On 30 March 2017, the UK Government announced some significant changes to its rules on CbC reporting.
The UK legislation for Country by Country (CbC) reporting was amended by Statutory Instrument 2017 No 497 on 30 March 2017, coming into effect on 20 April 2017. This included a notification requirement for Constituent Entities, essentially informing HMRC where the group CbC reporting will be filed, by whom and which UK tax resident entities it covers. The deadline for notification is the later of the end of the period to which the report relates, or 1 September 2017. For example, if the end of the reportable period is 31 December 2016, the deadline to notify would be 1 September 2017 but then 31 December 2017 for the period ended 31 December 2017 and annually thereafter by 31 December.
Interim guidance from HMRC with regard to the notification requirement can be found here, including where to send notifications. There is no specific format for the notification, however, HMRC would prefer the notification to be in spreadsheet format. Further guidance from HMRC is anticipated.
To view the Statutory Instrument 2017 No 497 click here.
The KPMG Action 13 implementation summary is updated weekly and provides a useful overview.
For more detailed information, please speak to your local KPMG contact or one of the contacts listed below.