Here we go – Automatic Exchange of Information

 In Gill's Blog, Tax, Trusts

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The new world of transparency in tax information is rapidly taking shape. Already we are told HMRC has received data from over 100 countries about taxpayers. What started out as an American piece of legislation (FATCA) is rapidly moving around the world because the OECD devised the Common Reporting Standard (CRS) and invited countries to sign up.

The UK are one of the early adopters and have to be compliant by 2017. As practitioners, we have been waiting for the Guidance manual from HMRC to get our compliance systems in place.

I am pleased to report that the HMRC manual for the CRS is now finalised and was published on 6 September 2016 at https://www.gov.uk/hmrc-internal-manuals/international-exchange-of-information

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This Guidance is not yet completed on line but it is a start from IEIM400000 onwards.

STEP has been heavily engaged in the efforts to publish a working document and have converted the July 2016 version into a searchable document which can be accessed here: http://www.step.org/sites/default/files/Policy/HMRC_International_Exchange_of_Information_Manual.pdf

I hope this enables you to begin the daunting task of getting your trusts up to date and all the information collated from settlors, trustees, protectors, beneficiaries and anyone else with control so that you can begin reporting from June 2017.

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