100500 – Timetable: Effective dates for agreements

TIMETABLE: EFFECTIVE DATES FOR AGREEMENTS

The various agreements entered into by the UK in respect of automatic exchange of information have different dates for when types of account come into scope and when first reporting must be completed.

The table below sets out the dates for each of the regimes.

FATCA CDOT    DAC/CRS
Pre-existing financial accounts to be subjected to due diligence procedures are those in existence as at: 30 June 2014 30 June 2014 31 December 2015
New financial accounts requiring self-certification by the customer are those opened on or after: 1 July 2014 1 July 2014 1 January 2016
First reporting period ends on: 31 December 2014 31 December 2014 31 December 2016
Information to be reported by financial institutions to HMRC in respect of the first reporting period on or before: 31 May 2015 31 May 2016 31 May 2017
Information to be exchanged by HMRC with partner jurisdictions on or before: 30 September 2015 30 September 2016 30 September 2017

Subsequent reporting periods ending on 31 December each year are reportable to HMRC by the 31 May next following. Where 31 May falls on a weekend or Bank Holiday then the deadline for submitting reportable information to HMRC is the next following working day. Data must be sent to HMRC by this date to enable it to be processed for exchange by 30 September. Not all financial account information is reportable in the first reporting period. Details of what is to be reported under each regime and when can be found at:
AEIM100520 for FATCA
AEIM100540 for CDOT
AEIM 100580 for DAC