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View Poll Results: What would you personally prefer to happen?
I want the UK to stay in an ever-closer union 49 23.11%
I want the UK to stay in a loosely connected EU 68 32.08%
I want the UK out because the EU is bad for the UK 22 10.38%
I want the UK out because the EU is a bad thing 23 10.85%
I want the UK out because this would be good for the rest of us 17 8.02%
I don't really care 33 15.57%
Voters: 212. You may not vote on this poll

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  #28661  
Old 02.01.2021, 17:41
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

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  #28662  
Old 02.01.2021, 17:56
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

Finally, I feel I have achieved value for 13 years of TV licence.
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  #28663  
Old 02.01.2021, 18:13
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

As for the amazing Japan Deal, don't make me laugh

https://fb.watch/2MoH_y03zC/
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  #28664  
Old 02.01.2021, 19:27
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

Well, well -what a surprise (not)


DAC 6 to be replaced by OECD rules for UK intermediaries from 2021

31 December 2020: HMRC has confirmed that the UK will no longer be applying DAC 6 in its entirety following conclusion of the Free Trade Agreement with the EU. Only arrangements that would have fallen within Category D of DAC 6 will now need to be reported, in line with the OECD’s mandatory disclosure rules.

DAC 6 is a system of mandatory reporting of cross-border tax arrangements affecting at least one EU member state where the arrangements fall within one of a number of “hallmarks”.

Despite the fact the UK was leaving the EU, it implemented DAC 6 into domestic law, requiring intermediaries with a connection to the UK to disclose arrangements to HMRC in relation to which they acted as “promoters” or “service providers”. The first disclosures were due to be made by 31 January 2021.

As provided for in the Free Trade Agreement between the UK and the EU, it has been agreed that the UK will now apply the OECD mandatory disclosure rules (MDR) instead.

The main difference between the OECD MDR and DAC 6 is that only arrangements that would have fallen within Category D of Part II of DAC 6 need to be reported.

As a stop gap measure, the UK regulations are being amended so that they only apply to arrangements falling under the category D hallmarks. These are arrangements designed to undermine tax reporting under common reporting standard and transparency rules and are split into two types:

Arrangements which have the effect of undermining reporting requirements under agreements for the automatic exchange of information.
Arrangements which obscure beneficial ownership and involve the use of offshore entities and structures with no real substance.

This change significantly reduces the number of situations and arrangements which will need to be reported to HMRC under international reporting standards, although the UK’s own disclosure of tax avoidance schemes (DOTAS) rules will continue to apply.

In the coming year, the government will repeal the legislation implementing DAC 6 in the UK and implement the OECD’s MDR as soon as practicable, to transition to international, rather than EU standards on tax transparency.
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  #28665  
Old 02.01.2021, 19:37
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

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Well, well -what a surprise (not)


DAC 6 to be replaced by OECD rules for UK intermediaries from 2021

31 December 2020: HMRC has confirmed that the UK will no longer be applying DAC 6 in its entirety following conclusion of the Free Trade Agreement with the EU. Only arrangements that would have fallen within Category D of DAC 6 will now need to be reported, in line with the OECD’s mandatory disclosure rules.

DAC 6 is a system of mandatory reporting of cross-border tax arrangements affecting at least one EU member state where the arrangements fall within one of a number of “hallmarks”.

Despite the fact the UK was leaving the EU, it implemented DAC 6 into domestic law, requiring intermediaries with a connection to the UK to disclose arrangements to HMRC in relation to which they acted as “promoters” or “service providers”. The first disclosures were due to be made by 31 January 2021.

As provided for in the Free Trade Agreement between the UK and the EU, it has been agreed that the UK will now apply the OECD mandatory disclosure rules (MDR) instead.

The main difference between the OECD MDR and DAC 6 is that only arrangements that would have fallen within Category D of Part II of DAC 6 need to be reported.

