HMRC has today announced that the Government is deferring tax reporting under DAC6 for six months.
Gary Ashford, Partner and Chartered Tax Adviser at Harbottle & Lewis, said: “This is a welcome delay. Many UK and overseas advisers were unprepared for the new reporting requirements, in part because of the disruption caused by COVID-19 and HMRC has quite rightly followed the EU’s lead in providing a helping hand by deferring.
“There is now more time for advisers to fully prepare to meet their obligations and this time should be wisely used to ensure compliance. The deadlines for ongoing reports and historical reports are being moved by six months, therefore the deadlines will be the following: reports on historical data to be disclosed between 1 January and 28 February 2021, and for new arrangements a 30-day rolling deadline from 1 January 2021.”