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Data exchange
Key points
- The UK has signed up to agreements for the exchange of information on digital platforms and opaque structures/avoidance arrangements under the common reporting standard.
- Once in force UK draft regulations will require digital platforms to collect data from 1 January 2024 delivering their first annual returns by 31 January 2025.
- Under the digital platform MCAA exchanges are not expected until at least 2025 and it will be possible for exchanges to be made on a non-reciprocal basis.
- The common reporting standard (CRS) has been in force in the UK (and other countries) since 2015 and information has been exchanged since 2017.
- The UK is replacing existing DAC 6 obligations with CRS-specific mandatory disclosure rules in the first half of 2023 with information exchange under a second MCAA to follow implementation.
The UK has signed up to two new multi-lateral competent...
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