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HMRC internal manual

International Exchange of Information Manual

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HM Revenue & Customs
Updated
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Notification requirement: Meaning of offshore advice or services: Meanings of ‘participating jurisdiction’ and ‘financial account’

Notification requirement: Meaning of offshore advice or services: Meanings of ‘participating jurisdiction’ and ‘financial account’

A ‘participating jurisdiction’ in this context is one that has agreed to adopt the OECD Common Reporting Standard and is on the list of participating jurisdictions that can be found in Schedule 1 to the International Tax Compliance Regulations 2015; this list does not include the UK.  The USA is not a participating jurisdiction, but is expressly included in the client notification requirements.

‘Financial account’ takes its meaning from the OECD Common Reporting Standard (see Section VIII(C)).  Because the notification is going to UK tax residents, it will in this context refer to an account that is outside the UK, in a participating jurisdiction or the USA.