Open consultation

Draft regulations: The International Tax Compliance (Amendment) Regulations 2025

• From: HM Revenue & Customs
• Published: 30 October 2024

Summary

In November 2023 the previous government announced its intention to implement the Organisation for Economic Co-operation and Development amendments to the Common Reporting Standard. At Spring Budget 2024 a consultation was launched seeking views on implementing these new rules and certain other proposals. The government is now publishing draft amendments to regulations. These are published alongside the summary of responses to the consultation.

This consultation closes at
11:59pm on 10 January 2025

Consultation description

The draft regulations set out further details of:

• a mandatory registration requirement for financial institutions
• the conditions for non-profit organisations to be taken out of scope
• revised penalties for failing to comply with the regulations and the appeals process
• penalties for failure to provide a valid self-certification

These draft regulations will be of interest to:

• financial institutions and third-party service providers
• organisations and bodies that represent financial institutions or their advisors
• holders of financial accounts and the controlling persons of entity account holders

The government is seeking technical feedback on the draft regulations to ensure they operate as the government intends and to identify any areas which need further clarification in more detailed guidance. If you identify any issues for financial institutions operating the revised rules set out in the draft amended regulations, please email eoi.policy@hmrc.gov.uk by 10 January 2025.  HMRC are happy to have meetings to discuss technical concerns raised by the draft regulations.

The final regulations are expected to be made in 2025 to come into force on 1 January 2026.

Documents

The International Tax Compliance (Amendment) Regulations 2025 - draft regulations

ODT, 61.6 KB

This file is in an OpenDocument format

This file may not be suitable for users of assistive technology.

Request an accessible format.

If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email different.format@hmrc.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Ways to respond

Email to:

eoi.policy@hmrc.gov.uk

Published 30 October 2024