UK opens consultation on the implementation of disclosable arrangements

On 15 April 2019, Her Majesty’s Revenue & Customs in the United Kingdom (“HMRC”) published a consultation document seeking views on new rules that will require the disclosure to HMRC of certain cross-border arrangements that could be used to avoid or evade tax (Link).

The government is consulting on draft regulations to implement an EU directive known as DAC 6. Under Hallmark D(1) – “Undermining reporting obligations” arrangements with the effect of undermining or circumventing reporting obligations under the Common Reporting Standard (“CRS”) are captured.

The final submission date for comments is 11 October 2019.

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