Timetable: EUSD to CRS Transition
EU Savings Directive to CRS Transition
The obligations on Financial Institutions to report information under The Reporting of Savings Income Regulations 2003 (S.I.2003/3297), which implemented the EU Savings Directive (EUSD) 2003/48/EC (as amended), will end following the repeal of the EUSD by Directive 2015/2060/EU, brought into force on 8 December 2015. Without the Directive on which they are dependent, The Reporting of Savings Income Regulations 2003 will have no meaning. They will be formally repealed on the same basis as the Directive in 2016. This will include a savings provision for obligations under them in respect of the reporting years, ending with the tax year to 5 April 2016.
In accordance with the terms of Directive 2015/2060/EU, the UK reporting obligations under the EUSD and the regulations will continue in respect of the reporting year ended 5 April 2016, after which they will cease except in so far as obligations in relation to reporting years until that date remain unsatisfied.
The last reporting year under the EUSD is therefore the UK tax year ending 5 April 2016. There will be a legal obligation on Financial Institutions to report information in respect of that year, however in order to minimise the costs to business HMRC will accept returns that end effectively on 31 December 2015 in addition to those which continue to supply information up to 5 April 2016.