Unprecedented levels of information will be supplied to HMRC in respect of UK residents who hold assets overseas including UK resident non-UK domiciled persons (RNDs). Intergovernmental Agreements (IGAs) have been in force since 1 July 2014 between the UK and its Crown Dependencies and Overseas Territories. Account and financial information will be exchanged with HMRC from overseas, from 30 September 2016.
This will be significantly extended by the introduction of the Common Reporting Standard (CRS). 58 countries have committed to exchanging information from 2017 and a further 35 countries from 2018. The overall impact of this is to oblige jurisdictions to obtain client information from their financial institutions (typically bank account details) and copy it automatically to the tax authorities (e.g. HMRC) in other jurisdictions each year.