Governments around the world are adopting a new standard with the Automatic Exchange of Information (AEoI) between tax authorities. This legislation is known as the Common Reporting Standard (CRS) and is seen as a critical tool in the world wide fight against tax evasion.
The requirement to collect certain information about each customer’s tax arrangements is part of UK legislation and as a financial institution we are legally obliged to collect it.
Under the CRS, we are required to identify members who are tax resident in one country but with Financial Accounts held in another for inter-country reporting purposes. To do this we need to collect information from customers and report certain information on any Reportable Persons and Reportable Entities and their Financial Account(s) to the local tax authorities.
Most customers will not need to do anything as the majority of our members will be identified as resident for tax purposes in the UK and therefore not a Reportable Person or Reportable Entity. However, there will be some customers who based on the information we hold, we believe to be Reportable Persons or Reportable Entities.
If we feel we need further information we will write to you asking you to complete a Tax Residency Self Certification form. In some cases we will ask you for a reasonable explanation and/or additional documentary evidence as proof of tax residency. We may also write to you asking you to contact us so we can update the information we hold on you such as your Tax Payer Identification Number (TIN) e.g. National Insurance Number or date of birth.