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UK: Updates to international exchange of information manual

UK: International exchange of information manual

HM Revenue & Customs (HMRC) issued updates to the international exchange of information manual. The updates were made after review of the UK legislative framework by the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum).

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The Global Forum determined that four types of financial accounts mentioned in Schedule 2 of the International Tax Compliance Regulations 2015 no longer meet the criteria to be considered as “excluded accounts.” HMRC intends to amend Schedule 2 to make these types of accounts as reportable accounts for common reporting standard (CRS) and DAC purposes for reportable year 2020 and subsequent years.

Additionally, the time period for which reporting financial institutions must maintain information related to tax residence of new and pre-existing accounts has been changed to five years.


Read a January 2020 report [PDF 91 KB] prepared by the KPMG member firm in the UK

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