Guidance

Automatic Exchange of Information: account holders

Details about why your account provider may ask you to give information about yourself and your tax residence status.

Overview

This guide tells you why your account provider may ask you for certain information in relation to Automatic Exchange of Information.

Account providers could include:

  • your bank
  • your building society
  • insurance or investment companies
  • trusts
  • charities

What Automatic Exchange of Information means for you

You will be affected if you open, or already hold, a bank or building society account.

You may also be affected if you:

  • acquire or hold investments through an insurance or investment company
  • are a trustee
  • have an interest in certain types of trusts
  • receive certain payments from a charity

Accounts in your name

When you open a bank account in the UK you will be asked where you live for tax purposes.

If you are a UK tax resident you may be asked for your National Insurance number.

If you are a tax resident of another country you will be asked for your tax identification number (the number given to you by that country’s tax authority).

If you opened your account before 1 January 2016 your account provider may contact you to confirm your tax residence status. They may do this if, for example, you have a foreign correspondence address as this might indicate you could be a non-UK tax resident.

Accounts in the name of a company, branch of a foreign company, partnership or trust (entity account)

If you open an account in the name of a company, branch of a foreign company, partnership or trust this is known as an entity account.

You will be asked questions about the tax residence status of the entity. In some cases you will be asked for details of the person who controls the entity or who is the beneficiary of a trust. You will also be asked for its tax identification number and the type of entity.

Find out more information about entity accounts.

What you have to do

If your account provider contacts you to ask for information about your account it is important that you reply. For example, you may be asked for a self-certification of your tax residency status.

If you don’t reply your account provider may share incorrect information with the relevant tax authority. They may also refuse to open new accounts for you in the future.

Before you provide any information make sure the request is genuine. If you aren’t sure, check.

Advice on how to spot fraudulent activities.

Information that will be reported by your account provider

The information to be reported for each account is:

  • your name
  • your address
  • your date of birth (where already held)
  • your place of birth (where already held)
  • your tax identification number (where applicable)
  • your account number
  • the name and identifying number of the account provider
  • your account balance (or value) including interest and dividends, at the end of the calendar year (or other appropriate period)

What happens next

If you have a UK account provider they will send the information to HM Revenue and Customs (HMRC), who will share the information with the relevant tax authority if the account is held by one of their tax residents.

If you are a UK tax resident with an account outside the UK, HMRC will receive information from the relevant tax authority.

Further information

Find out more about the Automatic Exchange of Information.

Published 11 December 2014