The U.K. authorities are looking to gain insight into tax positions that seem to be outside the norm of established policy, the latest move in the global trend toward tax transparency.
Her Majesty’s Revenue & Customs, the U.K. tax administration, published its second consultation on March 23, addressing proposals for disclosure of uncertain tax treatments. A comment period is open until June 1.
The U.K.’s self-assessment tax system puts the obligation on the taxpayer to accurately report results. The new disclosures provide an early warning signal for tax positions HMRC may want to review earlier in the process.
The proposal, ...