Common Reporting Standard

To help fight against tax evasion and protect the integrity of tax systems, governments around the world are introducing a new reporting and information-gathering requirement for financial institutions. This is known as the Common Reporting Standard (CRS) and we’d like to explain what it means for you. Under the CRS, we are required to determine where you may be paying tax (often referred to as where you are "tax resident"). We will base this on information we have already or we may ask you for additional details.

If you are tax resident outside the country where you bank then we will give this information to our local tax authority, which may then be shared with the tax authority where you are tax resident.

Any queries?

If you have any further queries regarding CRS and your tax position, please contact a tax advisor, as M&S Bank is unable to provide tax advice. You may also find useful guidance on the OECD Portal.