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Common Reporting Standard: HMRC Collects £122m So Far!

And is following up on a further £560 million more ...

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POSTED BY HELEN BEAUMONT ON 07/08/2019 @ 8:00AM

So, far, HMRC has collected £122 million in extra taxes thanks to the new Common Reporting Standard tax regime ...

So far, the Common Reporting Standard has gained details on nearly three million UK taxpayers with offshore interests!

So far, the Common Reporting Standard has gained details on nearly three million UK taxpayers with offshore interests!

copyright: solarseven / 123rf

The Common Reporting Standard (CRS) means that tax authorities in over 100 separate countries now share tax information on individuals with each other.

"HMRC says that CRS significantly enhances its ability to identify non-compliance of tax-rules offshore!"

Banks, trusts, foundations, insurance, custodians and investment funds now must report tax information thanks to the new CRS rules. So far, the Common Reporting Standard has gained details on nearly three million UK taxpayers with offshore interests. HMRC is following up on a further £560 million in additional tax owed.

Taxpayers were offered a Requirement To Correct (RTC) last year so they could declare offshore interests prior to CRS delivering data to HMRC. According to official figures, this resulted in 17,000 individuals getting in touch.

Thos RTC declarations made before the September 2018 deadline were treated more leniently than those who didn't declare in time with penalties far more severe for non-declarers involving up to 100% of the tax involved.

"Would you like to know more?"

If you'd like to find out more about the Common Reporting Standard and how it may affect you, do give me a call on 01908 774323 or click here to ping me an email and let's see how I can help you.

Until next time ...

HELEN BEAUMONT


PS:

If you're looking to work with an expert tax advisor with a wide range of tax experience, do visit www.essendontax.co.uk to find out more about me and discover how I can help!


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More about Helen Beaumont ...

Helen brings the personal tax planning experience of the top 20 tax companies to Essendon. Formerly of MacIntyre Hudson (with 45 offices nationwide), Helen worked at Chancery for more than 10 years before joining Essendon as the personal tax specialist.

Tax Planning can make a considerable difference to your tax liability. Helen’s specialist knowledge in tax planning and experience ensures every opportunity to minimise your tax bill is utilised. By analysing your investments, income, profit and expenditures, Helen will provide strategic tax planning expertise that could offer significant savings, whilst delivering clear, honest advice and guidance.

When Helen is not at Essendon she spends time with her young son and likes going on long walks with the family dog.