HMRC publishes update to International Exchange of Information Manual

On 30 December 2019, Her Majesty’s Revenue & Customs (“HMRC”) published updates to its International Exchange of Information Manual (Link). In addition to several formatting changes, the primary updates were made within the following sections:

Reportable Information: Reportable Jurisdictions (Link):

  • Amended to highlight that Kuwait is reportable in 2020
  • Changes for 2020 reporting year made to guidance.

Financial Accounts: Excluded Accounts: Retirement and Pension Accounts (Link):

  • Minor punctuation change
  • Change made to reflect intention to make non-registered pension arrangements reportable for CRS and DAC purposes with respect to the calendar year 2020 and subsequent years

Financial Accounts: Excluded Accounts: Tax Favoured Accounts (Link):

  • Changes made to reflect intention to make Premium Bonds, Fixed Interest Savings Certificates and Index Linked Savings Certificates reportable for CRS and DAC purposes with respect to the calendar year 2020 and subsequent years

Financial Accounts: Excluded Accounts: Retirement/Pension Accounts: Cross Border Pensions (Link):

  • Change made to reflect intention to make non-registered pension arrangements reportable for CRS and DAC purposes with respect to the calendar year 2020 and subsequent years

Miscellaneous: Documentary Evidence: Retention of Documents (Link):

  • Update to retention period, including change to 5 years

Due Diligence: New Individual Accounts: Introduction (Link):

  • Update to retention period, including change to 5 years

Common Reporting Standard: Participating Jurisdictions (Link):

  • 2020 Participating Jurisdictions added

Financial Accounts: Excluded Accounts: Introduction (Link):

  • Update of December 2019 added

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