HMRC updates list of reportable jurisdictions

On 15 May 2017, Her Majesty’s Revenue and Customs (“HMRC”) updated the list of countries whose tax residents must be reported on by Financial Institutions until 31 May 2017 (Link). The update, in accordance with changes reported by the OECD, has removed Barbados, Curacao, and Niue from the list of countries required to report by 31 May 2017, meaning that reports sent by Financial Institutions should not include accounts of tax residents of these countries. This come less than one week after Trinidad and Tobago was also removed from the May 2017 reporting list. HMRC did note that:

However, as this change is so close to the reporting date, HMRC recognises that Financial Institutions may already have compiled their files and may be unable to remove such accounts in time to allow reporting by 31 May 2017.  If you are unable to remove data on Barbados, Curacao, and Niue financial accounts, please do not delay reporting to HMRC.  HMRC will remove any data in respect of such financial accounts prior to exchange with reportable jurisdictions.

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