HMRC updates list of CRS reportable jurisdictions

HMRC has removed six jurisdictions from the list of reportable jurisdictions for the purposes of the Common Reporting Standard.

HMRC has announced an update to the list of jurisdictions whose tax residents UK Financial Institutions must report on by 31 May 2018 under the Common Reporting Standard. The full list of Reportable Jurisdictions can be found in HMRC’s guidance at IEIM402340.

The change announced by HMRC removes the following six jurisdictions from the previously published list for reporting to HMRC in May 2018: Antigua and Barbuda, Brunei Darussalam, Grenada, Macao (China), Trinidad and Tobago and Vanuatu. As such, the May 2018 reports to be sent by UK Financial Institutions to HMRC should not include information on financial accounts held by tax residents of these jurisdictions.

However, as this change is so close to the reporting date, HMRC has recognised 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 2018. In these circumstances, HMRC advise that UK Financial Institutions should submit returns including data in respect of these six jurisdictions and that HMRC will remove any data in respect of such financial accounts prior to exchange with reportable jurisdictions.

For further information on the Common Reporting Standard, see our “FATCA and CRS” microsite.

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