UK: Updated guidance on AEOI reporting and account holders compliance

Updated guidance to reflect upcoming discontinuation of current combined CRS and FATCA XML schema after December 31, 2026

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November 4, 2025

HM Revenue and Customs (HMRC) on October 23, 2025, updated its guidance on automatic exchange of information (AEOI) reporting to reflect the upcoming discontinuation of the current combined common reporting standard (CRS) and FATCA XML schema after December 31, 2026.

Reporting financial institutions—effective January 1, 2027—will be required to submit CRS and FATCA reports using separate schemas developed by the Organisation for Economic Cooperation and Development (OECD) and the U.S. tax authority (IRS), respectively. This requirement will also apply to submissions relating to previous calendar years. Read TaxNewsFlash

Additionally, HMRC updated its guidance for account holders in line with the revised penalty framework under the International Tax Compliance (Amendment) Regulations 2025. The update notes that failure by an account holder to provide accurate and complete information regarding their tax residency and tax identification number (TIN) may result in a penalty of up to £300 imposed by HMRC, provided that the failure is deliberate or careless. Read TaxNewsFlash

Read a November 2025 report prepared by the KPMG member firm in the UK

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