Automatic Exchange of Information: financial institutions
How Automatic Exchange of Information may apply to financial institutions, what to report and how to submit the information.
Overview
Automatic Exchange of Information agreements mean that financial institutions (such as banks) must review the accounts they maintain and report certain account holders to HMRC every year.
All references to Automatic Exchange of Information include:
- the United States Foreign Account Tax Compliance (FATCA)
- the Common Reporting Standard
The Common Reporting Standard has been updated and the definitions of financial institutions have been expanded from 1 January 2026.
Automatic Exchange of Information applies if you are a UK financial institution and are resident in the UK, or any part of a non-resident financial institution located in the UK.
Read more detail about financial institutions.
Entity level reporting
Each entity is treated as a single financial institution and is responsible for submitting a yearly return.
One member of the group can register and report for other financial institutions within their group.
Collective investment schemes, such as unit trusts, can report at umbrella or sub-fund level.
What to report
Private individual accounts with more than one owner
You’ll need to report individual accounts with more than one owner (such as husband and wife joint accounts) separately.
Accounts held by overseas entities
You can only report accounts held in the UK to HMRC.
UK branches of overseas financial institutions report on the accounts they hold.
No accounts to report
You will not normally need to submit a nil return. However, if you’re in a nil reporting position due to applying the de-minimis $50,000 or $250,000 threshold on pre-existing accounts, you should submit a report.
Before you start
To submit your return, you need a Government Gateway user ID and password. If you do not have a user ID, you can create one when you submit your return.
You also need to be registered for the Automatic Exchange of Information online service.
Submit a return
You can submit an Automatic Exchange of Information return either:
- through HMRC Online Services
- by using HMRC XML Schema
Penalties
HMRC may charge you penalties for non-compliance and late filing.
Updates to this page
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All references to Automatic Exchange of Information include the United States Foreign Account Tax Compliance (FATCA) and the Common Reporting Standard.
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First published.