DAC6 – Who | What | Why | When | Where | How
An Overview by MHA MacIntyre Hudson
BAB Members MHA MacIntyre Hudson recently released an up-to-date (as of March 2020) overview of DAC6/EU Mandatory Disclosure Rules (EUMDR) – a set of “reportable cross border arrangements” in the UK and in EU member states, which must be disclosed to HMRC and impact relevant:
• taxpayers
• intermediaries acting as a “promoter”
• intermediaries acting purely as an “adviser” or “service provider”.
HMRC description on DAC6:
“The regulations will require taxpayers and their advisers to report details of certain types of cross-border arrangement to HMRC. An arrangement will be reportable if it contains certain characteristics, known as hallmarks. Being reportable will not mean that an arrangement is used for tax noncompliance. However, these hallmarks are characteristics which are commonly seen in arrangements that could be used to avoid or evade tax.”
The overview presents a comprehensive look at the directive, set to come into force in the UK on 1 July 2020, covering the Who, What, Why, When, Where, and How, and how you and your business should be responding to this new legislation.
Read MHA MacIntyre Hudson’s overview in full here.