04.01 – Introduction

The definition of a Financial Account is the same under the International Tax Compliance (Crown Dependencies and Gibraltar) Regulations 2014 as it is under the International Tax Compliance (United States of America) Regulations 2013.

If an account maintained by a Financial Institution qualifies as a Financial Account for US purposes, then it will also be a Financial Account for CD & Gibraltar purposes. However there are differences in how the following types of accounts are treated:

  • Pre-existing Insurance Contracts
  • Exempt Products

The differences to these categories are detailed in the following sections.