- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
4. The directors of an undertaking must prepare a report annually on payments made to governments for each financial year of the undertaking (the “report”) if that undertaking is—
(a)a large undertaking or a public interest entity; and
(b)a mining or quarrying undertaking or a logging undertaking.
5.—(1) For each financial year, the report must state the following information in relation to the relevant activities of the undertaking—
(a)the government to which each payment has been made, including the country of that government;
(b)the total amount of payments made to each government;
(c)the total amount per type of payment made to each government; and
(d)where those payments have been attributed to a specific project, the total amount per type of payment made for each such project and the total amount of payments for each such project.
(2) Where an undertaking makes a payment that is not attributable to a specific project, that payment may be disclosed in the report without splitting or disaggregating the payment to allocate it to a specific project.
(3) A payment need not be taken into account in the report if—
(a)it is a single payment of an amount less than £86,000, or
(b)it forms part of a series of related payments within a financial year whose total amount is less than £86,000.
(4) Payments, activities and projects may not be artificially split or aggregated to avoid the application of these Regulations.
(5) The disclosure of payments must reflect the substance, rather than the form, of each payment, relevant activity or project concerned.
(6) Where payments in kind are made to a government, the report must state the value of such payments in kind and, where applicable, the volume of those payments in kind, and the directors must provide supporting notes to explain how the value has been determined.
6. The directors of an undertaking that is a subsidiary undertaking or a parent undertaking are exempt from preparing a report if the payments to governments made by the undertaking are included in the consolidated report drawn up by the parent undertaking in accordance with regulation 8.
7. The directors of an undertaking that is a subsidiary undertaking or a parent undertaking are exempt from preparing a report if—
(a)the parent undertaking is subject to the provisions implementing Chapter 10 of the Directive in any member State other than the United Kingdom; and
(b)the payments to governments made by the undertaking are included in the consolidated report drawn up by that parent undertaking.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: