HM Revenue & Customs (HMRC) has opened a public consultation on proposals requiring close companies to report transactions with their participators. The consultation seeks feedback on the scope, reporting requirements and format, and will close at 9:30 AM on 10 June 2026.
The UK’s HM Revenue & Customs (HMRC) has initiated a public consultation on proposed rules for reporting transactions between close companies and their participators on 19 March 2026.
This consultation seeks views on proposals to introduce new requirements to report transactions between close companies and their participators to HMRC.
The aim is to explore the ways in which this population and their advisers work, ensure that any new requirements are proportionate, and support customers through any changes. This consultation will be of particular interest to close companies, their participators and advisers, relevant trade bodies, and tax or accounting software developers.
Scope of this consultation
The government is consulting on:
- proposals to mandate the reporting to HMRC of transactions between close companies and their participators
- the scope of the transactions to be included
- the specific requirements as to what will need to be reported, including the format and timing
The consultation will end on 10 June 2026.
