Where it has been established that an account holder is a CD or Gibraltar Person, a Financial Institution is required to obtain a TIN in several instances.
When referred to, a relevant TIN means the following:
For Pre-existing Individual Accounts that are Reportable Accounts a relevant TIN only needs to be provided if it is already held by the Reporting Financial Institution.
For all New Individual Accounts that are identified as CD or Gibraltar Reportable Accounts from 1 July 2014 onwards, the Reporting Institution must ask for a self certification including a relevant TIN from account holders. In cases where the Account Holder does not have a relevant TIN (e.g. a minor) there should be a positive confirmation of this fact.
To allow Financial Institutions to meet the requirements of the CD and Gibraltar Agreements, HMRC will introduce legislation to require Reporting Financial Institutions to obtain the TIN for relevant Pre-existing Accounts from 1 January 2017.
For CD and Gibraltar purposes it is not mandatory to obtain a TIN for Entities resident in the CDs or Gibraltar. However obtaining TINs for Entities resident in the CD and Gibraltar, as well as for Individuals and Entities resident in other foreign jurisdictions, is viewed as good practice under the regulations to establish tax residency of account holders (see section 2.20 of the US Guidance Notes).