HMRC again decided not to share tax data with Russia

Russia has been excluded again from the list of jurisdictions with which the UK tax authorities (HMRC) exchanges the tax information about assets of Russian citizens, automatically for 2019 year.

At the same time, Brunei Darussalam, Ecuador, Kazakhstan and Kuwait were added to the list of countries for mutual automatic exchange of information with the UK, and Albania, Oman and Peru were excluded from the list.

In response, Russian tax authorities also decided not to share CRS (Common Reporting Standard) tax data with the UK in automatic mode in 2020.

At the same time, Panama, Israel, Dominica, Ghana were added to the list of countries for mutual automatic exchange of information with Russia, and apart from the UK, the Isle of Man, Guernsey, Jersey and Lithuania were excluded from the list.

As we reported earlier, the only period the information of which had been reported between Russia and the UK was calendar year 2017 in 2018.

In March 2019 HMRC has excluded Russia from the list of jurisdictions with which the UK exchanges the information automatically without disclosing the reason. Experts suggested that one of the possible reasons might be that London had tried to attract wealthy Russians who did not want to disclose their information to Russian tax authorities.

(https://www.lawfirmuk.net/post_e/news_196_e)