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That this House congratulates ActionAid UK for compiling a database providing a comprehensive overview of the use of tax havens and potential tax avoidance by FTSE 100 companies; notes that all but two of the 100 largest UK companies have located subsidiaries in jurisdictions classed as tax havens; further notes that the most recent HM Revenue and Customs estimate suggests that tax avoidance cost the UK around 5 billion in 2009-10; believes that the extent of this use of offshore financial centres has a negative impact on communities across the UK by reducing the amount of tax that is payable for the provision of public services, whilst laying an increased tax burden on those who do not avoid lawful taxation; is further concerned by the devastating impact of tax avoidance on developing countries which, the OECD asserts, lose more through tax avoidance than they receive in aid; and calls on the Government to continue to act to tighten tax loopholes; and calls on FTSE 100 companies to justify their presence in tax havens.
Total number of signatures: 36
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