UK agreements for automatic exchange of information

The UK has signed up to two new multi-lateral competent authority agreements (MCAAs) for the automatic exchange of information (AEOI) about two different categories of international activity: digital platforms; and opaque structures under the common reporting standard (CRS). This article explores the background to both regimes what information will be shared with HMRC and what it means for businesses and taxpayers.

What is an MCAA?

The OECD has adopted this method of international collaboration on a number of occasions in recent years. Having established a consensus among a group of countries regarding the type of information that will be gathered within their territories those tax authorities (known as competent authorities) then sign up to an MCAA to agree to automatically exchange the information gathered with each other.

The aim of all automatic exchange of information is to provide tax authorities with greater transparency of tax information...