Taxation:Written question - HL6519

Asked by Lord Vinson
Asked on: 20 March 2018
To ask Her Majesty's Government what is their estimate of the cost to the UK economy of the universal application of the Common Reporting Standards and consequent obligations on individuals, entities and controlling persons to complete tax residency self-certification forms, including for multiple institutions.
Answered by: Lord Bates
Answered on: 29 March 2018

The estimated economic impact of implementing the Common Reporting Standard and the estimated costs to business were set out in a Tax Information and Impact Note (TIIN) published on 18 March 2015.

Tax residency self-certification forms are requested by financial institutions to help determine whether account holders are reportable under the CRS. The Government has not estimated the number of tax residency self-certification forms that have been completed or will be completed annually in future.

Grouped Questions: HL6520 | HL6521

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