As a stop gap measure, the UK regulations are being amended so that they only apply to arrangements falling under the category D hallmarks. These are arrangements designed to undermine tax reporting under common reporting standard and transparency rules and are split into two types:

Arrangements which have the effect of undermining reporting requirements under agreements for the automatic exchange of information.
Arrangements which obscure beneficial ownership and involve the use of offshore entities and structures with no real substance.

This change significantly reduces the number of situations and arrangements which will need to be reported to HMRC under international reporting standards, although the UK’s own disclosure of tax avoidance schemes (DOTAS) rules will continue to apply.

In the coming year, the government will repeal the legislation implementing DAC 6 in the UK and implement the OECD’s MDR as soon as practicable, to transition to international, rather than EU standards on tax transparency.
Can you please elaborate on the consequences of this change, as we are not all specialists in tax?
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  #28666  
Old 02.01.2021, 20:17
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

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Can you please elaborate on the consequences of this change, as we are not all specialists in tax?
You think she understands?
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  #28667  
Old 02.01.2021, 20:19
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

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Can you please elaborate on the consequences of this change, as we are not all specialists in tax?
No change whatsoever, UK residents are still liable to tax on worldwide income & capital gains. It's a criminal offence to fail to report unlike in CH where it's only a criminal matter if you evade in excess of 300,000 a year in tax, previously unlimited amounts were merely an administrative matter like a parking ticket.

Basically the UK will have the same reporting rules as the USA & most of the world. Quite why they would choose EU norms rather than global norms after leaving the EU beats me

HMRC collects more data than most, they link all credit card & banking transactions, then they compare with what is being declared. Imagine the outcry if this happened in Switzerland.
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  #28668  
Old 02.01.2021, 20:21
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

KPMG

What is DAC6 about?

DAC6's objective:

To deter intermediaries (e.g. tax advisors, lawyers, trustees, banks, insurance companies) from supporting aggressive tax planning by requiring disclosure.
To gain knowledge about tax optimization in order to close possible "loopholes" in the laws.

These new rules cover not only intermediaries who support aggressive tax planning, but also a number of intra-group transactions that are fully in line with local tax rules.

In addition, all EU countries will have to impose fines for non-compliance with these rules. In some countries these fines can exceed several hundred thousand euros. Failure to comply with the reporting requirements is punishable by law, i.e. a fine may be imposed even if the EU company concerned fully complies with local tax obligations.
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  #28669  
Old 02.01.2021, 20:24
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

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KPMG

What is DAC6 about?

DAC6's objective:

To deter intermediaries (e.g. tax advisors, lawyers, trustees, banks, insurance companies) from supporting aggressive tax planning by requiring disclosure.
To gain knowledge about tax optimization in order to close possible "loopholes" in the laws.

These new rules cover not only intermediaries who support aggressive tax planning, but also a number of intra-group transactions that are fully in line with local tax rules.

In addition, all EU countries will have to impose fines for non-compliance with these rules. In some countries these fines can exceed several hundred thousand euros. Failure to comply with the reporting requirements is punishable by law, i.e. a fine may be imposed even if the EU company concerned fully complies with local tax obligations.
Thus, screw the EU! (it even rhymes!)

Tom
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  #28670  
Old 02.01.2021, 20:29
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

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KPMG

What is DAC6 about?

DAC6's objective:

To deter intermediaries (e.g. tax advisors, lawyers, trustees, banks, insurance companies) from supporting aggressive tax planning by requiring disclosure.
To gain knowledge about tax optimization in order to close possible "loopholes" in the laws.

These new rules cover not only intermediaries who support aggressive tax planning, but also a number of intra-group transactions that are fully in line with local tax rules.

