UK Financial Institutions are required to submit an Automatic Exchange of Information (AEOI) report, containing details of FATCA and CRS reportable accounts, via HM Revenue & Customs.
31 May following the reporting year
Financial Institutions in the United Kingdom are required to submit an AEOI report online via the HMRC portal. This can be done either by uploading an XML file created using the UK schema, or via manual input by following the on-screen instructions.
Full details of the UK reporting requirements can be found in the AEOI section of the HMRC International Exchange of Information Manual
In order to submit AEOI reports to HMRC, Financial Institutions must be registered with the AEOI service. Third parties may register Financial Institutions and report on their behalf. The Financial Institution, or third party reporting on their behalf, must register with the AEOI service at least 24 hours before filing an AEOI return. In order to register for AEOI reporting, a Government Gateway user ID is required. Full details can be found on the Gov.uk website Register for Automatic Exchange of Information.
After registering, HMRC issue a 10 digit AEOI ID, together with a 13 character identification number for each Financial Institution. These IDs are used for reporting and are required to be included in the XML file (where the option to upload an XML file is used for reporting).
The current version of the UK AEOI schema is version 2.0 (uk_aeoi_submission_v2.0.xsd). The schema files, together with the user guide and sample XML files can be downloaded from the Gov.uk website AEOI schema and supporting documents
The UK schema differs from the standard FATCA and CRS schemas in the following key areas:
Each Financial Institution is required to state either Yes, No or N/A for each of the following elections when reporting:
Nil returns are not usually required, however they can be filed voluntarily. A nil return is required to be filed where a Financial Institution has potentially reportable accounts but has elected to apply thresholds in determining if those accounts are reportable and the account balances fall below the relevant thresholds. In this case it is necessary to submit a nil return in order to make the election to apply the thresholds.
The most recent list of reportable jurisdictions is published in the International Exchange of Information Manual.