Tax Avoidance and Evasion — 13 Apr 2016 at 15:52

The majority of MPs voted against implementing a series of proposals intended to reduce tax avoidance and evasion.

The motion rejected by the majority of MPs in this vote was:

• That this House
• notes with concern the revelations contained within the Panama Papers and recognises the widespread public view that individuals and companies should pay their fair share of tax; and
• calls upon the Government to implement Labour’s Tax Transparency Enforcement Programme which includes:
• an immediate public inquiry into the revelations in the Panama Papers,
• HMRC being properly resourced to investigate tax avoidance and evasion,
• greater public sector transparency to ensure foreign companies wanting to tender for public sector contracts publicly list their beneficial owners,
• consultation on proposals for foreign companies wanting to own UK property to have their beneficial owners listed publicly, working with banks to provide further information over beneficial ownership for all companies and whom they work for, the swift implementation of full public country-by-country reporting with a fair turnover threshold as well as ensuring robust protection for whistle blowers in this area,
• ensuring stricter minimum standards of transparency of company and trust ownership for Crown Dependencies and Overseas Territories,
• consideration of the development of the Ramsey Principle by courts, implementation of an immediate review into the registry of trusts, and
• the strengthening and extension of the General Anti-Avoidance Rule to cover offshore abuses.

Debate in Parliament |