Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)
What are the tax reporting requirements?
Financial institutions in the UK are required under legislation which incorporates the US Foreign Account Tax Compliance Act (FATCA) and the Organisation for Economic Cooperation and Development (OECD) Common Reporting Standard (CRS) into UK law to seek answers to certain questions for purposes of identifying those accounts, the details of which are reportable to HMRC for onward transmission to tax authorities in relevant jurisdiction(s).
How does it affect you?
Following the implementation of FATCA and CRS into legislation financial institutions in the UK are required to seek answers to certain questions for purposes of identifying certain accounts, the details of which are reportable to HMRC for onward transmission to tax authorities in relevant jurisdiction(s).
If customers do not provide all of the information requested, we may not be able to proceed with opening the new account until the relevant information is provided. Existing customers of Financial Institutions such as AIB (NI) must provide the answers to these specific FATCA and CRS questions otherwise we may be obliged to include the account(s) details in the annual FATCA return and CRS return to HMRC.
Please note that AIB (NI) is unable to offer taxation advice. For tax related questions and/or further information please contact your professional tax advisor or HMRC on https://www.gov.uk/government/collections/automatic-exchange-of-information-agreements
Personal customers
AIBNI Personal Tax Form
AIBNI Personal Reasonable Explanation form
AIBNI FATCA and CRS – FAQ’s
Business customers
AIBNI Business Tax Form
AIBNI Entity Classification Guide
AIBNI Controlling Persons Reasonable Explanation Form & FAQs
AIBNI Business/Entity Reasonable Explanation form & FAQs
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The AIB logo and AIB (NI) are trade marks used under licence by AIB Group (UK) p.l.c. incorporated in Northern Ireland. Registered Office 92 Ann Street, Belfast BT1 3HH. Registered Number NI018800. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.