UK Seeks To Force Big Cos. To Report Uncertain Tax Positions

Law360 (March 19, 2020, 6:56 PM EDT) -- The U.K. tax authority began seeking public input Thursday on a proposed rule to require large businesses to notify it when taking an uncertain tax position they believe will be challenged.

HM Revenue & Customs issued a two-month consultation on the proposals, which would apply to any business with annual revenue over £200 million ($229 million), a balance sheet totaling more than £2 billion or both. Businesses that are already required to notify HMRC of uncertain tax arrangements through the Disclosure of Tax Avoidance Schemes would be excluded from the new rule, the authority said.

It said the requirement was designed...

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