Common Reporting Standard: Guidance updated

HMRC has provided an update on the financial assets test for charities under the Common Reporting Standard (CRS), an international tax regime which affects charities that derive over 50% of their income from investments. HMRC has amended its definition of gross income, which now does not include certain net capital gains, and it has confirmed that with certain exceptions donations into endowment funds can be included as gross income in the financial asset test. Find out more here: and see the updated guidance here: 

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