Friday 11 December 2015

UK: Finance Bill 2016 - the new 'tax strategy report'

HM Treasury and HMRC have published a draft of the Finance Bill 2016, together with explanatory notes and policy papers: see here. Draft Clause 65 (and its supporting Schedule) in the Bill contain the provisions introducing the requirement for certain large businesses to publish a tax strategy report: see here. According to the Schedule, the tax strategy report must explain:

(a) the approach of the UK group to risk management and governance arrangements in relation to UK taxation;

(b) the attitude of the group towards tax planning (so far as affecting UK taxation);

(c) the level of risk in relation to UK taxation that the group is prepared to accept; and

(d) the approach of the group towards its dealings with HMRC.

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