The Chancellor has announced the outcomes of the 2006 Review of Links with Large Business, chaired by Sir David Varney, former Chairman of HMRC.

The review addresses key business concerns through proposals which will deliver:

• Earlier certainty about the tax treatment of transactions;
• An efficient risk based approach to dealing with tax matters which will be less time consuming for business by ensuring a focus on key risks;
• Speedy resolution of issues which will be more cost effective for business; and
• Clarity through effective consultation so the business perspective informs HMRC decisions.