The UK would shorten the time frame taxpayers must retroactively report tax avoidance and offshore structures from 2014 to 2018, under draft legislation published Thursday.
The rules, which require disclosure of certain tax arrangements to HMRC starting in the first half of 2023, would implement OECD disclosure requirements and replace DAC6—a similar European Union directive, His Majesty’s Revenue and Customs said.
- Taxpayers would need to report previous tax structures as far back as June 25, 2018, according to the draft.
- “The government appreciates that some respondents wanted to remove the requirement to report pre-existing arrangements completely. However, ...