Overview

The Transparent Taxation (Receipts) Bill mandates that all receipts issued in the UK must clearly display the pre-tax price, the amount of tax paid, and the final price. This aims to increase transparency regarding tax paid on goods and services.

Description

This bill requires all businesses selling goods or services in the UK to include a breakdown of tax on receipts. Specifically, receipts must show:

• The price of the goods or services before tax.
• The amount of tax applied (e.g., VAT).
• The total price including tax.

Failure to comply constitutes an offence, punishable by a fine (up to level 5 on the standard scale).

The Act extends to the whole of the United Kingdom and comes into force immediately upon passage.

Government Spending

The bill is not expected to significantly impact government spending. The administrative costs of enforcement are likely to be minimal. No specific figures are provided within the bill text.

Groups Affected

This bill primarily affects:

• Businesses: All businesses selling goods or services in the UK will need to amend their receipt systems to comply with the new requirements.
• Consumers: Consumers will benefit from greater transparency regarding the tax component of their purchases.
• Enforcement Agencies: Agencies responsible for enforcing the legislation will incur the costs of investigation and prosecution.

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