New version of the Common Reporting Standard effective from 1 January 2026
Since 2017, more than hundred tax authorities are sharing investor data around the world. The Common Reporting Standard (‘’CRS’’) was introduced to better support tax authorities with data from investments held across borders. It has become far easier for investors to move money from one market to another but before the introduction of the CRS, tax authorities did not receive investment information automatically on an annual basis. The CRS changed that and was a game changer.
In 2024, information on over 171 million financial accounts was exchanged automatically. This information related to assets totalling almost EUR 13 trillion. According to the OECD, more than EUR 135 billion in tax, interest and penalties have been raised through compliance efforts linked to the CRS.
The introduction and new version of CRS reflect 10 years of operating CRS and the rise of digital financial products and crypto assets.
To support tax authorities with more relevant data, from 2027 more information will be exchanged enabling tax authorities to better match taxpayers to their offshore assets. TISA’s Tax Committee supported HMRC and the industry in responding to consultations and providing feedback on draft guidance.
This is an example of how TISA’s Tax Committee supports HMRC and the industry in its adoption and implementation of legislation (such as the new version of the Common Reporting Standard).
If you are interested in joining the Taxation working group, then contact Phil Turnpenny, Policy Manager at TISA at enquiries@tisa.uk.com.
Useful links:
TISA’s Tax Working Group: https://www.tisa.uk.com/tisa-groups-projects/taxation/