Future UK tax legislation will require larger businesses including companies and partnerships to publish their tax strategies online for public scrutiny. Businesses must publish their approach to risk management and governance arrangements in relation to UK taxation; its attitude towards tax planning (so far as affecting UK taxation); the level of risk in relation to UK taxation that it is prepared to accept; and its approach towards its dealings with tax authorities. There is no requirement for publication of the amounts of taxes paid.
Businesses must publish if their turnover was more than £200m or balance sheet total was more than £2bn.
The same requirements apply to groups, and the guidance contains information about groups which come in scope, including multinationals and UK groups where companies do not have the same financial year end.
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.
After this, the strategy must not be published less than nine months, or more than 15 months, after the day on which the previous strategy was published.
Businesses face penalties if not published in the correct format.
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