On 22 July 2019, HMRC published draft regulations and guidance to implement the EU Mandatory Disclosure Rules (MDR) in the UK.
These documents can be found on HMRC's website:(https://www.gov.uk/government/consultations/draft-regulations-implementation-of-disclosable-arrangements)
We have reviewed these documents and you can read our analysis here.
MDR will apply to cross-border arrangements which fall within certain hallmarks. Disclosures, where required, must be made by EU-based advisers, and in some cases, taxpayers. The MDR will start in the UK on 1 July 2020, and from that date arrangements will need to be reported within 30 days of certain triggers. Crucially however, disclosures for the transitional period (25 June 2018 to 30 June 2020) will need to be made by 31 August 2020.
