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.
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:
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.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.