Background: How it works
How it works
The International Tax Compliance Regulations 2015 and the International Tax Compliance (Crown Dependencies and Gibraltar) (Amendments) Regulations 2015 work in the same way to bring into effect the obligations that financial institutions have to report details of accounts to HMRC for exchange with other jurisdictions.
Whether the obligations are for the purposes of FATCA, the CDOT IGAs, the CRS or the DAC the basic process is the same:
Each of these steps is described in the following guidance and the differences in approach under each of the regimes identified.