As a bank, we need comply with regulations designed to detect and deter tax evasion. This means that when you open a new account, we are required to request additional information and documentation in order to identify your residence for tax purposes.
If your account information holds any of the following seven criteria, we may request further information or documentation to determine if you are a United States (US) person under the Foreign Account Tax Compliance Act (FATCA):
FATCA stands for the Foreign Account Tax Compliance Act. It is a piece of legislation introduced by the United States Department of Treasury (Treasury) and the US Internal Revenue Service (IRS) in 2014.
The purpose of FATCA is to encourage better tax compliance by preventing US persons from using banks and other financial organisations to avoid US taxation on their income and assets.
A significant number of countries and territories worldwide have signed inter-governmental agreements (IGAs) relating to FATCA compliance with the United States government. These IGAs have resulted in the FATCA legislation becoming part of their local laws. The United Kingdom Government entered into a IGA with the US on 12 September 2012. This has been incorporated into UK law though the International Tax Compliance Regulations, SI 2015/878.
On an annual basis, UK-based banks and other financial organisations are required to report information to HM Revenue and Customs (HMRC) on financial accounts held directly or indirectly by US persons.
Triodos Bank UK is committed to being fully FATCA compliant in all countries and territories where we operate. We will therefore be reviewing our existing customer base to confirm the FATCA statuses of our customers and where necessary we may have to contact our customers for further information and documentation.
We are required to collect and report the information from your CRS self-certification form to HMRC, along with details about the accounts and products you have with us, including:
Please refer to the HMRC website for more information about automatic exchange of information.
The Common Reporting Standard (CRS) is an information-gathering and reporting requirement for financial institutions in participating countries/jurisdictions, introduced to help fight against tax evasion and protect the integrity of tax systems.
A substantial number of countries and jurisdictions across the globe have entered into agreements to implement the CRS, an international framework developed by the Organisation for Economic Co-operation and Development (OECD) for the automatic exchange of financial account information.
These agreements, known as Competent Authority Agreements (CAAs), require participating jurisdictions to collect financial data from financial institutions and exchange it with the tax authorities of other jurisdictions annually. As a result of these CAAs, CRS provisions have been incorporated into the local laws of the signatory countries. For instance, the UK Government, among many others, has committed to CRS implementation, facilitating the exchange of financial information with other participating jurisdictions, enhancing transparency, and combating tax evasion on a global scale. This has been incorporated into UK law though the International Tax Compliance Regulations, SI 2015/878.
If you open a new bank account, invest in new financial products, or change your circumstances in some way, we will ask you to certify a number of details about yourself. This process is called 'self-certification', and we are required to collect this information under the Common Reporting Standard (CRS).
Once we have a valid self-certification on file, you will only be asked to complete another when you update certain information on your account, or we believe your reportable status may have changed.
We are required to collect and report the information from your CRS self-certification form to HMRC, along with details about the accounts and products you have with us, including:
Please refer to the HMRC website for more information about automatic exchange of information.
American tax residency is primarily determined by the 'Substantial Presence Test' or by being a U.S. citizen. If you meet the criteria outlined by the Internal Revenue Service (IRS), you may be considered a U.S. tax resident, regardless of your citizenship or place of residence. Being an American tax resident subjects you to U.S. tax laws and reporting requirements on your worldwide income.
If your account information holds any of the following seven criteria, we may request further information or documentation to determine if you are a United States (US) person under the Foreign Account Tax Compliance Act (FATCA):
We will continue to review the impact and consequences of the legislation for our customers and will correspond with affected customers accordingly. For more information regarding FATCA, please visit the HMRC website, or contact your professional tax adviser for advice.
Please note that you may receive more than one request for documentation if you have multiple relationships with different members of the Triodos Bank UK Group. It is important that you respond to all requests, even if you believe you have already supplied the requested information.
Please note that Triodos Bank UK is unable to offer tax advice. For tax related questions please contact your independent professional tax adviser or refer to the HMRC website.
The Common Reporting Standard (CRS) is an information-gathering and reporting requirement for financial institutions in participating countries/jurisdictions, introduced to help fight against tax evasion and protect the integrity of tax systems.
A substantial number of countries and jurisdictions across the globe have entered into agreements to implement the CRS, an international framework developed by the Organisation for Economic Co-operation and Development (OECD) for the automatic exchange of financial account information.
