I am grateful to the hon. Gentleman, who brings me on neatly to the next issue, which is registration of ownership. New clause 12(2) asks for a review of the effects of
“a global standard for public registration of ownership of companies and trusts via a convention on tax transparency”.
At the recent Lough Erne summit, the G8 leaders all committed to work internationally to ensure that tax collectors and law enforcers can easily obtain information about who really owns companies. That represents real progress in the UK’s aim to secure a substantial change in international tax transparency. That is an important
point and something that we have been pressing. We have agreement from the overseas territories to develop their plans to ensure that there is access to information on beneficial ownership.