The Government has published The International Tax Enforcement (Disclosable Arrangements) Regulations 2023, the regulations for the UK’s mandatory disclosure rules which will take effect from 28 March 2023. These will require arrangements entered into on or after this date to be reported to HMRC under these rules.
These rules replace the UK’s existing DAC6 regulations which will be repealed. HMRC has advised that the current DAC6 portal will stay open for one month after the introduction of the new rules to allow for arrangements falling under DAC6 to be reported where these were entered into before 28 March 2023.
Overall, the new regulations are intended to implement the OECD 2018 Model Mandatory Disclosure Rules for Common Reporting Standard avoidance arrangements and opaque offshore structures. They impose obligations on persons, known as intermediaries or reportable taxpayers, to report information to HMRC about these types of arrangements.