Large business tax strategies guidance

HMRC has published draft guidance on the legislation in Finance Bill 2016 (Sch 19) setting out the new requirement for certain large businesses to draw up and publish details of their tax strategy. See www.bit.ly/1WaKhfj. The first publication should be made at the start of the next financial year after Finance Bill 2016 receives royal assent.

A company or partnership is covered by the requirement if it has either a turnover of more than £200m or a balance sheet total of more than £2bn on the last day of its previous financial year. Entities not headed by a UK company that do not satisfy the conditions in their own right may...