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Settlement opportunity: guidance for ‘UK GAAP corporates’

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HMRC has published the terms of its settlement opportunity for companies that have taken part in ‘UK GAAP corporates’ schemes, which HMRC describes as ‘broadly those which have sought to create a loss through the write-off of expenditure or the value of rights or assets through generally accepted accounting practice’.

HMRC announced last December that it was inviting some participants in certain tax schemes to settle their tax liabilities by agreement, without the need for litigation.