New legislation to impact Chief Financial Officers : tax

New legislation has been passed in the UK which seeks to address a perceived tax accountability gap among senior managers of large corporates and enforce the responsibility for tax beyond the tax role. This legislation forces the person who has overall responsibility for the financial accounting arrangements of a company, in reality the Chief Financial Officer, to take personal responsibility for the processes and systems which enable tax liabilities to be calculated accurately, with penalties for non-compliance (both for the individual in question and the company).