UK: FRC has "significant concerns" with HMRC proposal for named director to have responsibility for tax strategy

Earlier this year HMRC published a consultation paper titled Improving Large Business Tax Compliance: see here. Amongst the proposals set out in the paper was one for legislation to require large businesses to publish their tax strategy as it relates to (or affects) UK taxation, and for this strategy to be "formalised, articulated and owned" by an executive director within the business. The latter has proved controversial. Indeed, the Financial Reporting Council, referring to the board's collective responsibility, says that it has "significant concerns" with HMRC's proposal for a named individual be responsible: see here (pdf).