Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

Consultation on uncertain tax treatment technical guidance

24 January 2022
Issue: 4825 / Categories: News

HMRC has launched a consultation seeking views on the technical guidance on the requirement for large businesses to notify HMRC when they take an uncertain tax position.

The initial draft technical guidance published in August 2021 explained how HMRC will interpret and apply the uncertain tax treatment legislation. In light of the responses received it has published a second version of the guidance. This explains the aim of the new regime - to promote early identification and disclosure of tax certainties by large businesses. It also has examples to show that when a company is a member of a group its UK turnover and UK balance sheet totals should be aggregated with other 51% subsidiaries for the purposes of determining whether the large business is within scope.

In addition it states which taxes are affected namely income tax corporation tax and VAT and notification criteria.

Comments...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.

back to top icon