In response to prior comments, including additional clarification, HMRC has issued draft guidance for which comments are to be received by May 15, 2020.
With regard to penalties, which are a significant concern re: implementation and reporting of DAC6 reportable arrangements, there will be a “reasonable excuse” guideline. This guideline will be supporting by the governance and documentation principles established in the reporting process.
EY’s Alert provides additional details on this recent development.
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