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New legal requirement for businesses to publish a tax strategy
Draft guidance on the new legal requirement for businesses to publish a tax strategy including their approach to tax planning and other sensitive issues has been published by HMRC.
Heather Self, partner, Pinsent Masons, said: ‘This is going to affect a swathe of UK businesses, not just the multinationals where most of the political attention on corporation tax has been focused. It will force many of the new challenger banks and younger UK technology companies to start reporting on their tax strategy even if they pay no corporation tax.’
The regime applies for accounting periods beginning after the Finance Act receives royal assent. It affects groups with a turnover from UK companies of more than £200m or a balance sheet total of more than £2bn.
