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To embed, copy and paste the code into your website or blog: On the eve of the UK s exit from the EU on 31 December 2020, the UK Government published the concise but game-changing piece of legislation, The International Tax Enforcement (Disclosable Arrangements) (Amendment) (No. 2) (EU Exit) Regulations 2020 (the Amendment Regulations ). The Amendment Regulations have the effect of removing the UK from the bulk of the significant new reporting requirements relating to mandatory disclosure of tax avoidance schemes implemented across the EU and due to come into material effect on 1 January 2021, known colloquially as DAC6 . The financial industry and the legal world in particular have dedicated significant resources over the course of 2020 in preparation for DAC6 and its reporting requirements for intermediaries and taxpayers. The 11 ....
But likely equal measure of frustration for firms that had to work towards adopting the directive Dac6 sets out that any cross-border transaction aimed at achieving a tax advantage that involves at least one EU member state must be reported to the tax authorities by the intermediaries involved. But as the UK has officially left the European Union with a deal, it is not bound to the directive anymore. This means that UK-based financial advisers won’t need to report any such arrangements to HM Revenue & Customs (HMRC). This is because, under the Brexit deal, the UK agreed to meet OECD standards but not necessarily EU ones. ....
OVERVIEW Despite much anticipation to the contrary, the UK Government decided to repeal all but one of the reporting triggers under the UK regulations implementing EU Council Directive 2018/822 on the reporting of cross-border tax arrangements (DAC6), which will no doubt be a welcome development for taxpayers and their advisers. IN DEPTH The decision emerged as a last-minute surprise on 31 December 2020, when the UK Government published, and brought into force on the same day, the International Tax Enforcement (Disclosable Arrangements) (Amendment) (No. 2) (EU Exit) Regulations 2020 (2020 DAC6 Regulations). Although the UK Government’s public statements had previously left some wriggle room to amend or repeal the original implementing regulations, it had implied that such an outcome would only be likely in the event of a “no deal” Brexit. Thus this near full-scale repeal has come as a surprise to many, as the United Kingdom and the European Union had agreed a Bre ....
Thursday, January 7, 2021 Despite much anticipation to the contrary, the UK Government decided to repeal all but one of the reporting triggers under the UK regulations implementing EU Council Directive 2018/822 on the reporting of cross-border tax arrangements (DAC6), which will no doubt be a welcome development for taxpayers and their advisers. IN DEPTH The decision emerged as a last-minute surprise on 31 December 2020, when the UK Government published, and brought into force on the same day, the International Tax Enforcement (Disclosable Arrangements) (Amendment) (No. 2) (EU Exit) Regulations 2020 (2020 DAC6 Regulations). Although the UK Government’s public statements had previously left some wriggle room to amend or repeal the original implementing regulations, it had implied that such an outcome would only be likely in the event of a “no deal” Brexit. Thus this near full-scale repeal has come as a surprise to many, as the United Kingdom and the Euro ....
To embed, copy and paste the code into your website or blog: Following the agreement of the EU/UK Trade and Cooperation Agreement (the “Brexit Deal”), HMRC has unexpectedly announced a substantial restriction to the way in which DAC6 will be applied in the UK. Although the law has effect from 11 p.m. on 31 December 2020, the changes will operate retrospectively and also apply to prior arrangements that would otherwise have needed to be reported. The restrictions should materially simplify DAC6 compliance for UK businesses and their UK intermediaries. In summary, in the Brexit Deal the UK committed to meet the minimum standards set by the OECD in relation to the exchange of information concerning potential cross-border tax planning arrangements, rather than the minimum standards on tax transparency set by the European Union and given effect by DAC6. As a result, surprisingly, and contrary to previous indications, DAC6 will no longer apply in the UK as envisaged. ....