Taxation

Treasury written question – answered on 29th March 2018.

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Photo of Lord Vinson Lord Vinson Conservative

To ask Her Majesty's Government what is their estimate of the cost to the UK economy of the universal application of the Common Reporting Standards and consequent obligations on individuals, entities and controlling persons to complete tax residency self-certification forms, including for multiple institutions.

Photo of Lord Vinson Lord Vinson Conservative

To ask Her Majesty's Government what is their estimate of the costs to (1) banks, (2) insurance companies, (3) charities, and (4) other financial institutions, of the universal application of the Common Reporting Standards and consequent obligations on individuals, entities and controlling persons to complete tax residency self-certification forms, including for multiple institutions.

Photo of Lord Vinson Lord Vinson Conservative

To ask Her Majesty's Government what is their estimate of the number of tax residency self-certification forms completed by (1) individuals, (2) entities, and (3) controlling persons, since the introduction in the UK of the Common Reporting Standards; and how many such forms they estimate will be completed annually in future.

Photo of Lord Bates Lord Bates The Minister of State, Department for International Development

The estimated economic impact of implementing the Common Reporting Standard and the estimated costs to business were set out in a Tax Information and Impact Note (TIIN) published on 18 March 2015.

Tax residency self-certification forms are requested by financial institutions to help determine whether account holders are reportable under the CRS. The Government has not estimated the number of tax residency self-certification forms that have been completed or will be completed annually in future.

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