Yes, the Tax Declaration and information Quilter request is a mandatory requirement and is required for all trustee applications. We must determine, based on the information provided to us, if an accountholder and/or any controlling persons, where the entity classification is a Passive NFFE, are either:
- For FATCA - a US tax resident; or
- For CRS, resident for tax purposes in any country participating in CRS.
Depending on the answers to the questions set out in the Tax Declaration, we will assess whether we have any reporting obligations in relation to that account. If the accountholder or controlling persons are reportable, their details will be reported to HMRC, who will share the information with the respective tax authority.
If they are UK resident for tax purposes only, their details will not be reported to HMRC.