The United Kingdom (UK) Tax Authority, Her Majesty’s Revenue and Customs (HMRC) has issued an Update on the UK’s reporting rules for digital platforms.
Following a recent consultation on the implementation of the OECD’s Model ‘Reporting rules for digital platforms’, the UK Government has decided that the new rules will start from 1 January 2024. This new date is intended to give platforms and their advisors time to prepare for the implementation of the new rules, with collection of information starting from 1 January 2024 and submission of the first reports due by the end of January 2025.
Further, HMRC has said that it is currently considering the many comments and issues that have been raised by the consultation respondents. HMRC is aiming to publish the Government’s response to the consultation, draft regulations giving details of the new rules, and an update on interactions with European Union (EU) rules in this area (referred to as DAC7) this summer. HMRC has said that it will also be engaging with platforms and their advisors before the new rules come into effect.
Source EY
