Common Reporting Standard Consultation

The BSA Reponds

Following the HMRC Consultation on changes to the Common Reporting Standard, and the implementation of the Cryptoasset Reporting Framework, the BSA  has now responded to this consultation. The response can be found here. 

In summary the response:

- does not address proposals to implement the cryptoasset reporting framework as this is not relevant area for building societies and credit unions

- supports amendments proposed to the Common Reporting Standard to add minor information to returns under AEOI, make minor amendments to the penalties framework for non-compliance and improves visibility of UK financial institutions for AEOI purposes

- challenges HMRC on the benefits of bringing reporting on UK tax residents within the same standards and reporting as AEOI, outlining it would amount to a significant systems change and must be proportionate to benefits to the tax payer. 

If you would like to discuss the proposals in this consultation further, please get in touch with  aisling.morgan@bsa.org.uk