New Business – individual/Joint applicants
Quilter must obtain a self-certification (‘Tax Declaration’) from applicants to determine their tax status. This is contained in the application form.
For FATCA, this means that the applicant must confirm whether they are a US tax resident, this includes any individual who is a US citizen or green card holder.
For CRS, this means that we must obtain a client Tax Declaration from applicants to determine if the applicant is resident for tax purposes in any country participating in CRS
If the applicant for an in-scope account type indicates they are resident in the US or in any participating CRS country (excluding the UK), we will flag the account as reportable. Please refer to the ‘Exchanging information and Reporting’ section below.
New Business – Entity applicants (including trustee applications)
Similarly, to the ‘New Business – individual/Joint applicants’ above, Quilter must obtain a Tax Declaration from the entity applicant. The Tax Declaration is a separate stand-alone form which must be submitted with the application before we can accept your application.
The intention behind the request to complete the Tax Declaration is to establish the type of entity, where it is established and to identify the underlying ‘controlling persons’, if applicable. Depending on the information disclosed we will determine if the entity and/or controlling persons are reportable or not. Please refer to the ‘Exchanging information and Reporting’ section below.
Change of Circumstances
A Tax Declaration can become invalid as a result of a change of the Account Holder’s or controlling parties’ circumstances and we will require a new Tax declaration within 90 days from the date the we are notified of the change. The following events are regarded as a change of circumstance requiring the completion of a new Tax Declaration:
- An assignment of a life assurance policy to one or more individuals.
- An assignment of a life assurance policy to a trust or legal entity.
- A transfer of ownership on a Collective Investment Account
- Where there is a change to a controlling person of an entity or trust
- The change of address of any accountholder or controlling persons.
Where the change of circumstance is in relation to (i) to (iv) above, a Tax Declaration is needed for the new accountholder(s) or controlling party. The account may be reportable until a new Tax Declaration has been received.
Where the change of circumstance relates to a change of address of an accountholder or controlling person (v) above, a new Tax Declaration is required if we receive information which suggests the country of tax residence has changed. It is not required if the address has changed but the country of tax residence has not.
For example, a new Tax Declaration is required if the accountholder or controlling person has moved from an address in England to an address in France. But one isn’t required if the address has changed but the new home is in the same country such moving from one address in France to another address in France.
Where a new Tax Declaration is required, if this is not received within 90 days of the notification of the change of address, the Accountholder or controlling person will be reported as being resident in the jurisdiction identified in the original Tax Declaration, unless this is the UK, in addition to treating them as resident in the jurisdiction indicated by the change of circumstance until a new Tax Declaration is received, unless this is the UK.