UK - FATCA and CRS updates published
Her Majesty’s Revenue & Customs (“HMRC”) published an update of the International Exchange of Information Manual.
The primary update concerned Foreign Account Tax Compliance Act (“#FATCA”) and the Common Reporting Standard (“#CRS”) reporting due dates 31 May 2020.
The reporting due dates remains unchanged, but #HMRC accepts COVID-19 difficulties as a reasonable excuse, if the reporting deadline cannot be met.
FI’s will not face any penalties for such a delay