Automatic Exchange of Information: introduction
Find out about Automatic Exchange of Information and what it means.
Automatic Exchange of Information agreements are made between the UK and other countries. These agreements allow the exchange of information between tax authorities of different countries about financial accounts and investments to help stop tax evasion.
Financial institutions, for example, banks, building societies, insurance companies, investment companies, will provide information on non-UK residents with financial accounts and investments in the UK to HM Revenue & Customs (HMRC).
HMRC will share this information with the relevant countries.
HMRC will receive information from other countries about UK residents with financial accounts and investments overseas.
The UK has Automatic Exchange of Information agreements under 4 regimes.
United States Foreign Account Tax Compliance Act (FATCA)
The agreement between the UK and USA requires UK financial institutions to report to HMRC on US customers that hold accounts with them.
Crown Dependencies and Overseas Territories
The agreement between the UK and its Crown Dependencies and UK Overseas Territories to report on those who are tax residents in one territory and hold accounts in the other.
Common Reporting Standard
The standard for all automatic exchange of financial information.
Directive on Administrative Co-operation
The Directive which applies the Common Reporting Standards throughout the European Union.
Further information and guidance
All references to Automatic Exchange of Information include United States Foreign Account Tax Compliance (FATCA), Crown Dependencies and Overseas Territories and the Common Reporting Standard.
Published: 29 April 2016
From: HM Revenue & Customs
Related guides: Automatic Exchange of Information: guidance for charities