½Û×ÓÊÓƵ

Publication of tax strategies by large businesses

Produced by a Tolley Corporation Tax expert
Corporation Tax
Guidance

Publication of tax strategies by large businesses

Produced by a Tolley Corporation Tax expert
Corporation Tax
Guidance
imgtext

All qualifying large groups, companies, partnerships and permanent establishments are required to publish details of their tax strategy in relation to UK taxation. It is intended that this will facilitate public scrutiny of the relevant business’ approach towards tax planning and tax compliance. This should in turn encourage adherence to best practice and reduce the occurrence of tax avoidance and aggressive tax planning. Penalties may be levied in cases of non-compliance.

Many large groups already publish some sort of statement on tax policy, as part of the annual report in the financial statements for example, which is often motivated by reputational considerations. However, this legislation makes it a statutory requirement to do so, prescribing the content and form the report should take.

Definition of key terms

FA 2016, Sch 19, Part 4, para 55 contains a list of definitions which are relevant to the publication of tax strategies. These definitions also apply for the legislation governing sanctions for persistently uncooperative large businesses set out in Sch 19, Part 3, details of which can be found

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+â„¢
Powered by

Popular Articles

Class 4 national insurance contributions

Class 4 national insurance contributionsWhat is Class 4 NIC?Class 2 and Class 4 national insurance contributions (NIC) are paid by self-employed individuals and partners in a partnership on their profits arising within the UK. This guidance note considers Class 4 contributions. For Class 2

14 Jul 2020 11:13 | Produced by Tolley Read more Read more

Payments to trust beneficiaries

Payments to trust beneficiariesThis guidance note considers the trustees powers to make payments and whether the payment made is income or capital.This guidance note is designed to give outline and background for accountants and tax advisers who deal with clients establishing trusts. It is not

14 Jul 2020 12:52 | Produced by Tolley Read more Read more

Entity classification

Entity classificationImplications of entity classificationIf a subsidiary is established, it is important to determine how it will be treated for UK tax purposes as this will determine the basis on which it is taxed. A subsidiary may either be transparent (like a partnership, where the individual

14 Jul 2020 11:37 | Produced by Tolley Read more Read more