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You can run but you can’t hide
Key points
- HMRC is receiving ever more information under the Common Reporting Standard and this is likely to continue increasing.
- The amount of information HMRC has received on UK taxpayers from foreign tax authorities has increased by 48% since 2019.
- Trustees and corporate service providers with financial institutions across multiple jurisdictions will need to keep abreast of nuances in the reporting requirements and deadlines of different CRS jurisdictions.
HMRC is receiving ever more information under the Common Reporting Standard (CRS). This article explores what data HMRC receives from overseas authorities on financial accounts why the amount of data is increasing over time and what are the implications for financial institutions and taxpayers. The article also outlines the challenges and pitfalls for financial institutions in complying with CRS obligations and how HMRC uses the data it receives.
What data does HMRC receive?
HMRC receives data from tax authorities in...
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