SI 2020/1300 – The International Tax Compliance (Amendment) (No. 2) (EU Exit) Regulations 2020

Released 18 November 2020

SI 2020/1300 amends SI 2015/878 to reflect the disapplication of the DAC and CRS arrangements to the UK at end of the transition period.

The International Tax Compliance (Amendment) (No. 2) (EU Exit) Regulations 2020 amend the International Tax Compliance Regulations 2015 (SI 2015/878) which give effect to agreements and arrangements reached between the United Kingdom and other jurisdictions to improve international tax compliance. In particular, the regulations omit references to the European Union Council Directive on Administrative Cooperation (2011/16/EU) (the DAC) and arrangements entered into by the EU relating to the implementation of the Common Reporting Standard (CRS) for Automatic Exchange of Financial Account Information between member States and other territories as neither the DAC nor those arrangements will apply to the United Kingdom after the end of the transition period. The regulations also make consequential amendments to replace definitions that rely on the DAC with equivalent definitions in the CRS and specify dates that are set out in the DAC but not the CRS to maintain the effect of those provisions after the end of the transition period. The regulations come into force on IP completion day (31 December 2020, as defined by EWUAA 2020, s. 39).

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