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VAT refunds

Circumstances may arise where changes in interpretation of VAT law may lead to VAT previously charged to clients becoming recoverable from HMRC. In such circumstances Charles Stanley may be able to file “protective claims” for VAT overcharged to those clients who should have qualified for exemption over the last four years which is the maximum period allowed.

If HMRC accept any such claim, we will pass on to you the full amount refunded. Please note that this amount may be lower than VAT originally charged on the services provided. This is because, under Section 80(2A) of VATA 94 we are required to calculate the amount of VAT that Charles Stanley originally recovered relating to these supplies, and to deduct that from the claim.

The VAT Regulations require us to pass on the full amount of the refund received, and we can confirm that we will do this as quickly as possible after a claim is approved.


The globalisation of the financial sector now makes it much easier for individuals and entities to hold money and assets outside of their jurisdiction of tax residence. While the great majority comply with their tax obligations there are some who will use the availability of offshore financial structures to evade tax.

Automatic Exchange of Information (AEOI)

AEOI is about improving transparency in the fight against tax evasion and in so doing protecting the integrity of the tax systems of the Participating Jurisdictions. The UK has entered into a number of international agreements designed to provide tax administrations with details of financial accounts and assets owned by Individuals, Entities and Trust that are resident for tax purposes in their jurisdiction, but which are held by financial institutions in the other territory to help stop tax evasion.

The UK has legislation in place for the AEOI under the following regimes:

  • The United States Foreign Account Tax Compliance Act – FATCA
  • The Common Reporting Standard developed by the OECD – CRS
  • The EU Directive on Administrative Cooperation in Tax Matters – DAC

Under these agreements, Charles Stanley and all UK financial institutions have a legal obligation to determine the tax residency of all its account holders.

Where an account holder is identified as tax resident in one of the participating countries, their account details must be reported to HM Revenue & Customs (HMRC) on an annual basis. This information is then expected to be shared with the relevant overseas tax authorities where the account holder is tax resident by HMRC.

In return, those participating countries are expected to supply HMRC with similar information on UK tax resident Individuals, Entities and Trusts holding accounts with their Financial Institutions. In order to achieve this, we require you to complete a Tax Residency self-certification form.


The Foreign Account Tax Compliance Act (FATCA) is a United States legislation which has been designed to ensure tax compliance by US persons to ensure they report their worldwide income to the US tax authorities (IRS) even if they are not resident in the US. The agreement between the UK and USA which came into effect on 1st July 2014 requires UK financial institutions, like Charles Stanley, to provide reports on their account holders who are deemed to be ‘US persons’ for US tax purpose.

Please note that under this agreement Charles Stanley is required to report any client which are deemed to be US Person/account holders to HMRC who will share this information with the IRS. We do not report directly to the US IRS.

For more information about FATCA please visit the IRS website.


Common Reporting Standard (CRS) is a global standard developed by the Organisation for Economic Co-operation and Development (OECD) for the automatic exchange of financial account information between tax authorities worldwide.

Under the CRS, we are required to identify and report all accounts that we hold for Individual, entities and Trust that are tax residents in any of the overseas participating CRS countries.

Please note that Charles Stanley is required to report the reportable information on these accounts directly to HMRC who will share this information with the overseas tax authorities where the account holders are identified as being tax resident. We do not report directly to the overseas tax authorities.

For more information, please visit the following website:

RDR status

We offer clients a wide range of different financial services to suit their needs. We provide a comprehensive service - advising on, managing and buying and selling stocks, shares, unit trusts, gilts, corporate bonds and a wide range of other financial instruments.

These services do not extend automatically to advice or management in relation to clients' overall financial planning arrangements, or to any individual aspect of their financial requirements other than stockmarket and stockmarket based investments. Our advisory investment services are therefore classed as 'restricted' since they are designed specifically for investors seeking specialist expertise and advice on investments and investment portfolios. As an independently-owned firm, we are not tied to any products or providers.