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HMRC internal manual

International Exchange of Information Manual

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HM Revenue & Customs
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Due Diligence: General Requirements: Balance or Value of Account

Due Diligence: General Requirements: Balance or Value of Account

The balance or value of a Reportable Account is part of the reportable information [see IEIM402000] that is to be automatically exchanged. It is also relevant for other purposes such as the due diligence procedures for pre-existing entity accounts [see IEIM403240] and the account aggregation rules [see IEIM403560].

The balance or value of the Reportable Account is to be determined as of the last day of the appropriate reporting period [see IEIM400520 for FATCA, IEIM400540 for CDOT, IEIM400580 for DAC/CRS]. If the balance or value of the account requires conversion from one currency to another the guidance at [see IEIM403560] should be considered.