The International Tax Compliance (Amendment) Regulations, SI 2020/438, bring into scope further international exchange of information arrangements the UK has entered into since 16 May 2019, when the principal regulations were previously amended. It also makes four additional types of financial account reportable to HMRC.
The principal regulations enable the UK to comply with automatic exchange of information obligations arising under the EU administrative cooperation directive (DAC), the OECD’s common reporting standard (CRS) and the UK/US agreement to implement FATCA.
The new arrangements brought into scope include those entered into with Ecuador and Kazakhstan.
The four types of financial account previously excluded, which now become reportable, are: non-registered pension arrangements and premium bonds, fixed interest savings certificates and index-linked savings certificates issued by National Savings & Investments.
The International Tax Compliance (Amendment) Regulations, SI 2020/438, bring into scope further international exchange of information arrangements the UK has entered into since 16 May 2019, when the principal regulations were previously amended. It also makes four additional types of financial account reportable to HMRC.
The principal regulations enable the UK to comply with automatic exchange of information obligations arising under the EU administrative cooperation directive (DAC), the OECD’s common reporting standard (CRS) and the UK/US agreement to implement FATCA.
The new arrangements brought into scope include those entered into with Ecuador and Kazakhstan.
The four types of financial account previously excluded, which now become reportable, are: non-registered pension arrangements and premium bonds, fixed interest savings certificates and index-linked savings certificates issued by National Savings & Investments.
