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Requirement for large businesses to publish tax strategy: draft guidance

Global Tax Update:May 2016/United Kingdom

HMRC have published high level draft guidance on the requirement for large businesses to prepare and publish their tax strategy contained in Clause 149 and Schedule 19 of the Finance (No 2) Bill (“FB”). (Global Tax Update:May 2016/United Kingdom)

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This newsletter explains the following topics; 

1. Requirement for large businesses to publish tax strategy: draft guidance

HMRC have published high level draft guidance on the requirement for large businesses to prepare and publish their tax strategy contained in Clause 149 and Schedule 19 of the Finance (No 2) Bill (“FB”).

2. Register of People with Significant Control comes into effect

From 6 April 2016 UK companies and LLPs will be required to hold a register of People with Significant Control (“PSC”).

3. Parking fines not deductible: First-tier Tribunal

The First-tier Tribunal has dismissed the taxpayer's appeal in a case on penalty charge notices /parking fines in respect of armoured vans that collect and deliver cash.

4. VAT: Court of Appeal holds taxpayers ‘should have known’ of the link to fraud

The Court of Appeal has agreed with HM Revenue & Customs (“HMRC”) that Davis & Dann Ltd and Precis (1080) Ltd should have known that their trades in ‘grey market’ Gillette razor blades were connected with fraud.

 

>> Click for Japanese [大企業の税務戦略公表に関するガイダンス草案 ほか] 

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