Reportable Account

CRS

The term “Reportable Account” means 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, provided it has been identified as such pursuant to the due diligence procedures described in Sections II through VII.

UK Statutory Instrument

In these Regulations a “reportable account”, in relation to a reporting financial institution,means—(a) subject to paragraph (2), a U.S. reportable account maintained by that institution in theUnited Kingdom for the purposes of its business as described in regulation 3

(1), or (b) subject to paragraph (3), an account that is—

(i) a pre-existing individual account meeting the description at paragraph II.A of AnnexI of the treaty,

(ii) a new individual account meeting the description at paragraph III.A of Annex I of the treaty, and(iii) a pre-existing entity account meeting the description at paragraph IV.A of Annex I of the treaty.

(2) A U.S. reportable account is not a reportable account if—

(a) the account holder is deceased or is a personal representative (within the meaning of section 989 of ITA 2007),

(b) the account is held to comply with an order or judgment made or given in legal proceedings, or

(c) the funds held in the account are held solely as security for the performance of a party’s obligation under a contract for the disposal of an estate or interest in land or of tangible moveable property.

(3) An account within any of paragraphs (i) to (iii) of paragraph (1)(b) is not a reportable account for a calendar year if there is an election by the reporting financial institution in force for that year to treat any such account as not being a reportable account.

(4) An election under paragraph (3) must be made for each calendar year in which the election isto have effect in the return required by regulation 12 for that year.

(5) The institution must apply the account balance aggregation and currency translation rules at paragraph VI.C of Annex I of the treaty for the purposes of determining—(a) whether or not a financial account maintained by an institution meets any of the descriptions in paragraph (1)(b), and(b) which case in the table in regulation 11(3) applies to an account.But, in determining the balance or value of an account denominated in a currency other thanUSdollars, instead of applying the currency translation rule in sub-paragraph VI.C.4 of Annex I, the institution may translate the relevant dollar threshold amounts referred to in Annex 1 and regulation 11(3) into the other currency by reference to the spot rate of exchange on the date for which the institution is determining the threshold amounts.

(6) For the purposes of these Regulations—(a) any reference to an entity account is to a financial account which is not an account the account holder of which (or, if more than one, each account holder of which) is an individual holding the account otherwise than as a partner of a partnership, and(b) any reference to an individual account is to a financial account held in the name of an individual (whether solely or jointly with another) but not as a partner of a partnership. [UKSI.2014 No. 1506]

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s