Exchange of information: Automatic exchanges
Automatic information consists of the routine items collected by tax authorities usually from third parties, for example about dividends, bank interest, royalties, pensions and commissions. United Kingdom (UK) source information is sent to overseas tax authorities and in return the UK receives information. The information is processed by the Centre for Research and Intelligence (CRI, part of HMRC Risk & Intelligence).
Under the terms of Council Directive 2003/48/EC on the taxation of income from savings, commonly known as the EU Savings Directive (EUSD), and in accordance with related bilateral agreements with selected non-EU territories, the UK exchanges large volumes of data about foreign investors with bank accounts here. The CRI also receive a lot of data from other EU Member States. Officers are encouraged to check the TPI datamart for EUSD data before approaching CEI to make a request for information about an overseas bank account.