31 May deadline for filing automatic exchange of information (AEOI) returns

The deadline for submitting automatic exchange of information (AEOI) returns for the year ended 31 December 2016 is 31 May 2017 for financial institutions, and that this is the first year for common reporting standards (CRS) filing

Returns should include reportable accounts for the financial accounts tax compliance act (FATCA), crown dependencies and overseas territories (CDOT) and CRS.

Financial institutions are advised to check whether they need to register and submit an AEOI return, and if so make the submission in advance of the 31 May deadline.

Returns submitted after the deadline or the filing of an incorrect return, may result in penalties being charged.

HMRC has published AEOI guidance giving more information on the requirement to register and submit. Queries should be sent to the financial institutions’ HMRC customer coordinator/customer relationship manager, or emailed to enquiries.aeoi@hmrc.gsi.gov.uk

HMRC Guidance Automatic Exchange of Information: introduction is here