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Farron: 'New tax transparency rules will make a massive difference'

December 4, 2013 12:12 PM

Tim in WestminsterSouth Lakes MP Tim Farron has welcomed the news that the Government have announced that a register containing details of who owns and controls UK companies will be made publicly available.

The register will contain information on individuals with an interest in more than 25% of a company's shares or voting rights, or who otherwise control the way it is run.

This means there will be greater transparency of company ownership and control, making it easier to expose bad practice. The move is aimed particularly at the owners of "shell" companies where firms keep money offshore to avoid paying UK taxes.

Tim said: "A stronger economy depends on investors, employees and the public having trust and confidence in companies and those that are running them.

"We believe a public register, listing those who really own companies, makes Britain a better place to invest and do business. People have a right to know who controls UK companies and greater openness will help tackle tax evasion, money laundering and other crimes.

"The vast majority of companies and directors in the UK contribute productively to the economy, abide by the rules and make an enormous contribution to society. But the few who operate in the shadows threaten the trust on which good business is based."