Finance Bill — Publication of Estimated Impact of Extending Scope of Register of People with Significant Control Regulations 2016 — 28 Jun 2016 at 14:54

The majority of MPs voted not to require the publication of an estimate of the impact on levels of tax avoidance and tax evasion of extending the current requirement on UK-based companies to publish information about people who have significant control over them to companies incorporated in the Crown Dependencies and the Overseas Territories.

MPs were considering the Finance Bill.^[1]

The proposed new clause rejected in this vote was titled Estimated impact of extending the scope of the Register of People with Significant Control Regulations 2016 and stated:

• The Chancellor of the Exchequer must, within 12 months of this Act coming into force, publish an estimate of the impact on levels of tax avoidance and tax evasion of extending the requirement placed on UK-incorporated companies by the Register of People with Significant Control Regulations 2016 to publish a register of people with significant control to companies incorporated in the Crown Dependencies and the Overseas Territories which have significant levels of trading activity within the UK.”

The rejected new clause was accompanied by an explanatory statement:

• This new clause would require the Chancellor to publish an estimate of the impact on levels of tax avoidance and tax evasion of extending the current requirement on UK-based companies to publish information about people who have significant control over them to companies incorporated in the Crown Dependencies and the Overseas Territories which have significant levels of trading activity within the UK.

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• [1] Parliament's webpage on the Finance Bill

Debate in Parliament |