Should those who set UK laws also be UK taxpayers?

I’ve blogged before about Liberal Democrat peer Lord Oakeshott’s plans to introduce a bill requiring all members of the House of Lords to be paying taxes in Britain:

This will increase the pressure on controversial Conservative Party donor Lord Ashcroft, who promised to become a UK taxpayer when he was appointed to the Lords but hasn’t provided clear evidence that he has kept this promise.

The bill is having its second reading in the House of Lords today, and Lord Oakeshott has lined up cross-party backing, as the Liberal Democrat website reports:

Labour MP Gordon Prentice has agreed to sponsor Lord Oakeshott’s Bill should it pass the Lords before his own similar Bill clears the Commons. Lord Oakeshott will return the compliment if the Prentice Bill reaches the Lords first…

Lord (Matthew) Oakeshott, said:

“Lords with millions stashed in tax havens from Liechtenstein to the Cayman Islands must not vote on laws for hard-pressed British families paying their full whack of tax.

“I have joined forces with Labour MP Gordon Prentice to get a Bill through Parliament this session, to make peers who dodge British taxes pay up or pack up.”

UPDATE: The Conservatives have changed their mind and decided not to back the bill after all.