Libor

It’s day two of Committee Stage in the House of Lords. This involves detailed line by line examination of the separate parts of the bill. As a reminder, the bill will create a new corporate offence of ‘failure to prevent tax evasion’, extending the ‘failure to prevent’ model in the UK Bribery Act 2010 to corporate tax evasion, although there is some question over what, if any, differences there are between ‘adequate procedures’ as specified by the Bribery Act and ‘reasonable procedures’ as specified in the new failure to prevent facilitation of tax evasion offence.