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Common Reporting Standard glossary
Common Reporting Standard (CRS) terms explained
Controlling person |
Controlling persons are the natural persons who have ultimate control over an entity. In the case of a trust, the controlling persons include the:
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Entity |
Under Common Reporting Standard (CRS) this is as a legal person or arrangement such as a corporation, organisation, partnership, trust or foundation. An entity is any customer that holds a business account, product or service. Under CRS, sole traders are not entities but individuals. |
Financial Account |
IThe term “Financial Account” means an account issued or supported by a Financial Institution. This includes;
A Financial Account is not an excluded account as per the CRS. |
Jurisdiction |
A ‘jurisdiction’ is an area with its own distinct tax regulations and depends on the country, county, city or state. |
Participating Country |
This is a country that has made a commitment to exchange information in line with the OECD CRS. There may not be an effective agreement in place, meaning we don’t need to report anything just yet. |
Reportable Country |
This is a country that has an agreement in place to exchange information in line with the OECD CRS. |
Reportable for CRS purposes |
If a customer holds a Financial Account and is a resident for tax purposes in a Reportable Country, or suspected of being tax resident in such country, they are reportable for CRS. Each country has its own rules for defining tax residence. |
Reportable Person or Reportable Entity |
A ‘Reportable Person’ is any individual reported under the CRS regulations. A person is only reported under the CRS regulations when they are identified as being tax resident in a Reportable Country and hold Financial Assets outside of this country. For example a French tax resident individual holding a current account with Lloyds Bank Plc would be reported under CRS annually to HMRC. As well as personal account holders, certain entities resident in a Reportable Country or those which have individual Controlling Persons who are resident for tax purposes in Reportable Countries may be reportable. |
Tax Residency Self-Certification |
We may write to a customer if they have a change in circumstances that could make them a tax resident in a Participating Country. We may also write to pre-existing customers who have Financial Accounts with us, where we do not have tax residency information or new accounts are opened, to complete a Tax Residency Self-Certification form. |
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