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HMRC publishes guidance for large businesses on publishing tax strategy

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29 Jun 2016

HM Revenue & Customs (HMRC) have published 'Large businesses: publish your tax strategy', a guidance document for entities that will be required to publish a tax strategy by the Finance (No. 2) Bill 2016.

The Finance (No. 2) Bill 2016, which is still in the process of receiving parliamentary approval, is expected to require all large businesses (other than open-ended investment companies and investment trusts) to publish a tax strategy before the end of the first financial year commencing after the bill receives Royal Assent.

A large business is a company, partnership, group or sub-group which, meets one of the following criteria.

  • In its previous tax year it had either:
    • turnover above £200 million; or
    • a balance sheet over £2 billion.
  • It is required (or would be required if the head of the group were UK tax resident) to make an annual country-by-country report to HMRC.

For groups and sub-groups, the relevant figure for comparison with the thresholds above is the aggregate figure for all UK group entities.

HMRC's document provides guidance on the following areas.

  • Who has responsibility for publishing the tax strategy?
  • What to include in the strategy.
  • How and when to publish it.
  • Penalties for non-compliance.

The guidance document is available from HMRC's website and the draft Finance Bill can be obtained from the UK parliament website.

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