UK Government announces approach to UK MDR post UK-EU Brexit Agreement

Following the end of the Brexit transition period on 31 December 2020, the United Kingdom (UK) Tax Authority, HMRC, has advised that:

• Reporting in the UK under the European Union (EU) mandatory disclosure rules (DAC6 or the Directive) will still be required for a limited time, but only for arrangements which meet hallmarks under category D (undermining reporting obligations or obscuring beneficial ownership).
• In the coming year, the UK will consult on and implement the Organisation for Economic Co…