Automatic Exchange of Information: Account Holders
Who is Account Provider
Your building society
Insurance or investment companies
Accounts in your name
When you open a bank account in the UK you will be asked where you live for tax purposes.
If you are a UK tax resident you may be asked for your National Insurance number.
If you are a tax resident of another country you will be asked for your tax identification number (the number given to you by that country’s tax authority).
If you opened your account before 1 January 2016 your account provider may contact you to confirm your tax residence status. They may do this if, for example, you have a foreign correspondence address as this might indicate you could be a non-UK tax resident.
Accounts in the name of a company, branch of a foreign company, partnership or trust
If you open an account in the name of a company, branch of a foreign company, partnership or trust this is known as an entity account.
You will be asked questions about the tax residence status of the entity. In some cases you will be asked for details of the person who controls the entity or who is the beneficiary of a trust. You will also be asked for its tax identification number and the type of entity.
What you have to do?
If your account provider contacts you to ask for information about your account it is important that you reply. For example, you may be asked for a self-certification of your tax residency status.
If you don’t reply your account provider may share incorrect information with the relevant tax authority. They may also refuse to open new accounts for you in the future.
Information that will be reported by your account provider
Your date of birth (where already held).
Your place of birth (where already held).
Your tax identification number (where applicable).
Your account number.
The name and identifying number of the account provider.
Your account balance (or value) including interest and dividends, at the end of the calendar year (or other appropriate period).
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