HMRC has removed Brunei Darussalam from the list of jurisdictions for whose tax residents financial institutions must report financial account information by 31 May 2019 under the CRS.
Despite the short notice, financial institutions should not delay reporting to HMRC, who will remove any data in respect of Brunei Darussalam accounts prior to exchange of information with other reportable jurisdictions. HMRC has added a note to its International Exchange of Information Manual at IEIM402340, the relevant parts of which read:
‘HMRC has updated the list of jurisdictions whose tax residents Financial Institutions must report on by 31 May 2019 under the Common Reporting Standard. The change removes Brunei Darussalam from the list for reporting to HMRC in May 2019, which means that reports sent by Financial Institutions should not include financial accounts held by tax residents of Brunei Darussalam.
‘However, as this change is so close to the reporting date, HMRC recognises that Financial Institutions may already have compiled their files and may be unable to remove such accounts in time to allow reporting by 31 May 2019. If you are unable to remove data on Brunei Darussalam financial accounts, please do not delay reporting to HMRC. HMRC will remove any data in respect of such financial accounts prior to exchange with reportable jurisdictions.’
HMRC has removed Brunei Darussalam from the list of jurisdictions for whose tax residents financial institutions must report financial account information by 31 May 2019 under the CRS.
Despite the short notice, financial institutions should not delay reporting to HMRC, who will remove any data in respect of Brunei Darussalam accounts prior to exchange of information with other reportable jurisdictions. HMRC has added a note to its International Exchange of Information Manual at IEIM402340, the relevant parts of which read:
‘HMRC has updated the list of jurisdictions whose tax residents Financial Institutions must report on by 31 May 2019 under the Common Reporting Standard. The change removes Brunei Darussalam from the list for reporting to HMRC in May 2019, which means that reports sent by Financial Institutions should not include financial accounts held by tax residents of Brunei Darussalam.
‘However, as this change is so close to the reporting date, HMRC recognises that Financial Institutions may already have compiled their files and may be unable to remove such accounts in time to allow reporting by 31 May 2019. If you are unable to remove data on Brunei Darussalam financial accounts, please do not delay reporting to HMRC. HMRC will remove any data in respect of such financial accounts prior to exchange with reportable jurisdictions.’
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