Beginning with this year, the UK has significantly reduced the scope of information that's being shared with the EU. The HMRC decided to drop the DAC6 reporting of cross-border arrangements almost entirely, to only arrangements with hallmarks of category D (arrangements that involve non-transparent legal or beneficial ownerships).
So does this mean if an EU resident creates an UK LTD with a Wise account, this will not be reported to his country of residency, since it's not an obscure entity and Wise is an EMI, not a bank?
DAC 6 Update: UK Narrows Scope of Mandatory Tax Reporting
In a surprise u-turn, on 31 December 2020, the UK government took steps to narrow the scope of mandatory reporting under DAC 6.
www.gibsondunn.com
So does this mean if an EU resident creates an UK LTD with a Wise account, this will not be reported to his country of residency, since it's not an obscure entity and Wise is an EMI, not a bank?