HMRC has published new guidance in advance of the introduction, on 28 March 2023, of the requirement for taxpayers, promoters and advisers to disclose details of offshore avoidance arrangements under the mandatory disclosure rules (MDR). The International Tax Enforcement (Disclosable Arrangements) Regulations, SI 2023/38, implement the MDR in the UK.
The guidance notes that those involved in cross-border arrangements may need to make a disclosure from that date, particularly where the arrangements include transfers of funds from an account in one country to an account in another country or putting funds in an offshore trust.
HMRC has published new guidance in advance of the introduction, on 28 March 2023, of the requirement for taxpayers, promoters and advisers to disclose details of offshore avoidance arrangements under the mandatory disclosure rules (MDR). The International Tax Enforcement (Disclosable Arrangements) Regulations, SI 2023/38, implement the MDR in the UK.
The guidance notes that those involved in cross-border arrangements may need to make a disclosure from that date, particularly where the arrangements include transfers of funds from an account in one country to an account in another country or putting funds in an offshore trust.
