United Kingdom Tax Agency Issues Policy Paper on Regulations to Update AEOI Agreements

The United Kingdom HM Revenue and Customs June 25 issued a policy paper on regulations to update the country’s automatic exchange of information (AEOI) agreements. The policy paper includes measures to: 1) introduce new rules that expand the scope of the common reporting standard (CRS) to include electronic money institutions and certain e-money products, exclude most charities, and require the reporting of additional information to improve data usability; 2) implement specific amendments to the CRS; 3) require the registration of reporting financial institutions and trustee-documented trusts; 4) require account holders and controlling persons to provide valid self-certifications; and 5) reform ...