HMRC updates its guidance for charities on the Common Reporting Standard
HMRC has updated and completed its guidance for charities on the Common Reporting Standard (CRS).
The updates from HMRC include technical clarification around aspects such as unit trusts and common deposit trusts, with the most substantial update being the introduction of a new chapter on how the guidance impact on charities and their human rights. This chapter includes information on the protection on human rights grounds, including on when safeguards are already in place. It also includes details on how information can be redacted when there is a threat to human rights, and information on how to apply for a redaction.
HMRC’s detailed guidance for charities can be read here. Guidance on human rights issues arising from disclosure of information by grant beneficiaries is available here.
Further information on CRS can be read here. Alana Petraske’s helpful blog outlining her top 10 tips for charities affected by CRS can be read here.