The five most common reporting errors for trusts to avoid

HM Revenue & Custom’s (HMRC) compliance team has identified the five most common errors made by UK administered trusts which are Financial Institutions (FIs) when fulfilling their obligations under the International Tax Compliance Regulations 2015. These obligations relate to Automatic Exchange of Information (AEOI) which includes the Common Reporting Standard (CRS) and the Foreign Account… Read More The five most common reporting errors for trusts to avoid

CRS and charities continued…

On 18 August, I attended the latest Charities CRS Working Group meeting, hosted by HMRC. The main issues discussed were as follows: HMRC confirmed that CIOs (charitable incorporated organisations) will be treated in the same way under CRS as other corporate bodies and this will be incorporated into the new guidance. HMRC confirmed that collection of Taxpayer Identification Number… Read More CRS and charities continued…

CRS and Charities continued…

HMRC has posted its international automatic exchange guidance on the government website, following another meeting held with STEP and charity advisors: International Exchange of Information Manual. The charity guidance will be posted within a week, the HMRC working group promises. Attendees at the meeting discussed the mechanics of the due diligence process of charities in more… Read More CRS and Charities continued…

OECD: ‘Public release of taxpayer information is not consistent with the international standards for tax transparency’

STEP yesterday (14 April) received a letter from Mr Kosie Louw, Chair of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, which was sent to all members of the Global Forum.   The letter contains the following statement: ‘I want to state that the public release of taxpayer information is… Read More OECD: ‘Public release of taxpayer information is not consistent with the international standards for tax transparency’

Are all countries ready for automatic information exchange?

STEP’s Global Congress, coming up in Amsterdam this summer, will be looking into a number of important and controversial issues, not least in the panel session I’m chairing on the second day. Joining me will be the Rt Hon Clare Short, Chair of the Extractive Industries Transparency Initiative, Jeremy Carver CBE of Transparency International and… Read More Are all countries ready for automatic information exchange?