News

What is the ‘Common Reporting Standard’?

ARNO/ RNOC has put together some briefing notes on the Common Reporting Standard:

Under a global agreement for exchange of information and an EU Directive on Administrative Cooperation known as the Common Reporting Standard (CRS), any charity which receives 50% or more of its gross income from investments and has any part of those assets under management via a discretionary investment mandate, falls within the definition of a “Financial Institution” and is therefore required to obtain data and potentially report on “Account Holders”.

A Financial Institution that is legally formed as a charitable trust will have to regard its charitable grantees as well as any living settlor as “Account Holders”, since these will be seen under the CRS as having an “equity interest” in the charity. This means that due diligence will need to be undertaken on all beneficiaries of those charitable trusts. Essentially this means determining whether or not a beneficiary is resident in the UK for tax purposes, and if not, beneficiaries should be asked to self-certify their tax residence and to provide a tax identification number if possible.

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Forces Cars Direct announces partnership with SSAFA, the Armed Forces charity

In a new partnership formally announced on 9th May, Forces Cars Direct has committed to making a donation to SSAFA, the Armed Forces charity for each car they sell.

Forces Cars Direct offer unique discounts on new cars for all serving personnel, veterans and Ministry of Defence staff. For those living in the UK there are savings of up to 30 percent and those stationed overseas can save up to 50 percent.

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Money Can’t Buy Me Love

If you and your partner argue about money, you are in good company. Recent research by Relate shows that 55% of people rank money worries in the top three strains on a relationship. The average couple has 39 arguments about money each year. Compared to disagreements about other things, relationship conflicts about money can be more pervasive, problematic and recurrent, and may remained unresolved, despite more attempts at problem solving. Sound familiar?

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Service to Civvy – are you pension ready?

MOD’s Veterans UK organisation, part of Defence Business Services (DBS), has launched a campaign to encourage Service Personnel, Veterans and their families to get ‘Pension Ready’.

The campaign aims to promote the Armed Forces Pension Schemes, which are administered by Veterans UK, and motivate the Armed Forces Community to start thinking about their Pension throughout their Service career and not just as they are reaching the end of it.

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🎙️The new @NHSEngland Armed Forces Health Podcast is live! 🎙️The series is a resource for the Armed Forces communit… twitter.com/i/web/status/1…

By @Cobseo 2 weeks ago

Afghanistan support

In light of recent events in Afghanistan, please find information and support resources here