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Common Reporting Standard (CRS) | TSB
Why have you contacted me?
As part of a recent review, we think you could be someone who we need to report under CRS, so we need you to confirm this.
What is CRS?
CRS was created as a way for the tax authorities from different countries to exchange financial information about its citizens. It was developed by the Organisation for Economic Co-operation and Development (OECD). There are now over 100 countries/tax authorities that have signed up to exchange financial information using CRS. The list of countries/tax authorities can be found at IEIM400090 - Common Reporting Standard: Participating Jurisdictions - HMRC internal manual - GOV.UK (www.gov.uk)
CRS means that every year we must give HMRC information about anyone who we think may pay or be eligible to pay tax abroad, which they will then share with the tax authority of the relevant country.
Who is affected by this?
If you only pay tax in the UK, then you shouldn’t be affected by CRS. But if you’re meant to, or are registered to, pay tax in other country, then we may have to share your information with HMRC who will then share it with the relevant tax authority.
How do I know if CRS relates to me?
We can’t give you this advice, but you can find information on the link below about who could be eligible for each CRS country/tax authority.
Tax residency - Organisation for Economic Co-operation and Development (oecd.org)
What do I need to do?
Please complete the CRS form so we can report the correct information about you. You’ll need your Tax Identification Number (TIN), so please make sure you have this information to hand.
If you only pay tax in the UK you need to let us know by ticking ‘I am a UK tax resident’. Otherwise we may include you in the annual report we send to HMRC.
What happens if I do nothing?
If you don’t complete the CRS form we will continue to report the information we have about you. If this is incorrect or out-of-date, this could cause you problems with the tax authorities.
What will happen in future years?
We ask you to let us know if you become tax resident in another country or if your tax residency changes from one country to another.
It’s important that your information is always kept up to date. If you don’t tell us of a change in tax residency, we’ll continue reporting the information we have about you which will be incorrect. This could cause you problems with the tax authorities.
Is further information available on CRS?
Further information about CRS can be found below -
Automatic Exchange - Organisation for Economic Co-operation and Development (oecd.org)
IEIM400080 - Background: Common Reporting Standard - HMRC internal manual - GOV.UK (www.gov.uk)
