Back in January, VinciWorks held a core group meeting with HMRC’s DAC6 policy lead James Marshall. A key outcome of the meeting was that HMRC would be required to provide clarifications in its DAC6 guidance document in order to answer many pressing questions that law firms and other intermediaries had about the UK’s implementation of DAC6.
At the end of March 2020, HMRC shared with VinciWorks the latest version of its draft guidance. While the final guidance is not expected until later on in the year, the draft guidance gives much insight into HMRC’s view of this challenging piece of legislation.
In this webinar, VinciWorks’ Legal and Research Executive Ruth Mittelmann Cohen and Director of Best Practice Gary Yantin took us through the details of HMRC’s latest draft guidance on DAC6.
Key talking points:
- Reportable cross-border arrangements, including the impact of Brexit
- Understanding the main benefit test and tax advantages
- HMRC’s interpretation of the hallmarks, including relevant examples
- Reporting obligations and the relevant reporting triggers
- Details of information to be reported
- The potential penalties for non-compliance and examples of finable offences
About the experts
Legal and Research Executive Ruth Mittelmann Cohen holds an LLB specialising in International Commercial Law. Ruth has experience in both the public and private sectors, having consulted for many Fortune 500 companies. She has expert-level knowledge across a wide range of areas including DAC6, GDPR, harassment, information security, commercial law and regulatory compliance.
As Director of Best Practice at VinciWorks, Gary Yantin works with professional service firms of all sizes to provide the best compliance learning experience for their staff. He was previously an in house lawyer and a solicitor in private practice. Gary has hosted many webinars and workshops for VinciWorks on a wide range of risk and compliance topics including GDPR and the SRA’s new approach to ongoing learning.
Free guide to DAC6 – Understanding mandatory disclosure requirements
VinciWorks has published a free guide to DAC6. We regularly update the guide as we get new information on DAC6 implementation from HMRC and other authorities.
The guide covers:
- The purpose and scope of the Directive
- Who the Directive applies to and which transactions must be reported
- The hallmarks that must be met in order to require reporting and an explanation of relevant terms relating to each hallmark
- Guidance on preparation for DAC6
- Advice and tools for reporting cross-border arrangements