DAC meaning

ARCHIVED : This flowchart has been archived and is not maintained. STOP PRESS : On 28 March 2023, the disclosable arrangements (DAC 6) legislation was superseded by the Mandatory Disclosure Rules (MDR) legislation. The DAC 6 rules and accompanying HMRC guidance have now been formally withdrawn. As noted in Practice Note: Disclosable cross-border tax arrangements—DAC 6 [Archived], the reach of the UK’s disclosure rules was markedly narrowed with effect from IP completion day (11 pm on 31 December 2020). The residual disclosure rules were then wholly replaced on 28 March 2023 by fresh legislation designed to implement the OECD Mandatory Disclosure Rules (MDR), as contained in The International Tax Enforcement (Disclosable Arrangements) Regulations 2023, SI 2023/38 (MDR regulations). Although the DAC 6 regulations, SI 2020/25, were revoked with effect from 28 March 2023, they continue to apply to arrangements that were entered into before that date...

This Table This table summarises the hallmarks for the Mandatory Disclosure Rules (MDR), in force from 28 March 2023, which implement the Organisation for Economic Co-operation and Development (OECD) model rules in the UK and, from the same date, entirely repeal EU Directive 2018/822 (DAC 6) in the UK. It is intended to be consulted alongside the main Practice Note: Disclosable cross-border tax arrangements—Mandatory Disclosure Rules (MDR). The generic hallmark for a Common Reporting Standard (CRS) avoidance arrangement covers any arrangement where it is reasonable to conclude it was structured to circumvent CRS legislation, or has been promoted as doing so, or achieves that effect...

In this issue: Employment contract Horizon scanning Pensions Tax Prohibited conduct (discrimination etc) Data protection and employee information Dates for your diary Trackers New Q&As Employment resources on Lexis+® Daily and weekly news alerts Employment contract Supreme Court reinstates High Court injunction preventing Tesco from ‘firing and rehiring’ employees on less favourable terms. In Tesco Stores Ltd v Union of Shop, Distributive and Allied Workers (USDAW) [2024] UKSC 28, the Supreme Court, unanimously and led by Lord Burrows and Lady Simler, upheld the High Court’s stance, reviving the injunction that bars Tesco from dismissing staff in order to strip them of a ‘permanent’ contractual entitlement to retained pay, then proposing re‑engagement without it. An implied term in the contracts curtailed Tesco’s ability to rely on dismissal rights for that end. Commentary on the ruling is provided by Neil Todd of Thompsons Solicitors; Jonathan Chamberlain and Connie Cliff of Gowling WLG; Philip Harman...

High Court defence In its High Court defence, the insurer maintains it does not owe AerCap Ireland Ltd for the value of 141 aircraft and 29 engines leased to Russian airlines and now marooned in the country. Swiss Re International SE has joined peers AIG Europe SA and Lloyd’s Insurance Co. SA in asserting it bears no liability because AerCap could, in time, recover the aircraft and parts from the country. They argue their policies respond only to a total physical loss of the planes. Possible retrieval would, they say, fall outside that scope. Another insurer, Fidelis Insurance Ireland DAC, entered the proceedings as a defendant in January 2023. Swiss Re also used its defence, filed on 13 March 2023 and since made public, to set out its position clearly and mark a firm boundary: it would be liable solely to the extent of its cover—amounting to 9.5% of the insurance package collectively provided by the companies—if the court finds that it is liable. ‘If, which is denied for...

HMRC v Burlington Loan Management DAC [2024] UKUT 152 (TCC) Background of the dispute After LBIE’s collapse, trading in its debt claims sprang up on a secondary market. The administrators ultimately realised enough assets to discharge all liabilities in full, creating a surplus from which statutory interest on those debts was paid. The Supreme Court determined that the statutory interest arising in the LBIE administration constituted yearly interest and was therefore subject to UK income tax withholding unless an exemption or relief applied (see News Analysis: Administration—Supreme Court confirms statutory interest can be yearly interest (HMRC v Joint administrators of LBIE)). In the circumstances here, a claim against LBIE was transferred by SICL—then in liquidation—to Burlington, via an interim assignment to a broker engaged by SICL’s liquidators to sell the claim. As LBIE’s liquidators had already returned the £142m principal to SICL, the right assigned related solely to unpaid statutory interest of £90.7m. UK income tax of £18.15m was deducted from the interest paid to Burlington. The question...

This page brings together Tax resources that deal with EU law matters. For broader guidance on EU law, consult EU structure, EU legislative process, EU judicial system, and EU rights and policies within the EU Law topic in the Public Law practice area. EU principles EU principles and tax—overview VAT—EU legal principles VAT and abuse of rights Overpaid tax—restitution Overpaid tax—interest and damages Interaction of EU law and direct tax [Archived] A history of EU law and CFC regimes [Archived] A history of EU law and thin capitalisation and transfer pricing regimes [Archived]...

Practice Note This Practice Note consists of two strands created to help dispute resolution practitioners remain up to date with developments in case law that affect their field, or which influence civil litigation procedure more generally: selected forthcoming appeals to the Supreme Court are highlighted below; see Key forthcoming appeals to the Supreme Court—2022 summaries of significant appeal decisions in England and Wales (ie rulings of the Court of Appeal and Supreme Court and, where appropriate, certain judgments of the Competition Appeal Tribunal, Judicial Committee of the Privy Council, Court of Justice of the European Union), and ECtHR, which we have covered; see: Key forthcoming appeal cases—2022 You can navigate this content using the table of contents in the left-hand margin. Alternatively, search this tracker using [CTRL]+[F]. This material is not intended to be a comprehensive register of every appeal or major decision relevant to dispute resolution practitioners. Key forthcoming appeals to the Supreme Court—2022 Tort and negligence ...

ARCHIVED : This Practice Note has been archived and is not maintained. STOP PRESS : This Practice Note is archived and no longer updated. As of 28 March 2023, the disclosable arrangements (DAC 6) regime was superseded by the Mandatory Disclosure Rules (MDR). The DAC 6 legislation and accompanying HMRC guidance have been withdrawn. As outlined here, the scope of the UK’s disclosure rules was materially narrowed from IP completion day (11 pm on 31 December 2020). The residual disclosure obligations were then wholly replaced on 28 March 2023 by new rules implementing the OECD MDR, as set out in The International Tax Enforcement (Disclosable Arrangements) Regulations 2023, SI 2023/38 (the MDR regulations). Although the DAC 6 Regulations, SI 2020/25, were revoked with effect from 28 March 2023, they continue to apply to arrangements entered into before that date. An arrangement put in place immediately before 28 March 2023 does not fall between the two regimes — it remains reportable under the DAC 6 rules in SI 2020/25, and...

ARCHIVED : These training resources are stored as archive copies and are no longer updated. They cover the UK’s requirements for reportable cross-border tax arrangements as they applied before conclusion of the Brexit transition period, at 11pm on 31 December 2020...