Tax Reporting
Bank of Ireland UK is required to collect certain information about account holders and report some details to HM Revenue & Customs (‘HMRC’) annually.
This is in accordance with the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS), specifically under Section 222 of the Finance Act 2013 and the International Tax Compliance Regulations 2015 (SI 2015/878). Further details on FATCA and CRS are outlined below.
Foreign Account Tax Compliance Act & Common Reporting Standard
Foreign Account Tax Compliance Act
- The Foreign Account Tax Compliance Act (FATCA) is United States legislation which came into effect on the 1 July 2014, aiming to prevent global tax evasion and improve tax compliance.
- Please click the link below for more information on FATCA, the impact of FATCA and what individuals & entities need to do.
- Individuals and entities must complete FATCA self-certification forms to declare their tax residency and FATCA status.
Common Reporting Standard
- The Common Reporting Standard (CRS) aims to combat global tax avoidance and improve tax compliance. CRS came into effect on 1 January 2016.
- Please click the link below for more information on CRS, the impact of CRS and what individuals & entities need to do.
- Individuals and entities must complete a CRS self-certification form to declare their tax residency and CRS status.
