A new regulation - Common Reporting Standard (CRS) - comes into force on 1 January 2016. CRS is effectively a global version of the existing Foreign Account Tax Compliance Act (FATCA) and Crown Dependencies Overseas Territories (CDOT) reporting regimes. It will establish a standard way for countries to exchange financial account information with the aim of enabling governments to tackle tax evasion.
What do you need to do?
As a result of this new regulation, Prudential has updated their Tax Residency Self-Certification Declaration Forms.
The circumstances in which these forms are required haven’t changed, however the revised versions below should be used with immediate effect:
Onshore bond Tax Residency Self-Certification Declaration Form
Prudential Onshore Portfolio Bond Tax Residency Self-Certification Declaration Form
Offshore Bond Tax Residency Self-Certification Declaration Form
PruAdviser’s literature section now holds the updated versions of these forms and please discard any hard copies of the existing versions.
The updated forms will be mandatory from 1 January 2016 for all new applications and pipeline business.
This is based on our understanding of current taxation, legislation and HMRC practice, all of which are liable to change without notice. The impact of taxation (and any tax reliefs) depends on individual circumstances.