Controversial beneficial ownership bill pulled from Commons

Vote on 'inoperable' proposal pulled

An amendment brought forward by MPs in the UK, designed to introduce greater tax transparency in the Crown Dependencies, has been deferred.

Changes to the Financial Services Bill, which had received the support of some 40 MPs, were due to be debated in the House of Commons today.

However, it is understood ministers postponed the vote because the UK government was facing defeat.  

The amendments proposed the Isle of Man, Jersey and Guernsey make their beneficial ownership registers public by the end of next year.

Taking to twitter, Dame Margaret Hodge MP, one of the key movers behind the changes, said government's decision to pull the Bill was 'outrageous'.

But the Government have taken the outrageous step to pull the Bill from today’s business. They knew we commanded a majority. I hope the Government will accept our proposals but if not we will continue to campaign for public registers. It's the will of Parliament

— Margaret Hodge (@margarethodge) March 4, 2019

Dame Hodge visited the Island in June last year, with her colleague Andrew Mitchell MP.

It follows comments from the Island's chief minister, Howard Quayle, who called it 'inoperable' and 'unconstitutional'.

In London with fellow Crown dependency chief ministers @john_le_fondre & @gavinstpier to explain why legislating for @iomgovernment @govgg @govjersey without our consent is constitutionally and democratically unacceptable @ukparliament @HouseofCommons #IsleofMan #Jersey #Guernsey

— Howard Quayle (@HowardQuayleMHK) March 4, 2019