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1179092

registered interest
date	21/02/2020
answering body	Department for International Development
answering dept id	20
answering dept short name	International Development
answering dept sort name	International Development
hansard heading	CDC: Offshore Funds
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for International Development, what steps he takes to monitor the proportion of CDC Group’s investments held offshore or in offshore entities; and what the value was of CDC’s offshore investments at 31 March 2019.
tabling member constituency	Hampstead and Kilburn
tabling member printed	Tulip Siddiq
uin	18672
answer	answer is ministerial correction date of answer 02/03/2020 answer text <p>CDC invests in accordance with its policy on the payment of taxes and the use of offshore financial centres which is available on CDCs website. Under this policy, which has been agreed with DFID and is reviewed annually, CDC’s preference is to invest directly into the country in which the investee company’s business operations are located. Where CDC does use an offshore financial centre, it only uses those that are compliant with international tax transparency standards, as monitored by the Global Forum on Transparency and Exchange of Tax information.</p><p>As of 31st March 2019, 25% of CDC’s investments are held in CDC investment companies not domiciled in the UK.</p> answering member constituency Rochford and Southend East answering member printed James Duddridge question first answered 02/03/2020 17:58:37 answering member 1559 label Biography information for Sir James Duddridge
tabling member	4518 label Biography information for Tulip Siddiq

1179093

registered interest
date	21/02/2020
answering body	Department for International Development
answering dept id	20
answering dept short name	International Development
answering dept sort name	International Development
hansard heading	CDC: Offshore Funds
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for International Development, what reviews he has undertaken on the adequacy of CDC’s controls on the use of offshore accounts and investments by CDC management and senior staff in the last two years.
tabling member constituency	Hampstead and Kilburn
tabling member printed	Tulip Siddiq
uin	18673
answer	answer is ministerial correction date of answer 02/03/2020 answer text <p>CDC reviews its tax policy at least annually with a view to remaining consistent with evolving international standards and the best practice of multilateral and bilateral development finance institutions. This policy is regularly reviewed by DFID.</p> answering member constituency Rochford and Southend East answering member printed James Duddridge question first answered 02/03/2020 17:59:16 answering member 1559 label Biography information for Sir James Duddridge
tabling member	4518 label Biography information for Tulip Siddiq

652379

registered interest
date	05/12/2016
answering body	Department for International Development
answering dept id	20
answering dept short name	International Development
answering dept sort name	International Development
hansard heading	CDC: Offshore Funds
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for International Development, what the total value is of management fees for investment vehicles established or used by the Commonwealth Development Corporation in (a) the Cayman Islands, (b) Mauritius and (c) the Channel Islands in each of the last six years.
tabling member constituency	Cardiff South and Penarth
tabling member printed	Stephen Doughty
uin	56205
answer	answer is ministerial correction date of answer 08/12/2016 answer text <p>The management fee paid to Fund Managers is not dependent on where the fund is established. Management fees are paid to cover the fund managers’ operational costs in managing investments in difficult operating environments.</p><p>Fund Managers do pay a licensing and registration fee to the governing jurisdiction to establish the fund. This varies depending on the size, type and location of the fund. For example, a fund established in Mauritius would pay one-off set up fees of USD$2,500 and annual fees of USD$5,000. These costs would be split proportionately between investors depending on size of their commitment to the fund.</p><p> </p> answering member constituency Penrith and The Border answering member printed Rory Stewart question first answered 08/12/2016 16:49:24 answering member 4137 label Biography information for Rory Stewart
tabling member	4264 label Biography information for Stephen Doughty