FATCA

FORTHCOMING CHANGES: At Autumn Budget 2024, the government published a summary of responses to a consultation on: (i) the UK’s implementation of the OECD’s Cryptoasset Reporting Framework (CARF); (ii) certain amendments to the Common Reporting Standard (CRS); and (iii) whether to make the UK a reportable jurisdiction for the purposes of the CRS and the CARF (ie introduce domestic reporting).

As a result, the government has: (i) published draft regulations implementing the CARF; (ii) published draft regulations amending the CRS; (iii) announced that the CARF will include domestic reporting (to be brought in when the CARF is implemented); and (iv) in contrast to (iii), stated that it will ‘continue to examine the issues raised’ regarding ‘the benefits and drawbacks of extending CRS reporting to cover UK customers of UK businesses’.

The government is now ‘seeking technical feedback on the draft regulations to ensure they operate as the government intends and to identify any areas which need further clarification in more detailed guidance’. The deadline for responses is 10 January 2025. HMRC will prepare the relevant guidance and ‘will work with stakeholders