VinciWorks understands that the UK is unlikely to introduce its own version of the Mandatory Disclosure Rules (UK MDR) before 2023.

As the government has changed and the Treasury has fully changed its Ministers, including the Financial Secretary to the Treasury who is responsible for tax policies, the official position is that the government is still reviewing the consultation responses. It is unlikely that we can expect any serious developments in relation to UK MDR in the near future.

VinciWorks is in regular discussion with HMRC and will be providing updates when we have more information.

What is MDR?

The OECD’s BEPS Action 12 is a set of principles around Mandatory Disclosure Rules. To date, the OECD has only developed model rules around Common Reporting Standards (CRS) avoidance and opaque structures. EU member states have implemented OECD’s BEPS Action 12 through DAC6. The UK announced that as part of the Brexit agreement, they would be transitioning from DAC6 to international rules and introducing their own UK MDR.

VinciWorks’ MDR reporting solution provides firms and multinational businesses with the expertise, knowledge and technical infrastructure to comply with the MDR regulations in all relevant countries. The tool uses a built-in knowledge engine to guide users through the MDR process and recommends which transactions should be reported.