102060 – Reportable Information: Jurisdiction

The UK Regulations apply the wider approach that requires financial institutions to retain data on the jurisdiction of residence of Account Holders irrespective of whether or not that jurisdiction is a Reportable Jurisdiction. 

Financial institutions must carry out the due diligence procedures required and where a person is identified as a Reportable Person include the jurisdiction of residence in the return of information to HMRC. Where a Reportable Person is identified as having more than one Reportable Jurisdiction of residence the financial institution is required to report all of the identified Reportable Jurisdictions to HMRC. 

The jurisdictions of residence identified as a result of carrying out the due diligence procedures are without prejudice to any residence determination made by the financial institution for any other tax purpose. 

Reportable Account data is to be sent to HMRC where the Account Holder is a US specified person or otherwise a resident of a Reportable Jurisdiction. A list of Reportable Jurisdictions can be found at AEIM 102340.