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Exchange of financial account information

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The International Tax Compliance (Amendment) Regulations, SI 2021/485 bring a number of new exchange arrangements entered into by the UK up to 20 April 2021 within the scope of the reporting requirements of the International Tax Compliance Regulations, SI 2015/878. The Regulations come into force on 14 May 2021.

The 2015 Regulations require UK financial institutions to identify certain details about people and entities holding financial accounts with them and, where those accounts are held by tax residents of listed jurisdictions outside of the UK, require them to report those details to HMRC. HMRC will then send that data to the tax authorities of other jurisdictions, in exchange for which they will receive data on UK tax residents’ accounts overseas.

HMRC maintains a list of reportable jurisdictions in the International Exchange of Information Manual IEIM402340.

Issue: 1529
Categories: News