HMRC has published updated guidance for Crown Dependency and Gibraltar charities and clarified the position of trusts and the self-certification of new entity accounts. They’ve also published final Crown Dependency and Gibraltar guidance, following the US regulations that became law on 1 July 2014.

Recently the US announced certain amendments to the on-boarding processes for new entity accounts opened between 1 July and 31 December 2014. HMRC have announced that the UK won’t be adopting these amendments.

Readers are also now reminded that where UK financial institutions are required to obtain self-certification for a new customer these obligations apply from 1 July 2014. Therefore UK financial institutions should now be operating within the requirements of the UK-US intergovernmental agreement to implement the Foreign Account Tax Compliance Act and the equivalent agreements with the Crown Dependencies and Overseas Territories.

The new requirements came into operation on 1 July 2014 and more detailed information is available in the update.