HM Revenue & Customs (HMRC) invited some of the UK’s financial industry experts, including STEP, to join an overview of the OECD’s current review of the Common Reporting Standard (CRS). The OECD will launch a consultation later this year, but has requested early input from industry experts on the improvements and changes that they would… Read More The OECD reviews the Common Reporting Standard
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
HMRC has identified the most common errors made by financial institutions (FIs) when filing their Automatic Exchange of Information (AEOI) returns, which include Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) reportable information. 1. The FI misunderstands what constitutes an undocumented account FIs are wrongly reporting accounts as ‘undocumented’ on the basis… Read More HMRC’s five traps to avoid with CRS/FATCA reporting
With reporting now underway in the UK for both FATCA (the US Foreign Account Tax Compliance Act) and the Common Reporting Standard (CRS), STEP has been liaising with HMRC on some of the more common reporting issues: 1. The financial institution (FI) has to re-register and is not able to view previous returns on the… Read More Top 10 FATCA/CRS reporting issues
As 2017 draws to a close, and with the final STEP Journal (Dec/Jan) having recently landed on your (or your office’s) doormat, this seems the perfect juncture take a quick look back on our member publications and bulletins this year. Above are the varied, colourful covers of this year’s ten STEP Journal issues, each of… Read More 2017: A brief editorial review
The end of November saw STEP Special Interest Groups’ (SIGs’) annual day of conferences, the ‘Spotlight Sessions’, held at the Montcalm Hotel in London and attracting over 300 international delegates. The day started early with a breakfast-time Philanthropy Advisors SIG session. Outgoing chair Suzanne Reisman TEP welcomed attendees and contributed to a panel discussion, which… Read More STEP’s Special Interest Groups under the spotlight
A sell-out audience of over 370 delegates has been attending the 2017 STEP LatAm Conference in Cartagena, Colombia this week. The fact that they managed to get here in spite of a local transport strike made me feel, as a Brit, rather at home, but it also shows what a strong following the annual STEP… Read More STEP LatAm Conference 2017 in Colombia
With reporting now underway in the UK for both FATCA and the Common Reporting Standard (CRS), STEP has been liaising with HMRC on some of the finer points of reporting. Can I still submit CRS amendments? There is some time available following the 31 May 2017 deadline for submission of amendments or corrections. If you… Read More Information exchange reporting FAQs
STEP attended the most recent CRS Business Advisory Group hosted by HMRC and discussed the following issues: FAQs HMRC advised that new documents on the OECD portal have been published along with some additional FAQs. Anti-avoidance Members were interested to know when the OECD will publish its loophole paper which will review loophole reporting strategies.… Read More CRS reporting update, June 2017
HMRC hosted another Charities CRS working group on 16 January. The following issues were on the agenda for discussion: Anti-Avoidance Rules HMRC would like to refine its currently broad regulation regarding anti-avoidance. It is scheduled to discuss it with the compliance team shortly. It will also be reviewing the anti-avoidance issues surrounding donations channelled through… Read More CRS and Charities: January 2017 update
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