27 June 2018
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
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