EU Exit – time to take action
Following the agreement of the post-Brexit trade deal, businesses should act to avoid interruption to operations and understand the opportunities presented.
Following the UK/EU Trade and Cooperation Agreement (see here), the UK has decided to devise its own reporting of cross border arrangements to conform with OECD agreed standards and rules, while retaining a requirement to report in line with its previous EU DAC6 rules only those arrangements where hallmarks D1 or D2 concerning the frustration of beneficial ownership reporting are present. This has the following implications for UK intermediaries and UK relevant taxpayers:
While this is a significant simplification for UK based ‘intermediaries’ and ‘relevant taxpayers’, HMRC has indicated it will be consulting soon on introducing other rules to align with OECD mandatory disclosure rules. In relation to cross border arrangements, it is to be hoped that the focus will be on those arrangements where there is significant practical risk to tax revenues in line with the BEPS action 12 report and does not include normal commercial arrangements which are not tax motivated.
What should affected businesses be considering as a result of the changes?
Mazars is an international firm with a major presence in the UK, Europe and the rest of the world. We are ideally placed to assist you in assessing how you can manage international tax and financial reporting obligations efficiently. We also have also developed systems that can assist you in managing EU DAC6 reporting obligations. Please get in touch us via the button below for a further discussion.
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