HM Revenue and Customs, having entered into Automatic Exchange of Information Agreements with a significant number of foreign tax authorities, has issued its Common Reporting Standard (CRS).What does this mean for us and for you, the beneficiary?

In short, the Trustees are required to carry out the appropriate ‘due diligence’ review in respect of all beneficiaries to establish their tax residency status.

If beneficiaries are UK tax resident and they self-certify this by completing the declaration form, no information will need to be reported to HMRC, although we still need to maintain a written record.

Beneficiaries who are NOT UK tax resident need to self-certify their tax status and related details by completing the declaration form to enable us to make the required return to HMRC.

Please download or request the appropriate, CRS Residency Declaration form, either ‘Organisations’or ‘Individuals’and then complete and attach it to the application.

Where a charitable organisation clearly displays a valid charity registration number in its application, there is no need to complete a Residency Declaration.

Personal Data Consent Form

The General Data Protection Regulations came into force on 25 May 2018.

These require that the Trustees obtain the written consent of individuals to hold personal details and information about them, their ‘Personal Data’.

These requirements are underpinned by a formal Privacy Policy, which explains how and why the Personal Data is collected, how it is used, how it is stored and protected and how it can be amended or removed.

All new individual applicants must, therefore, download or request a Personal Data Consent Form, which should be completed and submitted with their application.