UK implementation of OECD mandatory disclosure rules: Simmons response

Simmons & Simmons has commented on HMRC’s consultation on the implementation of the OECD mandatory disclosure rules in the UK. For more details of the consultation see our article, Implementing the OECD mandatory disclosure rules: consultation.

Our response questions whether the proposal to require reporting of pre-existing arrangements back to 29 October 2014 is reasonable and proportionate from a compliance perspective. In particular, we note that the OECD model rules are only a model and other jurisdictions have not required a look back to 29 October 2014. For instance, DAC 6 as implemented in the EU does not require a look back to 29 October 2014. It may therefore be reasonable and proportionate to just apply the new mandatory disclosure rules from 25 June 2018 and treat any reports made under the D hallmarks of DAC 6 as also made in respect of the new mandatory disclosure rules.