Public Bill Committee amendments have been tabled by the Government, and the Committee of the Whole House met on 27 and 28 June 2016.
The Committee of the Whole House (CWH) sat on 27 and 28 June 2016 to discuss the Finance Bill clauses due to be discussed by them. The Government also published a list of proposed amendments to the remaining clauses due to be considered by the Public Bill Committee (PBC), which met for the first time on 30 June 2016. The Government has also now confirmed that Royal Assent to the Bill is not expected until the autumn
In the CWH, the Government amendments discussed in our Tax Matters Digest article of 17 June were ordered to stand as part of the Bill. In addition, there were some high-profile amendments proposed by backbenchers, including one in relation to country by country (CbC) reporting being part of the published tax strategy of large companies, which was voted against (295-273). Speaking against the amendment, David Gauke said that it was ‘technically flawed’ and that it ‘risks putting UK multinationals at a competitive disadvantage by imposing a reporting requirement that does not apply to foreign competitors operating in the same market.’
As well as the amendments agreed at the CWH, the Government’s proposed amendments to the PBC clauses include the following (click on the links to read our detailed commentary on each measure, where available):
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