In summary, the new deadlines are:
- Information on reportable cross-border arrangements the first step of which was implemented between 25 June 2018 and 30 June 2020 must be filed by 28 February 2021.
- The period of 30 days for filing information by intermediaries and relevant taxpayers shall begin by 1 January 2021 where the triggering event took place between 1 July 2020 and 31 December 2020.
- Where the triggering event takes place after 31 December 2020 reports are due within 30 days of the triggering event.
- In the case of marketable arrangements, the first periodic report shall be made by the intermediary by 30 April 2021.
- The first automatic exchange of information between Member States shall take place by 30 April 2021.
HMRC’s International Exchange of Information Manual has been updated to reflect the UK's position: https://www.gov.uk/hmrc-internal-manuals/international-exchange-of-information/ieim800010
We understand that the government will amend the Regulations to give effect to this deferral, but these may not be in force by 1 July 2020. However, no action will be taken by HMRC for non-reporting during any period between 1 July 2020 and the date that the amended Regulations come into force. There is therefore no expectation from HMRC that reports will be made in July. Whilst this is helpful, it remains important that businesses continue to prepare for accurate and timely reporting.