In addition, all EU countries will have to impose fines for non-compliance with these rules. In some countries these fines can exceed several hundred thousand euros. Failure to comply with the reporting requirements is punishable by law, i.e. a fine may be imposed even if the EU company concerned fully complies with local tax obligations.
The Uk has a corporate criminal offence 'facilitating tax evasion' which goes further than DAC6 so it's just loads of noise from the left wing in society that don't understand the full picture.
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  #28671  
Old 02.01.2021, 20:36
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

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Thus, screw the EU! (it even rhymes!)

Tom
Ah thank you for this erudite and intelligent explanation.
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  #28672  
Old 03.01.2021, 18:13
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

I had not cottoned on to this.... I didn't realise that if you are Non-EU and a residence permit holder in Switzerland, that despite living in Schengen, you only get 90/180 days in the other Schengen countries. No idea how immigration keep track of that. That'll be a shock to Brits resident in Europe.
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  #28673  
Old 03.01.2021, 18:22
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

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I had not cottoned on to this.... I didn't realise that if you are Non-EU and a residence permit holder in Switzerland, that despite living in Schengen, you only get 90/180 days in the other Schengen countries. No idea how immigration keep track of that. That'll be a shock to Brits resident in Europe.
So every shopping trip or PO Box visit counts as a day.. added to the odd holiday in Spain, France or Italy. I can see this being a problemo although I don't expect the road border guards to track this just to catch out the odd Brit.
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  #28674  
Old 03.01.2021, 18:31
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

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So every shopping trip or PO Box visit counts as a day.. added to the odd holiday in Spain, France or Italy. I can see this being a problemo although I don't expect the road border guards to track this just to catch out the odd Brit.
I know, right? Can't see it being properly enforced.

"Third-country nationals (non EU/EFTA) in possession of a Swiss permit B, C, L and Ci may visit the Schengen area for up to 90 days in any 180-day period without a visa, provided they have a residence permit and a valid travel document.'

Section 5.1

https://www.sem.admin.ch/sem/en/home...CVDFxCM8en39wQ
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  #28675  
Old 03.01.2021, 19:08
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

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I know, right? Can't see it being properly enforced.

"Third-country nationals (non EU/EFTA) in possession of a Swiss permit B, C, L and Ci may visit the Schengen area for up to 90 days in any 180-day period without a visa, provided they have a residence permit and a valid travel document.'

Section 5.1

https://www.sem.admin.ch/sem/en/home...CVDFxCM8en39wQ
I don't see why (but it is so) you need your permit, when from UK to France or Spain you only need your passport.
Obviously you need it to get back into CH.
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  #28676  
Old 03.01.2021, 19:21
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

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So every shopping trip or PO Box visit counts as a day.. added to the odd holiday in Spain, France or Italy. I can see this being a problemo although I don't expect the road border guards to track this just to catch out the odd Brit.
They don’t have to, the obligation is on you to show that you are in compliance with the rules if required, not the other way around.
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  #28677  
Old 03.01.2021, 19:26
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

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Reality will be biting us all on the arse tomorrow morning. In that sense we're now all in this together and have to make it work.
In Swiss chocolate terms:
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  #28678  
Old 03.01.2021, 20:04
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

At least here in Switzerland, if you have your permit with you the Swiss are letting you in no problem. The Spanish are making a right pig's ear of it right now.
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Old 03.01.2021, 20:22
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

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I don't see why (but it is so) you need your permit, when from UK to France or Spain you only need your passport.
Obviously you need it to get back into CH.
If you are a Brit with a French or Spanish resident you need to travel with your residency permit.

If you are a Brit with a Swiss permit, and you travel via (or to) France or Spain you need to travel with your permit.

I know the Brits eschew the idea of ID cards and permits, but that certainly doesn’t mean they are exempt from the rules the rest of the planet is comfortable with.

If you cross a border take your bleeding permit.

Last edited by bowlie; 03.01.2021 at 20:35.
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  #28680  
Old 05.01.2021, 12:03
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

"EU firms refuse UK deliveries over Brexit tax changes"

https://www.bbc.com/news/business-55530721

Tom
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