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All qualifying large groups, companies, partnerships and permanent establishments are required to publish details of their tax strategy in relation to UK taxation. It is intended that this will facilitate public scrutiny of the relevant business’ approach towards tax planning and tax compliance. This should in turn encourage adherence to best practice and reduce the occurrence of tax avoidance and aggressive tax planning. Penalties may be levied in cases of non-compliance.

Many large groups already publish some sort of statement on tax policy, as part of the annual report in the financial statements for example, which is often motivated by reputational considerations. However, this legislation makes it a statutory requirement to do so, prescribing the content and form the report should take.