• Service: Tax, Global Indirect Tax, Global Mobility Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 8/1/2014

United Kingdom - Global standard for exchange of financial information 

August 1: HM Revenue & Customs (HMRC) released proposals to implement the OECD's common reporting standard (CRS) with respect to the automatic exchange of financial account information.

Comments on the proposal are requested before 22 October 2014.

Under the proposed rules, financial institutions would be required to capture information in relation to existing accounts as of the close of 2015, and in relation to new accounts opened on or after 1 January 2016, and then make their first reporting in 2017.

In considering how to reduce the burden of multiple reporting regimes on financial institutions, HMRC has considered ways for the CRS to interact with the EU Savings Directive.

Read an August 2014 report (PDF 919KB) prepared by the KPMG member firm in the United Kingdom: Weekly Tax Matters (1 August 2014)

Other topics discussed in the KPMG report concern:

  • Terms of reference for two new OTS reviews published
  • Enhanced Capital Allowances - annual update
  • Airtours Holiday Transport Ltd – Court of Appeal Judgment
  • Vodafone Group Services – First-tier Tribunal decision
  • KPMG survey on VAT/GST refunds
  • 2015 VAT changes – Information Sheet and consultation on MOSS Regulations
  • Pensions Regulator’s view on automatic enrolment of LLP partners
  • MRC to update short-term business visitor agreement
  • NIC consultation on ERS held by internationally mobile employees
  • OTS update on review of partnerships and call for evidence

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