The latest draft Finance Bill spills fresh details on corporate tax reporting in the new year.
It appears as though the Government intends to tackle tax evasion and avoidance, as well as support businesses through the tax system by implementing various policies in 2017.
The Finance Bill 2017 lays out plans to prevent the use of “disguised remuneration schemes”, such as those recently witnessed within the media industry. It will do this by introducing a new tax avoidance scheme penalty, it says.
And according to the Bill, a new legal requirement is that companies must report on their complex financial structures, including offshore holdings, to HM Revenue & Customs (HMRC).
The consultation papers, published 5 December 2016, will be reviewed early next year, with final details being confirmed in Budget 2017.
This year’s Autumn Statement also revealed several Government incentives to encourage business, social investment and infrastructure. They will be increasing the amount of Social Investment Tax Relief and providing 100 per cent business rates relief as part of this move.
Jane Ellison, financial secretary to the Treasury, said: “We are recognised as having one of the world’s most effective tax regimes and this government is acting to ensure it continues to provide certainty for businesses, fairness for workers and a sound tax base.
“We are making sure we are prepared to meet the challenges and seize the opportunities presented by Brexit.”