On 24 June 2016, HMRC published (very short) guidance on the annual tax strategy to be required of “large businesses”, from the first financial year beginning after Royal Assent of this year’s Finance Bill.

Companies and partnerships will be required to publish an annual tax strategy if they had either turnover above £200m or a balance sheet over £2bn in the previous tax year.

The new guidance includes brief details as to what should be included in an annual strategy, and the penalties to be imposed for failure to publish a tax strategy on time.

The guidance can be viewed here.