Annotated version Jersey CRS guidance notes
Tax identification numbers (TINs) for Jersey residents
If you're reporting on Jersey residents under the CRS, the taxpayer identification number (TIN) will be the taxpayer's Jersey social security number.
Social security numbers begin with two letters, usually JY, followed by six digits and a letter: A, B, C or D.
For example, JY000000A.
About the Common Reporting Standard
The Common Reporting Standard (CRS) is the global standard for the automatic exchange of financial account information and aims to prevent cross-border tax evasion. The CRS has been designed to provide maximum consistency with US FATCA.
Jersey has committed to the early adoption of the CRS. This means that account information for 2016 will be automatically reported in 2017.
You can read the full CRS publication on the OECD website.
Common Reporting Standard on the OECD website
Format of reporting to Jersey
The Comptroller of Taxes will now accept reports submitted under the Common Reporting Standard (CRS) which include data to be reported to multiple jurisdictions (consolidated reports).
You may still continue to submit single jurisdiction reports.
Separate FATCA and CRS reports must be submitted. For example, if you have a client which is dual resident in the USA and in a CRS jurisdiction, you must include that client's details on both your FATCA and CRS reports.
Regardless of the format you adopt, it remains your responsibility to correctly identify the jurisdiction to which your clients' information is to be transmitted on your return.
Version 3 of the CRS guidance notes will be amended shortly to reflect this and other changes arising from the introduction of the CRS standard.
Participating jurisdictions and deadlines
The lists of jurisdictions which Jersey recognises as participating jurisdictions in the CRS has been updated with effect from 1 January 2017.
See the updated list of participating jurisdictions on Jersey Law website
The first submission deadline is as follows:
- 30 June 2017 in respect of all clients with connections to jurisdictions in schedule 2 of the Regulations
- 30 June 2018 in respect of all clients with connections to jurisdictions in schedule 3 of the Regulations
The OECD has written a CRS handbook, which you can download from their website. It provides practical guidance to help financial institutions implement the CRS.
- sets out the necessary steps for CRS implementation
- will help financial institutions implement the CRS more efficiently
- identifies areas for alignment with FATCA
- addresses the operational and transitional challenges resulting from the staggered implementation of the CRS
- contains answers to frequently asked questions
The OECD will update the handbook regularly.
Download OECD handbook for automatic exchange of financial information on the OECD website (size 3.9mb)
Countries signed up to the Common Reporting Standard
On 29 October 2014, Jersey joined with the early adopters group in signing a Competent Authority Agreement (CAA) as a first step in the implementation of the CRS.
You can find the agreement below, as well as a list of all countries and jurisdictions which have signed the Competent Authority Agreement.
Download the Competent Authority Agreement (size 392kb)
Download a list of countries signed up to the Competent Authority Agreement on the OECD website (size 192kb)
Crown dependencies and the automatic exchange of information
The Competent Authority Agreement doesn't allow for information exchanged between Jersey and the other crown dependencies (ie Guernsey and the Isle of Man).
We have signed separate agreements with the other crown dependencies, which meets the automatic exchange of information provision in Article 24 of Jersey's double tax agreements with Guernsey and the Isle of Man. These agreements are included in the table below.
The exchange of information with other countries under the CRS is governed in Jersey by the relevant regulations which should be read together with the below order and amendments recently made. These regulations set out:
the role and responsibilities of Jersey financial institutions
the timescales for reporting information to the Comptroller
the penalties for non-compliance with the regulations
certain exemptions for the exchange of information
Read the Taxation (Implementation) (International Tax Compliance) (Common Reporting Standard) (Jersey) Regulations 2015 on the Jersey Law website
Read the Taxation (Implementation) (International Tax Compliance) (Common Reporting Standard) (Amendment of Regulations No. 2) (Jersey) Order 2017 on Jersey Law website
Read the Taxation (Implementation) (International Tax Compliance) (Common Reporting Standard) (Amendment) (Jersey) Regulations 2017
Joint declaration with Switzerland
On 15 January 2016, the Jersey Government signed a joint declaration with the Swiss Federal Council confirming the basis on which each jurisdiction will exchange tax information automatically under the Common Reporting Standard.
Download joint declaration statement (size 409kb)