HMRC has today published new draft guidance notes to cover the automatic exchange of financial account information under the International Tax Compliance Regulations 2015 (SI 2015 No. 878) (the Regulations), which were made in the spring.
The main document is a new draft HMRC guidance manual covering the Regulations. The Regulations implement reporting obligations for UK Financial Institutions under the EU Directive on Administrative Compliance, the OECD Common Reporting Standard and the intergovernmental agreement with the United States to implement FATCA.
The draft manual has partially incorporated the earlier guidance on both the FATCA intergovernmental agreement and also the Crown Dependencies and Overseas Territories (CDOT) automatic exchange agreements.
The draft manual includes a useful introduction explaining the purpose and status of the guidance as well as tables to show where existing FATCA and CDOT guidance has been incorporated into it. However, as the earlier guidance has not yet been fully incorporated, to complete the picture, the remaining FATCA and CDOT guidance has been republished and can also be accessed from the same page on gov.uk.