The International Tax Compliance (Amendment) Regulations 2025 was introduced on 24 June 2025 and brings in changes to the Common Reporting Standard (CRS). We had issued an article on the proposals for the new legislation in January 2025 which can be found here.
As discussed in our previous article the regulations require all UK “Reporting Financial Institutions” to register regardless of whether they actually have something to report. All Reporting Financial Institutions should have registered by 31 December 2025 (or 31 January following calendar year in which they fall within the rules).
Guidance on the new regime can be found here. Credit Unions should ensure they are registered and familiar with the requirements of the new rules.