Obligations in relation to financial accounts
Reporting obligation6
F11
A reporting financial institution must, in respect of the first reporting year and every following calendar year, make a return setting out the information required to be reported under the relevant agreement in relation to—
a
each reportable account that is maintained by the institution at any time during the calendar year in question, and
b
each pre-existing account identified as a reportable account by the institution at any time during the calendar year in question.
2
The first reporting year is—
a
the calendar year 2014 in relation to an account identified as a reportable account for the purposes of the FATCA agreement,
b
the calendar year 2016 in relation to an account identified as a reportable account for the purposes of F3... the CRS.
3
The information required to be reported is—
F4a
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2b
in relation to an account identified as a reportable account for the purposes of the CRS, set out in Section I of the CRS (ignoring paragraph F of Section I),
c
in relation to an account identified as a reportable account for the purposes of the FATCA agreement, set out in Article 2(2) of that agreement.
4
The return must be submitted electronically in accordance with regulation 7 on or before 31stMay of the year following the calendar year to which the return relates.
5
For the purposes of the information required to be reported under the relevant agreement—
a
interest includes any amount that is chargeable as interest under Part 4 of ITTOIA 2005 M1,
b
references to the balance or value of an account include a nil balance or value, and
c
references to paying an amount include crediting an amount.