On May 23, 2017 we posted May 31st Is Deadline For CRS Reporting where we listed the 50 Jurisdictions which will begin to exchange information in 2017.Now HMRC has reminded financial institutions that the deadline for reporting their clients' accounts under the Automatic Exchange of Information rules falls in less than a week's time.
Returns must be submitted by May 31, 2017, including reportable accounts for the US Foreign Account Tax Compliance Act (FATCA), Crown Dependencies and Overseas Territories agreement, and the first year for the OECD's Common Reporting Standards.
Overview
Automatic Exchange of Information agreements are made between the UK and other countries. These agreements allow the exchange of information between tax authorities of different countries about financial accounts and investments to help stop tax evasion.
List of countries who have agreed to share information.
Financial institutions, for example, banks, building societies, insurance companies, investment companies, will provide information on non-UK residents with financial accounts and investments in the UK to HM Revenue & Customs (HMRC).
HMRC will share this information with the relevant countries. Information for financial institutions.
HMRC will receive information from other countries about UK residents with financial accounts and investments overseas.
The UK Has Automatic Exchange of Information
Agreements Under 4 Regimes.
1. United States Foreign Account Tax Compliance Act (FATCA)
- The agreement between the UK and USA requires UK financial institutions to report to HMRC on US customers that hold accounts with them.
2. Crown Dependencies and Overseas Territories
- The agreement between the UK and its Crown Dependencies and UK Overseas Territories to report on those who are tax residents in one territory and hold accounts in the other. (US Taxpayers?)
3. Common Reporting Standard
- The standard for all automatic exchange of financial information.
4. Directive on Administrative Co-operation
- The Directive which applies the Common Reporting Standards throughout the European Union.
Further Information and Guidance
Returns submitted after the deadline (May 31, 2017) or the filing of an incorrect return, may result in penalties being charged.
Still Have Undeclared Income from Banks or
Companies Located in One of These Countries?
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