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Chapter IEIM404840

Document Cited in Related
Vincent
Published date25 April 2016
Record NumberIEIM404840
IEIM404840: Charities: Due diligence: Pre-existing accounts

It is anticipated that most of a charity’s Financial Accounts will be ‘new’ accounts for the purposes of due diligence; this section of the guidance will only apply where a charity had debt or equity interests in existence at 31 December 2015, immediately before the CRS came into effect. This is most likely to be where a charitable company has debt or equity interest holders, or where a trust, foundation or similar arrangement has existing grants with ongoing instalments at the relevant dates; and/or where an equity interest is held by a settlor of the trust or foundation.

Where a charity has such accounts it should consult the detailed guidance [see IEIM402640] for individual accounts and [see IEIM403240] for entity accounts.

The pre-existing account due diligence requirements rely on a review of the existing records that the Financial...

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