In Plain English
AI-generatedThis Bill would require the Secretary of State to take steps to compel banks, corporations and trusts to report information about their status, the income they earn, and the tax they pay in each jurisdiction where they operate. The aim is to improve cross-border tax transparency and help authorities see where money is earned and taxed. It is currently at the 2nd Reading in the House of Commons.
Key Points
- Duty on the Secretary of State to secure new reporting requirements from banks, corporations and trusts
- Information to be reported includes status, income arising and tax payments, broken down by jurisdiction
- Applies to organisations operating in multiple jurisdictions (banks, corporations and trusts)
- References to “connected purposes” indicating broader uses of the data beyond the initial reporting
- Could create new compliance obligations for affected organisations and inform tax administration
- progressSummary
- Currently at the 2nd Reading in the Commons; after this stage it would typically proceed to Committee Stage for detailed examination, followed by Report Stage and Third Reading, and then Lords consideration if it passes.
- whoIsAffected
- Banks and financial institutions; Corporations (including multinationals); Trusts; Their employees and shareholders; Tax authorities and government departments (e.g., HM Treasury, HM Revenue & Customs); The general public (through greater transparency)
Progress
Currently at the 2nd Reading in the Commons; after this stage it would typically proceed to Committee Stage for detailed examination, followed by Report Stage and Third Reading, and then Lords consideration if it passes.
Who is affected?
Banks and financial institutionsCorporations (including multinationals)TrustsTheir employees and shareholdersTax authorities and government departments (e.g., HM Treasury, HM Revenue & Customs)The general public (through greater transparency)
Generated 21 February 2026
