Specified US Persons and Controlling Persons of Entity AccountsIn relation to each Specified US Person that is the holder of a Reportable Account and in relation to each Controlling Person of an Entity Account who is a Specified US Person, the information to be reported is:
Account number or functional equivalent
If the Reportable Account has a unique identifying number or code, then this is what should be reported. This will include identifiers such as Bank Account Numbers and Policy numbers for insurance contracts as well as other non-traditional unique identifiers. The unique identifier should be sufficient to enable the Financial Institution to identify that Reportable Account in future.
If the Reportable Account does not have a unique identifying number or code then what should be reported is any functional equivalent. This may include non-unique identifiers that relate to a class of interests. A non-unique identifier should be sufficient to enable the Financial Institution to identify the Reportable Account held by the named account holder in future.
Exceptionally, if the Reportable Account does not have any form of identifying number or code then what should be reported is a description sufficient for the
Financial Institution to identify the Reportable Account held by the named account holder in future.
In addition to 1 to 6 above, where the account is a Custodial Account the following information is also required in relation to the calendar year or other appropriate reporting period:
In addition to 1 to 6 above, where the account is a Depository Account the following information is also required:
Cash Value Insurance Contracts
In addition to 1 to 5 above and if the account is still in existence at the end of the year the following information must be reported each year:
Purchased Life Annuities (PLA’s)
As UK Purchased Life Annuities do not have a cash/surrender value, there is no account balance to report. A Specified Insurance Company will only be required to report the amount paid out or credited to the policy holder.
In the UK, deferred annuities have two stages:
When a deferred annuity is ending its accumulation phase, some contracts provide the option for the account holder to take the surrender value of the contract, instead of converting the account into a PLA; this is the amount that should be reported.
In addition to 1 to 6 above, for other accounts the following information is also required:
Account closures and transfers
In addition to 1 to 5 above, in the case of a Depository or Custodial Account closed or transferred in its entirety by an account holder during a calendar year the payments made with respect to the account shall be:
In the case of a Cash Value Insurance Contract that has been fully surrendered during the calendar year the Specified Insurance Company will need to report:
In the case of a Purchased Life Annuity, if the annuitant has died or the term has ended, the Specified Insurance Company will have no further reporting requirement if the annuitant died at a time before the annual payment has been made.