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What are the new rules?
In the past, multinationals were not required by HMRC to issue reports of this nature; however the deadline has been creeping up for some time. There is also a requirement to notify HMRC in advance of filing the report, with the first notifications due by 1st September 2017.
The group parent business – i.e. the ‘group or partnership which has overall control of your multinational group’ must be known, as they are generally responsible for compiling and issuing the report.
The group parent business must then advise HMRC each year whether they will be filing a report with them or with another jurisdiction. The report will later be shared with HMRC.
Who does it apply to?
If you’re a multinational group, with a consolidated revenue of €750 million or more in the reporting period, these rules apply to you.
HMRC state that you must send the report if any of the following apply to you:
What do I do next?
“Companies have known that these rules have been on the horizon for some time but it has been frustrating that HMRC guidance has been slow,” says Sharon Bedford, James Cowper Kreston Business Tax Partner. “Now there is more clarity in the procedures it is important that these are followed. There are penalties in place if a company misses a deadline or doesn’t include the correct information so it is important to get this right.”