Amendment to the International Tax Compliance Regulations 2015

2.  In the International Tax Compliance Regulations 2015(1), for regulation 1(3)(b) substitute—

“(b) the arrangements entered into by the United Kingdom with another territory for the exchange of tax information for the purposes of the adoption and implementation of the CRS, specified in a notice published by the Commissioners (as revised or replaced from time to time);”(2)

(1)

S.I. 2015/878; relevant amending instruments are S.I. 2017/598, 2018/490, 2019/881, 2020/438, 2020/1300, 2021/485, 2022/474 and 2023/461.

(2)

The term “the CRS” is defined in regulation 1(3A) of the International Tax Compliance Regulations 2015 as the common reporting standard for the automatic exchange of financial account information developed by the Organisation for Economic Co-operation and Development (“OECD”), including the commentary on the common reporting standard. The OECD Standard for Automatic Exchange of Financial Account Information in Tax Matters, published in 2014 is available at https://www.oecd.org/ctp/exchange-of-tax-information/standard-for-automatic-exchange-of-financial-account-information-for-tax-matters-9789264216525-en.htm and a hard copy is available for inspection at the offices of HMRC at 14 Westfield Avenue, Stratford, London E20 1HZ.