New cross-border mandatory disclosure rules in the UK

After the government consultation on the measure from 30 November 2021 to 8 February 2022, the new rules requiring financial intermediaries and advisors to report arrangements which are likely to avoid international exchange of information under the OECD Common Reporting Standard (CRS) will be effective from 28 March 2023, replacing the EU rules known as DAC6 (“EU Council Directive 2011/16/EU on administrative cooperation in the field of taxation”).

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