HMRC has published an overview of the reporting obligations affecting charities that are investment entities and therefore financial institutions subject to the UK’s international agreements for automatic exchange of financial account information. See www.bit.ly/20X0Bjv.
The Crown dependencies and overseas territories (CDOTs) agreements came into effect from 1 January 2015, with first reporting due by 31 May 2016. The common reporting standard (CRS) came into effect from 1 January 2016, with first reporting due by 31 May 2017.
Between 1 January 2016 and 2017, the CRS will gradually replace the CDOTs agreements. Charities affected must collect data on financial accounts for the calendar year to 31 December 2016 and report it to HMRC by 31 May 2017.
HMRC has published an overview of the reporting obligations affecting charities that are investment entities and therefore financial institutions subject to the UK’s international agreements for automatic exchange of financial account information. See www.bit.ly/20X0Bjv.
The Crown dependencies and overseas territories (CDOTs) agreements came into effect from 1 January 2015, with first reporting due by 31 May 2016. The common reporting standard (CRS) came into effect from 1 January 2016, with first reporting due by 31 May 2017.
Between 1 January 2016 and 2017, the CRS will gradually replace the CDOTs agreements. Charities affected must collect data on financial accounts for the calendar year to 31 December 2016 and report it to HMRC by 31 May 2017.
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