Complex compliance rules to be navigated
An Island accountancy firm has set out to unravel what it calls HMRC's 'increasingly complex' taxation compliance and reporting regime for those with offshore assets.
A specialist team from Crowe Clark Whitehill outlined the implications of the Common Reporting Standard (CRS), the Worldwide Disclosure Facility and Requirement to Correct, at a seminar for sector practitioners.
CRS requires the collation and sharing of clients' financial details among tax authorities of the 34 OECD member states.
Information initially reported to a national tax authority - in the Isle of Man the Assessor of Income Tax - with 30 June 2017 the first deadline.
The Assessor then has until 30 September to pass that information on to HMRC or the country in which the individual's resident for tax purposes.
The Worldwide Disclosure Facility grants individuals an opportunity to put their tax affairs in order before CRS comes into force, with 30 September the cut-off point.
CCW director Phaedra Bird said clients with international tax affairs needed to 'navigate' the complexities of compliance and disclosure rules to 'enjoy a robust and transparent relationship with HMRC and other tax authorities worldwide'.
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