The following Tax practice note Produced in partnership with Ali Kazimi and Chris Orchard of Hansuke Consulting Limited provides comprehensive and up to date legal information covering:
Coronavirus (COVID-19): HMRC has stated in its International Manual that if a financial institution cannot meet the CRS reporting deadline of 31 May 2020 due to difficulties arising from the coronavirus pandemic, HMRC will accept that the institution has reasonable excuse and will not levy a penalty for the late report, provided it is made without unreasonable delay after the difficulties are resolved.
The Common Reporting Standard (CRS) is a global standard under which participating jurisdictions agree to exchange information about financial accounts held by individuals and entities in reporting financial institutions (FI) in the reporting jurisdiction that relate to account holders resident in the receiving jurisdiction. The regulatory requirements are contained in The International Tax Compliance Regulations 2015, SI 2015/878 (the UK Automatic Exchange Regs).
The introduction of the Common Reporting Standard (CRS) significantly added to the compliance burden on all Financial Institutions (FI).
FIs for these purposes include:
investment entities, and
specified insurance companies
The definition is drawn intentionally wide and will cover not only banks but also other FIs such as brokers and certain collective investment vehicles (CIV).
However, given that the regime covers almost all of the major global financial centres, the information that is expected from the operation of the CRS is expected to be invaluable to revenue authorities in their fight against tax evasion.
Given that the focus
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