Automatic Exchange of Information Agreements: multilateral tax information exchange
Published 8 September 2014
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Automatic exchange of information agreements
On 9 April 2013 the government, along with France, Germany, Italy and Spain, announced an agreement to develop and pilot multilateral tax information exchange based on the model intergovernmental agreement to improve international tax compliance and to implement FATCA.
A joint letter was issued to the European Commission setting out the terms of the agreement.
Following this announcement the Crown Dependencies and the British overseas territories have announced their commitment to engage in this pilot for multilateral exchange. You can read about the first announcement made on 2 May 2013, from the link below.
The Organisation for Economic Co-operation and Development (OECD) has now published the final text of the Common Reporting Standard (CRS) for multilateral exchange. This can be accessed from the link below.
OECD Standard for Automatic Exchange of Financial Account Information
The full version of the standard, including commentary, was published on 21 July 2014. This document is available for purchase from the OECD but the full text can also be viewed freely from the link below.
For example, it is the UK’s intention that is that all UK registered pension schemes will be excluded accounts and domestic legislation will be introduced to give certainty on this issue. The UK is currently consulting on domestic implementation of the common reporting standard. The consultation document was published on 31 July 2014 and will run to the 22 October 2014.
Implementing agreements under the global standard on automatic exchange of information
Reporting to HMRC
Find out how to complete an Automatic Exchange of Information Return .
Details on future agreements will be published on this page.