03.11 – Products exempt from being Financial Accounts

Annex II of the Agreement sets out certain products that have been agreed as low-risk (regarding the likelihood of being used for tax evasion) and which are exempt from being treated as Financial Accounts.

A product listed in Annex II is exempt from being a Financial Account even where the product is still subject to other reporting, such as for US source payments under the US Qualified Intermediary (QI) regime.

The Agreement also provides the capacity for Annex II to be updated, either to allow for other low-risk products to be added or to remove products that are no longer deemed a low risk.

Sections 3.12 to 3.13 detail identified UK accounts that are exempt from being a Financial Account and which are contained in Annex II of the Agreement.