Introduction Summary
1.Section 93 and Schedule 46 provide that senior accounting officers of qualifying companies are required to take reasonable steps to ensure that the company establishes and maintains appropriate tax accounting arrangements. Qualifying companies must notify HMRC of the name of the senior accounting officer. The section includes a power to impose penalties on both senior accounting officers and companies who fail to comply with these requirements. The change has effect in relation to financial years beginning on or after the day this Act is passed.