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The Government has today confirmed that the Small Business, Enterprise and Employment Bill has completed its passage through Parliament and has now received Royal Assent.

The Bill included several elements that will help widen the availability and transparency of data including non-financial VAT registration data, the establishment of a register showing the “Persons of Significant Control” behind companies, certain export data as well allowing the wider sharing of small business credit data via designated credit reference agencies. This data will be used to help assess a Company’s creditworthiness, aid compliance with regulatory requirements and to help combat fraud.

BIPA believes the availability of this data will in time generate significant benefits to the UK economy. Research carried out by HMRC in conjunction with BIPA indicates that the release of the VAT information alone could potentially make up to £1.8 billion more in trade credit available within the economy providing a welcome boost to British business.

BIPA welcomes the passage of the Bill into law and will continue to work with the Government and the wider business community to ensure its successful implementation.

If you have any specific questions for BIPA concerning this or wish to comment further please contact BIPA