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HMRC are set to implement agreements between the UK and a number of overseas jurisdictions to adopt a common reporting standard on financial account information.
A consulation document, Implementing Agreements Under the Global Standard on Automatic Exchange of Information to Improve International Tax Compliance, seeks views on the measures.
HMRC are set to implement agreements between the UK and a number of overseas jurisdictions to adopt a common reporting standard on financial account information.
A consulation document, Implementing Agreements Under the Global Standard on Automatic Exchange of Information to Improve International Tax Compliance, seeks views on the measures.
The UK, France, Germany, Italy and Spain set up a pilot in April 2013 to explore the possibility of developing a common approach to automatic exchange of financial account information.
It was adopted by the G20 and led to developments by the Organisation for Economic Cooperation and Development, which earlier this year delivered the model competent authority agreements for a common reporting standard (CRS).
The CRS was later approved by the G20 as the global standard for automatic exchange of financial account information. It is designed to provide maximum consistency with US Foreign Account Tax Compliance Act, to minimise the additional burdens to business from increased reporting requirements.
Domestic legislation will be required to implement the CRS. Proposed regulations will require financial institutions to capture data in relation to accounts in existence at 31 December 2015, and new accounts opened on or after 1 January 2016 with first reporting in 2017.
Responses to the plans should be emailed no later than 22 October.
