The UK mandatory disclosure rules, expected to be enacted this summer, will replace the UK’s current DAC 6 regulations. The scope of the new rules is broadly similar to the UK’s DAC 6 rules and requires intermediaries and taxpayers to send information to HMRC about certain reportable arrangements and structures. However, intermediaries such as law firms and tax advisers should review the consultation (which closes on 8 February). Promoters, in particular, will need to undertake another look-back exercise in relation to arrangements put in place since 29 October 2014 to see if there are any which are reportable under the new rules.
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The UK mandatory disclosure rules, expected to be enacted this summer, will replace the UK’s current DAC 6 regulations. The scope of the new rules is broadly similar to the UK’s DAC 6 rules and requires intermediaries and taxpayers to send information to HMRC about certain reportable arrangements and structures. However, intermediaries such as law firms and tax advisers should review the consultation (which closes on 8 February). Promoters, in particular, will need to undertake another look-back exercise in relation to arrangements put in place since 29 October 2014 to see if there are any which are reportable under the new rules.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")