½Û×ÓÊÓƵ

Mandatory disclosure rules (MDR) ― overview

Produced by a Tolley Corporation Tax expert
Corporation Tax
Guidance

Mandatory disclosure rules (MDR) ― overview

Produced by a Tolley Corporation Tax expert
Corporation Tax
Guidance
imgtext

What are the mandatory disclosure rules?

The UK mandatory disclosure rules (MDR) are set out in regulations which bring into force the OECD’s Model Mandatory Disclosure Rules covering common reporting standard (CRS) avoidance arrangements and opaque offshore structures. In essence, the OECD rules require intermediaries and sometimes taxpayers to disclose details of avoidance arrangements which use opaque offshore structures, or which circumvent the reporting of financial information under the CRS to the tax authorities.

The UK MDR expands the information available to HMRC, so that offshore non-compliance can be identified and challenged more easily. It is hoped that the regulations also provide a deterrent to those who might otherwise engage in aggressive tax avoidance arrangements, for example, hiding money offshore or using artificial structures to hide assets. Those caught by the regulations are required to submit an MDR return to HMRC which must contain specified information. Penalties will be levied for non-compliance.

The regulations came into force on 28 March 2023 and repeal the International Tax Enforcement (Disclosable Arrangements) Regulations which implemented the EU equivalent

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+â„¢
Powered by

Popular Articles

Class 1 v Class 1A

Class 1 v Class 1AClass 1 and Class 1AClass 1 and Class 1A are the categories of NIC that can be charged on expenses reimbursed and benefits provided to employees. These classes are mutually exclusive. A benefit cannot be subject to both Class 1 and Class 1A NIC. Three requirements must be met

Read more Read more

Married couple’s allowance

Married couple’s allowanceThe married couple’s allowance (MCA) is only available if one of the two spouses or civil partners was born before 6 April 1935. This means that one member of the couple must be at least 89 years old on 5 April 2024 to qualify for an allowance in the 2023/24 tax year.There

14 Jul 2020 12:13 | Produced by Tolley Read more Read more

VAT registration ― artificial separation of business activities (disaggregation)

VAT registration ― artificial separation of business activities (disaggregation)This guidance note should be read in conjunction with the VAT registration ― compulsory guidance note and is relevant to persons established or resident in the UK. Persons that are not established or resident in the UK

14 Jul 2020 13:57 | Produced by Tolley Read more Read more