CRS: New UK Guidance Re: Reportable Jurisdictions

On May 2, 2023, the United Kingdom HM Revenue & Customs (UK HMRC) announced changes to its list of Common Reporting Standard (CRS) Reportable Jurisdictions. UK HMRC has removed the following jurisdictions:

• Kenya

• Moldova

• Uganda

Moldova and Uganda had only been recently added to the Y2022 reporting list in January 2023.

Given the UK has announced these changes with only four weeks until the May 31, 2023 reporting deadline, the UK HMRC stated if a financial institution (FI) is unable to remove data on Kenya, Moldova and Uganda financial accounts, the FI should not delay reporting to the UK HMRC. The UK HMRC will remove any data on such financial accounts prior to the UK’s exchange with reportable jurisdictions.

The following is the complete HMRC list of Reportable Jurisdictions under the Common Reporting Standard (CRS) for the 2023 reporting year with respect to Y2022 reportable accounts:

Albania, Andorra, Antigua and Barbuda, Argentina, Aruba, Australia, Austria, Azerbaijan, Barbados, Belgium, Belize, Brazil, Brunei Darussalam, Bulgaria, Canada, Chile, China, Colombia, Cook Islands, Costa Rica, Croatia, Curacao, Cyprus, Czech Republic, Denmark, Ecuador, Estonia, Faroe Islands, Finland, France, Germany, Ghana, Gibraltar, Greece, Greenland, Grenada, Guernsey, Hong Kong (China), Hungary, Iceland, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Kazakhstan, Korea, Latvia, Lebanon, Liechtenstein, Lithuania, Luxembourg, Macao (China), Malaysia, Maldives, Malta, Mauritius, Mexico, Monaco, Montenegro, Montserrat, Netherlands, New Zealand, Nigeria, Niue, Norway, Pakistan, Panama, Peru, Poland, Portugal, Samoa, San Marino, Saudi Arabia, Seychelles, Singapore, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, Uruguay, Vanuatu. https://www.gov.uk/hmrc-internal-manuals/international-exchange-of-information/ieim402340

For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com.

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