Panama Papers — House of Commons, 2016-04-11
Topic: Macroeconomics
David William Donald Cameron (Conservative, Centre-right): Let me first join the right hon. Gentleman in congratulating the journalists who have broken this story about this huge cache of information from the Panama papers. What matters now is that that information is shared with the tax authorities, including here in the United Kingdom, so that action can be taken The right hon. Gentleman accused me of a distraction, but I have to say that the biggest distraction today has been waiting for the right hon. Gentleman’s tax returns, which we finally got published at about 3.35 pm, after this statement had begun. How incredibly convenient that no one can scrutinise them Let me answer each and every one of the questions that the right hon. Gentleman asked. First, he asked whether we would resource HMRC with the right amount of money. We have put £1.8 billion into various initiatives since 2010 to make sure that it has the resources to find this money. That is the first point. Secondly, the right hon. Gentleman asked me about my entry in the Register of Members’ Financial Interests. I have complied with every aspect of that Register, and even before the Labour party’s complaint arrived at the commissioner’s door, I provided her with all the necessary information Thirdly, the right hon. Gentleman asked when I made the sale of these shares. I sold the Blairmore shares in January, and I sold everything else in June. Next, he asked me whether I shared a list of these shares with the Cabinet Secretary. It was quite difficult because I had sold them, but I sat down with the Cabinet Secretary and went through all my interests, all my connections, all my friendships and all my family, as all Ministers are advised to do. This was a proper conversation with the Cabinet Secretary that I conducted in that way Fourthly, the right hon. Gentleman asked why we were not extending the arrangements relating to the beneficial ownership of companies to the beneficial ownership of trusts. The reason is that we want international action to take place, and the very clear advice that I received was that if we included trusts in our initiative, we would not get any international action. This Government have done more than any other to lead the world and make co-operation happen The right hon. Gentleman asked about the tax taskforce. HMRC, the National Crime Agency and others will investigate all the information coming out of Panama, and they have operational independence. If they find people to prosecute, they prosecute them; if they find information of illegality, they act on it. They are independent operationally, and that is exactly what they will do. They will report to the Home Secretary and the Chancellor because we want to make sure that radical action is taken, but they have total operational independence. If the right hon. Gentleman is questioning the professionalism of the Inland Revenue, the National Crime Agency and the Serious Fraud Office, he should not be doing so Let me now answer the right hon. Gentleman’s last question, which concerned the action that we have taken in respect of the overseas territories and the Crown dependencies. No Government have done more to encourage them to take part in exchanging information, reporting tax information, and making sure that they give us the information on beneficial ownership. The leader of the Labour party has suggested that we should force them. How is he going to force them? What is he going to do? Have we finally found a potential Prime Minister who wants to give the Falkland Islands back to Argentina and invade Gibraltar? Is that what it has come to What we have seen are the Labour party’s true colours when it comes to inheritance tax. If you want to pass your home to your children, Labour will tax it. If you want to help your children, Labour will tax that. We have seen Labour’s true colours. It is the enemy of aspiration and the enemy of families who want to support each other, and that is the real lesson of today.