On 19 January 2020, ICAEW's Tax Faculty is hosting a webinar on DAC 6. Jo Myers from EY UK's international tax and transaction services team and Ariana Kosyan, from EY's emerging technologies team, will join the Faculty in discussing how the recently announced changes will affect businesses.
4 January 2021: HMRC has confirmed that the UK will no longer be applying DAC 6 in its entirety following conclusion of the Free Trade Agreement with the EU. Only arrangements that would have fallen within Category D of DAC 6 will now need to be reported, in line with the OECD’s mandatory disclosure rules.
ICAEW’s Tax Faculty explains why all ICAEW members need to be alert to their potential reporting obligations. Highlighting common misconceptions and answering frequently asked questions about the regime.
Articles and features
Angela Clegg explains the new reporting requirement that could apply to transactions that happen on or after 25 June 2018.
25 June: The UK government is deferring the first reporting deadlines under DAC6 for six months, in light of the impact of the coronavirus pandemic on businesses.
18 May: In line with its updated guidance on appealing penalties, HMRC has amended its commentary on DAC6 to clarify how 'reasonable excuse’ will apply in relation to the coronavirus pandemic.
11 May: European Commission (EC) proposes three-month postponement of the exchange of information under the Directive on Administrative Cooperation (DAC6) due to the coronavirus.
An introduction to DAC6 and the OECD Mandatory Disclosure Regimes in the context of UK reporting.
Bloomsbury Core Accounting and Tax Service
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A chapter giving an overview of the EU Directive on Mandatory Disclosure rules, 'DAC 6', in this practical guide to the automatic exchange of information rules legislation within the UK.
A chapter giving an overview of the EU Directive on Mandatory Disclosure ('DAC 6') reporting rules, in this practical guide to the automatic exchange of information rules legislation within the UK.
A chapter giving practical guidance on how to report under the UK's FATCS and CRS regulations.
A chapter covering the law and associated practical matters concerning DAC 6 compliance for tax professionals.
On 30 June Frank Haskew, Head of ICAEW's Tax Faculty, wrote to Jesse Norman the Financial Secretary to the Treasury ahead of the summer economic update. In the letter he outlines the three priorities ICAEW believes should guide future government policy: stabilising the economy in the short-term, building sustainability into the medium-term recovery plans, and securing the ability of British business to compete internationally in the long-term.
ICAEW writes to the Financial Secretary on priorities for Budget 2020. These must: ensure the UK remains an internationally attractive location for business to locate and invest. The Government should prioritise work in five areas: align the UK tax system with its policy objectives, take time to get legislative change right first time, review the costs and benefits of Making Tax Digital, properly resource HMRC, and seize the opportunity presented by the UK leaving the European Union to reform VAT.
ICAEW's Tax Faculty responded to HM Treasury's invitation for comments ahead of the proposed 2019 Budget. The response recommended that the Government should prioritise steps to ensure the UK remains a competitive place in which to invest and do business. Business needs certainty and we recommend minimising change in the short term, while continuing to build the road maps for future policy implementation. It is particularly important that any policy announcements are accompanied by an analysis of the IT changes which will be needed, how these will be delivered, and at what cost. Although the forthcoming General Election means this Budget is now cancelled, our comments remain pertinent to the plans of a future government.
A response dated 10 October 2019 to a consultation in particular the draft guidance and legislation published by HMRC on 22 July 2019.