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Two weeks to 1 August 2019

Welcome to our latest update on recent developments in international and treasury tax of interest to multinationals operating in the UK

EU mandatory disclosure rules - UK draft regulations published
On 22 July 2019, HMRC published draft regulations and guidance to implement the EU Mandatory Disclosure Rules (MDR) in the UK. The draft UK regulations follow DAC6 closely, and require disclosure to HMRC of cross border arrangements entered into by taxpayers which fall within certain hallmarks. 

Keep up with developments by looking for updates on the EU Mandatory Disclosure Regime Hub on our Suite. 

First Tier Tribunal authorisation of information notices to non-residents may have wider implications than intended
The First Tier Tribunal has given permission for HMRC to issue a third party notice under UK domestic provisions to two non-UK resident persons in respect of information relating to the tax affairs of a UK resident company that those persons had been the directors of. Whilst the facts of this case may appear to be quite specific, the reasoning for the decision could have significant implications for all taxpayers with international connections. Read more.