Global Forum on Transparency and Exchange of Information for Tax Purposes: United Kingdom 2018 (Second Round)
Peer Review Report on the Exchange of Information on Request
This report contains the 2018 Peer Review Report on the Exchange of Information on Request of United Kingdom.
Published on October 15, 2018
In series:Global Forum on Transparency and Exchange of Information for Tax Purposes: Peer Reviewsview more titles
The UK was capable of responding to most requests in a timely manner, and the majority of its partners praised the working relationship established with the UK competent authority.
While the UK has been one of the first jurisdictions to implement a register of beneficial ownership information, it was found that it still needs to strengthen its supervision and enforcement measures to ensure that information recorded is adequate, accurate and up to date.
A key area for improvement refers to the scope and practical implementation of the powers to access information, as the formal process to access information from third parties continued to delay effective exchange of information and occasionally created an undue burden to the UK’s partners.