'Tax deal' for FTSE 100 firms

News Article - 04 February 2008
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HM Revenue & Customs (HMRC) has offered the top 100 UK companies lighter scrutiny on their taxes.

In a letter emailed to every FTSE 100 finance director, Dave Hartnett, acting chairman of HMRC, has proposed "an increasingly bespoke service" in return for more co-operation and higher levels of disclosure.

"For those that work with us providing a high level of disclosure and transparency we can offer earlier certainty, helping you maintain a predictable, sustainable tax charge and reducing risks affecting your reputation," he said.

By agreeing to his suggestions, large companies will be given "understanding, impartiality, proportionality, openness and responsiveness" by tax authorities, he added.

Mr Hartnett's proposal follows the revelation that one large listed firm had previously been targeted by as many as 150 HMRC tax specialists, looking for evidence of tax evasion or avoidance.

HMRC is currently undergoing a restructuring process in order to restore staff confidence in the organisation's management department.

Mr Hartnett announced that the move would begin with a review of the organisation and employee roles within it, reported Accountancy Age.

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