HM Revenue & Customs (HMRC) informed financial institutions that FATCA and common reporting standard (CRS) reports must be filed by 31 May 2020, but financial institutions filing a late return due to “COVID-19 related difficulties” will be considered to have a “reasonable excuse” and will not be subject to late penalties.
HMRC stated that financial institutions unable to file a return on time are expected to file returns after the COVID-19-related difficulties have been resolved.
Read a May 2020 report [PDF 90 KB] prepared by the KPMG member firm in the UK
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