|All three regimes for automatic exchange of information allow for various categories of account to be excluded from being reportable financial accounts. These are excluded because they have been identified as carrying a low risk of use for tax evasion, generally because of the regulatory regimes under which they function.
In the intergovernmental agreements between the UK and the USA, Crown Dependencies and Overseas Territories, the Excluded Accounts are listed in Annex II of each agreement.
For reporting under the DAC, the only products that are specifically excluded by UK domestic legislation are those UK specific products specified in Schedule 2 of the International Tax Compliance Regulations 2015 (SI/2015/878). The agreements for automatic exchange provide for the list of Excluded Accounts to be updated, either to allow for other low-risk products to be added or to remove products that are no longer regarded as low risk.