HMRC has published a summary of responses received to the consultation on implementation of the OECD mandatory disclosure rules for common reporting standard avoidance arrangements and opaque offshore structures.
The summary highlights two key decisions following the consultation:
The period for reporting of pre-existing arrangements entered into since 29 October 2014: having considered the balance between burdens on business and the likely compliance benefits of the data, HMRC has decided that reporting pre-existing arrangements should only be required from 25 June 2018.
Online manual reporting: there will be no online portal for manual reporting. Instead, businesses will be required to report to HMRC using XML software. The rationale here is around the balance of cost for business against the time and cost for HMRC to set up a manual system. HMRC notes that the delay to reporting pre-existing arrangements (point 1 above) will significantly mitigate against the extra burden for businesses.
Regulations are expected to come into force in the first half of 2023. At the same time, the International Tax Enforcement (Disclosable Arrangements) Regulations, SI 2020/25, (the regulations implementing the EU’s DAC6 rules in the UK) will be revoked.
HMRC has published a summary of responses received to the consultation on implementation of the OECD mandatory disclosure rules for common reporting standard avoidance arrangements and opaque offshore structures.
The summary highlights two key decisions following the consultation:
The period for reporting of pre-existing arrangements entered into since 29 October 2014: having considered the balance between burdens on business and the likely compliance benefits of the data, HMRC has decided that reporting pre-existing arrangements should only be required from 25 June 2018.
Online manual reporting: there will be no online portal for manual reporting. Instead, businesses will be required to report to HMRC using XML software. The rationale here is around the balance of cost for business against the time and cost for HMRC to set up a manual system. HMRC notes that the delay to reporting pre-existing arrangements (point 1 above) will significantly mitigate against the extra burden for businesses.
Regulations are expected to come into force in the first half of 2023. At the same time, the International Tax Enforcement (Disclosable Arrangements) Regulations, SI 2020/25, (the regulations implementing the EU’s DAC6 rules in the UK) will be revoked.
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