UK Draft Law Narrows In On Tax Disclosure Rules

Law360 (July 25, 2019, 2:32 PM EDT) -- A proposed British version of European Union corporate disclosure requirements may offer a more measured approach to identifying tax evasion while eliminating some stakeholder fears that the bloc’s directive was overly broad.

In response to the EU’s law, known as DAC6, the U.K.’s HM Revenue & Customs released on Monday its own proposed rule that would comply with the directive, which some stakeholders view as too broad. The U.K.’s version takes a more nuanced approach, with a clearer target on tax avoidance, experts say.

The U.K. draft reveals a potential difficulty in interpreting DAC6. Even if a tax authority tries to...

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