Confirmed delay in cross-border transaction reporting in UK under DAC 6

Published by Andrew Wallis on 25 June 2020

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Last updated 25 June 2020

Further to the recent proposals of The European Commission, earlier this month the Member State representatives agreed an optional 6-month delay to the implementation of the DAC6 directive that mandates cross-border transaction reporting, due to the Coronavirus.

HMRC has today announced that the UK government has deferred the UK regulations by 6 months.

The announcement states that; The Government will amend the Regulations to give effect to this deferral. The amended Regulations may not be in force by 1 July 2020, but no action will be taken for non-reporting during any period between 1 July and the date that the amended Regulations come into force. There is therefore no expectation that reports will be made in July.

Affected taxpayers, companies and groups will no doubt be glad of this deferral, but should remain mindful of the following:

  • Those with reportable activity in other Member States will need to monitor developments in those territories;
  • The commencement date for reportable transactions of 25 June 2018, still stands.

The UK revised deadlines are therefore as follows:

Date of transactionOriginal filing dateUK deferred filing date
Transactions implemented between 25 June 2018 and 30 June 202031 August 202028 February 2021
Transactions between 1 July 2020 and 31 December 2020Within 30 days of transaction or date made available for implementation30 January 2021 (30 day period commences on 1 January 2021)
Transactions from 1 January 2021Within 30 days of transaction or date made available for implementationWithin 30 days of transaction or date made available for implementation

Our recommendation remains that wherever possible, taxpayers should continue to try and put processes in place to identify, evaluate and record transactions according to the original timelines, given that the scope of reportable transactions is unchanged.

For more details or assistance please get in touch.

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