On 9 December 2016, LCN Legal co-hosted a private roundtable discussion on the practicalities of preparing an Annual Tax Strategy, which large corporates are required to publish under the UK’s Finance Act 2016. This obligation applies to UK groups with an annual turnover of £200 million or more, or a group balance sheet total of more than £2 billion. The publication rules have effect for financial years beginning on or after 15 September 2016, the date on which the Finance Act received Royal Assent. Publication will be required within the financial year to which the strategy relates and will present additional challenges to business operating internationally.
The event was co-hosted with Trident Tax, Questro International and PLS Tax, and the participants in the discussion included representatives from ASOS, Berkeley Group, Kaspersky, Next Plc, Ultra Electronics and Wells Fargo.
The discussion was held under “Chatham House Rules”, but we will shortly publish a high level checklist of considerations for preparing an annual tax strategy for publication, based on some of the thoughts and comments shared during the session.
"Excellent opportunity to meet Tax representatives from other businesses, providing forum to share key thoughts and concerns regarding new tax developments. Well hosted and great and informative discussion. Thank you for the invitation."