Some of the definitions may have changed from DAC 6 to UK MDR, but the concepts are broadly the same, writes Veronica McMahon (Osborne Clarke).
On 30 November 2021 HMRC published draft regulations and a consultation on the long-awaited new UK mandatory disclosure rules (UK MDR). The consultation closes on 8 February 2022. The new rules implement the OECD’s Model Mandatory Disclosure Rules for Common Reporting Standard (CRS) Avoidance Arrangements and Opaque Offshore Structures (known as ‘the model rules’).
The consultation has been expected since the beginning of 2021 following the conclusion of the Brexit post-transition arrangements when HMRC set out its intention to consult on the model rules (which are applied at a global level) as soon as practicable to replace EU Council Directive 2018/822 known as ‘DAC 6’.
DAC 6 was implemented in the UK through the International Tax Enforcement (Disclosable Arrangements) Regulations SI...
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Some of the definitions may have changed from DAC 6 to UK MDR, but the concepts are broadly the same, writes Veronica McMahon (Osborne Clarke).
On 30 November 2021 HMRC published draft regulations and a consultation on the long-awaited new UK mandatory disclosure rules (UK MDR). The consultation closes on 8 February 2022. The new rules implement the OECD’s Model Mandatory Disclosure Rules for Common Reporting Standard (CRS) Avoidance Arrangements and Opaque Offshore Structures (known as ‘the model rules’).
The consultation has been expected since the beginning of 2021 following the conclusion of the Brexit post-transition arrangements when HMRC set out its intention to consult on the model rules (which are applied at a global level) as soon as practicable to replace EU Council Directive 2018/822 known as ‘DAC 6’.
DAC 6 was implemented in the UK through the International Tax Enforcement (Disclosable Arrangements) Regulations SI...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
