Hodge, who chairs the all-party parliamentary group on responsible tax, says that the new clause ‘would require the Chancellor to publish an estimate of the impact on levels of tax avoidance and evasion’ of extending the current requirement on UK-based companies to publish beneficial ownership information to the overseas territories and Crown dependencies. The clause specifies the figures should be produced within a year of the bill passing into law.

The Finance Bill is still being debated with a view to passing the Act by close of this parliamentary session next month.

 Other amendments tabled for Finance Bill 2016 include a clause put forward by Roger Mullin, an SNP MP, requiring the Chancellor to undertake a review of the impact of ‘the abandonment by HMRC of its valuation check service for SMEs, including its associated impact on employee share ownership schemes.’ A report on this would be required within six months of  the Finance Act being passed.

Shadow Chancellor John McDonnell is named on several clauses to be discussed, all of which call for strategic reviews of the impact of recent legislation. There is a call for a review of the income tax treatment of workers providing services through intermediaries, including the differential impact on different types of workers.

Another clause for discussion focuses on the demand for a Treasury assessment of employee share schemes and value for money, and there is also a call for a review of recent changes to the Climate Change Levy, including the effect of the abolition of the carbon reduction commitment, changes in reporting, and the removal of the exemption for electricity generated from renewable sources.  

The Finance Bill is scheduled to be debated next in a committee expected to take place on Monday 27 June and Tuesday 28 June 2016.

Details of the proposed amendments are here: http://www.publications.parliament.uk/pa/bills/cbill/2016-2017/0001/amend/finance_rm_cwh_0622.1-7.html