IEIM401900 - Financial Accounts: Excluded Accounts: Low Value Dormant Accounts

Financial Accounts: Excluded Accounts: Low Value Dormant Accounts

For the purposes of the CRS, where a dormant account as defined for the purposes of the residence address test [see IEIM402740] has a balance that does not exceed an amount equivalent to US$1,000 it can be an excluded account during the dormancy period if the Financial Institution elects to treat it as such.

The election should be notified to HMRC via the Automatic Exchange of Information Portal as part of the Financial Institution’s return of information. An election is still required even where the Financial Institution has no other information to return.