UK Proposes Requiring Big Biz To ID Tax-Uncertainty Areas

By Joseph Boris (August 24, 2021, 8:02 PM EDT) -- The U.K. government proposed legislation that would require large businesses to notify HM Revenue & Customs about areas of their business in which they have taken a tax position that could produce uncertainty due to legal challenges.

According to the text of the draft bill, which Britain's tax authority published Thursday on HM Treasury's website, the proposal seeks to highlight and clarify varying legal interpretations of a tax stance before it must be disclosed on a company's annual return.

Businesses with annual revenue exceeding £200 million ($275 million) and assets of more than £2 billion would most likely be affected by...

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