Jurisdiction(s):
United Kingdom

Key definition

Reporting definition

What does Reporting mean? In pensions practice, reporting means the regular communications trustees or providers give to members on investment performance and the value of their pension benefits. The term is descriptive; the underlying disclosure duties are set by legislation and regulation. Across England & Wales, Scotland and Northern Ireland, the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 and, for contract‑based/personal pensions, FCA rules require at least an annual benefit statement. For money purchase (DC) benefits, this must include an annual Statutory Money Purchase Illustration (SMPI) projecting benefits to retirement in today’s terms, calculated in line with FRC Actuarial Standard TM1....

Common Reporting Standard (CRS) in the UK: scope, due diligence, reporting and legal framework; differences from FATCA; 2025 regulatory changes and CARF commencement in 2026

Published by a LexisNexis Tax expert

Practice notes

STOP PRESS/FORTHCOMING CHANGES :

The UK intends to transpose the OECD’s Cryptoasset reporting Framework (CARF) into domestic law from 1 January 2026. The enabling instrument is the Reporting Cryptoasset Service Providers (Due Diligence and Reporting Requirements) Regulations 2025 (SI 2025/744), which was presented to the House of Commons on 25 June 2025. On that date, HMRC released tax impact and information notes (TIIN) on the measure. HMRC has also issued guidance covering reporting under CARF. In parallel, the government has brought forward legislation revising the domestic rules that give effect to the OECD’s Common Reporting Standard (CRS) and the UK’s obligations under the Intergovernmental Agreement with the US for the implementation of the US Foreign Account Tax Compliance Act (FATCA). The core legislation remains the International Tax Compliance Regulations 2015 (SI 2015/878), with amendments made by the International Tax Compliance (Amendment) Regulations 2025 (SI 2025/740). These changes implement the OECD’s 2023 updates to the CRS and make further adjustments ‘to make the UK’s implementation of the rules more effective’ (Explanatory Memorandum, para 5.5)...

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Ali Kazimi

Hansuke

Ali Kazimi is the managing director at Hansuke. He has over 25 years of financial services industry experience having held successive leadership roles within 'big four' firms and as head of tax at Barclays Global Investors (now BlackRock). Ali is a chartered accountant and a long-standing member of the Chartered Institute for Securities and Investment, International Fiscal Association, and the Association of Corporate Treasurers....

Web page updated on 21/05/2026

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