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HMRC internal manual

International Exchange of Information Manual

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HM Revenue & Customs
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Notification Requirement: Connected persons: Connected Specified Financial Institutions

Notification Requirement: Connected persons: Connected Specified Financial Institutions

If a UK Specified Financial Institution knows that one of their account holders has been sent a notification by a connected person who is also a UK Specified Financial Institution, then they may choose not to send one themselves.

So if, for example, there are several Specified Financial Institutions in a corporate group dealing with one client, that client need only receive a notification from one of the Specified Financial Institutions in the group in order for the obligation to be met.

This does not apply to overseas persons, who will still have to send a notification even if a connected UK Specified Financial Institution has done so.

Connected in this case is as in CTA10/s1122.