In this week’s detailed miscellaneous updates, which you can read more about below, HMRC has launched a new dedicated bereavement service helpline and the UK regulations for the new Crypto-Assets Reporting Framework and the updated Common Reporting Standard have been laid before Parliament.
In other news this week:
New dedicated bereavement service helpline
Bereaved taxpayers or their representatives are now able to report a death and settle the deceased’s tax affairs by calling HMRC’s new dedicated bereavement service helpline on 0300 322 9620. Interactive Voice Response messages will direct taxpayers who ring this new number to PAYE, Self-Assessment, or Child Benefit depending on the service they need. This aims to get taxpayers/their agents to the right place first time around and will allow them to talk to someone about several matters during the same call.
Crypto-assets reporting framework and updated Common Reporting Standard
The UK regulations for the new Crypto-Assets Reporting Framework and the updated Common Reporting Standard (CRS2.0) have recently been laid before Parliament. Both will come into effect from 1 January 2026.
In summary, these regulations will impact on a range of financial services businesses such as banks, asset managers and insurance companies and will also bring e-money providers and crypto-asset service providers into scope for the first time.
Under both, there will be a £300 penalty per account for failure to collect a self-certification or to apply due diligence, and a £100 penalty per account for incorrect reporting. The regulations also introduce a penalty for customers of institutions who fail to provide a self-certification when requested of up to £300. HMRC has launched a Press Release highlighting these changes.