HMRC Charities Automatic Exchange of Information Event 29 June 2016

HMRC has recently published new guidance about the UK’s Automatic Exchange of Information (AEOI) agreements with other countries and is running an educational event aimed at charities and their advisers who are affected by AEOI reporting and would like more information.

The UK has AEOI agreements under 4 regimes.

• United States Foreign Account Tax Compliance Act (FATCA)
• Crown Dependencies and Overseas Territories (CDOT)
• Common Reporting Standard (CRS)
• Directive on Administrative Co-operation

Businesses that are Financial Institutions (FIs) have reporting obligations under the AEOI agreements that came into effect from January 2016. These rules form part of global strategies to combat offshore tax evasion. However, FIs are not limited to banks and building societies – they also include insurers, wealth and investment managers, trusts and some charities. Affected charities will be those whose main income is from investments in financial assets, where the assets are managed by a fund manager.

The event for charities and their advisers will take place on 29 June 2016 in London and will include speakers from HMRC and charity representatives, and small group discussions on due diligence best practice.

To register an interest in the event please email HMRC at crs.consultation@hmrc.gsi.gov.uk (and if possible notify CTG you are planning to attend).

For more information on the Common Reporting Standard, see this tax update. Members should also refer to Alana Petraske’s presentation slides from the CTG Tax Conference on this topic.

CTG is represented on HMRC’s working group on the Common Reporting Standard and will be providing additional updates for members, following discussions at these meetings.