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Where Taxpayers and Advisers Meet

CRS - exchange of bank info or tax affairs?

HarryHowls
Posts:13
Joined:Wed Jul 30, 2014 1:48 pm
CRS - exchange of bank info or tax affairs?

Postby HarryHowls » Wed Oct 04, 2017 3:30 pm

HI all,

I had a quick question about the CRS stuff from those in the know. I am a UK taxpayer with money and assets recently invested in India. I pay tax on my Indian income to the UK authorities (where repatriable) and to Indian authorities where not repatriable.

My questions are:

a) under CRS, do the Indian banks report directly to HMRC or via the Indian government?
b) is the exchange only about balances or also interest earned?
c) are complete tax affairs/tax records exchanged or is it only about balances in the financial institutions?

My main concerns are in organising non repatriable income for UK audience consumption! And how I manage those affairs

Thanks!

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: CRS - exchange of bank info or tax affairs?

Postby maths » Thu Oct 05, 2017 7:44 pm

CRS requires reporting by Financial Institutions to the local tax authorities on
- - -
the identity of each reportable Account Holder on their Reportable Accounts
the balance on these accounts as at 31st December of each year
income (interest, dividends, gross proceeds, and other income) on these accounts.


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