The Common Reporting Standard (CRS) is a new HMRC reporting initiative aimed at increasing tax transparency and may affect your charity if you have investments, and particularly if you are a grant-giving organisation.
Each year, charities judged to be ‘financial institutions’ will have to identify, perform due diligence and report on certain people who have an interest in your charity or to whom grants are awarded.
Any form of charity can be caught but the reporting requirements will differ according to whether the charity is corporate or unincorporated. If applicable, the first reports must be made by 31 May 2017.
To help you prepare for this change, we have produced a free factsheet and will host a breakfast seminar.
Factsheet: Comment On – Common Reporting Standard
We have prepared a series of Comment On factsheet with more information on the CRS – download it from our website here.
Common Reporting Standard Webinar
We held a free webinar about the Common Reporting Standard (CRS) on Thursday 30 March, presented bb Euan Morrison, Chiene + Tait’s Head of Charities.
You can watch a recording of the webinar here.