UK signs up to international agreement to exchange information on property transactions

Commenting on the news that the UK has signed up to an international OECD agreement to exchange information on property ownership and transactions, Dawn Register, a tax dispute resolution partner at BDO said:

"This is a natural continuation of the transparency drive by HMRC and other progressive tax authorities who are attempting to combat offshore tax non-compliance and tax secrecy.

"It follows on from the Common Reporting Standard (CRS) which came into force in 2016 which delivers transparency through the automatic exchange of information on financial assets - and the Crypto-Asset Reporting Framework (CARF) which comes into force from January 2026 and requires cryptoasset service providers to share information on the activities and tax residency of their users with the tax authorities.

"We expect HMRC to join up this new data with other third-party sources such as the Land Registry and Register of Beneficial Owners. This would likely be used for future compliance checks and tax investigations where the source of wealth and structuring is unclear or where UK tax compliance is not up to date."

 

ENDS

 

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