The most recent version of the Retained EU Law (Revocation and Reform) Bill, which has undergone amendments in the House of Lords and is currently awaiting further consideration in the House of Commons, is accompanied by a list of provisions.
These provisions encompass the revocation of tax information exchange agreements regarding the taxation of savings income between the UK and the Crown Dependencies, the British Overseas Territories, as well as the Dutch territories of Aruba and the Netherlands Antilles.
Furthermore, regulations mandating agents to provide HMRC with information on savings income paid to or received on behalf of residents in EU Member States will be withdrawn.
In light of the UK’s departure from the EU, a cooperation agreement for the sharing of information between HMRC and EU Member States is also set to be revoked as it is deemed ‘inoperable’.
During the third reading in the House of Lords on 22 May 2023, amendments were made to the Bill. Subsequently, it was sent back to the House of Commons for consideration of the House of Lords’ amendments. Any changes made by the House of Commons will undergo a final debate in the House of Lords on 6 June 2023.