Tax Strategies In The Spotlight - Publishing Is The Tip Of The Iceberg (Video)

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For many large businesses and partnerships, publishing a UK tax strategy is now a requirement. This may sound straightforward but, in reality, publishing your strategy can be just the 'tip of the iceberg'. Given the likely need for Board approval it can be a challenging process and may involve financial and reputational risk if the organisation gets it wrong. There are also penalties for not publishing the UK tax strategy correctly and on time.

Experience tells us that publishing your UK tax strategy requires an organisational response and that you need to feel confident that the statement stands up to the scrutiny of both your internal and external stakeholders. You also need to balance what is required of a UK statement in the context of a global approach to tax and its visibility to taxing authorities around the world.

About 2,000 businesses will be required to publish a UK tax strategy

Last December the government published significant new tax governance requirements which apply to about 2,000 larger entities (those with turnover in excess of £200 million or with balance sheet total in excess of £2 billion). It also applies to UK registered companies and branches with turnover of less than £200 million which form part of a larger multinational group. The package of measures came into force on 15 September 2016, when the Finance Act received...