Publishing corporate tax returns would achieve nothing, UK tax experts say

A Labour government would seek publication of tax returns made by “all medium and larger corporations,” party leader Jeremy Corbyn told journalists, prompting tax experts to call for more clarity in public debate …

The party had said in an April 15 release that Labour would “change company law to make sure the largest corporations publish their tax returns in full.” The release made no reference to medium-sized companies. Tax Analysts asked the Labour Party for clarification and to say how it defines a “medium corporation” for this purpose, but no response was received by press time …

Careful use of terminology in the public debate could promote better understanding of tax issues, Stephen Herring, head of taxation at the Institute of Directors, told Tax Analysts. The IoD has noted that the terms “small” and “medium” in relation to companies are often used loosely. Read more:

My news story for Tax Analysts, April 22 (paywall)

UK tax professionals urge caution in finance bill ‘wash-up’

Experts have urged the UK government to defer the enactment of most tax measures in the longest-ever finance bill, which is set to complete its remaining House of Commons stages in a single day on April 25.

The bill completed its second reading in the House of Commons after four hours of debate on April 18. Jane Ellison, financial secretary to the Treasury, told members of Parliament that following the surprise announcement of a June 8 general election, the government hoped to hold constructive discussions with opposition MPs on how the bill would proceed …

The Making Tax Digital measures in the bill are “really quite sketchy,” Anita Monteith, technical tax manager at the Institute of Chartered Accountants in England and Wales, told Share Radio on April 21. Read more:

My news story for Tax Analysts, April 22 (paywall)