The Common Reporting Standard - Mazars' response to HMRC

Mazars response to HMRC on the implementation of agreements to be entered into between the UK and various overseas jurisdictions to adopt the Common Reporting Standard on financial account information (The CRS).

Mazars welcomed the opportunity to comment on this important consultation. Our responses focused on the following areas:

  • It is undesirable tointroduce new regulations at the same time as the costs of FATCA arestill being felt in the financial services sector;
  • We feel HMRC should focus on tailoring their approach using a more risk based approach,addressing the common problems in the UK, rather than adopting the FATCA legislation;
  • Like FATCA, the language of the proposal is heavily focused on banking and not directed towards the intended users; and
  • The proposals are grounded in FATCA; it would be far more cost-effective to see lessons learned from the implementation of FATCA, to avoid the same mistakes being made.