Updated UK guidance on the “automatic exchange of information” (AEoI) regimes combines guidance concerning the Foreign Account Tax Compliance Act (FATCA), the crown dependencies and overseas territories (CDOT), the directive on administrative cooperation (DAC), and the common reporting standard (CRS).
The new UK guidance replaces all prior guidance including earlier guidance under FATCA and the CDOT. Among the items in the new AEoI guidance is a useful search function; however, there are a number of areas that need further clarification (for example, concerning property investment vehicles). HM Revenue & Customs is expected to make further updates to address these points.
Read a May 2016 report prepared by the KPMG member firm in the UK: UK AEoI guidance released
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