Governments around the world have introduced standards to allow increased sharing of information between tax authorities. This is under a framework known as Automatic Exchange of Information (AEoI). One piece of legislation is the Common Reporting Standard (CRS), seen as a critical tool in the world wide fight against tax evasion.
So far more than 100 jurisdictions have committed to adopting the CRS. This includes the UK and areas with their own distinct tax regulations such as Jersey, Guernsey, Isle of Man etc. Any reference to countries in the FAQs relates to all jurisdictions who have committed to adopting the CRS.
The full list of in-scope jurisdictions is available on the OECD website.
To comply with the CRS, Participating Countries must collect certain customer information from their Financial Institutions. They exchange that information on an annual basis with other Participating Countries.
In the UK, we must complete CRS reporting to HM Revenue and Customs (HMRC) by 31 May every year for customers we’ve identified as Reportable Persons or Reportable Entities.
