Information exchange rules expanded

The International Tax Compliance (Amendment) Regulations SI 2025/740 expand the scope of the OECD Common Reporting Standard on the automatic exchange of information to cover electronic money institutions and certain digital money products exclude most charities and require reporting of additional information to improve ‘usability’ of the data. The regulations also introduce a new mandatory registration requirement for financial institutions and reform the penalty provisions. New penalties are introduced for example for breach of the new obligation on account holders to provide a valid self-certification when required to do so by a reporting financial institution and for failing to register with HMRC.

The regulations come into force on 16 July 2025 subject to exclusions for certain reporting obligations for the calendar year 2025 and previous calendar years. HMRC have also issued an accompanying tax information and impact note.