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
About 2,000 businesses will be required to publish a UK tax
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 Royal Assent. It includes a new
requirement that large businesses publish their tax strategies
online as they relate to or affect UK taxation. The new requirement
also affects Deloitte and we have now
published our UK tax strategy statement.
Preparing for publication of your UK tax strategy
At Deloitte we can help your business prepare the statement
itself and, more importantly, get under the surface with you to
help you understand the governance and controls you will need to
consider putting in place to help you feel confident that no tax
risks or missed opportunities arise that could undermine your
We can help facilitate board level discussion and conversation
so that the amount of investment needed to navigate the challenges
ahead is understood and supported.
So that when you come to publish, you and the Board are
confident that you've got it right.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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Under current law, where a business subject to corporation tax or income tax reallocates an existing asset into its trading stock, the basic rule is that there is a deemed market value disposal of the asset...
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