TaxCorporate TaxWakeham to review finance bill

Wakeham to review finance bill

Lord Wakeham has been asked to take part in a review of government measures that demand the disclosure of complex tax avoidance schemes.

Link: Wakeham suffers Enron body blow

Lord Wakeham, a former secretary of state for energy and the ex-Enron director still under investigation by the Accountant’s Joint Disciplinary Scheme, has been drafted into a special committee to review the measures that were announced in the current finance bill.

The committee was convened by House of Lords’ economic affairs committee chairman Lord Peston and pushes the boundary of the Lords’ constitutional responsibilities because examination of the finance bill is usually the preserve of the Commons.

‘It will be looking very carefully at the proposals to deal with tax avoidance (as distinct from tax evasion) and at the implications which these and other measures will have for businesses and for the bodies which advise them on the conduct of their financial affairs,’ Lord Peston said.

Lord Wakeham is joined by Lord Freeman and Lord Barnett – as well as former chairman of the public accounts committee, Lord Robert Sheldon. Lord Wakeham served on the audit and compliance committee and was chairman of its nominating committee.

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