We understand HMRC has confirmed the delay of regulations and guidance, setting out the form in which financial institutions providing offshore advice or services will have to notify their clients about the requirement to share information with HMRC under the common reporting standard. These regulations will not, as previously anticipated, come into force on 30 June 2016. In view of this delay, HMRC has also confirmed that the compliance period will be extended, from the original date 30 April 2017, to a later date to allow for the obligation to be incorporated into client communications. See www.bit.ly/25AbHSg.
We understand HMRC has confirmed the delay of regulations and guidance, setting out the form in which financial institutions providing offshore advice or services will have to notify their clients about the requirement to share information with HMRC under the common reporting standard. These regulations will not, as previously anticipated, come into force on 30 June 2016. In view of this delay, HMRC has also confirmed that the compliance period will be extended, from the original date 30 April 2017, to a later date to allow for the obligation to be incorporated into client communications. See www.bit.ly/25AbHSg.
