The Common Reporting Standard (CRS) is the global standard for the exchange of financial account information. Under the CRS financial institutions are required to obtain and report the tax residence information of their account holders. The information that tax authorities will receive under the CRS is a vital part of global efforts to tackle offshore tax evasion and increase tax transparency. Under the CRS financial institutions are required to carry out due diligence procedures, including obtaining tax residency self-certifications from some account holders.
HMRC does not consider estimating the number of tax residency self-certification forms received by financial institutions or estimating how many account holders annually will self-certify in future to be a useful exercise at this time. A Tax Information and Impact Note was published on 18 March 2015 in accordance with the government’s tax policy making process.
HMRC continues to monitor the impact of the CRS through information collected through the information exchange arrangements, competent authority discussions, tax returns and compliance work undertaken by HMRC.