Welcome to the Financial Times Lexicon

Browse thousands of words and phrases selected by Financial Times editors and suggest new terms for the glossary.

 

Term of the day

common reporting standard

There are a series of model agreements for countries to adopt to apply a common reporting standard (CRS) which has been approved by the G20. It is the approved way to share bank account information for tax purposes automatically between states. Legislation will be required to implement the CRS in the UK.

Under existing proposals, financial institutions will be required to capture information in relation to accounts in existence as at 31 December 2015, and new accounts opened on or after 1 January...