To combat offshore tax evasion, the UK and other countries have signed international agreements to implement the automatic exchange of information (AEOI) on financial accounts. Financial Institutions will have new reporting obligations, and will need to carry out due diligence checks on all of their account holders, not just those who have a bank or similar account, but investment accounts, insurance contracts, and debt/equity interests in trusts and other investment entities too. These new rules are not just limited to banks and building societies - financial institutions also include insurers, wealth and investment managers, trusts and some charities. Do you know whether the AEOI rules will apply to you, and if so, what your new obligations will be?
To assist taxpayers in the small and medium sectors in understanding their AEOI obligations, HMRC will be running a town hall event on 7 October 2016 in London. The event will feature speakers from agents, industry and HMRC, the opportunity for one-to-one ‘surgeries’, and small group discussions on due diligence best practice.
To register your interest in this event, email firstname.lastname@example.org.