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Comments sought on HMRC guidance notes.
HMRC have published draft guidance notes for the automatic exchange of financial account information.
They cover the common reporting standard (CRS) and its incorporation into EU law by the Directive on Administrative Co-operation. The final document will include updated versions of the guidance on the Foreign Account Tax Compliance Act and the crown dependencies and overseas territories arrangements.
The guidance does not replace existing CRS commentary, but combines the key concepts and provides additional direction on UK-specific issues.
The relevant UK legislation is in The International Tax Compliance Regulations SI 2015/878.
Comments on the draft should be emailed to: crs.consultation@hmrc.gsi.gov.uk.
