Q&As

For the purposes of the UK automatic exchange of information regimes, do you have any guidance on the classification of corporate trustees who do not charge for their services?

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Published by a ³ÉÈËÓ°Òô Private Client expert
Published on: 22 August 2022
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The same basic framework to categorise trusts is used in all Model 1A-type Intergovernmental Agreements arising out of the US Foreign Account Tax Compliance Act (FATCA). These agreements include the UK's agreements with the Crown Dependencies and the Overseas Territories (CDOT), and the OECD Common Reporting Standard (CRS).

The International Tax Compliance Regulations 2015, SI 2015/878 have effect from 15 April 2015 and consolidate the various requirements for the automatic exchange of tax information (AEOI) into a single regime.

There are four categories of Financial Institution common to both the FATCA and CRS agreements:

  1. •

    Custodial Institution

  2. •

    Depository Institution

  3. •

    Investment

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United Kingdom

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