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Transparency Bill passes second Commons reading

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The United Kingdom Corporate and Individual Tax and Financial Transparency Bill went through its second House of Commons reading on 6 September 2013. The purpose of the private member’s Bill, presented by Michael Meacher MP, will be to: require disclosure of various financial information by large companies; to provide for disclosure of beneficial ownership; to require banks to disclose to HMRC the identity of certain companies holding bank accounts; to require the publication of the tax returns of individuals with an income of more than a certain level and the largest 250 UK companies; and for connected purposes. Tax campaigner Richard Murphy commented on his blog that ‘it was clear from the start of business on the day that the Tories were intent on talking the Bill out so that a vote could not be reached’.

Issue: 1184
Categories: News