Contacts

Emma Jordan

Partner

Read More

Alexander Erskine

Partner

Read More

Robert Gibson

Senior associate

Read More

Tom Connock

Associate

Read More
Contacts

Emma Jordan

Partner

Read More

Alexander Erskine

Partner

Read More

Robert Gibson

Senior associate

Read More

Tom Connock

Associate

Read More

27 June 2018

The Taylor Wessing Common Reporting Standard Tool

Our Private client team has developed a bespoke, interactive tool to help you navigate the requirements of the Common Reporting Standard (CRS). The tool, which is the first of its kind in the UK market, is aimed at trust companies with CRS reporting obligations and is designed to simplify and streamline this process.

The CRS is an internationally agreed standard for the automatic exchange of taxpayer information between jurisdictions, proposed by the Organisation for Economic Co-operation and Development (OECD).

“Financial Institutions” in jurisdictions who adopt the CRS have obligations to report taxpayer information to their local tax authorities who, in turn, will then transmit such information to the tax authorities of other participating jurisdictions. The definition of “Financial Institution” is wide and is likely to include professional trust companies.

The collection and sharing of taxpayer information has put a great burden, in both time and financial respects, on all firms with reporting obligations. The tool will significantly reduce these workloads by offering a streamlined and efficient process to classify structures and help determine the reporting requirements.

The tool also provides a secure data room to store all the CRS information in one place. This can be made bespoke for the trust company to see the information in whatever way it wishes. Taylor Wessing provides support and assistance to partner with the trustee on its CRS obligations by providing direct access to the Taylor Wessing lawyers through the tool as and when necessary.

Interested in how the tool could help you? Enquire here

Call To Action Arrow Image

Latest insights in your inbox

Subscribe to newsletters on topics relevant to you.

Subscribe
Subscribe

Related Insights

staircase
Private wealth

We are an eprivateclient Top Law Firm for 2020

22 September 2020

by multiple authors

Click here to find out more
Up Arrow
Private wealth

Rob Gibson recognised in eprivateclient Top 35 under 35 2020

16 September 2020

by Robert Gibson and Ronald Graham

Click here to find out more
Private client

Emma Jordan named in eprivateclient's '50 Most Influential' 2019

17 December 2019

by Emma Jordan

Click here to find out more