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New HMRC International Exchange of Information Manual

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HMRC has published the first part of its new International Exchange of Information Manual. The available section IEIM400000 covers automatic exchange of information. This is the finalised version of the draft published for informal consultation in September 2015. See

The manual is intended to provide HMRC staff with an understanding of the requirements that UK financial institutions must fulfil to comply with obligations under the four current sets of legislation for automatic exchange: FATCA; the Crown Dependencies and Gibraltar Regulations; the OECD common reporting standard (CRS); and the EU directive on administrative cooperation in tax matters (DAC).

The guidance explains that the CRS is imposed in Europe via the DAC. As a result, it is the DAC which governs the obligations imposed on reporting financial institutions in the UK. The UK guidance on CRS cannot extend or restrict the scope of CRS as implemented by the DAC.

It also makes clear that if financial institutions have doubts about how any element of the DAC is applied, their first point of reference for guidance should be to the CRS commentaries. The UK guidance is secondary.

Issue: 1309
Categories: News