No, Quilter will review the information provided and determine if the accountholder or controlling persons are reported.
For individuals
If the individual is only tax resident in the UK, Quilter won’t report their details to HMRC.
CRS - if the individual declares that they are tax resident in a country which has signed up to comply with CRS, their information will be reported to HMRC who will share the information with the relevant tax authority.
For example, if the individual is tax resident in the UK and France, we will report to HMRC that the individual is tax resident in France and they will share the information that we have reported to the French tax authorities.
FATCA – if the individual declares they are US tax resident we will report to HMRC that the individual is connected to the US and they will share the information with the US Internal Revenue Service (‘the IRS’).
For entities
Entities that are incorporated in the UK or any of the controlling parties are tax resident in the UK, they won’t be reportable. If, however, an entity and or any controlling person is tax resident in a country other than the UK they will be reportable where the relevant country is the US or any country which has signed up to comply with the CRS.
There are exceptions to this which include any entity that is a financial institution and falls within any one of the following categories:
- A Financial Institution in a Model 1 or Model 2 IGA country www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA-Archive.aspx
- Participating Financial Institution in a non-IGA country – this is a Financial Institution in a non-IGA country that has entered into an agreement with the US Internal Revenue Service (IRS) to comply with the FATCA Regulations.
- Registered Deemed Compliant Financial Institution - this is a Financial Institution that has registered in accordance with the FATCA regulations to declare its status. This includes certain local banks, qualified collective investment vehicles (including non-profit organisations and certain retirement funds), restricted funds and Financial Institutions that comply with the regulations.
- Certified Deemed Compliant Financial Institution - this is a Financial Institution which is not required to register under the regulations. For example, this includes non-registered local banks.
- Exempt Beneficial Owner – this includes a government entity, an international organisation, a central bank or a UK registered pension scheme, or non-UK pension scheme falling within the definition of Exempt Beneficial Owner for the purpose of the Regulations.
The exceptions apply where the Financial Institution carries out its own reporting or where they are exempt under the Regulations.