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ALLISON PLAGER looks at a National Audit Office report on five settlements between the Revenue and large corporations
KEY POINTS
- Complex tax affairs of global companies.
- HMRC’s governance procedures.
- Settlements were reasonable.
- Departmental guidance must be kept up to date.
As growing numbers of businesses operate globally their financial and tax affairs become increasingly complex. Inevitably disputes arise with HMRC with either side having firm views on the correct tax payable.
There have been some very high-profile cases which have attracted the glare of publicity in the UK in recent years with some people expressing dissatisfaction over the final outcomes.
In light of the concerns the House of Commons Public Accounts Committee questioned HMRC about their governance procedures in settling the tax affairs of large companies in October and November 2011.
Its report made clear that MPs were not happy with the way HMRC had handled the...
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