HMRC have just announced that the required format for filing CbC reports in the UK is changing from 1 January 2021. The OECD published a new version of the CbC XML schema earlier this year, and HMRC have confirmed that the new CbC XML schema must be used for all reports sent to HMRC on or after 1 January 2021.
CbC reports are currently required to be submitted based on the Version 1 CbC XML schema. However, from 1 January 2021, only reports submitted using the Version 2 CbC XML schema will be accepted.
The CbC filing system will not accept any files created using Version 1 schemas after 31 December 2020 and so where possible we encourage the early filing of CbC reports due by 31 December 2020.
If you are unable to meet the 31 December 2020 deadline, then the report must be submitted using the Version 2 CbC XML schema.