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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: Pre-Existing Individual Accounts: Lower Value Accounts: Qualified Intermediaries

Due Diligence: Pre-Existing Individual Accounts: Lower Value Accounts: Qualified Intermediaries

FATCA Only

A UK Financial Institution that has previously established an Account Holder’s status in order to meet its obligations under a qualified intermediary, withholding foreign partnership or withholding foreign trust agreement, or to fulfil its reporting obligations as a US payor under Chapter 61 of the IRS Code, can rely on that status for the purposes of the US Agreement where the Account Holder has received a reportable payment under those regimes. The Financial Institution is not required to perform the electronic search in relation to those accounts. It will however have to apply the appropriate due diligence procedures to all other pre-existing individual accounts it maintains [see IEIM402780].