Common Reporting Standards
Common reporting standards (CRS) has been brought into effect by HMRC from 1/1/16. It affects some of our clients' shareholders and we will be required to request, collect and report additional information outlined by the legislation.
Background
As part of our legal obligations under international tax reporting regulations, we are required to collect information about the tax residency status of our shareholders. As well as requesting and collecting additional information from new accounts, it is also a requirement to gather information from existing accounts.
These requirements form part of the Automatic Exchange of Information (AEOI) framework, including the Common Reporting Standard (CRS) and, where applicable, the Foreign Account Tax Compliance Act (FATCA).
The United Kingdom participates in international agreements that enable tax authorities to exchange information about financial accounts and investments held by individuals and entities resident in participating jurisdictions. As a result, we may be required to report certain information relating to shareholders to HM Revenue & Customs (HMRC), which may subsequently share that information with overseas tax authorities.
Information Request Letter
If you are required to provide additional information you would have, or will shortly receive, a notification letter from us to complete an online return.
If your circumstances have changed since your last online form submission, please repeat the process with your new details within 30 days of such change.
To help meet regulatory obligations, please follow the steps 1 & 2 below to complete the online Self-Certification Form as soon as possible. You will be asked to provide information including:
- Your country (or countries) of tax residence;
- Your Tax Identification Number (TIN) or equivalent, where required; and
- Other information necessary to determine your tax residency status.
Step 1 - Register for Shareview Portfolio
To support this process, please sign up for a Shareview Portfolio and add your email address during registration so we can reach you easily if needed. It's free and secure.
If you already have a Shareview Portfolio, please go to Step 2.
Step 2 - Online CRS Self Certification
EQ has partnered with TAINA Technology, a leading regulatory technology provider that helps financial institutions automate FATCA and CRS compliance and enhance the customer experience.
To complete your return, please visit https://shareview.info/eqcrs or scan the QR code to open the secure login page.
You will need to enter:
- Your email address
- Shareholder Reference Number
- Your name (as detailed in the registered holder details in the invite)
Once you are logged in, you will be able to complete a tailored FATCA/CRS return with online guidance to support you through the process.
Further Information
Important
We are required to obtain a valid self-certification from all new certificated shareholders. If we do not receive a completed and valid self-certification, we may be required to report your account to HMRC in accordance with applicable tax reporting regulations.
If you have any remaining questions about how to complete the online self-certification form (the information you are populating) or about how to determine your tax residency status you should contact your tax adviser.
How your information may be used
If you are tax resident outside the UK in a jurisdiction participating in the exchange of information arrangements, we may be required to report certain information about your shareholding to HMRC. HMRC may then exchange that information with the relevant overseas tax authority.
Further information about the AEOI framework can be found on the GOV.UK website:
www.gov.uk/government/publications/exchange-of-information-account-holders
Tax Identification Numbers (TINs)
For further information in respect of Tax Identification Numbers (TINs), you may wish to refer to the OECD guide, linked here:
OECD Country List
A number of countries have adopted the information exchange agreement and appear on the OECD country list which can be found at the following link:
https://www.oecd.org/tax/transparency/AEOI-commitments.pdf
Data Protection
Any personal information provided will be processed in accordance with applicable data protection laws, including the UK General Data Protection Regulation (UK GDPR). Details of how your information is used and protected can be found in our Privacy Notice.