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The OECD's Common Reporting Standard for the Automatic Exchange of Financial Information (CRS)

To help fight against tax evasion and protect the integrity of tax systems, governments around the world have followed the United States government's introduction of FATCA by introducing a new information-gathering and reporting requirement for financial institutions. This is known as the Common Reporting Standard (the CRS) and it has been developed by the Organisation for Economic Co-operation and Development.

Under the CRS, Sutton Coldfield Charitable Trust (“the Trust”) is required to determine where grant beneficiaries are "tax resident" (this will usually be where you are liable to pay income or corporate taxes).

If a grant beneficiary is tax resident outside the UK then the Trust may be required by law to share the data provided on a CRS self-certification form, including the amount of any grant approved, with HMRC. They may then share the information with the tax authority of the country (or countries) where you are tax resident.

How does the trust capture the information required for the CRS?

The Trust will do so by asking you to complete self-certification forms of which there are two types: Individual and Entity. The forms the Trust request that you complete will cover details such as country of tax residence and, if not an individual, entity status.

When does the Trust require CRS self-certification forms to be completed?

New grant applicants complete a set of forms and, in general, you will also have to complete CRS self-certification forms.

Existing grant beneficiaries may also be required to complete self-certification forms as part of the Trust’s due diligence for the CRS; as the Trust has an obligation to establish which of its beneficiaries since 1 January 2016 are reportable persons.

Does the Trust share your CRS data with third parties?

As required under national laws implementing the CRS, the Trust may be required to provide information to HMRC. The information you provide to us is only shared in reports to HMRC; and is stored in line with data protection legislation.