IEIM721120 - Exclusions

An intermediary who would otherwise have a reporting obligation under regulation 3(1) will be exempt from reporting if either of the conditions in regulation 6 is met to the extent that information has already been disclosed. The conditions are that either:

• The information was previously disclosed to HMRC.
• The information relates to relevant services supplied, or a CRS avoidance arrangement or an opaque offshore structure made available for implementation, through a branch maintained by that intermediary in a partner jurisdiction and the information has been disclosed to the tax authority of that partner jurisdiction.
• The information would be required under regulation 3 because the intermediary is a company who is incorporated in the UK and that the information has been disclosed to the tax authority of a partner jurisdiction where that intermediary is resident or has its place of management.

There may be practical difficulties for intermediaries in obtaining evidence that reports made by other intermediaries involved in the arrangement are sufficient in order for the exemption to apply. IEIM740100 provides guidance on how an intermediary might obtain evidence that another intermediary has reported sufficient information.

An intermediary will not have to report information that is covered by legal professional privilege. For more information on this see IEIM721130.