These agreements, known as Competent Authority Agreements (CAAs), require participating jurisdictions to collect financial data from financial institutions and exchange it with the tax authorities of other jurisdictions annually. As a result of these CAAs, CRS provisions have been incorporated into the local laws of the signatory countries. For instance, the UK Government, among many others, has committed to CRS implementation, facilitating the exchange of financial information with other participating jurisdictions, enhancing transparency, and combating tax evasion on a global scale. This has been incorporated into UK law though the International Tax Compliance Regulations, SI 2015/878.
FATCA stands for the Foreign Account Tax Compliance Act. It is a piece of legislation introduced by the United States Department of Treasury (Treasury) and the US Internal Revenue Service (IRS) in 2014.
The purpose of FATCA is to encourage better tax compliance by preventing US persons from using banks and other financial organisations to avoid US taxation on their income and assets.
A significant number of countries and territories worldwide have signed inter-governmental agreements (IGAs) relating to FATCA compliance with the United States government. These IGAs have resulted in the FATCA legislation becoming part of their local laws. The United Kingdom Government entered into a IGA with the US on 12 September 2012. This has been incorporated into UK law though the International Tax Compliance Regulations, SI 2015/878.
If you are unsure about your tax residency status or have any questions about completing the self-certification form for the the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS), we recommend seeking advice from a tax professional. It is important to provide accurate information to ensure compliance with regulatory requirements.
Failure to complete the self-certification form may result in Triodos Bank UK being unable to fulfil its legal obligations under the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS). These regulations aim to combat tax evasion by ensuring that financial institutions properly report information about their customers' accounts to tax authorities.
If you don't complete the self-certification form, this could potentially lead to restrictions on your account or other regulatory consequences. It is important to provide the requested information promptly to ensure compliance. This can prevent any potential issues or penalties related to tax evasion and help maintain the integrity of your financial accounts.
On an annual basis, UK-based banks and other financial organisations are required to report information to HM Revenue and Customs (HMRC) on financial accounts held directly or indirectly by US persons.
Triodos Bank UK is committed to being fully FATCA compliant in all countries and territories where we operate. We will therefore be reviewing our existing customer base to confirm the FATCA statuses of our customers and where necessary we may have to contact our customers for further information and documentation.
Triodos Bank UK is required by law to comply with international tax regulations, specifically the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS). These regulations aim to combat tax evasion by ensuring that financial institutions properly report information about their customers' accounts to tax authorities.
By providing accurate and up-to-date information on your tax residency status, you help ensure compliance with international tax regulations. This can prevent any potential issues or penalties related to tax evasion and help maintain the integrity of your financial accounts.
The frequency of self-certification may vary depending on changes in your personal circumstances or updates to regulatory requirements. Triodos Bank UK may request updated information periodically to ensure compliance with the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS). You will be notified when a new self-certification form is required.
Yes, Triodos Bank UK is committed to protecting the privacy and confidentiality of our customers' information. The information provided in the self-certification form is used solely for the purpose of complying with the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) requirements, and is not shared with unauthorised parties.
Yes, regardless of your current residence or citizenship status, if you were born in the United States, you may be subject to US tax laws and reporting requirements. It is essential to provide accurate information on the self-certification form to determine your tax residency status and ensure compliance with the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS).
If you believe you may have inadvertently become a United States (US) tax resident, commonly referred to as an 'Accidental American', you may be subject to additional reporting requirements and potential taxation by the United States. Financial institutions, including Triodos Bank UK, are required to identify and report account information of US tax residents under the Foreign Account Tax Compliance Act (FATCA). Completing the self-certification form accurately helps ensure compliance with these regulations.
If you open a new bank account, invest in new financial products, or change your circumstances in some way, we will ask you to certify a number of details about yourself. This process is called 'self-certification', and we are required to collect this information under the Common Reporting Standard (CRS).
Once we have a valid self-certification on file, you will only be asked to complete another when you update certain information on your account, or we believe your reportable status may have changed.
The self-certification form for the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) typically requires basic personal information such as name, address, date of birth, tax residency status, and taxpayer identification number (TIN). Depending on the jurisdiction and individual circumstances, additional information may be requested.
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