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HMRC internal manual

International Exchange of Information Manual

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Due Diligence: Pre-Existing Individual Accounts: Higher Value Accounts: Lower Value Becomes Higher Value

Due Diligence: Pre-Existing Individual Accounts: Higher Value Accounts: Lower Value Becomes Higher Value

If a pre-existing individual account at the point that the various automatic exchange agreements ‘switch-on’ [see IEIM400500] is a Lower Value Account it will need to be monitored at the end of each subsequent reporting period to see if it has become a High Value Account.

If the balance or value of the account on the last day of the appropriate reporting period, after taking account of any aggregation [see IEIM403560], exceeds an amount equivalent to US$1million, the Financial Institution must complete the enhanced review for High Value Accounts at [see IEIM402900] onwards within the calendar year following the year that the account becomes a High Value Account. This will apply to all the reporting regimes, FATCA, CDOT, CRS and DAC.

If, as a result of the enhanced review, the account is identified as a Reportable Account following this review it is reportable with respect to the year in which it is so identified and remains reportable in all subsequent years  unless and until the Account Holder ceases to be a Reportable Person.