01.01 – The purpose of these Guidance notes

These guidance notes are designed to be read in conjunction with Guidance Notes for the Implementation of International Tax Compliance (United States of America) Regulations 2013.

These guidance notes are designed to aid UK Financial Institutions in understanding their obligations under the International Tax Compliance (Crown Dependencies and Gibraltar) Regulations 2014. These obligations have been specifically designed to be similar in nature to those that UK Financial Institutions face under the International Tax Compliance (United States of America) Regulations 2013.

As a result of this, the majority of detailed guidance on definitions, identification obligations and due diligence procedures is the same as it is for the International Tax Compliance (United States of America) Regulations 2013, and, therefore, will not be replicated here. The format that these notes will take is to detail the differences in the new reporting obligations that will now be faced by UK Financial Institutions under the International Tax Compliance (Crown Dependencies and Gibraltar) Regulations 2014.

These notes should always be read in conjunction with the Implementation of International Tax Compliance (United States of America) Regulations 2013 Guidance Notes.