HMRC to amend CRS Regulations

7 April 2017


HMRC have confirmed that new regulations for the Common Reporting Standard are due to be published prior to the reporting deadline for the first returns of 31 May 2017.
However, HMRC have confirmed that there should be nothing within the new regulations that will impact on the actual returns that will be submitted by UK Financial Institutions (“FI”). Instead, it is anticipated that the regulations will:

  • provide additional legislative support to FIs adopting the “wider approach” to classification of holders of financial accounts;

  • amend penalty provisions to bring them in line with others imposed by HMRC; and

  • provide for certain other administrative easements to FIs in their CRS compliance.

  • We will provide further details once the new regulations have been laid.

Contact us

Ali Kazimi

Managing Director

Tel: +44 (0) 203 865 0626

Chris Orchard

Senior Principal

© 2018 by Hansuke Consulting Limited


Hansuke Consulting Limited is registered in England and Wales number 10136213 with its registered office at: 71-75 Shelton Street, London WC2H 9JQ. Hansuke Consulting Limited is an accredited and regulated member firm of the Institute of Chartered Accountants in England and Wales (ICAEW).


In accordance with the disclosure requirements of the Provision of Services Regulations 2009, our professional indemnity insurer is International General Insurance Co (UK) Limited, of 133 Houndsditch London EC3A 7AH. The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada.