HMRC Issues Best Practices for Group Structure Tax Reporting

The UK tax authority Monday issued guidance setting out best practices for large and complex business groups to share their group structure information.

Group structure information should, as a minimum, identify each entity’s legal form, ownership and control, country of tax residence and any special characteristics, such as hybrid status, according to guidance by His Majesty’s Revenue and Customs.

UK businesses share such information with HMRC when seeking approval for certain tax transactions, resolving transfer pricing issues and responding to compliance checks, among other reasons, which the office said helps save time and resources.

• The guidance also gives advice on ...