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HMRC internal manual

International Exchange of Information Manual

Charities: Account Holder

IEIM404740: Charities: Account Holder

The AEOI agreements refer to Account Holders and Financial Accounts. For charities that are Investment Entities their Account Holders are those with a debt or equity interest in the charity. The definition of these terms is set out in the following pages. To comply with its reporting obligations a charity should use these definitions to identify who the holders are of such interests and carry out due diligence checks [see IEIM404800] on all Account Holders to identify those tax resident in one or more Reportable Jurisdiction [see IEIM402340].  Where the Account Holder is tax resident in a Reportable Jurisdiction then the account is a Reportable Account [see IEIM401520].

The UK Regulations implementing the AEOI regimes require that data is collected and maintained on all Account Holders under the Wider Approach [see IEIM400140]. This gives legal cover to the charity to hold information, even where it is not reportable to HMRC at the time it is collected. Information collected under the due diligence rules and wider approach must be maintained for 6 years.