UK to replace DAC 6 regulations with OECD Mandatory Disclosure Rules

Published on: 04 January 2021

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The Chartered Institute of Taxation has published a letter from HMRC setting out the government’s intention to repeal the disclosable cross-border arrangements rules, which implement DAC 6 in the UK, and replace them with new legislation to implement the OECD Mandatory Disclosure Rules (MDR). This follows the enactment of amending regulations which took effect from 31 December 2020, and which effectively repealed most of DAC 6 in the UK from that date, by removing all the hallmarks other than those in Category D (on automatic exchange of information and beneficial ownership).

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

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