Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)

What are the tax reporting requirements?

Financial institutions in the UK are required under legislation which incorporates the US Foreign Account Tax Compliance Act (FATCA) and the Organisation for Economic Cooperation and Development (OECD) Common Reporting Standard (CRS) into UK law to seek answers to certain questions for purposes of identifying those accounts, the details of which are reportable to HMRC for onward transmission to tax authorities in relevant jurisdiction(s).

How does it affect you?

Following the implementation of FATCA and CRS into legislation financial institutions in the UK are required to seek answers to certain questions for purposes of identifying certain accounts, the details of which are reportable to HMRC for onward transmission to tax authorities in relevant jurisdiction(s).

If customers do not provide all of the information requested, we may not be able to proceed with opening the new account until the relevant information is provided. Existing customers of Financial Institutions such as AIB GB Bank must provide the answers to these specific FATCA and CRS questions otherwise we may be obliged to include the account(s) details in the annual FATCA return and CRS return to HMRC.

Please note that AIB GB Bank is unable to offer taxation advice. For tax related questions and/or further information please contact your professional tax advisor or HMRC on https://www.gov.uk/government/collections/automatic-exchange-of-information-agreements