Common Reporting Standard (CRS)

Supported by governments across the world, the Common Reporting Standard (CRS) aims to tackle the issue of tax evasion. It’s underpinned by the Automatic Exchange of Information (AEoI) framework, aiding communication between tax authorities. The information on this page applies to all participating countries.

In more detail

Over 100 countries have committed to the CRS, listed on the Organisation for Economic Co-operation and Development (OECD) website. Jurisdictions include the UK, and areas with independent tax regulations, such as Jersey, Guernsey, and the Isle of Man. 

To meet the CRS, participating countries must collect selected consumer information from local financial institutions. This is then exchanged annually with other participating countries.

We’re no exception. We must send a report to HM Revenue and Customs by May 31 each year, identifying reportable persons or entities.

What exactly is the Common Reporting Standard (CRS)?

The CRS sets a global standard for the automatic exchange of information between participating authorities, from countries across the world. Its primary functions are to

  • aid transparency
  • tackle tax evasion
  • protect the integrity of systems.

All financial institutions within each participating country must comply. Once each year, they’re required to collect relevant consumer information and report it to their local tax authorities.

Does CRS impact me?

Under the CRS, we’re required to identify consumers who hold financial accounts in one country but are tax residents of another

If you’re a UK tax resident, and only have financial accounts in the UK, you’re unlikely to be affected by CRS. However, you could still be asked to self-certify your tax residency and provide proof.

We might contact you if:

  • you open a new account
  • you update the personal details on an account
  • we need to clarify your tax residency, or you’re a US citizen.

Contact could also be triggered if you’re an individual with accounts in one country, but also:

  • tax residence in another participating country
  • an active residence or address in another participating country, including PO boxes and ‘in care of’ or hold mail’ instructions
  • a phone number in another participating country, but not in the UK
  • effective Power of Attorney or Signatory Authority granted to a person with an address in another participating country
  • non-depository accounts with standing instructions to transfer money to an account in another participating country.

Or an entity with accounts and: 

  • an address in another participating country. Where the entity is a trust, this applies if one or more of the trustees has an address in another participating country
  • a place of incorporation or organisation in a participating country.

We might ask for you to confirm your

  • taxpayer Identification Number (TIN)
  • national Insurance number
  • date of birth.

Financial institutions will continue to contact you until they have the necessary information.

Only relevant information about reportable persons or entities will be collected, then shared with tax authorities following the CRS.

What happens to information shared under the CRS?

Financial institutions within CRS participating countries must provide information to their local tax authorities each year. If reportable persons or entities have financial accounts in one country, but are tax residents or another, information will be passed to tax authorities in the relevant country.

Where can I find out more about the CRS?

You might like to refer to the following websites for more details:

CRA FAQs

Common terms

To help you, we’ve given you descriptions of some common terms relating to the CRS.

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    Controlling person

    This is the person who has ultimate control over an entity.

    With a trust, controlling parties might include the:

    • settler
    • trustee
    • protector
    • beneficiaries.

    Or, any other person exercising ultimate control, including through a chain or control/ownership.

    Entity

    Under the CRS, an entity can include:

    • a legal person
    • an arrangement, such as a corporation, organisation, partnership, trust, or foundation.

    Entities are the account holders, or product and service users.

    Good to know - under the CRS, sole traders are classed as individuals rather than entities.

    Financial Account

    Any account issued or supported by a financial institution is a ‘financial account’, subject to the CRS.

    That could include a:

    • deposit account
    • custodial account
    • equity or debt interest in investment entities
    • cash value insurance contract
    • annuity contract.

    Jurisdiction

    A country, county, city, or state can have its own tax regulations, often referenced as a jurisdiction.

    Participating Country

    Very simply, this is a country that had committed to the CRS, of which there are over 100 listed on the OECD website.

    Reportable Country

    This is a country that has an agreement in place to exchange information in line with the CRS.

    Reportable for CRS purposes

    If a customer holds a financial account and may be a tax resident in a reportable country, they are reportable for CRS purposes.

    Good to know - each country has its own rules for defining tax residence.

    Reportable person or entity

    Under CRS regulations, a person or entity would be reportable if they hold financial accounts in one country but are tax residents of another. For example, if you’ve got an MBNA savings account in the UK but you’re a tax resident of Germany that would be reportable.

    Reportable persons or entities could include:

    • personal account holders
    • controlling persons
    • entities.

    Tax residency self-certification

    Financial institutions within CRS participating countries must provide information to their local tax authorities each year. Whether you’re an existing or past account holder, you could be contacted by an institution, requesting you to complete a form and self-certify your country of tax residency.

Your money is protected

FSCS Logo


Eligible deposits held with us are protected up to a total of £120,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme.

More about FSCS

FSCS Logo

Your money is protected


Eligible deposits held with us are protected up to a total of £120,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme.

More about FSCS