HMRC have revised their guidance
on the requirement for large businesses to publish a tax strategy, to clarify
that the turnover and balance sheet test for UK companies, and the
multinational enterprise (MNE) turnover test, are mutually exclusive.
This means that, if a UK company is part of an MNE,
it does not need to publish a strategy if global turnover is less than 750m
euros, even if it personally exceeds the £200m turnover threshold that applies
under the UK companies test.
HMRC have revised their guidance
on the requirement for large businesses to publish a tax strategy, to clarify
that the turnover and balance sheet test for UK companies, and the
multinational enterprise (MNE) turnover test, are mutually exclusive.
This means that, if a UK company is part of an MNE,
it does not need to publish a strategy if global turnover is less than 750m
euros, even if it personally exceeds the £200m turnover threshold that applies
under the UK companies test.
