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UK releases draft legislation for notification of uncertain tax treatments

Large businesses would be required to provide notification of uncertain tax treatment in Corporate Tax, Value Added Tax or income tax returns filed on or after 1 April 2022.

The United Kingdom (UK) Government has published draft legislation on a new requirement, first announced at Budget 2020, for large business taxpayers to notify HMRC where they have adopted an uncertain tax treatment (UTT) in corporation tax, VAT or income tax returns filed on or after 1 April 2022. Large businesses are defined broadly as companies and partnerships with UK turnover greater than £200 million (AUD406 million) per annum or a UK balance sheet total over £2 billion (AUD4 billion)....

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Authors: Kevin Elliott

Published Date: 02 August 2021

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