CRS penalties
Failure to comply
If you fail to comply with any obligation under the CRS regulations you're liable to a penalty of £300.
Daily default penalty
If you continue not to comply after you have been notified of the penalty, you'll be liable to further penalties of up to £60 per day.
Inaccurate information
If you knowingly provide inaccurate information you could be liable to a penalty of up to £3,000.
Taxation (Implementation) (International Tax Compliance) (Common Reporting Standard) (Jersey) Regulations 2015
FATCA penalties
Failure to deliver a return
If you don't file the FATCA return on time you'll be liable to a penalty of £250.
Failure to comply
If you fail to comply with any obligation under the FATCA regulations you're liable to penalty of £300.
Daily default penalty
If you continue not to comply after you have been notified of the penalty, you'll be liable to further penalties of up to £60 per day.
Inaccurate information
If you knowingly provide inaccurate information you could be liable to a penalty of up to £3,000.
Taxation (Implementation) (International Tax Compliance) (United States of America) (Jersey) Regulations 2014
Commissioners of Appeal decision
Following a recent decision of the Commissioners of Appeal, Revenue Jersey's approach to the imposition of penalties for the late filing of CRS and FATCA returns in relation to Trustee Documented Trusts (TDTs) has changed. Where multiple reports are submitted after the relevant filing deadline by a trustee in relation to the TDTs for which it acts, a single penalty for failure to comply with either the CRS or the FATCA Regulations, as appropriate, will be applied to the trustee and not, as has been the case previously, to each of the trusts whose return was filed late. In light of this:
Penalty notices previously issued in relation to the 2017 and 2018 reporting periods will be revised to reflect the imposition of the penalty on the trustee only and the basis of calculation. Trustees affected by this change can expect to receive these revised penalty notices and, if applicable, a refund of amounts overpaid by 30 October 2022.
Suspended penalty notices previously issued in relation to the 2019 reporting year will be revised and issued by 30 October 2022. They will be due and payable immediately.
Other unpaid penalties for all years not under appeal will be referred to the debt team for recovery.
gov.je