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Local Documents
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Read Protiviti's documents regarding recent changes in U.K. legislation.
Bribery Act 2010
The UK Bribery Act became law in the UK on 8 April 2010 and it is considered to be among the toughest anti-corruption legislation in the world. The Act will allow British courts to prosecute acts of bribery committed outside the UK, and it will impose on British businesses a corporate criminal offence of failing to prevent bribery, which will include subsidiaries and agents of overseas companies operating in the UK. Penalties will include unlimited fines.
Schedule 46 Finance Act 2009
In April 2009 a new penalties regime was introduced that significantly increased the penalties that can be applied if errors are identified in returns filed with the HMRC. In July 2009 Schedule 46 of the Finance Act 2009 included measures to ensure that the accounting processes in operation within large companies liable to U.K. taxes and duties are adequate for the purposes of appropriate tax accounting arrangements and reporting. It also introduced a personal liability on the Senior Account Officer of companies that fail to comply.
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