Obligations in relation to financial accounts
Reporting obligation6
1
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 every reportable account that is maintained 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 the DAC or the CRS.
3
The information required to be reported is—
a
in relation to an account identified as a reportable account for the purposes of the DAC, set out in Section I of the Annex I to the DAC,
b
in relation to an account identified as a reportable account for the purposes of the CRS, set out in Section I of the CRS,
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 20056,
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.