Automatic exchange of financial account information – Common Reporting StandardWed Dec 23 09:38:22 GMT 2015 Back to results
HM Revenue & Customs (HMRC) is introducing new legislation with effect from 1 January 2016, which affects what information we need to collect from customers, and what we do with it.
The International Tax Compliance Regulations 2015 give effect to three separate agreements:
- the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information, which implements the OECD's Common Reporting Standard (CRS);
- the revised European Directive on Administrative Cooperation (DAC); and
- the UK's agreement with the United States regarding the US Foreign Account Tax Compliance Act (FATCA).
These new regulations were enacted in the UK as the International Tax Compliance Regulations 2015/878 and require us to collect information about each customer's tax residency and to share information on your account with HM Revenue & Customs (HMRC) in certain circumstances (including if we don't receive a valid self-certification from you). HMRC will then share this information with the tax authorities in the relevant countries and territories that are party to the three agreements listed above.
- All new General Investment Accounts (both net and gross) opened from 1 January 2016;
- Onshore bonds (all versions), where these are assigned or placed in trust from 1 January 2016; and
- Life policies with a cash value, where these are assigned or placed in trust from 1 January 2016.
- Pension plans; and
- Protection policies which don’t have a surrender value.
For further information please see the HMRC website(Opens new window)