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1005663

registered interest
date	12/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Iran
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the risk of liability to sanctions by the US of the Society for Worldwide Interbank Financial Telecommunication if it continues to process financial transactions from Iranian banks.
tabling member constituency	Islington South and Finsbury
tabling member printed	Emily Thornberry
uin	190393
answer	answer is ministerial correction date of answer 19/11/2018 answer text <p>The UK fully implements UN, EU and UK domestic sanctions law.</p><p><strong> </strong></p><p>The re-imposition of the US sanctions against Iran may have commercial and legal implications for businesses and individuals dealing with Iran.</p><p><strong> </strong></p><p>It is a commercial decision for businesses, including the Society for Worldwide Interbank Financial Telecommunication, to decide on their own risk appetite and to take into account the costs of managing those risks.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/11/2018 15:52:02 answering member 4051 label Biography information for John Glen
tabling member	1536 label Biography information for Emily Thornberry

1005688

registered interest
date	12/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Finance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the progress of UK banks in ring-fencing retail services from investment banking.
tabling member constituency	Brentford and Isleworth
tabling member printed	Ruth Cadbury
uin	190479
answer	answer is ministerial correction date of answer 19/11/2018 answer text <p>Under the 2012 Financial Services (Banking Reform) Act large UK banks with retail deposits totalling more than £25 billion are required to ring-fence the deposits of individuals and small businesses from other activities within their groups, such as investment and international banking.</p><p> </p><p>All banks within scope of the ring-fencing regime have successfully completed the necessary restructuring of their operations in advance of the regime coming into force in January 2019. This includes moving customers from one part of the bank to another, changing over a million sort codes and the joining of both UK and international payment systems to facilitate operational separation. The banks have also completed large technology migrations as part of the changes to their internal processes</p><p> </p><p>By insulating these core banking services in a separate legal entity, ring-fencing will support continuity of provision of vital services to the economy if there are shocks originating elsewhere in the group and the global financial system. It will also make banks that provide these essential services simpler and more resolvable and therefore prevent the costs of failing banks falling on taxpayers.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/11/2018 16:22:17 answering member 4051 label Biography information for John Glen
tabling member	4389 label Biography information for Ruth Cadbury

1005754

registered interest
date	12/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Taxation: Multinational Companies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps his Department has taken to secure multilateral support for public country-by-country reporting.
tabling member constituency	Don Valley
tabling member printed	Caroline Flint
uin	190354
answer	answer is ministerial correction date of answer 20/11/2018 answer text <p>The UK has led international action to enhance tax transparency. This included initiating the international work on country-by-country reporting during its G8 Presidency in 2013, and being the first country to commit to implement the OECD model for country-by country reporting with legislation in the 2015 Finance Act.</p><p> </p><p>The Government believes a multilateral approach to public country-by-country reporting would help ensure effective implementation. The UK has raised public country-by-country reporting with international partners where appropriate and the Government has engaged with our international partners, including at EU level, on this issue.</p> answering member constituency Central Devon answering member printed Mel Stride grouped question UIN 190355 190356 190357 question first answered 20/11/2018 14:50:54 answering member 3935 label Biography information for Mel Stride
tabling member	389 label Biography information for Caroline Flint

1005755

registered interest
date	12/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Taxation: Multinational Companies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps his Department has taken to secure support from EU member states for the implementation of public country-by-country reporting throughout the EU.
tabling member constituency	Don Valley
tabling member printed	Caroline Flint
uin	190355
answer	answer is ministerial correction date of answer 20/11/2018 answer text <p>The UK has led international action to enhance tax transparency. This included initiating the international work on country-by-country reporting during its G8 Presidency in 2013, and being the first country to commit to implement the OECD model for country-by country reporting with legislation in the 2015 Finance Act.</p><p> </p><p>The Government believes a multilateral approach to public country-by-country reporting would help ensure effective implementation. The UK has raised public country-by-country reporting with international partners where appropriate and the Government has engaged with our international partners, including at EU level, on this issue.</p> answering member constituency Central Devon answering member printed Mel Stride grouped question UIN 190354 190356 190357 question first answered 20/11/2018 14:50:54 answering member 3935 label Biography information for Mel Stride
tabling member	389 label Biography information for Caroline Flint

1005756

registered interest
date	12/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Taxation: Multinational Companies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has discussed public country by country reporting at multilateral meetings in the last 12 months.
tabling member constituency	Don Valley
tabling member printed	Caroline Flint
uin	190356
answer	answer is ministerial correction date of answer 20/11/2018 answer text <p>The UK has led international action to enhance tax transparency. This included initiating the international work on country-by-country reporting during its G8 Presidency in 2013, and being the first country to commit to implement the OECD model for country-by country reporting with legislation in the 2015 Finance Act.</p><p> </p><p>The Government believes a multilateral approach to public country-by-country reporting would help ensure effective implementation. The UK has raised public country-by-country reporting with international partners where appropriate and the Government has engaged with our international partners, including at EU level, on this issue.</p> answering member constituency Central Devon answering member printed Mel Stride grouped question UIN 190354 190355 190357 question first answered 20/11/2018 14:50:54 answering member 3935 label Biography information for Mel Stride
tabling member	389 label Biography information for Caroline Flint

1005757

registered interest
date	12/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Taxation: Multinational Companies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions his Department has had with the Department for Business, Energy and Industrial Strategy on discussing public country by country reporting at the EU Competitiveness Council.
tabling member constituency	Don Valley
tabling member printed	Caroline Flint
uin	190357
answer	answer is ministerial correction date of answer 20/11/2018 answer text <p>The UK has led international action to enhance tax transparency. This included initiating the international work on country-by-country reporting during its G8 Presidency in 2013, and being the first country to commit to implement the OECD model for country-by country reporting with legislation in the 2015 Finance Act.</p><p> </p><p>The Government believes a multilateral approach to public country-by-country reporting would help ensure effective implementation. The UK has raised public country-by-country reporting with international partners where appropriate and the Government has engaged with our international partners, including at EU level, on this issue.</p> answering member constituency Central Devon answering member printed Mel Stride grouped question UIN 190354 190355 190356 question first answered 20/11/2018 14:50:54 answering member 3935 label Biography information for Mel Stride
tabling member	389 label Biography information for Caroline Flint