The deferral is aimed at providing taxpayers and intermediaries dealing with the impacts of the Covid-19 pandemic with additional time to ensure that they can comply with their obligations.
The UK Government has deferred the first reporting deadlines under the International Tax Enforcement (Disclosable Arrangements) Regulations, 2020 by six months.
The deferral is aimed at providing taxpayers and intermediaries dealing with the impacts of the Covid-19 pandemic with additional time to ensure that they can comply with their obligations.
“This is in line with the approaches announced by a number of other implementing jurisdictions,” the government noted.
The government announced that for arrangements where the first step in the implementation took place between June 25, 2018, and June 30, 2020, reports must be made by February 28, 2021, instead of by August 31, as originally required.
For arrangements which were made available for implementation, or which were ready for implementation, or where the first step in the implementation took place between July 1, 2020, and December 31, 2020, reports must be made within the period of 30 days beginning on January 1, 2021.
For arrangements in respect of which a UK intermediary provided aid, assistance or advice between July 1, 2020, and December 31, 2020, reports must be made within the period of 30 days beginning on January 1, 2021.
Where periodic reports are required in relation to marketable arrangements, the first such report must be made by April 30, 2021.
The government noted that the amended Regulations may not be in force by July 1, 2020, but no action will be taken for non-reporting during the period between July 1 and the date the amended Regulations come into force.
The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also regularly writes news stories about transfer pricing and international tax law. Alex is reachable at editor@transferpricingnews.com