New Register To Outline Ownership Of Companies

The Prime Minister last week announced new proposals which will see clear guidance on the ownership of British companies made available publicly, as part of efforts to tackle tax evasion.

David Cameron told the Open Government Partnership Summit in London that a register will be created to improve levels of transparency and shared with similar information available internationally to support the global effort to improve clarity in relation to business ownership.

He outlined: “For too long a small minority have hidden their business dealings behind a complicated web of shell companies - and this cloak of secrecy has fuelled all manners of questionable practice and downright illegality.

“We need to shine a spotlight on who owns what and where money is really flowing.”

Mr Cameron added that the data would be used to “pursue those who break the rules” and added that the Government would look to “do it relentlessly”.

News of the list has come after HM Revenue and Customs published a technical explanation and draft legislation on plans to reduce tax evasion and avoidance through rules known as compensating adjustments.

Expert Opinion

The themes of transparency and accountability are prevalent issues across business and financial organisations at present. <br/> <br/>"Making information of this nature public will create clarity around business ownership. Such a move will undoubtedly encourage many businesses to ensure they are complying with the relevant regulations and should help in the effort to tackle both tax avoidance and evasion."