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.
Tel: +44 (0) 203 865 0626