is the true focus of this government, and some that would never be safe under the party opposite, and i commend this statement to the house. Jeremy corbyn. Thank you, mr. Speaker, and may i think the Prime Minister for his statement. It is absolutely a master class in the art of distraction. Sure, mr. Speaker, the Prime Minister will join me in welcoming the outstanding journalism that has gone into exposing the scandal of destructive global tax avoidance revealed by the Panama Papers. What they have driven home, mr. s bigger is what many people have increasingly felt death mr. Speaker, is what many people have increasingly filtered there is one rule for the superrich and another for the rest. Im honestly not sure, mr. Speaker, that the Prime Minister fully appreciates the anger that is out there over this injustice. How can it be right that street cleaners, teaching assistants, nurses work and pay their taxes, yet some of the top think the rules simply dont apply to them . What has been revealed in the past week goes far beyond what the Prime Minister has called his private matters. There are six questions he needs to answer today, to the house and perhaps equally importantly, to the public as a whole. Why he chose not to declare his offshore tax havens investments in the house of commons register of interest. There is a requirement to provide information of any security interest, which might reasonably be thought to influence his or her actions. The Prime Minister said he mishandled the events of the past week. Does he now realize how he mishandled his own nondeclaration six years ago when he decided not to register and offshore tax haven investment, from which he has personally benefited . Secondly, can he clarified to the house and the public when he sold his stake in Blairmore Holdings in 2010 . He also divested another offshore investment at that time. Integral, were any of the 72,000 pounds shares he sold health and offer tax havens in offshore tax havens . The ministerial code states that investors must ensure that no conflict arises or could reasonably be perceived to arise between the public duty and the private interest, financial or otherwise. And that all ministers must write a full list of all provide a full list of all interest which are thought to give rise to a conflict, including close family interests. Did the Prime Minister provide the permanent secretary with an account of his offer interests . If not, did he realize he had a clear obligation to do so . Part of his personal wealth was tied up in offshore tax havens. And he is now making policy decisions that have a direct bearing on the operation for example, in 2013, the Prime Minister wrote to the president of the European Council opposing oftral Public RegistersBeneficial Ownership of offshore trusts. Thirdly, does the Prime Minister now accept the transparency of Beneficial Ownership must be extended to offshore trusts . The panamabased Law Firm Mossack Fonseca registered more than 100,000 secret firms in the British Virgin islands. Mr. Speaker, it is a scandal that u. K. Overseas territories registered over half Shell Companies set up by mossack fonseca. The truth is that the u. K. Is at the heart of the global tax avoidance industry. It is a National Scandal and it has got to end. Last year, mr. Speaker, this government opposed the eu tax of 30sioners blacklists and Corporate Tax havens that blacklist included Cayman Islands and the British Virgin islands. My fourth question is, will the Prime Minister now stop blocking the European Commission plans for a blacklist of tax havens . The formert that conservative Home Office Minister was absolutely right when he wrote to the Cayman Islands government in 2014 to reassure them that are Prime Minister was making a purely political gesture about cracking down on tax havens at the g8. It was designed, he said, and i quote, to be a false initiative which will divert other Member States from pursuing their treasury last june, officials lobbied brussels not to take action against the tax secrecy. According to the European Unions transparency register, the tech giant google has no fewer than 10 employees lobbying brussels. Bermuda is the tax haven favored by google to channel billions in profits. And conservative meps have been instructed on six occasions since the beginning of last year to vote against actions to clamp down on aggressive tax avoidance. This is a party incapable of taking serious internationally coordinated action to tackle tax dodging. Across the country across the country and on the side of the house, mr. Speaker, there is a thirst for Decisive Action against global tax avoidance scams. To cut revenues out of our Public Services while ordinary taxpayers have to foot the bill. It undermines public trust in business politics business, politics, and public life. It can and must be brought to an end. The Prime Ministers announcement today about new measures to make companies liable for employees to facilitate tax cheating is welcome, but it is