GIE Bulletin - Draft AEOI Guidance Released

On 17 September 2015, HM Revenue and Customs (HMRC) released their draft guidance on the Automatic Exchange of Financial Account Information guidance. The guidance is intended to help Financial Institutions (FIs) with the four different Automatic Exchange of Information regimes; the US Foreign Account Tax Compliance Act (FATCA), the Crown Dependencies and Overseas Territories (CDOT) and the Common Reporting Standards (CRS) and the EU Directive on Administrative Cooperating (DAC) in tax matters.

The guidance also provides updates around certain key issues previously raised with the HMRC including:

• Adoption of the 'wider approach' under the CRS
• The requirement to obtain Tax Identification Numbers (TIN) in non-reportable jurisdictions