John McDonnell MP, Labour’s Shadow Chancellor, responding to a statutory review recommending that gaps in beneficial ownership registers shared between the UK, Crown Dependencies, and certain Overseas Territories be closed by 2020, said:
“The tax gap figures released last week were another reminder of the scale of tax evasion and avoidance in this country under a Tory government.
“The review’s recommendation that full coverage of shared beneficial ownership registers need to be completed promptly, by 2020 at the latest, is further evidence of this government’s failure to tackle economic crime – it is all too little, too late.
“Labour has long called for comprehensive public registers of beneficial ownership to be set up in the Crown Dependencies and Overseas Territories, as a tool to tackle tax avoidance and evasion.
“A Labour government will enact a robust plan to stamp down on tax avoidance and evasion, abroad and within the UK – so that everyone pays their fair share and we can raise the revenue needed to transform our economy for the better.”