Large UK businesses must publish annual tax strategy from 2017

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HMRC has published high level draft guidance, as part of its anti-avoidance plans, on the requirement for large businesses to prepare and publish their tax strategy.

It applies to UK companies, groups and partnerships with turnover of more than £200m or a balance sheet of more than £2bn and makes it mandatory for businesses to publish their tax strategy and approach to tax planning every financial year.

This guidance explains:
> the qualifying criteria for publishing a tax strategy,
> what a tax strategy must contain,
> when penalties may be charged and
> the appeals process.

The strategy should be first published for the next financial year after Royal Assent of Finance Bill 2016, set to be in July 2016.

After this, it must not be published less than 9 months or more than 15 months after the day on which the previous strategy was published.

The tax strategy has to be published on the internet as a separate document or a self-contained part of a wider document, and should remain accessible to the public, free of charge for the period until the next year’s strategy is published.

The HMRC guidance is here

 

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