HMRC’s new Transformation Roadmap has confirmed it will not be introducing Making Tax Digital for corporation Tax.
Companies will now not be required to use software to keep digital records and file quarterly updates of their income and expenditure.
Instead, the revenue said it will look to develop a more suitable method of tax collection that reflects the diverse corporate population.
Jon Stride, Chair of the ATT’s Technical Steering Group, said: “We welcome the announcement that plans to introduce MTD for CT will no longer be going ahead. The complexity of corporation tax would make bringing it into MTD difficult, and the benefits were unlikely to be as extensive as anticipated.”
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