On 29 June, HMRC held an information event for charities on Automatic Exchange of Information, with a particular focus on the implementation of the new Common Reporting Standard. The presentations explained how the Common Reporting Standard will work, what the implications are for charities, reporting requirements and processes and compliance issues.

HMRC Common Reporting Standard presentation

Officials have asked us to remind members that the detailed HMRC guidance manual should be the first point of call, which can be found here. In the near future, HMRC will be publishing more detailed charities guidance within the manual. It should be noted that details about the implementation are still subject to change and refinement.

At the meeting representatives from STEP shared their CRS flowchart while representatives from Coutts bank shared Self-Certification forms for Individuals & Entities. These are just guides and any charity wishing to use a similar form should ensure it is suitable for those who will be signing it. CTG is also planning to publish its own CRS flowcharts in due course.

CTG continues to represent members on HMRC’s working group assessing the implications of CRS implementation for charities. Please direct any outstanding CRS/AEOI related queries to enquiries.aeoi@hmrc.gsi.gov.uk or contact CTG.