HMRC issues amended regulations and explanatory note to include CRS in its legislation, effective 17 May 2017

On 25 April 2017, Her Majesty’s Revenue and Customs (“HMRC”) on behalf of HM Treasury, issued The International Tax Compliance (Amended) Regulations 2017 and an Explanatory Memorandum to The International Tax Compliance (Amendment) Regulations 2017 (Link-Regulations 2017) (Link-Explanatory Memorandum) with the intention to bring the Common Reporting Standard into the scope of The International Tax Compliance Regulations 2015, which came into effect on 15 April 2015. These amended regulations come into force on 17 May 2017.

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