Are all banks / building societies collecting this information?
Yes. All financial institutions are required to be compliant with CRS.
What information will I be asked to provide?
In line with CRS, we may ask for the following information:
- Name
- Address
- Date of birth
- Country (ies) of tax residence
- Taxpayer Identification Number (TIN)
I live and pay tax within the UK, why do I need to provide this information?
Under CRS, we are legally obliged to establish the tax residency of all of our customers even if you are resident and pay tax within the UK. Your details, however, will not be passed to the tax authorities for CRS purposes.
How often will I need to provide this information?
You will need to provide this information each time you open an account with us or if we write to you asking you to complete and return a Self-Certification form .
What information will be reported to the tax authority?
The information we provide to the tax authority will have been given by you in the application or Self-Certification form , as well as details about your account(s), including:
- The account balance
- The total amount of interest paid
What is a Self-Certification form?
If we identify any information on your account which may lead us to believe you may be reportable for tax in another country, we will send you a Self-Certification form for you to complete and return to us to enable us to ensure our records are up to date. An example of this could be a foreign telephone number, foreign address or passport which has been used as ID to open your account. This is known as ‘indicia’ and requires Virgin Money to establish tax reporting liabilities of the customer.
What will happen if I do not return the Self-Certification form you have sent me?
If you do not return the completed Self-Certification form , we may report you to our tax authority based on the information we hold about you. It is important that you return this form to us within 30 days of the date on the letter so we can ensure that our records are accurate and up to date.