Foreign Account Tax Compliance Act (FACTA) and Common Reporting Standard (CRS)
Under the FATCA and CRS, we must check where our customer may be paying tax. This is referred to as where you are a 'tax resident'.
FATCA and CRS are separate regulations but there are some similarities. FATCA applies to the US and CRS to over 100 countries taking part around the globe.
Will FACTA and CRS affect me?
Whether you're a sole customer, or you have a business relationship with us, FATCA and/or the CRS may affect you. This will depend on things like:
- the type of account or product you have with us,
- where you live or operate as a business.
How do FATCA and CRS impact Cater Allen and our customers?
We must spot reportable customers and accounts and share this information on a yearly basis with Her Majesty's Revenue and Customs (HMRC). HMRC may share the information with other tax authorities around the world.
What should Cater Allen customers do?
We'll contact you if we think you're affected by FATCA or CRS to collect more information from you. We'll do this by asking you to fill in and return a form to us.
If you think that the information we have may be wrong or out of date, please contact us.
It's important that you let us know about any changes to your situation as soon as you can.
Who is reportable?
If you're a tax resident in another participating country outside the UK, then we'll share the information about you and your accounts with HMRC. This may be then shared with the tax authority where you're a tax resident.
What information do you need?
In line with the FATCA and CRS needs, we'll need to collect your:
- country of birth
- date of birth
- country(ies) and jurisdiction(s) of tax residence
- tax payer identification number(s)* (for example, US Social Security Number).
* This doesn't apply to all countries taking part/jurisdictions and is subject to local laws.