Tax administration: regulations to implement the UK's automatic exchange of information agreements
This Tax Information and Impact Note is about UK's obligations under European Union (EU) law to implement UK's automatic exchange of information agreements.
PDF, 195KB, 5 pages
This file may not be suitable for users of assistive technology. Request an accessible format.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email email@example.com. Please tell us what format you need. It will help us if you say what assistive technology you use.
In compliance with the UK’s obligations under the EU Revised Directive on Administrative Cooperation (Council Directive 2014/107/EU) to improve international tax compliance, and the UK’s obligations under Competent Authority Agreements with non-EU jurisdictions for the Common Reporting Standard, HM Treasury is introducing regulations creating due diligence and reporting obligations for UK financial institutions.
The regulations will have effect on and after 1 January 2016 in relation to the DAC and the CRS Competent Authority Agreements, and 21 days from the date these regulations are laid in relation to the Foreign Account Tax Compliance Act agreement.