The new rules expand the scope of the CRS to include electronic money institutions and certain e-money products, exclude most charities, and require the reporting of additional information to improve data usability..
The UK Treasury enacted The International Tax Compliance (Amendment) Regulations SI 2025/740 to expand financial reporting obligations under the OECD’s Common Reporting Standard (CRS) on 24 June 2025.
The amendments revise the International Tax Compliance Regulations SI 2015/878 and extend CRS to include electronic money institutions and certain e-money products, exclude most charities, require reporting of additional information to improve data usability, introduce mandatory registration for financial institutions, and reform penalty provisions. They also establish a new mandatory registration requirement for financial institutions and reform the penalty provisions.
The changes aim to enhance the effectiveness of His Majesty’s Revenue and Customs’ (HMRC) compliance efforts and address tax evasion involving offshore financial assets.
HMRC also published a policy paper regarding the regulations.
The regulations will take effect from 1 January 2026 for CRS updates and from 16 July 2025 for mandatory registration and penalties.
