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THE COMMON REPORTING STANDARDS (CRS)
What is the CRS?
The CRS is an international agreement designed to help combat tax evasion by automatically exchanging bank account (and other financial assets) information with the tax authority in the country where the owner of the account is situated. The information will first be sent by the bank to the tax authority of the country where the bank is situated, and then this will be forwarded to the tax authority in the country where the account holder is situated. About 100 countries are currently signed up with more to follow. About half will be exchanging information this summer, with the remainder by September 2018.
What we must tell you
Part of the CRS legislation includes provisions requiring professional advisers to notify their clients of the introduction of these regulations and so you may have already seen a letter from us and a copy of HMRC’S information note on CRS. If not then please click here.
What you should do now
There is no need or obligation on you to reply to any letter if you have no reason to believe that your affairs are not correct and complete and all necessary disclosures have been made in relation to any offshore income and gains. However the UK tax code, especially in relation to the remittance basis for those who do not have a UK domicile, is very complex and if you have any questions or concerns then please do not hesitate to contact your usual engagement partner to discuss this matter.