The government’s plan to bring an element of transparency to businesses and their tax affairs comes into full effect in 2017.

Officially named the Finance Act 2016, the ruling was given royal assent on 15th September 2016, and applies to a large business the beginning of its first financial year after that date.

Large companies (including partnerships) in this instance are classified as those with a turnover of more than £200m or a balance sheet above £2bn. It also covers companies for which there is a mandatory reporting requirement under the UK country-by-country reporting regulations.