Automatic exchange of information—the Common Reporting Standard: a summary
Produced in partnership with Ali Kazimi and Chris Orchard of Hansuke Consulting Limited

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:

  • Automatic exchange of information—the Common Reporting Standard: a summary
  • US FATCA
  • Global Common Reporting Standard
  • CRS in the EU
  • CRS in the EEA
  • Automatic exchange of information in the British Crown Dependencies and Overseas Territories
  • Scope and implementation of CRS
  • Key differences from FATCA
  • Reportable persons
  • Client onboarding
  • More...

Automatic exchange of information—the Common Reporting Standard: a summary

IP COMPLETION DAY: The Brexit transition period ended at 11pm on 31 December 2020. At this time (referred to in UK law as ‘IP completion day’), transitional arrangements ended and significant changes began to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for Tax?

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:

  1. custodial institutions

  2. depository institutions

  3. investment entities, and

  4. 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

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