HMRC Publishes Additional Guidance on CbC Reporting

On August 15, the HMRC published guidance on country-by-country reporting titled as “Check if you must send a country-by-country report” and "Country-by-Country XML Schema Guidance." The XML Schema Guide provides information on specific data elements and any attributes that describe that data element.

Qualifying Criteria

The reporting requirements apply to multinational groups with a consolidated revenue of €750 million or more in the relevant accounting period or equivalent. HMRC provides information on the qualifying criteria, and other areas, in the International Exchange of Information Manual.

For HMRC’s purposes, you will have to send your group’s country-by-country report if you are any of the following:

  1. based in the UK, and you are the group parent business of the group in question
  2. the highest-level UK business of a group whose group parent business is based in a country that either:
  • does not require that group parent business to file a country-by-country report
  • has entered into a tax information exchange agreement, but with no country-by-country reporting requirements
  • has information exchange agreements already in place between it and the UK, but HMRC has notified you that they are not working effectively

XML Schema

The guidelines explain what information needs to be included in each CbC data element to be reported to HMRC in the CbC XML Schema v. 1.0. It also contains guidance on how to make corrections to data items within a file that can be processed automatically, and error codes associated with certain data elements of the XML Schema.

Sources: XML Schema Guide, "Who Must Send the CBC Report" Guidelines


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