Common Reporting Standard (CRS)


(Simon James Northcott) #1

Any trust whose investments are managed on a discretionary basis, if more than 50% of the trust income is derived from investments, needs to submit a report under CRS by the 31 May to hmrc.

As far as I can see, this is only to establish if payments have been made to a beneficiary in one of the reportable jurisdictions.

If no such payments have been made, is it still necessary to submit a report-effectively a nil return?

Simon Northcott


(Nigel Scase) #2

My reading of IEIM401520 is that only Reportable accounts need to be reported so nil returns are not needed. it says:

“Once a Financial Institution has identified the financial accounts it maintains it needs to review those accounts to identify whether any of them are Reportable Accounts as defined in any of the automatic exchange agreements. If identified as a Reportable Account it must be reported to HMRC.”

Nigel Scase
Greene & Greene