UK: Amendment to CRS regulations
Amended regulations come into effect on 14 May 2024
Amended regulations come into effect on 14 May 2024
HM Revenue and Customs (HMRC) on 23 April 2024 issued a notice amending the International Tax Compliance Regulations 2015 to note that the arrangements between the United Kingdom and other territories for the purposes of the adoption and implementation of the common reporting standard (CRS) are specified in the notice from the Commissioners, subject to periodic revisions or replacements.
Per the notice, HMRC can establish Competent Authority Agreements (CAA) with tax authorities in other countries under international agreements. These international agreements detail the arrangements for exchange of information for the CRS purposes, which are active with reportable jurisdictions for specific years.
The amended regulations come into effect on 14 May 2024.
Read an April 2024 report prepared by the KPMG member firm in the UK
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