UK to revoke numerous EU-related tax laws by end of 2023

The list accompanied the latest version of the Retained EU Law (Revocation and Reform) Bill, now amended by the House of Lords and awaiting further consideration in the House of Commons.

It includes the revocation of tax information exchange agreements on the taxation of savings income between the UK and the Crown Dependencies, the British Overseas Territories and the Dutch territories of Aruba and the Netherlands Antilles.

Regulations requiring agents to provide HMRC with information on savings income paid to or received on behalf of residents in EU Member States will also be withdrawn.

A cooperation agreement for the sharing of information between HMRC and EU Member States is also being revoked as 'inoperable', following the UK’s departure from the EU.

Amendments were made to the Bill during the third reading in the House of Lords on 22 May 2023. It then returned to the House of Commons for consideration of the House of Lords’ amendments. Any changes made by the House of Commons will receive their final debate in the House of Lords tomorrow, 6 June 2023.

Sources

• CIOT
• UK parliament (Retained EU Law (Revocation and Reform) Bill)
• UK parliament (Bill as amended on Report)