101520 – Financial Accounts: Reportable Accounts

Once a financial institution has identified the financial accounts it maintains it needs to review all those accounts to determine the territory in which the Account Holder is tax resident and keep the information for future use. This is the wider approach. To the extent that any of the Account Holders are identified as tax resident in one or more Reportable Jurisdictions, the account will be a Reportable Account, which must be reported to HMRC.

A Reportable Account is an account held by one or more Reportable Persons or by a passive NFE with one or more Controlling Persons that is a Reportable Person.