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DAC 6 and tax disclosure - articles

Features and articles from ICAEW on DAC, the EU's system of mandatory reporting of cross-border tax arrangements, and the broader tax disclosure landscape.
Displaying 1-10 of 16 results
EU Council reaches agreement on exchange of information for crypto assets and advance tax rulings for high-net-worth individuals
  • Article
  • 26 May 2023
The unanimous agreement paves the way for greater co-operation between member states to reduce opportunities for tax avoidance and tax fraud using crypto assets, by amending the directive on administrative co-operation in the area of taxation (DAC).
Tax news in brief 19 April 2023
  • Article
  • 19 Apr 2023
Highlights from the broader tax news for the week ending 19 April 2023, including: closure of online VAT return; PAYE direct debits; TRS reporting requirements; interest rate increase for discounted gift trusts; NMW campaign; Finance Bill amendment for R&D; closure of the DAC6 reporting service; and Tax Administration and Maintenance Day.
Mandatory disclosure rules replace DAC 6 in the UK
  • Article
  • 24 Jan 2023
Cross-border tax avoidance arrangement disclosure rules devised by the OECD (known as the mandatory disclosure rules, or MDR) will enter into force in the UK on 28 March 2023. Arrangements entered into on or after this date must be reported to HMRC under this regime.
MDR: ICAEW concerned over backdated reporting
  • Article
  • 09 Feb 2022
ICAEW’s Tax Faculty welcomes that the new rules designed to implement the OECD’s model mandatory disclosure regime are targeted at those arrangements that might allow or facilitate tax evasion. However, it has concerns over the backdated reporting requirements, which exceed those of the predecessor DAC 6 legislation.
HMRC expands reporting portal for mandatory disclosure rules
  • Article
  • 16 Mar 2021
It is now possible to manually report arrangements between the UK and EU member states under the mandatory disclosure reporting regime (commonly known as DAC 6).
Final call for first UK DAC 6 reporting deadline
  • Article
  • 27 Jan 2021
27 January 2021: The first reports under the UK’s mandatory disclosure regime, based on the EU’s DAC 6, are due on 30 January 2021. ICAEW’s Tax Faculty provides a reminder of the rules.
DAC 6 to be replaced by OECD rules for UK intermediaries from 2021
  • Article
  • 31 Dec 2020
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.
Red flags to navigate DAC 6 hallmarks
  • Article
  • 15 Dec 2020
15 December 2020: With the first reporting deadline less than two months away, Simon Bird from BDO LLP talks through a risk-based approach to compliance with DAC 6, highlighting practical ways in which entities can recognise the classes of arrangements which might be subject to these rules.
ICAEW members urged to prepare for DAC 6
  • Article
  • 06 Oct 2020
6 October 2020: ICAEW’s Tax Faculty is urging members not to be complacent ahead of 30 January 2021 reporting deadline for the new complex, EU disclosure regime.
ICAEW raises concerns about POTAS and DAC 6 interaction
  • Article
  • 21 Sep 2020
21 September 2020: ICAEW has asked HMRC to consider appropriateness of including DAC 6 failures in the promoters of tax avoidance schemes (POTAS) rules.
Displaying 1-10 of 16 results

TAXbite: DAC 6 in brief

Overview of the EU Mandatory Disclosure Regime, covering: what is DAC 6; who it affects; what types of arrangements will be caught; what the reporting requirements are, and potential penalties.

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