Automatic Exchange of Information Handbook is a practical guide to the automatic exchange of information rules legislation within the UK.
Covering the requirements of the OECD Common Reporting Standard (CRS), and the US Foreign Account Tax Compliance Act (FATCA) on financial institutions, this title helps to explain: - What the key jargon means - How to work out the status of an organisation under these rules (the definition of financial institutions may include professional firms, charities and trusts) - The potential penalties and other risks of non-compliance and how to minimise those risks
- How to achieve compliance, including: - How to carry out the required due diligence - How to make a report
The title summarises a brief history of AEOI, the impact of Brexit, who is affected and how, due diligence requirements, and more, as well as other issues including other forms of international information exchange such as anti-money laundering rules and bi-lateral double taxation treaties.
Key points are clearly highlighted throughout for easy references and flowcharts are included to support some areas of commentary.
This title is essential for tax advisers, accountants, tax lawyers, financial advisers and students studying for international tax qualifications. It will also be relevant for finance and management teams in organisations which fall under these rules in practice.
Read an extract of Automatic Exchange of Information Handbook
Table of Contents
1 How we got here – A quick look at the recent history of Automatic Exchange 2 The UK and Automatic Exchange today, including the impact of Brexit 3 An overview of FATCA and CRS 4 What is a reporting financial institution under FATCA/CRS? Why is it important? 5 What is a financial account? Why is that important? 6 How are different kinds of entities and persons affected by FATCA/CRS? 7 FATCA/CRS – Advising, assisting, looking after and dealing with clients 8 FATCA/CRS – What might happen to us, if we didn't comply? 9 FATCA/CRS – Due diligence requirements under the UK's regulations 10 FATCA/CRS due diligence of individual accounts 11 FATCA/CRS due diligence of entity accounts (including NFEs and NFFEs) 12 Making a report under the UK's FATCA/CRS regulations 13 EU DAC 6 – the EU Mandatory Disclosure regime 14 EU DAC 6 – Who must report? 15 EU DAC 6 – What must be reported, when and how? 16 EU DAC 6 – Other obligations 17 EU DAC 6 – The hallmarks 18 EU DAC 6 – Penalties for non-compliance 19 Other forms of exchange under EU DAC 20 HMRC's legal framework for exchange Appendix I – List of countries with a FATCA agreement with the USA Appendix II – OECD Common Reporting Standard ('CRS') participant countries Appendix III – Flowchart 1 – Is this a financial institution? Appendix IV – Flowchart 2 – Is this a UK reporting financial institution? Appendix V – Flowchart 3 – What FATCA and CRS due diligence must a reporting financial institution carry out? Appendix VI – Flowchart 4 – FATCA and CRS due diligence in relation to new individual accounts Appendix VII – Flowchart 5 – FATCA and CRS due diligence for a reporting financial institution in relation to new entity accounts Appendix VIII – Flowchart 6 – Must a UK reporting financial institution treat this as a CRS or FATCA reportable account? Appendix IX – Flowchart 7 – Must a DAC 6 return be made?