UK: Automatic exchange of information guidance notes, informal consultation

UK: AEoI guidance notes, informal consultation

HM Revenue & Customs (HMRC) released an informal consultation on the guidance notes for the automatic exchange of financial account information (AEoI guidance). The guidance notes are designed to assist financial institutions with their implementation of the Common Reporting Standard (CRS) and the Directive on Administrative Cooperation (DAC). The guidance notes also highlight differences in the approach between the DAC, FATCA, and the Crown Dependencies and Overseas Territories (CDOT) reporting regimes.

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HMRC made clear that it welcomes comments on these guidance notes. Therefore, further amendments may be expected, although the frequency of these updates is unclear. 

Also, HMRC released an updated version of guidance under the FATCA and the CDOT regimes, by integrating the updates into the new AEoI guidance [PDF 89 KB]. A table of destinations, of which parts of the guidance notes can now be found in the new AEoI guidance, is available at the end of the guidance notes. There are “updated” FATCA and CDOT guidance notes [PDF 67 KB] (i.e., the previous guidance not incorporated into the AEoI guidance).


Read a September 2015 report [PDF 73 KB] prepared by the KPMG member firm in the UK.

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