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HMRC internal manual

International Exchange of Information Manual

HM Revenue & Customs
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Financial Accounts: Custodial Account

Financial Accounts: Custodial Account

A Custodial Account is an account (other than an Insurance Contract or Annuity Contract) for the benefit of another person that holds one or more financial assets.

A Cash Value Insurance Contract or an Annuity Contract is not considered to be a Custodial Account, but these could be assets held in a Custodial Account. Where they are assets in a Custodial Account, the insurer will only need to provide the custodian with the balance or value of the Cash Value Insurance Contract.

A Custodial Account does not include Financial Instruments or contracts (for example, a share or stock in a corporation) held in a nominee sponsored by the issuer of its own shares, which are in every other respect analogous to those held on the issuer’s share register.