HMRC has published updated guidance on reporting cross-border arrangements to HMRC. The guidance confirms the key change following the end of the Brexit transition period – that businesses only need to report cross-border arrangements to HMRC if they meet one of the hallmarks under category D of DAC 6 (broadly, those that have the effect of undermining the OECD Common Reporting Standard or obscuring beneficial ownership). Reporting requirements under Hallmarks A, B and C were removed with effect from 31 December 2020 by the International Tax Enforcement (Disclosable Arrangements) (Amendment) (No 2) (EU Exit) Regulations, SI 2020/1649.
HMRC has published updated guidance on reporting cross-border arrangements to HMRC. The guidance confirms the key change following the end of the Brexit transition period – that businesses only need to report cross-border arrangements to HMRC if they meet one of the hallmarks under category D of DAC 6 (broadly, those that have the effect of undermining the OECD Common Reporting Standard or obscuring beneficial ownership). Reporting requirements under Hallmarks A, B and C were removed with effect from 31 December 2020 by the International Tax Enforcement (Disclosable Arrangements) (Amendment) (No 2) (EU Exit) Regulations, SI 2020/1649.
