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UK: Revised AEOI submission schema, v2.0

UK guidelines for AEOI submissions

HM Revenue & Customs (HMRC) released a revised schema, v2.0, to be used for all automatic exchange of information (AEOI) reporting beginning 1 January 2017—for purposes of the common reporting standard (CRS), the UK Crown Dependencies & Overseas Territories (CDOT), and the FATCA reporting regimes and including any amendments to previously submitted data.


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What's new

In general, the changes in HMRC AEOI v2.0 schema are minor and align the schema with that of the OECD schema. Not all changes announced by the IRS (the U.S. tax authority) for FATCA v2.0 are included in the HMRC schema because HMRC, for example, uses a different method to handle enquiries from the IRS.

There are also updates to version 1.6 (in use until 31 December 2016) including:

  • A number of elections, such as indicating that the financial institution is effectively prevented by law from selling cash value insurance contracts or annuities to non-EU residents (but this is a CRS election only per the schema), and not to report dormant accounts 
  • New indicators, such as the account has been closed in the year, the account is “undocumented”

There are new optional fields to align with the CRS standard fields—for example, account number type (IBAN, etc.), birth information (city and country of birth) and alignment of the naming convention for account-holder type.

The user guide does include a full list of revisions from the version 1.6 in Annex A. 

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