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CDOT (Crown Dependencies and Overseas Territories International Tax Compliance Regulations)

UK CDOT regulatory reporting regime requires disclosure to HMRC on UK tax residents holding offshore accounts.

The UK CDOT regime is based on US FATCA  and is also referred to as UK FATCA. Financial Institutions in the British Crown Dependencies and Overseas Territories (CDOT) are required to automatically provide information on the UK taxpayers who hold financial reportable accounts in the CDOT countries to HMRC in UK on an annual basis.

The Crown Dependencies include the Jersey, Guernsey and the Isle of Man (together the Crown Dependencies). The Overseas Territories include Anguilla, Bermuda, the British Virgin Islands, the Cayman Islands, Gibraltar, Montserrat and the Turks and Caicos Islands (together the Overseas Territories).

UK FATCA was originally intended to operate from 2014 onwards with no specific end date. However, following the full implementation of the Common Reporting Standard (CRS) – a multilateral automatic exchange of information regime UK CDOT will become obsolete. The CRS is a much broader information reporting regime, which is similar but not identical to the FATCA regime. 2017 is the last year of reporting under the UK CDOT regime that subsequently will be replaced by Common Reporting Standard (CRS) in the jurisdictions currently subject to UK CDOT.

We can support you in fulfilling your obligations in the following ways:

  • Classification of entities for FATCA
  • Identification of reportable accounts held by UK tax residents and the information to be reported under UK CDOT
  • Assistance in implementation of the due diligence processes and compliance programs
  • Timely porting to relevant tax authorities and HMRC.

Do not hesitate to contact our experts.